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上海电气(601727):风电营收持续增长 公司向新能源方向转型

Shanghai Electric (601727): Wind power revenue continues to grow, and the company is shifting towards new energy

天風證券 ·  Mar 30, 2021 00:00

Revenue continues to grow and profit growth is in line with expectations

In 2020, the company realized operating income of 136.54 billion yuan, an increase of 7.81% over the same period last year. Of this total, the energy sector contributed revenue of 55.96 billion yuan, an increase of 21.80% over the same period last year, accounting for 37.22% of the total revenue, while integrated services realized business income of 52.232 billion yuan, an increase of 17.86% over the same period last year, accounting for 34.74% of the total revenue. Affected by the epidemic, the company's gross profit level declined slightly in 2020, achieving a gross profit of 22.591 billion yuan, down 3.35% from the same period last year, with a gross profit margin of 16.55%, and a net profit of 3.758 billion yuan, an increase of 7.34% over the same period last year. The gross profit contributed by the energy sector, integrated services and industrial equipment business was 95.08,62.49 and 7.189 billion yuan respectively, accounting for 42.09% of the total gross profit, 27.66% and 31.82%, respectively.

The prospect of the industrial structure of the three major sectors is clear, and the company's performance is expected to reach 185.55 billion yuan in new orders in 2020, an increase of 8.7% over the same period last year, of which energy equipment accounts for 40.8% (wind power accounts for 15.7%), industrial equipment accounts for 24.7%, and integrated services account for 34.5%.

At the end of 2020, the order on hand of the company was 276.09 billion yuan, an increase of 14.7% over the end of last year, of which energy equipment accounted for 48.2% (wind power accounted for 12.9%), industrial equipment accounted for 4.4%, and integrated services accounted for 47.5%.

The gross profit margin of the energy equipment sector was 17%, down 0.7% from the same period last year, mainly due to fierce competition in the coal-fired power generation equipment market and changes in the sales structure of wind power products, including wind turbine production of 5547GW, an increase of 178% over the same period last year, and sales of 5098GW, an increase of 151% over the same period last year. The gross profit margin of the industrial equipment sector was 17%, down 0.8% from the same period last year, mainly due to the decline in gross profit margin of overseas fastener business affected by the epidemic, including elevator production of 100018 units, an increase of 13.36% over the same period last year, and sales of 93700 units, an increase of 5.49% over the same period last year. The gross profit margin of the integrated services sector was 12%, down 4.9 percentage points from the same period last year, mainly due to changes in the gross profit margin structure of energy engineering and services.

Vigorously develop emerging industries and promote the conversion of new and old kinetic energy

In 2020, the company steadily promoted the construction of the "Xinyun Zhihui" industrial Internet platform, adding 26865 access devices, with a corresponding asset value of 24.7 billion yuan, with business carrying capacity at the group level. "Xinyun Zhihui" began to empower external enterprises to cooperate with the government of Bishan District of Chongqing and the Xuchang Municipal Government of Henan Province to build an industrial Internet empowerment center to provide digital transformation services.

Profit forecast

Originally, we expected the revenue from 2021 to 2022 to be 1791.49 yuan and 202.904 billion yuan respectively, and the net profit of returning to the mother to be 44.86 yuan and 5.023 billion yuan respectively. Now, taking into account the impact of coal power policy, coal power market shipments are less than expected, the 2021-2022 operating income will be reduced to 1578.78, 178.402 billion yuan, an increase of 15.00% and 13.00% respectively over the same period last year. The net profit of homing from 2021 to 2022 was reduced to 40.11 yuan and 4.318 billion yuan, up 6.72% and 7.67% respectively over the same period last year. At the same time, the business income is forecast to increase by 201.594 billion yuan in 2023, an increase of 13.00% over the same period last year, and the net profit is forecast to be 4.525 billion yuan, an increase of 4.78% over the same period last year. The corresponding EPS is 0.26,0.27,0.29 yuan respectively, and the corresponding PE is 21.73,20.19,19.27 times respectively.

Risk tips: market risk; overseas business risk; exchange rate fluctuation risk

The translation is provided by third-party software.


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