\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Revenue growth exceeded expectations, and the early investment in new energy Internet business briefly affected profits, which is expected to open up new space for the company's growth. Based on the B2B2C business model, focusing on the two wheel drive development strategy of "energy digitization + energy Internet", benefiting from the needs of energy customers for digital transformation and upgrading and the new demand for power services brought by the electrification of energy consumption, the company realized an operating revenue of 4.639 billion yuan in 2021, a year-on-year increase of 36.98%, a net profit attributable to the parent company of 847 million yuan, a year-on-year increase of 19.77%, and a non net profit of 723 million yuan, a year-on-year increase of 23.83%, It is expected that in 2022, with the gradual conversion of convertible bonds into shares, the financial expenses will be reduced, the revenue of new businesses will be further increased, the profitability is expected to be significantly improved, and the energy Internet service platform will open up new space for growth.
The acceleration of marketing + acquisition dual core business is expected to accelerate, benefiting from the digital transformation and upgrading of energy customers and the increase in the proportion of terminal electrification consumption. 1) Focusing on the marketing system and the core profit link of the power grid, the company has been deeply engaged in the field of power service marketing informatization for more than 20 years since 1996, with a market share of more than 40%. The switching cost of this business is high and the pattern is stable. At the same time, the industry relies on know-how and technology accumulation, and the barriers are very high. Relying on long-term accumulation, the company has formed a full product line in the field of power marketing, and rapidly cultivated medium and Taiwan capacity, with strong market response. 2) The revenue of energy digital business was 2.371 billion yuan, with a year-on-year increase of 34.99%. A development pattern has been established from marketing to marketing + collection. The number of employees in the energy digitization sector increased by more than 25%, fully participated in the pilot project of the State Grid Energy Internet marketing service system (Marketing 2.0), and undertook the construction of power acquisition master station systems, smart energy service platforms and electric vehicle operation platforms in many provinces and cities; In terms of energy service operation, with the promotion of electricity price reform and the construction of national unified power market, 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.
"Traffic + better understanding of electricity" at the C-end builds a competitive barrier, and the service scenario of the b-end energy platform continues to expand. The company has built its own energy Internet platform, which adopts B2B2C mode and multi track. 1) C end life payment is closely related to Alipay, and the traffic entrance is more stable. In the future, the profit space will be enhanced by relying on the payment scenario and expanding value-added services. The company's energy Internet service platform has a total C service user scale exceeding 390 million, and the service industry's institutional customers exceed 7000. Among them, the cumulative number of service users of living payment business exceeds 350 million, the number of daily active users exceeds 13 million, and the number of connected Public Service Payment institutions exceeds 5300, maintaining a leading position in the market. 2) By the end of 2021, xindiantu aggregate charging platform has been connected to more than 400 charging pile operators, and has been connected to the platforms of head operators such as national household electrical appliance network, China Southern Power Grid, special call, star charging and cloud fast charging. The number of charging piles in operation exceeds 300000, and the number of new energy source charging electric vehicles in service exceeds 2.1 million. The aggregate charging capacity in 2021 is 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 expanded from service fee sharing to power wholesale sales and other fields. 3) In the field of enterprise energy services, Langxin's photovoltaic cloud platform has been connected to more than 10000 photovoltaic power stations. The company's building smart energy-saving service platform has also achieved breakthroughs for hospitals, enterprises, parks and other customers. In the future, we will expand new space around different power stations and business entities, and rely on share cards to benefit from the downstream boom; 4) Relying on complete product lines, the company participates in comprehensive energy services, actively promotes product platform and cloud, and builds its own comprehensive energy service cloud to provide PAAS services, which is expected to gradually expand to smart parking, park management, etc., and open up long-term space.
Relying on the cooperative ecology, Internet TV has built strong barriers, and its revenue and gross profit margin have been significantly repaired. 1) The number of Internet TV online users served exceeds 65 million household users and the number of daily living users is about 23 million, maintaining a market leading edge in the field of China's mobile Internet TV business. The intelligent terminal business has recovered, and the gross profit margin has returned to the normal level; 2) The Internet TV industry has scarce licenses and concentrated operators. The company entered earlier and established a close cooperation ecology with licensees and operators to form cards and barriers; The company has gradually expanded to IPTV and opened up a number of value-added services relying on platform operation, with optimistic growth space in the future.
Maintain the "buy" rating. We predict that the company's operating revenue from 2022 to 2024 will be 6.268/81.11/10.301 billion yuan, with a corresponding growth rate of 35.1% / 29.4% / 27.0%, and the net profit attributable to the parent company will be 1.155/15.29/1.929 billion yuan. Considering the company's business model, competitive barriers and revenue growth, we will give a "buy" rating
Risk tip: power informatization bidding is less than expected, industry competition intensifies, and the return of new business is less than expected.
