\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Key investment points
Event: on March 26, Longshine Technology Group Co.Ltd(300682) released its annual report for 2021. In 2021, the company achieved a total operating revenue of 4.639 billion yuan, a year-on-year increase of 36.98%, and a net profit attributable to the parent company of 847 million yuan, a year-on-year increase of 19.77%. The performance met our expectations.
The Internet business grew steadily throughout the year Longshine Technology Group Co.Ltd(300682) adhering to the B2B2C business model, focusing on the two wheel drive development strategy of “energy digitization + energy Internet”, the annual performance achieved steady growth. In 2021, the energy digital business achieved an operating revenue of 2.371 billion yuan, yoy + 34.99%, accounting for 51.11% of the total operating revenue. The annual revenue and orders achieved steady growth. At the same time, in order to ensure the smooth development of follow-up business, the company increased the reserve of R & D personnel, and the number of employees in the energy digital sector increased by more than 25%. The energy Internet business achieved an operating revenue of 848 million yuan, yoy + 43.58%, accounting for 18.28% of the total operating revenue. During the reporting period, the company firmly grasped the historical opportunity of the rapid development of the new energy vehicle and charging service market, and made further breakthroughs in the aggregated charging business. The charging capacity in 2021 reached nearly 8 times that in 2020, and the revenue achieved rapid growth. The company not only maintains steady growth and industry-leading position in customer scale, but also expands enterprise oriented energy consumption services.
Adhere to service-oriented and establish a strong platform online service capability. The company is deeply engaged in the energy industry, constantly polishing the middle and Taiwan capabilities and platform products, and helping the market-oriented development of new power system construction and the innovation and upgrading of services. During the reporting period, the company worked intensively in demand side operation services, provided scenario services for C-end customers in application fields such as household energy consumption, electric vehicle charging and energy efficiency management, and promoted terminal energy consumption. The company’s outstanding ability at the C-end is also reflected in the b-end scenario. The distributed photovoltaic cloud platform service carried out by the company helps the photovoltaic power station to maximize benefits. At present, more than 15000 photovoltaic power stations have been connected, with an installed capacity of nearly 10GW, 16.4 billion kwh of green power generation and 17.82 million tons of carbon dioxide emission reduction. The access scale of distributed photovoltaic power stations in China is among the best.
Profit forecast and investment rating: we continue to be optimistic about the continuous improvement of the prosperity of the energy digital track. We maintain the performance expectation from 2022 to 2023. The net profit attributable to the parent company is 1.101 billion yuan and 1.365 billion yuan respectively, the net profit in 2024 is 1.666 billion yuan, EPS is 1.05/1.31/1.59 yuan respectively, and the corresponding PE valuation is 27.22/21.95/17.99 times respectively. We continue to be optimistic about the growth of Longshine Technology Group Co.Ltd(300682) future performance and maintain the “buy” rating.
Risk tip: the progress of energy informatization is less than expected, the operating performance fluctuates seasonally, and the capital expenditure of State Grid is less than expected.
