\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
The event company released its annual report for 2021. The company achieved an operating revenue of 4.639 billion yuan in 2021, 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%; The non net profit deducted was 723 million yuan, a year-on-year increase of 23.83%.
The three business sectors went hand in hand and increased R & D investment. In terms of business segments, the company’s energy digital business realized a revenue of 2.371 billion yuan, a year-on-year increase of 34.99%; The energy Internet business realized a revenue of 848 million yuan, a year-on-year increase of 43.58%; The revenue of Internet TV business was 1.42 billion yuan, a year-on-year increase of 36.6%. The growth rate of revenue is greater than that of net profit, mainly due to the slight decrease of gross profit margin and the slight increase of expense rate. The gross profit margin of the company in 21 years was 43.42%, down 2.44 PCTs compared with 20 years. The company’s expense rate during the 21-year period was 26.56%, an increase of 0.88 PCTs compared with the 20-year period, mainly due to the increase of 1.61 PCTs in the R & D expense rate, while the sales expense rate and management expense rate decreased. In the past 21 years, the company has increased the reserve of R & D personnel, the number of employees in the energy digital sector has increased by more than 25%, the rate of R & D expenses of the company is 12.34%, the proportion of R & D investment in operating revenue is 12.60%, and the proportion of capitalized R & D expenditure in R & D investment is only 2.12%.
The energy digital business has made good development in the core system of power service, new digital infrastructure and energy service operation, and the newly signed orders have further increased. In terms of the core system of power service, the company has fully participated in the construction of the pilot project of the State Grid Energy Internet marketing service system (Marketing 2.0), achieved good results, and made preparations for the next large-scale promotion; In terms of new infrastructure, the company has cooperated with many provincial power companies to establish energy big data centers, developed various data products such as power index and carbon emission index, and contracted to build power acquisition master station systems, smart energy service platforms and electric vehicle operation platforms in many provinces and cities. The company has developed from marketing to marketing + acquisition dual core business development; In terms of energy service operation, the company has developed a variety of products such as market-oriented power sales settlement and load forecasting, which have been successfully applied to power companies in many provinces and cities.
In the energy Internet business, the living payment business has maintained a leading position in the market, the aggregate charging business has achieved rapid growth, and the field of energy consumption services has been further expanded. In terms of living payment business, the company has more than 350 million service users, more than 13 million daily active users and more than 5300 connected Public Service Payment institutions; In terms of aggregate charging business, the company has completed the connection with the platforms of head operators such as national household electrical appliance network, China Southern Power Grid, special call, star charging and cloud fast charging. By the end of 2021, the platform has been connected to more than 400 charging operators, with more than 320000 charging piles in operation and more than 2.1 million new energy charging bullet trains in service. The aggregate charging capacity in 2021 was nearly 560 million kwh, nearly 8 times that in 2020, The revenue of aggregate charging business has achieved rapid growth, and the revenue model has also been expanded from service fee sharing to service fee + pre purchase power mode. In terms of energy consumption services, the company’s “new photovoltaic cloud platform” has a new access to distributed photovoltaic capacity of about 900MW. The company’s BSE intelligent energy-saving system has established benchmark customer projects in hospitals, parks and other fields.
The “double carbon” goal of investment proposal promotes the power grid to increase innovation and investment in the field of power consumption, and the company’s energy digital business has broad development space during the 14th Five Year Plan period; At the same time, the trend of motorized electric vehicles is determined, and the demand for charging piles is increasing exponentially. The cooperation between Alipay and the company has a very good card value, and its aggregate charging business revenue is expected to grow at a high speed. We predict that the company’s EPS will be 1.08/1.49/1.96 yuan from 2022 to 2024, corresponding to PE 25.76x/18.71x/14.18x from 2022 to 2024. For the first coverage, give a “recommended” rating.
Risk warning policy risk; The risk of intensified market competition; The risk of new business expansion falling short of expectations.
