\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
The “double carbon” policy opens up room for growth and maintains the “buy” rating
The company is the core target in the field of energy digitization and energy Internet, and is expected to benefit from the “double carbon” high boom. We raised the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the operating revenue in 20222024 will be 6.182, 7.832 and 9.977 billion yuan (the original forecast value in 20222023 is 5.188 and 6.273 billion yuan), and the net profit attributable to the parent company in 20222024 will be 1.086, 1.399 and 1.818 billion yuan (the original forecast value in 20222023 is 1.082 and 1.374 billion yuan), EPS is 1.04, 1.34 and 1.74 yuan / share (the original predicted value from 2022 to 2023 is 1.04 and 1.31 yuan / share), and the corresponding PE of the current stock price is 26.8, 20.8 and 16.0 times, maintaining the “buy” rating.
Event: the company released its 2021 annual report, with high growth in annual revenue
The company issued the 2021 annual report. In 2021, the company achieved an operating revenue of 4.639 billion yuan, a year-on-year increase of 36.98%, and the annual operating revenue achieved a higher growth than expected; The net profit attributable to the parent company was 847 million yuan, a year-on-year increase of 19.77%.
Digital energy: the short-term marketing 2.0 system brings certainty of growth and benefits from the high boom of power grid investment in the long term
Energy digital business revenue achieved a high growth of 34.99% in 2021, mainly benefiting from the strong demand for digital transformation and upgrading of energy customers, superimposed with the new demand for power services brought by the electrification of energy consumption. Looking forward to the future, the short-term power marketing 2.0 system will bring growth certainty. According to the State Grid Planning, the marketing 2.0 system has preliminarily completed the pilot work in Jiangsu and Zhejiang, and will be promoted and constructed on a large scale in 2022. The long-term investment in power informatization during the 14th Five Year Plan period is booming. According to the data of China Power Council, the investment in the national power grid from January to February 2022 was 31.3 billion yuan, a year-on-year increase of 37.6%. The company increased its R & D efforts, and its R & D investment increased by 57.48% year-on-year to 572 million yuan in 2021. We believe that the company has sufficient project experience and technical reserves, which is expected to benefit from the high prosperity of the industry and the continuous improvement of performance.
Energy Internet: converged charging has broad prospects, and the growth boundary is expected to continue to expand
The energy Internet business broke through the bright spot, and the revenue increased by 43.58% in 2021. By the end of 2021, more than 400 charging pile operators had been connected to the new power transit aggregation charging platform, with more than 320000 operating charging piles, more than 2.1 million new energy charging motor cars and more than 630 million kwh of charging capacity. We believe that the aggregate charging business is expected to maintain high growth thanks to the increased penetration of new energy vehicles and the growth of the number of charging piles; With abundant energy operation service scenarios, businesses such as integrated optical storage and charging stations and charging + power sales are expected to further open the growth ceiling.
Risk warning: “double carbon” construction is not as expected; The company’s R & D was less than expected.
