\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
The company released its annual report for 2021 on March 25, 2022. In 2021, the company realized an operating revenue of 4.639 billion yuan, a year-on-year increase of 36.98%; The net profit attributable to the parent company was 847 million yuan, a year-on-year increase of 19.77%; Deduct non net profit of 723 million yuan, with a year-on-year increase of 23.83%.
The energy digital business has maintained a high boom, and the three ends of marketing, collection and operation have made concerted efforts. In 2021, the company's energy digital business realized a revenue of 2.371 billion yuan, a year-on-year increase of about 35%. 1) On the marketing side, the company participated in the construction of the pilot project of the State Grid Energy Internet marketing service system (Marketing 2.0), and cooperated with several provincial power companies to establish energy big data centers. 2) On the acquisition side, it has undertaken the construction of power acquisition master station systems, smart energy service platforms and electric vehicle operation platforms in many provinces and cities. 3) On the operation side, in line with the trend of power marketization, a variety of products such as market-oriented power sales settlement and load forecasting have been developed and applied to power companies in many provinces and cities.
The growth rate of energy Internet business exceeded 40%, and the aggregate charging capacity increased nearly 8 times, highlighting the value of the platform. In 2021, the energy Internet business realized a revenue of 848 million yuan, a year-on-year increase of about 44%. 1) In terms of living payment business, the company's living payment business has more than 350 million service users (300 million users by the end of 2020) and more than 13 million daily active users (10 million by the end of 2020). The business continues to grow. 2) In terms of charging business, the platform has opened up with leading operators such as China national household electrical appliance network, China Southern Power Grid and special calls, and has accumulated access to more than 400 charging operators. The number of charging piles in operation exceeds 320000, and the number of new energy charging motor cars in service exceeds 2.1 million, compared with 500000 car owners in the same period last year; The aggregate charging capacity in 2021 is nearly 560 million kwh, which is nearly 8 times that in 2020. At the same time, the mode is also expanded from service fee sharing to service fee + pre purchase power mode. 3) In terms of photovoltaic business, the newly connected distributed photovoltaic capacity is about 900MW. The company's BSE smart energy-saving system has established benchmark customer projects in hospitals, parks and other fields. The average energy-saving efficiency of BSE smart energy-saving system is more than 15%.
At the same time, the company's Internet TV business recovered. In 2021, the number of Internet TV online users exceeded 65 million and the number of daily live users was about 23 million. In 2021, the business income was 1.42 billion yuan, with a year-on-year increase of about 37%.
Optimize the short-term investment and lay the foundation for long-term development. In 2021, the company increased the reserve of relevant personnel and R & D investment. The number of employees in the energy digital sector increased by more than 25% year-on-year, and the proportion of R & D expenses increased by 1.6 percentage points year-on-year; At the same time, charging and other businesses with high growth potential are in the early stage of development. Short-term investment has laid an important foundation for long-term development, and the future growth potential can be expected. Meanwhile, the sales and management expenses continued to be optimized, and the proportion of sales and management expenses decreased by 0.2 and 1.7 percentage points year-on-year in 2021.
Investment suggestion: the company is a leading enterprise in the field of energy informatization. Benefiting from the "double carbon" reform trend, the energy digitization and energy Internet business are expected to continue to grow. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.149/15.47/1.927 billion yuan, and the corresponding PE will be 25X, 19x and 15x respectively. Select comparable companies in the same industry Beijing Forever Technology Co.Ltd(300365) , State Grid Information&Communication Co.Ltd(600131) , Ygsoft Inc(002063) , and China Southern network technology. The 22-year average PE (wind consensus expectation) of relevant companies is 29x. The company has certain valuation advantages and maintains the "recommended" rating.
Risk warning: the development of new energy industry is not as expected; The downstream prosperity of hardware business is lower than expected; New business investment continued to increase
