2020 operating results met our expectation. The revenue of Shanghai Electric in 2020 went up 7.7% YoY to RMB137.3 bn and net earnings to shareholders increased 7.3% YoY to RMB3,758 mn. The net profit of the Company in 2020 met our expectation and was approximately 97% of cur full-year earnings forecast for 2020. Following recording 17.6% YoY decline in net earnings in 1H2020. 2H2020 net profit of Shanghai Electric surged 35.1% YoY or 46.9% HoH to RMB2,236 mn, successfully offsetting the impact brought by the COVID-19 pandemic in 2020. Consolidated gross margin of in 2020 fell YoY by 2.0 ppt to 17.0% while net margin in 2020 stayed flat at 2.7%.
New orders in 2020 hit RMB185.55 bn, up YoY by 8.7%, In particular, new orders from energy equipment, industrial equipment and integrated services accounted for 40.8%, 24.7% and 34,5%, respectively. Orders on hand amounted to RMB276,09 bn at the end of 2020, up YoY by 14.7%, It is worth noting that wind power equipment contributed 15.7% of new orders and 12.9% of orders on hand, while energy storage equipment contributed 1.6% of new orders and 0.6% of orders on hand.
We reiterate the "Buy" investment rating and raise our TP to HK$3.35. We remain confident on the outlook of Shanghai Electric as it continues to evolve to capture new opportunities under the carbon neutrality national strategy. Our EPS estimates from 2021 to 2023 are RMB0.282, RMB0.328 and RMB0.362, respectively. The new TP of HK$3.35 corresponds to 10.Ox/ 8.5x/ 7.7x 2021-2023 PER or 0.6x/ 0.5x/ 0.5x 2021-2023 PBR, respectively.
2020年的經營業績符合我們的預期。上海電氣2020年營收同比增長7.7%，至人民幣1373億元，股東淨利潤同比增長7.3%，至人民幣37.58億元。該公司2020年的淨利潤符合我們的預期，約佔本公司2020年全年預期收益的97%。繼2020年上半年淨收益同比下降17.6%後。2020年下半年，上海電氣實現淨利潤22.36億元，同比增長35.1%，同比增長46.9%，成功抵消了2020年“新冠肺炎”疫情帶來的衝擊。2020年的合併毛利率同比下降2.0個百分點，至17.0%，而2020年的淨利潤率持平於2.7%。
2020年新訂單1855.5億元，同比增長8.7%，其中能源設備、工業設備和綜合服務新訂單分別佔40.8%、24.7%和34.5%。截至2020年底，手頭訂單人民幣27609億元，同比增長14.7%，值得注意的是，風力發電設備貢獻了15.7%的新訂單和12.9%的手頭訂單，而儲能設備貢獻了1.6%的新訂單和0.6%的手頭訂單。
我們重申“買入”投資評級，並上調TP至3.35港元。我們對上海電氣的前景保持信心，因為它將繼續發展，在碳中和國家戰略下抓住新的機遇。我們對2021年至2023年的EPS預估分別為0.282元、0.328元和0.362元。3.35港元的新TP分別相當於每10x/8.5x/7.7x 2021-2023年或0.6x/0.5x/0.5x 2021-2023年PBR。
