Operating results in 1H2021 slightly beat our expectation. Net profit in 1H2021 jumped 41.3% YoY to RMB1,348 mn, which was approximately 54% of our full-year earnings forecast for 2021. In 1H2021, high efficiency clean energy equipment was the only segment to see revenue decline with its sales down 26.8% YoY to RMB6,190 mn, while the other four business segments experienced revenue growth. Renewable energy equipment sales surged 146% YoY to RMB7,871 mn and accounted for 34.6% of total revenue in 1H2021. Consolidated gross margin in 1H2021 was down YoY by 1.4 ppt to 19.7%. New orders in 1H2021 went up YoY by 32.9% to RMB34.392 bn.
A hydro power equipment market in the size of approximately RMB225 bn during the 14th Five-Year Plan period will soon be unlocked. The NEA of China issued a letter on the solicitation of comments regarding the "Pumped Storage Project Mid- and Long-Term Development Plan (2021-2035)" on August 6th 2021, indicating that over the 15-year period from 2021 to 2035, an aggregate of 300 GW of pumped storage hydro projects will commence construction. Total investment on pumped storage hydro projects from 2021 to 2035 will hit RMB1.8 trn with RMB900 bn to be spent from 2021 to 2025.
We maintain the investment rating of "Buy" and raise our TP to HK$13.00. Our revised EPS estimates from 2021 to 2023 are RMB0.884, RMB0.953 and RMB1.075, respectively. Our new TP corresponds to 12.3x/ 11.4x/ 10.0x 2021 to 2023 PER or 1.0x/ 1.0x/ 0.9x 2021 to 2023 PBR.
2021年上半年的運營業績略好於我們的預期。2021年上半年淨利潤同比增長41.3%，達到13.48億元人民幣，約佔我們2021年全年收益預期的54%。2021年上半年，高效清潔能源設備是唯一收入下降的部門，銷售額同比下降26.8%，至人民幣61.9億元，而其他四個業務部門的收入出現增長。2021年上半年，可再生能源設備銷售額同比增長146%，達到78.71億元人民幣，佔總收入的34.6%。2021年上半年合併毛利率同比下降1.4個百分點，至19.7%。2021年上半年的新訂單同比增長32.9%，達到343.92億元人民幣。
“十四五”期間，一個規模約為225億元人民幣的水電設備市場即將解鎖。2021年8月6日，中國國家能源部發布了《抽水蓄能項目中長期發展規劃(2021-2035年)》徵求意見函，表示從2021年到2035年的15年間，將有總計300千兆瓦的抽水蓄能水電項目開工建設。2021年至2035年抽水蓄能水電項目總投資將達到1.8萬億元人民幣，其中2021年至2025年將投入9000億元人民幣。
我們維持“買入”的投資評級，並將TP上調至13.00港元。我們修正後的2021-2023年EPS預估分別為0.884元、0.953元和1.075元。我們的新TP對應於12.3x/11.4x/10.0x 2021至2023或1.0x/1.0x/0.9x 2021至2023 PBR。
