You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
中國電建(601669):6月新籤增129%持續超預期 定增獲受理髮力新能源投資運營
格隆匯 07-21 00:00
本報吿導讀: BIPV/抽水蓄能等全球最大新能源EPC,十四五綠電裝機或增50GW具高成長的持續性;存量訂單增32%疊加地產置換電網輔業全年業績有望超預期,定增獲受理。 事件: 中國電建發佈《2 022 年1 月至6 月主要經營情況公吿》。 評論: 6 月新籤增129%(5 月增84%)超預期。1) 維持增持。維持預測22-24年EPS 為0.72/0.88/1.06 元增速28/22/20%,維持目標價14.39 元對應22 年20 倍PE。2)前6 月新籤5771 億同增51%(前5 月增速29%),兩年複合增速31%。6 月新籤1908 億同增129%(5 月增速84%),兩年複合增速44%。 2)其中能源電力2265 億佔比39%,水資源與環境1250 億佔比22%,基礎設施2162 億佔比37%。3)其中境內5107 億元(+63.81%)佔88%,境外664億元(-5.76%)佔12%。4)新籤40 億蒙西200 萬千瓦光伏治沙項目等。存量訂單增32%疊加地產置換電網輔業全年業績有望超預期,150億定增 獲證監會受理。1)2021 年末存量合同3.3 倍於收入,業績具保障。2)2021年Q2-Q4 單季度淨利潤增速-4/-7/7%低基數,預期施工旺季基建投資發力,年內業績有望超預期。3)中國電建49 億出售體內剩餘地產業務,產生15.6億元溢價。4 月完成以247 億元地產資產(20 年權益淨利潤1 億)置換電建集團電網輔業246 億(20 年權益淨利潤18 億)。4)擬定增150 億元用於海上風電工程、投資抽水蓄能等,獲證監會受理。 BIPV/抽水蓄能等全球最大新能源EPC,十四五綠電裝機或增50GW具高成長的持續性。1)下屬規劃設計總院受國家部委委託承擔水電水利/風電/光伏等提供規劃設計/審查等職責。2)具投資/設計/施工/運營/裝備全產業鏈一體化優勢,水電(抽水蓄能)國內大型項目規劃設計80%/施工65%、全球50%,國內大型項目風電/光伏設計約65%、新能源EPC 全球第一。 3)控股風光水等裝機17GW(21 年淨利潤佔比約20%),2022 年計劃開工新能源裝機超過10GW,抽水蓄能5GW。十四五或新增50GW。 6 月電力基建投資增速24%超預期,新能源政策持續加碼。1)6月廣義基 建投資增12%、比21 年同期加快12.3 個百分點、環比加快4.1 個百分點。 其中電力增24.1%、增速環比5 月加快16.3 個百分點。6 月先行指標新開工投資計劃增23%/到位資金增19%預示着基建投資將繼續高增。日前國家印發《城鄉建設領域碳達峯實施方案》要求25 年新建公共建築/廠房屋頂光伏覆蓋率達50%。2)PB 對比:中國電建1.2 倍(寧德時代9.9/隆基綠能9.3/三峽能源2.6)。 風險提示:政策超預期緊縮、項目推進不及預期、疫情反覆等
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.
uSMART
Wealth Growth Made Easy
Open Account