\u3000\u3000 Longshine Technology Group Co.Ltd(300682) (300682)
Core view
Event: when presiding over the study, the general secretary of the CPC Central Committee Xi Jinping stressed that achieving carbon peak and carbon neutrality is the internal requirement of implementing the new development concept, building a new development pattern and promoting high-quality development. It is a major strategic decision made by the CPC Central Committee to coordinate the two overall situations of China and the world. Xi Jinping pointed out that we should give more prominence to promoting the development of new and clean energy, and actively and orderly develop light energy, silicon energy, hydrogen energy and renewable energy. We should promote the deep integration of energy technology with modern information, new materials and advanced manufacturing technology, and explore new modes of energy production and consumption. We should accelerate the development of new energy sources such as wind energy, Cecep Solar Energy Co.Ltd(000591) , biomass energy, geothermal energy, marine energy and hydrogen energy with economies of scale, coordinate hydropower development and ecological protection, and actively develop nuclear power in a safe and orderly manner.
Emphasize the improvement of green and low-carbon policy system. We should further improve the "double control" system of energy consumption, and the new renewable energy and raw material energy consumption should not be included in the total energy consumption control. We should improve the "double carbon" standard, build a unified and standardized carbon emission statistical accounting system, and promote the transformation from "double control" of energy to "double control" of total carbon emission and intensity. We should improve laws and regulations and improve fiscal, tax, price, investment and financial policies. We should give full play to the role of the market mechanism, improve the carbon pricing mechanism, and strengthen the connection and coordination of carbon emission rights trading, energy rights trading and power trading.
B2B2C platform enables diversified scenarios and builds a new growth flywheel. Longshine Technology Group Co.Ltd(300682) at present, it focuses on the development strategy of energy digitization with the business model of B2B2C. The revenue structure of the company has changed from a single software service revenue for B / g end customers to a structure with equal emphasis on software service revenue and continuous operation service revenue for C end. In 2014, we cooperated with ant in the field of living payment such as water, electricity and gas, and gradually expanded our business to new business scenarios such as charging pile, photovoltaic power station operation and digital energy saving. The platform is moving towards diversification and building new performance growth points.
Under the "double carbon" target, the company is expected to usher in a good opportunity for development. Driven by the "double carbon" goal, major changes are taking place in the power and energy industry, industrial support policies are constantly issued, and the two power grids are actively building a "new power system". Digitization, marketization and scenario are the main characteristics of the consumption side of the new power system, and they are also the key to promoting the achievement of the "double carbon" goal. In this context, Longshine Technology Group Co.Ltd(300682) as a link connecting power energy and Internet users, has deeply benefited from the electrification of terminal energy consumption. Whether it is the digital upgrading of power system or the emergence of new scenarios of energy operation services, it has brought better development opportunities to the company.
Two wheel drive to achieve high-speed growth. In 2021, the company's energy digital service business revenue increased by about 40% year-on-year. By the end of 2021, xindiantu aggregate charging platform has been connected to more than 400 charging pile operators, and has realized the connection with the platforms of head operators such as national household electrical appliance network, China Southern Power Grid, special call, star charging and cloud fast charging. The number of operating charging piles is more than 300000, and the number of serving new energy source charging electric vehicles is more than 2.1 million. In 2021, the aggregate charging volume is nearly 560 million kwh, It is nearly 8 times of the charging capacity in 2020. The revenue of aggregate charging business has achieved rapid growth, and the revenue model has also expanded from service fee sharing to power wholesale sales and other fields.
Investment suggestion: we estimate that the company's revenue from 2020 to 2023 will be 4.606 billion yuan, 5.666 billion yuan and 6.980 billion yuan respectively, with growth rates of 36.00%, 23.00% and 23.20% respectively, and the net profit attributable to the parent company will be 860 million yuan, 1.061 billion yuan and 1.343 billion yuan respectively, with growth rates of 21.70%, 23.30% and 26.50% respectively. The corresponding EPS from 2021 to 2023 is 0.83/1.03/1.30 yuan respectively, and the corresponding PE of the current stock price is 41 / 33 / 26 times respectively, maintaining the "buy" rating.
Risk tip: industry competition intensifies risks, and new business expansion is less than expected.
