金風科技(2208.HK)：1.1MW小風機榮獲金獎，老舊風機替換空間大，給予“買入”評級
機構：華金證券
評級：買入
投資要點
事件：1月18日，北極星電力網報道，世界風電權威媒體WindpowerMonthly公佈了一年一度的最佳風電機組評選結果，金風科技的多款機型榮登該榜單。其中GW82-1.1MW機型斬獲最佳陸上風電機組（4.4MW以下）金獎，這也是本次評選中，國內風電整機廠商獲得的唯一金獎。
大量資金積極南下，佈局低估值港股機會：根據Wind數據，1月19日，南向資金淨買入265.92億港元，再次刷新港股通開通以來單日淨買入記錄。截至1月19日，南向資金已連續20個交易日淨買入，連續12個交易日淨買入額超百億港元。今年以來南下資金積極佈局港股市場，主要是A/H股高溢價、低估值優質資產納入港股以及近兩年新成立公募大多可配置港股等因素帶動，中長期來看南向資金買入港股的趨勢才剛剛開始，港股市場或將迎來價值重估。
1.1MW小風機榮獲金獎，造價成本降低30%，交付週期縮短至60天：本次榮獲金獎的GW82-1.1MW機組繼承金風科技在全球一萬八千餘台1.5MW機組的開發及運行經驗，採用最先進的技術迭代升級推出的可靠性更高、度電成本更優的產品，在為老舊風電項目資產提質增效方面有着巨大優勢。與新建大兆瓦機組相比，GW1S機組可直接複用原有機組的基礎和塔架，工程造價可以降低30%左右，避免土建施工和再次徵地，審批手續更為簡單，交付週期也能從180天以上縮減至60天左右。
老舊風機替換市場空間巨大，1S風機電網友好性增強：我國風電事業蓬勃發展三十多年，已有近萬台運行10年以上的老舊風機，亟需提質增效解決方案應對風電發展全新時代的挑戰。GW1S整機採用最新直驅永磁技術，有效解決了老舊機組原有齒輪箱漏油、故障率高等問題；容量可量身定製，覆蓋750kW-1.3MW的柔性功率範圍；葉輪系統得益於大葉輪的優勢，掃風面積相比原有老舊機組大幅提升；在電網適應性上，彌補了老舊機組不具備電網高低穿越能力的缺憾，電網友好性顯著增強；能適應各類環境運行，切入風速可低至2.5m/s，具有優秀的發電出力性能。
投資建議：我國提出的“2030年碳達峯，2060年碳中和”背景下，風電是可再生能源的重要一環，行業目前整體估值較低，行業成長性或被市場低估。我們預測風機行業龍頭金風科技2020年至2022年每股收益分別為0.84元、1.04元和1.11元。淨資產收益率分別為10.2%、11.2%和10.7%，給予“買入-A”的投資評級。
風險提示：風電新增裝機不及預期；可再生能源的相關政策不及預期。
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