Key elements of the report
On April 30, 2021, the company released a report for the first quarter of 2021, showing a total revenue of 10.871 billion in the first quarter, an increase of 32.74% over the same period last year, mainly driven by year-on-year growth of renewable equipment energy and new growth industries. The company added 15.64 billion yuan in new orders in the first quarter of 2021, an increase of 31.6% over the same period last year. Among the new orders, clean and efficient energy equipment accounted for 34.13%, renewable energy equipment accounted for 28.74%, engineering and trade accounted for 6.83%, modern manufacturing services accounted for 12.10%, and emerging growth industries accounted for 18.19%.
Main points of investment:
The output of each sector is growing rapidly, and the wind power data are eye-catching: in the first quarter of 2021, the company's output of power generation equipment was 9.2596 million kilowatts, an increase of 59.72 percent over the same period last year, including 2.483 million kilowatts of hydroelectric units, an increase of 29.88 percent over the same period last year; turbogenerators 6.223 million kilowatts, an increase of 71.06 percent; wind turbines 553600 kilowatts, 123.68 percent; and power station boilers 4.31 million kilowatts, 118.78 percent. The steam turbine of the power station is 3.776 million kilowatts, 117.62%. Wind power, boilers and steam turbines are outstanding.
The hydrogen energy sector has a good prospect, and the emerging growth industry has entered the growth period: the company began fuel cell research and development in 2011, and applied for a total of 135 fuel cell patents in 2011-17, with independent power fuel cell technology. The company's first "plateau" hydrogen fuel cell bus project tailor-made for Xichang City was selected as a typical clean and efficient energy supply project in China's top ten cities in 2020 and ranked first.
In January 2021, the company successfully delivered the first batch of plateau hydrogen fuel cell engines in the country. the cumulative operating mileage of the 100 hydrogen fuel cell buses demonstrated in advance exceeded 6.2 million kilometers, and the minimum hydrogen consumption was less than 4 kilograms. Driven by environmental protection and hydrogen energy, the company's emerging growth industry achieved revenue of 6.296 billion yuan in 2020, an increase of 103.06% over the same period last year, doubling its growth.
Profit forecast and investment advice: the company's operating income from 2021 to 2023 is estimated to be 405.28pm 415.21 / 43.541 billion yuan, net profit is 20.37pm 22.11 / 2.62 billion yuan, corresponding EPS is 0.65pm 0.71 pm 0.84 yuan per share, PE is 18.49max 17.03max 14.37 times respectively, and the company's operating income from 2023 to 2023 is 415.21 yuan / 43.541 billion yuan, and the net profit is 22.11 yuan / 2.62 billion yuan respectively. Combined with the carbon peak, carbon neutral background of the company's new energy and emerging industry sector development prospects, to maintain the company's "buy" rating.
Risk factors: wind power installation demand is lower than expected; hydrogen energy sector development is not as expected.