中國電建(601669):22Q2新簽訂單同增118% 風光儲、抽水蓄能是亮點
事件:中國電建公吿,2022 年1-6 月,公司新籤合同額約5771 億元,同比+51%;其中,國內/國外新籤合同額約5107/664 億元,同比+64%/-6%。其中,22Q2新簽訂單3296 億元,同比+118%點評:單月訂單顯著提速,或由於大額訂單集中釋放所致:22 年6 月,公司新籤合同額約1909 億元,同比+129%;從區域來看,主要由國內增長帶動:國內/國外新籤合同額約為1819/90 億元,同比+159%/-33%。分業務來看,22 年6 月,能源電力/水資源與環境/基礎設施/其他業務新籤合同金額為902/182/785/40億元,佔新籤合同總額比例分別為47%/10%/41%/2%。從大額訂單統計情況來看,22 年6 月,公司新籤大額合同(合同額超過5 億元的單個訂單)共有76個,顯著高於往月(1-5 月分別為14/13/33/25/23 個),6 月訂單平均金額1.9億元,在22 年內僅次於3 月(1-5 月分別為0.77/1.48/2.68/0.91/1.21 億元)。能源電力及基建業務雙輪驅動,或受益於“穩增長”政策發力:從訂單類型來看,22 年6 月,公司新籤合同額大幅增長主要來自於能源電力業務以及基建業務新籤項目需求旺盛。22 年6 月,能源電力業務新籤合同額佔公司新籤合同總額比重為47%,僅次於22 年4 月(1-5 月該比例分別為23%/13%/23%/73%/42%);從大額訂單披露情況來看,6 月有較多光伏、風電、抽水蓄能EPC 總承包項目簽約,受益於下游需求持續高景氣度。22 年6 月,基建業務新籤項目數量為266個,達到年內最高值;訂單平均金額2.95 億元,僅次於22 年4 月,意味着新籤項目釋放加快且以大型項目為主。公司22 年6 月能源電力及基建訂單均呈現出升温態勢,或主要受益於“穩增長”政策持續發力。7 月12 日,國務院辦公廳發佈了加大以工代賑的相關政策通知,主要發力方向包括能源及基建相關領域(交通、水利、城鎮建設等),並明確提出加大財政支持力度;判斷22H2“穩增長”仍然是政策主旋律,公司作為能源及基建領域龍頭將持續受益。盈利預測、估值與評級:中國電建22 年6 月新簽訂單明顯提速,能源電力及基建領域需求呈現出高景氣度,判斷受益於“穩增長”政策持續發力,基建投資景氣度持續升温。公司在能源電力工程領域有深厚的積累,將受益於“穩增長”背景下國家對能源網絡的建設,同時我們也看好公司“十四五”期間對新能源發電運營領域的業務開拓。維持公司2022-2024 年歸母淨利潤預測99 億元、111 億元、125 億元。現價對應公司22 年動態市盈率為12x,維持“買入”評級。風險提示:新能源發電項目工程承包建設需求不及預期、新簽訂單增速放緩、項目回款不及預期、疫情擾動影響經營活動。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.