\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 82 Suwen Electric Energy Technology Co.Ltd(300982) )
Power engineering construction solution provider
Suwen Electric Energy Technology Co.Ltd(300982) was established in April 2007 and is committed to providing users with EPCO one-stop power services. The company is a one-stop power supply and consumption brand service provider dominated by power consulting and design business, covering power consulting and design, power engineering construction, power equipment supply and intelligent power service business.
EPCO in all directions, the future development direction of the market
China's power demand remains strong, and the "14th five year plan" starts a new journey of building a socialist modern country in an all-round way. Power investment is gradually inclined to the power grid. The expansion of Electric Power Survey and design industry is obvious, and the market volume will be huge in the future; The general contracting mode has been greatly promoted by the state and policies, and has gradually become the mainstream in the construction of power projects; According to the prediction of the prospective industry research institute, the operating revenue of Enterprises above Designated Size in the electrical machinery and equipment manufacturing industry is expected to exceed 10 trillion yuan in 2026; With the rapid development of smart grid, the smart power service industry is growing rapidly in the construction of smart grid.
Comprehensive development leads the industry, and the competitive advantage is gradually highlighted
By creating the "EPC + O" mode, the company has the ability to provide intelligent operation and maintenance services. Compared with the EPC general contracting enterprise engaged in design or construction alone, it has a stronger competitive advantage and can provide customers with high-quality power engineering services. From 2016 to 2020, the annual compound growth rate of the company's revenue was 39.09%, and the annual compound growth rate of net profit attributable to the parent company reached 62.49%.
Investment suggestions:
We expect the company's operating revenue from 2021 to 2023 to be 1.83 billion yuan, 2.41 billion yuan and 3.17 billion yuan respectively, with a year-on-year growth rate of 33.9%, 31.3% and 31.9% respectively; The net profit attributable to the parent company was 330 million yuan, 430 million yuan and 580 million yuan respectively, with a year-on-year growth rate of 37.6%, 31.9% and 35.2% respectively. Based on the company's future business expansion and competitive advantage, it will be covered for the first time and given a "recommended" rating.
Risk tips:
Industry policy risk; Core brain drain risk; The company's business area is relatively concentrated risk.
