\u3000\u3 China Vanke Co.Ltd(000002) 929 Runjian Co.Ltd(002929) )
Events
The company recently announced a number of orders for new energy network management and communication and IDC Network Management. Specifically:
1) the company has recently obtained new energy management and maintenance project contracts such as Qinghe County 10.39 MW distributed photovoltaic project, Hebei Huadian Shijiazhuang Zanhuang 200MW photovoltaic composite project, Nanpi County roof distributed photovoltaic phase I project, Hanbin District photovoltaic power generation poverty alleviation project monitoring platform construction and operation and maintenance service provider procurement project in 2022, with a total contract amount of 102 million yuan;
2) runjian new energy, the holding subsidiary of the company, signed a new energy power generation project development and investment agreement with Heshan municipal government in Laibin, Guangxi. The total project capacity is expected to be about 200MW (distributed photovoltaic 50MW and wind power 150MW), and the total development investment is expected to be 2 billion yuan;
3) the first share of the company won the bid for the comprehensive maintenance project of Guangdong iron tower from 2022 to 2024, with a total bid winning scale of 234 million yuan (including tax) in the whole service cycle;
4) the company won the bid for the supporting construction service project of communication machine room of China Mobile Guangdong company from 2022 to 2023, with the project scale of 152 million yuan and the home wide access construction service project from 2021 to 2023, with the project scale of 314 million yuan.
Our comments are as follows:
Under the dual carbon strategy, the company's energy network business has developed rapidly and its market competitiveness has been continuously strengthened. Energy network management and maintenance business is one of the key directions of the company's business development. The company takes obtaining the operation and maintenance of new energy power stations as its business goal, and adopts two business development modes: directly obtaining the operation and maintenance business of completed new energy power stations and finally obtaining the operation and maintenance business from development and construction, so as to realize the rapid expansion of business under the dual carbon strategy. Recently, several energy network management and maintenance projects have been implemented, and the successful projects have further expanded from distributed photovoltaic to wind power, reflecting the company's technology and market expansion ability, as well as customers' recognition of the company's technical strength and comprehensive service ability. The company's brand popularity and market competitiveness have been continuously strengthened, and the sustainable and rapid development of new energy management and maintenance business can be expected in the future.
The company's own IDC was gradually put on the shelves, and the operation and maintenance of data center projects grew rapidly.
The Wuxiang cloud Valley cloud computing data center invested and constructed by the company in Nanning, Guangxi has completed the civil engineering project and began to be put into operation in 2022. As the intersection of China ASEAN economic circle, Nanning is expected to drive the continuous growth of IDC business in the future. On the other hand, the company's data center computer room construction, operation and maintenance and other contracts continue to be implemented, and there are sufficient orders on hand. East digital West computing puts forward strict requirements for idcpue, and high-quality professional construction, operation and maintenance companies are expected to continue to benefit.
In the field of traditional communication management and maintenance, the leading position of the company is stable and lays the foundation for growth.
The company's market share continues to increase, the leading position of private management and maintenance is further consolidated, and incremental orders are expected to continue to land, promoting the continuous growth of the company's communication network management and maintenance business. The company continues to expand business categories such as communication integrated energy management, further expand the market space that can be reached, and then realize the full reuse of personnel and resources. Relying on the fine management of digital management and maintenance platform, the gross profit margin of business is expected to increase steadily.
Reiterate the company's core development logic:
As a leader in the management and maintenance of private communication networks, the company has steadily increased its market share, a stable leading position and stable long-term business development. Focusing on the core advantages of the company's technical reserves, customer relations, nationwide service network, strong R & D and innovation ability, we will focus on expanding the business layout of energy network, information network management and maintenance, etc. The company continues to win important orders in the main communication industry, IDC, new energy and other management and maintenance businesses, showing the company's competitive strength in the four business segments, and its revenue is expected to achieve a compound growth of more than 30% in the next three years. With the growth of the income scale of the main business segments, the initial investment is expected to be continuously diluted, the income scale will continue to increase rapidly, the full reuse of superimposed personnel and resources, and the per capita income and profit of the company is also expected to grow steadily. It is estimated that the net profit attributable to the parent company in 21-23 years will be 360 million yuan, 490 million yuan and 650 million yuan respectively, corresponding to 14 times and 11 times P / E ratio in 22-23 years, and the "buy" rating is reiterated.
Risk warning: the downstream demand is low, the industry competition exceeds expectations, the final bid winning amount is subject to the contract, the risk that the contract cannot be performed on time, the scale and amount involved in the agreement are uncertain, and whether the Guangdong iron tower project can obtain the letter of acceptance and sign the contract is uncertain
