28 Mar 2023
FY22 revenue was up by 15.0% YoY to Rmb18.6bn, mainly due to 1) 24.4% YoY growth in NG sales, which accounted for 65.7% of total revenue (FY21: 61.3%), driven by 8.3% YoY growth in NG sales/delivery volume and higher ASP; and 2) 0.4% YoY increase in wind and solar power sales, which accounted for 34.2% of total revenue (FY21: 38.6%), driven by 4.2% increase in power generation due to higher capacity and partially offset by lower on-grid tariff. Overall GPM decreased by 1.5ppt to 28.2% as even though GPM for both wind/NG was up by 0.6ppt/0.9ppt YoY to 61.7%/10.8%, the lower margin NG segment accounted for a bigger revenue pie in FY22. Admin cost ratio was down 0.6ppt YoY to 3.6% on good cost control, while R&D expenses and finance costs ratios were +1.9ppt/-1.1ppt YoY to 2.3%/6.4%. As a result, FY22 NP was flat at Rmb2.29bn, roughly inline with our original forecast of Rmb2.21bn.