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上海电气(601727):三季度业绩符合预期 南通储能基地投产

Shanghai Electric (601727): the third quarter results are in line with the expected commissioning of Nantong Energy Storage Base.

國盛證券 ·  Oct 27, 2020 00:00  · Researches

Event: Shanghai Electric released three quarterly reports.

In the third quarter alone, the net profit increased at a high speed, and the performance was in line with expectations. According to the company's three-quarter report, the company achieved revenue of 82.532 billion yuan in the first three quarters, an increase of 9.72% over the same period last year, and a net profit of 2.345 billion yuan, an increase of 6.02% over the same period last year. From the perspective of the third quarter, the company achieved a net profit of 823 million yuan in the third quarter alone, an increase of 125.24% over the same period last year.

The rate of Q3 expenses decreased compared with the same period last year, and the operating cash flow became positive substantially. According to the company's three-quarter report, the company's four expenses totaled 3.991 billion yuan in the third quarter, with an expense rate of 13.6%, down 1.6 pcts from the same period last year; and 13.5% in the first three quarters, down 0.56pcts from the same period last year. From the cash flow point of view, the company Q3 realized operating cash flow of 3.168 billion yuan in a single quarter, becoming a regular employee compared with the same period last year.

Electric Guoxuan Nantong Energy Storage Base has been put into production to create a leader in the field of energy storage battery system in China. According to the company's official account news, on September 29, 2020, the production ceremony of Shanghai Electric Guoxuan New Energy Technology (Nantong) Co., Ltd. was held in Nantong Economic and technological Development Zone. Electric Guoxuan Nantong Base is located in Nantong Economic Development Zone, with a total construction area of 200000 square meters. The first phase of the project is to build 5GWh, planning and construction 10GWh. This lithium power production base fully matches the market demand of energy storage power station, backup power supply and power battery.

Join hands with a number of enterprises to actively layout the energy storage market. At the commissioning ceremony of Nantong Energy Storage Base, Shanghai Electric signed strategic cooperation agreements and energy storage joint venture agreements with State Grid Integrated Energy Service Group Co., Ltd., China Energy Construction Group Anhui Electric Power Design Institute Co., Ltd., Shenzhen Zhongxing Kangxun Electronics Co., Ltd., Shenneng Nanjing Energy holding Co., Ltd., and Pinggao Group Energy Storage Technology Co., Ltd. Give full play to the advantages of their own industrial resources, in-depth layout of the energy storage market.

Performance forecast: from 2020 to 2022, the company is expected to achieve an income of 1404.97max 1594.86 / 175.434 billion respectively, and the net profit attributed to the parent company is RMB 39.82 million, an increase of 13.7%, 13.5% and 11.1% over the same period last year, corresponding to 15.4 times of PE 19.4, 17.1 and 15.4 times, maintaining the "buy" rating.

Risk tips: wind power industry installation does not meet expectations; thermal power demand does not meet expectations; forecast deviation and valuation risk.

The translation is provided by third-party software.


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