Science and Technology Department ( Ningbo Ligong Environment And Energy Technology Co.Ltd(002322) )
The layout of energy and environmental protection provides intelligent services for the industry
The company was founded in December 2000 and listed on the main board of Shenzhen Stock Exchange in 2009. The company takes software informatization business as the core, covering the fields of energy and environmental protection, and various businesses are carried out by relying on different subsidiaries. Among them, the field of smart energy includes power monitoring and power informatization, and the field of smart environmental protection includes environmental monitoring and environmental restoration. In recent years, the company's revenue has increased rapidly. In 2020, the revenue performance increased by 13.16%, reaching 1.138 billion yuan, and the overall net interest rate fluctuated around 30%. The employee stock ownership plan will be issued in 2021. Set the equity unlocking period to provide long-term incentive mechanism for the company's employees.
Grasp the trend of new power system and provide power grid transformation services
In recent years, China's power grid construction has stepped from the stage of smart grid to the stage of new power system construction. Under the requirements of the double carbon target, the power energy structure needs to increase the proportion of renewable energy power generation, which puts forward higher requirements for the power grid to maintain power balance and peak shaving capacity. In order to meet the growing demand for electricity, power grid companies are facing deepening intelligent transformation, undertaking the test of safe and stable operation of power grid, providing guarantee for new energy access to power system, and moving forward to the ultimate goal of energy Internet.
Power grid companies accelerate investment, and power companies also continue to develop new energy projects, bringing strong demand for power cost software. The company has achieved comprehensive coverage in the field of power engineering cost software, with perfect business segments and a market share of 80%. At the same time, the company has deeply arranged customized information business, digital site business, three-dimensional and BIM business, UAV patrol inspection business, etc. At the same time, the company's power monitoring business has a long history and has a complete power online monitoring product system covering power generation, transformation and transmission links. It accurately connects the sensing layer equipment and platform layer system requirements of the ubiquitous power Internet of things scheme of the State Grid, so as to further empower the power grid company.
Comply with the goal of ecological construction and empower the wisdom of environmental monitoring, operation and maintenance
From the 13th Five Year Plan period to the 14th Five Year Plan period, the state continued to strengthen supervision in the field of environmental protection. The state collected the right of environmental monitoring and realized vertical management, which also changed the monitoring mode and brought industry dividends to third-party monitoring. The company's layout in the field of environmental protection ranges from environmental monitoring to environmental governance. The revenue of water quality and atmospheric operation and maintenance business is growing rapidly. At the same time, it is actively developing environmental information products. It is expected to connect the whole chain closed loop of "environmental monitoring - Environmental Restoration - environmental information" in the future, so as to realize a complete layout for the field of intelligent environmental protection.
Performance expectation and valuation analysis: it is expected that the company will realize operating revenue of RMB 1.265 billion, 1.537 billion and 1.747 billion from 2021 to 2023, and net profit attributable to the parent company of RMB 73 million, 264 million and 320 million. Give the company 25 times of the target PE in 2022, the target price is 17.32 yuan, cover it for the first time, and give a "buy" rating.
Impairment risk caused by changes in policies: the degree of impairment is lower than the market expectation, and the risk of adverse development caused by changes in policies is lower than the market expectation
