【东方证券】公司公告点评：未来5年950MW，继续推进分布式光伏发电 (3)
002135.SZ 5 950MW ⚫ 9 6 2022-2026 950MW 75% ⚫ 5 1.14 950MW 4 /W 38 EPC 3% 19-20 950MW 1.14 BIPV IRR 15% 7-8 PPP ⚫ EPC+BIPV 衙前镇的合作 公告 BIPV BIPV EPC BIPV ⚫ 21-23 EPS 0.65/0.78/0.96 BIPV 21 27X PE 17.55 ⚫ Table_BaseInfo ( ) 2021 09 06 11.76 17.55 52 / 13.91/5.5 / A 103,440/96,275 A 12,165 / 2021 09 07 1 1 3 12 3.6 50.94 76.87 44.04 2.5 51 85.98 37.64 300 1.1 -0.06 -9.11 6.4 WIND 021-63325888*6074 huangji@orientsec.com.cn S0860520030001 021-63325888*7275 jiangjian@orientsec.com.cn S0860520090001 021-63325888*7504 nielei@orientsec.com.cn 2019 A 2020 A 2021E 2022E 2023E ( ) 8,976 9,256 14,885 18,528 23,435 (%) 3.2% 3.1% 60.8% 24.5% 26.5% ( ) 282 333 794 954 1,173 (%) 49.0% 18.1% 138.7% 20.2% 22.9% ( ) 267 271 677 807 992 (%) 56.7% 1.2% 149.9% 19.3% 22.8% 0.26 0.26 0.65 0.78 0.96 (%) 11.6% 11.6% 13.1% 12.6% 12.5% (%) 3.0% 2.9% 4.5% 4.4% 4.2% (%) 6.4% 6.3% 14.2% 14.6% 15.5% 45.5 44.9 18.0 15.1 12.3 2.8 2.8 2.4 2.1 1.8 EPC BIPV 2021 2021-08-24 EPC 2021-04-01 EPC 21 2020 2021-02-24 5 950MW 2 EPC 1 EPC 2 21 27X PE 17.55 BIPV A 2021-2023 PE 27/21/15X 2021-2023 EPS 0.65/0.78/0.96 / PE 18.0/15.1/12.3X 2021 27X PE 17.55 1 2020A 2021E 2022E 2 023E 2020A 2021E 2022E 2 023E 002541 52.91 1.52 2.18 2.82 3.53 34.77 24.22 18.79 14.98 600496 4.43 0.32 0.38 0.47 0.58 13.76 11.78 9.42 7.59 002743 8.55 0.31 0.33 0.42 0.63 28.01 26.07 20.55 13.57 002375 7.49 0.24 0.34 0.42 0.50 31.62 22.03 17.83 14.92 002949 16.94 0.88 1.16 1.51 1.93 19.17 14.57 11.20 8.77 300374 15.19 0.06 0.32 0.44 0.62 265.10 47.17 34.21 24.50 603806 137.42 1.65 2.10 2.72 3.31 83.51 65.57 50.47 41.50 39.41 26.81 20.52 15.35 2021 9 7 EPC 5 950MW 3 : 2019A 2020A 2021E 2022E 2023E : 2019A 2020A 2021E 2022E 2023E 1,168 1,482 1,935 2,409 3,047 8,976 9,256 14,885 18,528 23,435 3,431 3,447 5,061 5,929 7,733 7,937 8,182 12,933 16,198 20,499 83 65 149 185 234 22 27 37 43 54 3,742 1,431 6,078 7,775 9,839 29 34 52 59 70 150 3,280 229 285 334 591 555 834 1,019 1,265 8,574 9,706 13,452 16,583 21,188 64 72 170 200 239 289 289 300 300 300 41 62 61 60 130 1,638 1,655 1,505 1,397 2,096 0 1 0 0 0 321 271 492 871 399 (21) (22) (5) (5) (5) 201 1,174 1,132 1,090 1,048 10 29 0 10 1 420 554 296 311 321 282 333 794 954 1,173 2,869 3,944 3,725 3,969 4,164 23 5 15 10 10 11,443 13,650 17,176 20,552 25,352 2 3 5 5 5 1,737 2,288 3,056 3,338 4,478 303 335 804 959 1,178 4,461 5,232 7,372 9,557 12,094 38 71 121 144 177 587 986 852 976 1,128 265 263 684 816 1,002 6,785 8,505 11,280 13,870 17,700 (2) (7) 7 8 10 225 257 257 257 257 267 271 677 807 992 0 0 0 0 0 0.26 0.26 0.65 0.78 0.96 26 33 0 0 0 251 290 257 257 257 7,037 8,796 11,536 14,127 17,957 2019A 2020A 2021E 2022E 2023E 129 479 486 494 504 1,034 1,034 1,034 1,034 1,034 3.2% 3.1% 60.8% 24.5% 26.5% 2,086 1,956 2,086 2,086 2,086 49.0% 18.1% 138.7% 20.2% 22.9% 1,158 1,385 2,034 2,810 3,770 56.7% 1.2% 149.9% 19.3% 22.8% 0 0 0 0 0 4,407 4,854 5,640 6,424 7,395 11.6% 11.6% 13.1% 12.6% 12.5% 11,443 13,650 17,176 20,552 25,352 3.0% 2.9% 4.5% 4.4% 4.2% ROE 6.4% 6.3% 14.2% 14.6% 15.5% ROIC 4.9% 4.6% 10.0% 10.3% 10.8% : 2019A 2020A 2021E 2022E 2023E 265 263 684 816 1,002 61.5% 64.4% 67.2% 68.7% 70.8% 196 201 192 194 237 18.0% 21.9% 25.3% 19.2% 23.5% 64 72 170 200 239 1.26 1.14 1.19 1.20 1.20 21 22 5 5 5 0.71 0.97 0.65 0.64 0.64 (80) 482 (1,557) (408) (1,407) (147) (595) 266 45 120 2.4 2.4 3.2 3.2 3.3 320 445 (241) 852 195 2.2 3.2 3.4 2.3 2.3 (346) (1,130) (221) (424) (423) 0.8 0.7 1.0 1.0 1.0 20 (21) 10 0 0 (193) 129 155 (5) (5) 0.26 0.26 0.65 0.78 0.96 (518) (1,022) (56) (429) (428) 0.31 0.43 -0.23 0.82 0.19 123 33 49 0 0 4.14 4.23 4.98 5.73 6.66 0 (130) 130 0 0 52 816 571 51 870 45.5 44.9 18.0 15.1 12.3 174 718 750 51 870 2.8 2.8 2.4 2.1 1.8 (0) (0) - 0 - 0 - 0 EV/EBITDA 24.4 21.8 11.4 9.8 8.0 (24) 141 453 474 638 EV/EBIT 38.3 32.7 13.7 11.4 9.4 Tabl e_Disclai mer 5 950MW 4 12 / 15% 5% 15% -5% +5% -5% 5% -5% +5% -5% HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 www.dfzq.com.cn Tabl e_Disclai mer
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