\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
In 2021, the company's revenue rebounded rapidly and its performance increased steadily. In 2021, the company realized revenue of 4.639 billion yuan (+ 36.98%), net profit attributable to parent company of 847 million yuan (+ 19.77%), net profit not attributable to parent company of 723 million yuan (+ 23.83%). In Q4 alone, the company achieved revenue of 2.458 billion yuan (+ 25.91%), net profit attributable to the parent company of 662 million yuan (+ 15.90%), and net profit not attributable to the parent company of 571 million yuan (+ 28.57%). The overall gross profit margin of the company was 43.42%, a year-on-year decrease of 2.44 percentage points, mainly because the intelligent terminal business with low gross profit margin rebounded significantly in 21 years, and the revenue reached 850 million yuan (+ 54.39%), driving down the overall gross profit margin. The company's platform operation revenue is 1.017 billion yuan (+ 23.21%), and the software service revenue is 2.549 billion yuan (+ 34.97%). The company's 21-year sales expense ratio is 6.76% (- 0.16pct), the management expense ratio is 7.63% (- 1.72pct), and the R & D expense ratio is 12.34% (+ 1.61pct).
Double carbon and other policies catalyze the high prosperity of energy digitization. The company achieved energy digital business revenue of 2.371 billion yuan (+ 34.99%). The company continued to increase investment in the digital transformation of electric power, and the number of personnel in the sector increased by more than 25%. It fully participated in the construction of power marketing 2.0 pilot project and made reserves for the next promotion. The company has developed from marketing oriented to marketing + acquisition dual core business, and has undertaken to build power acquisition master station systems, smart energy service platforms and electric vehicle operation platforms in many provinces and cities. At the same time, the company has increased investment in power market-oriented business, launched a variety of products such as power sales settlement and load forecasting, and has been successfully applied to power companies in many provinces and cities. The company expects that the energy digital business will maintain a revenue growth of more than 25% in 2022.
Continue to expand the scenario of energy interconnection, and new power routes show explosive growth. The company achieved energy Internet business revenue of 848 million yuan (+ 43.58%). The "xindiantu" platform has been connected to more than 400 charging operators in total, and has realized interconnection with head platforms such as national home appliance network, China Southern Power Grid and special call; The number of charging piles in operation exceeds 320000, and the number of new energy charging motor cars serving more than 2.1 million. The charging capacity in 2021 is nearly 560 million kwh, nearly 8 times that in 2020. At the same time, the business model has also expanded from service fee sharing to power wholesale sales and other fields; It is expected to become a new power selling company through the accumulation of electricity trading costs in the C-end market, and it is expected to become a new power selling company through many years of trading. In terms of enterprise services, the company's photovoltaic cloud platform has accessed more than 15000 photovoltaic power stations with an installed capacity of nearly 10GW; BSE smart energy-saving system has established benchmark customer projects in hospitals, parks and other fields, with an average energy-saving efficiency of more than 15%.
Risk warning: the investment in power grid informatization has decreased; The development of emerging businesses such as aggregate charging is less than expected.
Investment advice: maintain the "buy" rating.
It is estimated that the operating revenue from 2022 to 2024 will be 57.10/70.41/86.21, with growth rates of 23% / 23% / 22% respectively, and the net profit attributable to the parent company will be RMB 1.064/13.72/1.725 billion, corresponding to the current PE of 27 / 21 / 17 times, maintaining the "buy" rating.
