\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Core view
Event: on March 24, 2022, Longshine Technology Group Co.Ltd(300682) released the annual report of 2021, and the company achieved an annual 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%.
"Energy digitization + energy Internet" two wheel drive revenue growth. In terms of business, the company's energy digital business realized a revenue of 2.371 billion yuan, a year-on-year increase of 34.99% and a gross profit margin of 43.97% (yoy-3.47 PCT) Longshine Technology Group Co.Ltd(300682) group's energy Internet business achieved a revenue of 848 million yuan, a year-on-year increase of 43.58% and a gross profit margin of 52.80% (yoy-10.42 PCT); The revenue of Internet TV business was 1.42 billion yuan, with a year-on-year increase of 36.60% and a gross profit margin of 36.88 (YoY + 3.57 PCT).
The rate of sales and management expenses decreased slightly, and the rate of R & D expenses increased slightly due to large business investment. In 2021, the company's sales expense rate, management expense rate and R & D expense rate were 6.76%, 7.63% and 12.34% respectively, with a year-on-year increase of -0.16pct, - 1.72pct and + 1.61pct respectively. The increase in R & D expense rate was mainly due to the company's increase in the reserve of R & D personnel in order to ensure the smooth development of business, and the number of employees in energy source digital sector increased by more than 25%. In 2021, the gross profit margin was 43.42%, a year-on-year decrease of 2.44 PCT, and the net profit margin was 18.15%, a year-on-year decrease of 2.94 PCT.
The aggregate charging business has achieved rapid growth. During the reporting period, the energy Internet service platform served more than 390 million users and more than 7000 institutional customers in the service industry. 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; The aggregated charging service business has been connected with the platforms of head operators such as national home appliance network, China Southern Power Grid, special call, star charging and cloud fast charging. By the end of 2021, the platform has connected more than 400 charging operators, with more than 320000 charging piles in operation and more than 2.1 million new energy source charging electric vehicles. The aggregated charging capacity in 2021 was nearly 560 million kwh, nearly 8 times that in 2020, The revenue model of aggregate charging business has also been expanded from service fee sharing to service fee + pre purchase electricity model. New energy-saving projects such as "smart photovoltaic" and "smart photovoltaic" have been established in the field of "smart photovoltaic" in the park, with a capacity of about 900MW.
In 2022, we will continue to deepen the two wheel drive strategy of the energy industry and maintain steady business growth. In 2022, we will continue to focus on the field of energy with great investment and continuous deep cultivation. In the field of energy digitization, on the one hand, the company pays close attention to the upgrading and promotion opportunities of power grid marketing 2.0 core business system and power acquisition core system, on the other hand, it continues to expand new business opportunities represented by power big data, comprehensive energy services and charging pile operation. It is estimated that the company's energy digital business will maintain a revenue growth of more than 25% in 2022. In the field of energy Internet, the company focuses on the development of "xindiantu" aggregated charging service scenario. Through comprehensive connection with charging operators and in-depth cooperation with the entrance, the company has realized the rapid growth of the number of charging pile connections, platform users and aggregated charging capacity, made breakthroughs in energy service modes such as optical storage and charging integration and charging + power sales, and rapidly improved the Gmv of "xindiantu" aggregated charging platform, Strive to occupy 10% of the public charging market in the whole society; The living payment service will maintain the continuous and stable growth of payment scale, value-added operation services and shared income. At the same time, it will promote household energy quantitative services and low-carbon living services, try to extend the user payment to the field of household energy services, and explore the scenario of household energy management.
Investment suggestion: the company continues to deepen the dual wheel drive strategy of energy digitization and energy Internet, which is expected to benefit from the energy revolution and digital transformation. We expect the revenue of 22-24 years to be 5.753 billion yuan, 7.364 billion yuan and 9.426 billion yuan respectively, with a year-on-year growth rate of 24.00%, 28.00% and 28.00%; The net profit attributable to the parent company was 1.054 billion yuan, 1.377 billion yuan and 1.794 billion yuan respectively, with a year-on-year growth rate of 24.43%, 30.70% and 30.27%, EPS was 1.01, 1.32 and 1.72 yuan respectively, and the corresponding PE was 28, 21 and 16 respectively, maintaining the "buy" rating.
Risk tip: industry competition intensifies risks, and new business expansion is less than expected
