Haifeng bidding recovery + horizontal and vertical expansion, performance inflection point is expected to appear in 2003, is a precision machinery manufacturer that can provide customers with one-stop services for design, forging and finishing. The company relies on forgings and precision manufacturing capabilities, and its products cover wind power flanges, wind bearings, gas turbine components, nuclear power components, pressure vessels, offshore oil and gas equipment, etc. Mainly used in wind power, petrochemical, machinery and other industries. For many years, the company has become an important supplier of ring forgings and forged flanges in the industry, especially in the field of offshore wind power tower flanges, and is in a leading position in similar products in the same industry in the world. customers include Vestas, General Electric Co, Siemens Gomeisa, Alstom, Taisheng Wind Energy, Tianshun Wind Energy, Shanghai Electric, Xinjiang Goldwind Science & Technology and other well-known enterprises at home and abroad.
On August 4, the forty-ninth batch of centralized bidding for offshore wind power units (bidding for offshore wind power units) was announced on August 4, with a total installed capacity of 27 sections 16GW, an increase of 52.4% compared with 2022 10.5gw. The recovery of offshore wind power bidding is expected to promote the development of the parts industry chain. On the one hand, the company conforms to the development trend of large-scale wind turbine, the horizontal layout of large megawatt wind tower flange (the company is one of the few enterprises in the world that can manufacture 9.0MW and Shanghai upwind tower flange, at the same time, the company has realized mass production of 12MW offshore wind tower flange), on the other hand, it vertically extends the industrial chain of bearings, gearboxes and other products (6MW three rows of independent variable propeller bearings will achieve mass production in 2022. 8MW independent variable propeller bearing is in the stage of bench test certification), offshore wind power bidding recovery + horizontal and vertical expansion, the company's performance inflection point is expected to appear.
Jointly with Shanghai six-foot layout Intelligence Center, the digital transformation of computing power leasing has become a social development trend. Artificial intelligence is one of the core driving forces of digitization, and computing power is the basic productivity of the development of the AI era. According to IDC data, the scale of intelligent computing will reach 268 billion beats per second (EFLOPS) in 2022, and the CAGR is expected to reach 52.3% in the next five years, while the CAGR of general computing scale will be 18.5% in the same period. At the same time, China has set off a wave of construction and application of intelligent computing centers. according to the data of the National Information Center, more than 30 cities across the country are building or proposing to build intelligent computing centers, and high-end computing power is expected to be in short supply. the computing leasing business with high-end computing resources ushered in a good opportunity for development.
On July 28, 2023, the company jointly invested with Shanghai Liuzhi to set up Shanghai run Liuzhi (51% of the company's shares). It plans to establish a computing center in Shanghai, Fuzhou, Wuhu, Jining and other places, and build a cluster of GPU computing centers in the Yangtze River Delta. The Shanghai six-foot core team has rich experience in the construction, operation and market resources of AI Intelligence Center (GPU computing power). The team has cultivated GPU computing power for many years and has in-depth cooperation with upstream GPU suppliers NVIDIA Corp and Xinhua San. The company joins hands with Shanghai six-foot layout computer leasing business to create a new performance growth point of the company.
Profit forecast
We are optimistic that the company's wind power business performance inflection point appears, while the power leasing business is ready to start. It is predicted that the net profit of the company from 2023 to 2025 is 2.67,4.98 and 748 million yuan respectively, and the EPS is 0.61,1.13,1.70 yuan respectively. The current stock price corresponding to PE is 42,22 and 15 times respectively, covering for the first time and giving the company a "buy" investment rating.
Risk hint
The policy adjustment of the wind power industry, the sea breeze installed capacity is less than expected, the development of the computing industry is not as expected, the price of raw materials fluctuates, the gross profit margin falls, the project construction progress is not as expected, the macro-economy is declining, and so on.