Acrel Co.Ltd(300286) (300286)
With smart meter business as the core, comprehensively transform and focus on enterprise microgrid energy efficiency management. Founded in 2003, the company was positioned in the field of power automation in its early years, specializing in the R & D, production and sales of user-side intelligent power instruments. In 2016, the company changed from selling power instrument modules and other hardware products to providing customers with power consumption side management system, and transformed into an enterprise power consumption data service provider. At present, the company provides energy efficiency management and power safety solutions for enterprise microgrid, and has been equipped with 14000 + enterprise energy efficiency management system. In the first three quarters of 2021, the company’s total operating revenue was 740 million yuan, with a year-on-year increase of 41.2% and a gross profit margin of 46.01%.
The goal of “double carbon” was promoted, and the demand for enterprise energy efficiency management continued to increase. The “double carbon” work opinions were issued, which clearly pointed out the path and measures of “accelerating the construction of a clean, low-carbon, safe and efficient energy system”. The central economic work conference made it clear that the new renewable energy and raw material energy consumption will not be included in the total energy control, which is expected to further improve the enterprise’s energy efficiency management needs: 1. Under the further improvement of the “double carbon” goal and the dual control policy of energy consumption, The burden of enterprise energy efficiency management has further increased, and the demand for energy efficiency management has further increased. 2) The rapid development of distributed new energy promotes the construction of enterprise microgrid with the unified management idea of “source network load storage”, and raises the long-term demand of enterprise energy efficiency management. Enterprise microgrid puts forward higher requirements for the coordination and flexibility of power system. Energy efficiency management system will gradually become a necessity for enterprises to comprehensively manage microgrid. 3) The construction demand of government end energy consumption monitoring system continues to increase. As an important part of energy efficiency management system, user side intelligent power monitoring products will continue to develop towards digitization, multi-functional integration and networking.
The company has outstanding system solution ability to meet the diversified and personalized needs of the user side. 1) The company has a relatively complete product ecosystem, which can provide one-stop services from cloud platform software to terminal components, forming a “cloud edge end” energy Internet ecosystem. Customer customization demand is high, but the company has formed software modularization and hardware modularization, and flexible production has significantly reduced cost and increased efficiency. 2) Direct sales and distribution force, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) coverage, and actively explore overseas markets. 3) Pay attention to talent introduction, continuously improve the number of R & D personnel, greatly increase research investment, learn from the excellent experience of Tencent Huawei, establish a product manager system and improve management efficiency.
Investment suggestion: it is estimated that the operating revenue of the company from 2021 to 2023 will be RMB 1.022 billion, 1.438 billion and 2.022 billion respectively, with a year-on-year increase of 42.22%, 40.72% and 40.58% respectively, and the net profit attributable to the parent company will be RMB 170 million, 241 million and 334 million respectively, with a year-on-year increase of 40.15%, 41.32% and 38.92% respectively; The corresponding EPS were 0.79, 1.12 and 1.51, and PE were 45.49, 32.19 and 23.17 times, respectively. For the first time, give a “buy” rating. As a provider of enterprise microgrid energy efficiency management system solutions, the company has significant competitive advantages. At present, the market penetration is low. In the future, driven by policies, the company’s performance is expected to maintain a rapid growth trend. For the first time, give a “buy” rating.
Risk tip: the policy promotion is less than expected, the macro-economy is more than expected, the market competition is intensified, the project promotion progress is less than expected, the future performance growth is less than expected, resulting in the reduction of valuation, and the industry calculation is based on certain assumptions and preconditions.
