\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Event overview
Recently, Longshine Technology Group Co.Ltd(300682) released the annual report of 2021. In 2021, the company realized an operating 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%; The net profit deducted from non parent company was 723 million yuan, with a year-on-year increase of 23.83%. The overall performance of the company is consistent with the previously disclosed performance forecast, which is basically in line with market expectations.
2B terminal helps upgrade and build energy digital system
Focus on the power demand link and deeply participate in the digital transformation of the energy industry. The “double carbon” goal promotes the power grid to increase innovation and investment in the field of power consumption. The company has made good development in the core system of power consumption service, new digital infrastructure, energy service operation and other aspects, and the newly signed orders have further increased. According to the disclosure of the annual report, the revenue of energy digital business in 2021 was 2.371 billion yuan, a year-on-year increase of 34.99%.
1) deep ploughing the core system of power service. The company fully participates in the pilot project construction of the State Grid Energy Internet marketing service system (Marketing 2.0), precipitates the medium-sized capacity and platform products, and helps the market-oriented development of the construction of new power system and the innovation and upgrading of services;
2) in the field of digital new infrastructure, the company has cooperated with many provincial power companies to establish energy big data centers, and has undertaken to build power collection 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 + collection” dual core business development;
3) 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, forming a unique competitiveness combining offline service and online operation in terms of electric vehicle charging pile operation, marketing operation and comprehensive energy operation.
2C end extends to a new scenario of energy Internet service
The company’s energy Internet platform has extended from water, electricity and fuel living payment to new scenarios such as aggregate charging, and combined with distributed photovoltaic cloud platform and energy storage to open up energy supply and demand and form richer energy Internet services. According to the annual report, the energy Internet business achieved a revenue of 848 million yuan in 2021, a year-on-year increase of 43.58%.
1) living payment business continues to take the lead: according to the disclosure in the annual report, the company’s living payment business has more than 350 million service users, more than 13 million daily active users and more than 5300 connected Public Service Payment institutions, maintaining a leading position in the market;
2) inflection point of charging pile platform business: the development of electric vehicles and public charging piles has ushered in an inflection point and entered a stage of rapid growth. According to the disclosure of the annual report, by the end of 2021, the “xindiantu” aggregate charging service platform had been connected to more than 400 charging operators, and realized the interconnection with the platforms of head operators such as national household electrical appliance network, China Southern Power Grid, special call, star charging and cloud Express charging. The number of charging piles in operation exceeded 320000, the number of new energy charging motor vehicles in service exceeded 2.1 million, and the aggregate charging capacity in 2021 was nearly 560 million kwh, It is nearly 8 times of the charging capacity in 2020. The revenue of aggregate charging business has achieved rapid growth, and the revenue model has expanded from service fee sharing to service fee + pre purchase power mode;
3) the expansion of enterprise energy consumption has been accelerated: “Xinyao photovoltaic cloud platform” has always been among the top in the access scale of distributed photovoltaic power stations in China. According to the disclosure of the annual report, the company has accessed more than 15000 photovoltaic power stations of various types, with an installed capacity of nearly 10GW, a total of 16.4 billion kwh of green power generation and a total reduction of 17.82 million tons of carbon dioxide emissions, which has made a practical contribution to the low-carbon and green development of society. In addition, BSE smart energy-saving system has established benchmark customer projects in hospitals, parks and other fields, with an average energy-saving efficiency of more than 15%.
Investment advice
Longshine Technology Group Co.Ltd(300682) is a leading enterprise in the field of power and energy digitization in China. We expect the company to achieve an operating revenue of RMB 6.092/79.44/10.35 billion in 2022 / 23 / 24, with a year-on-year increase of 31.3% / 30.4% / 30.3%. The net profit attributable to the parent company was 1.123/14.88/1.963 billion yuan, with a year-on-year increase of 32.6% / 32.4% / 31.9%. Maintain the investment rating of Buy-A, and the six-month target price is 32.10 yuan, which is equivalent to 30 times the dynamic P / E ratio in 2022.
Risk warning: the construction of power informatization is not as expected; The progress of electricity marketization is less than expected.
