\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
More than 20 years of deep cultivation of power informatization, and the market share of marketing system exceeds 40% Longshine Technology Group Co.Ltd(300682) was founded in 1996 and started with power marketing system. It is one of the first enterprises in China to enter the digital service field of energy such as electric power and gas, and has served the field of electric energy consumption for more than 20 years. At present, the company focuses on the two wheel drive development strategy of “energy digitization + energy Internet” with the business model of B2B2C. The company’s business covers all aspects of energy fields such as power, gas, photovoltaic, home energy services, electric vehicle charging and so on. The company’s power marketing system business covers 22 provinces and cities of the State Grid and China Southern Power Grid, with a market share of more than 40%, ranking first in China.
Under the background of “double carbon” strategy, the demand for digital services on the power side has increased significantly. Under the background of “double carbon”, it is the general trend to build a diversified energy supply system dominated by new energy and comprehensively promote electrification. The new power system and energy Internet will become the direction of ecological upgrading of the existing power grid, and the value of multiple links of the power system will be reshaped. Under the guidance of time of use price and other policies, the reform of power consumption side has become the core link of power system reform. How to make the b-end and C-end use electric energy more widely and effectively and drive the construction of new power system has become the key. As a leading enterprise in the field of energy digitization, the company is expected to significantly benefit from the layout of power side digital service businesses such as energy operation and power service in advance.
B2B2C platform enables diversified scenarios and builds a new growth flywheel. At present, the revenue structure of the company has changed from a single software service revenue for B / g end customers to a structure with equal emphasis on software service revenue and continuous operation service revenue for C end. In 2014, we cooperated with ant in the field of living payment such as water, electricity and gas, and gradually expanded our business to new business scenarios such as charging pile, photovoltaic power station operation and digital energy saving. The platform is moving towards diversification and building new performance growth points.
Accumulated large customer base and large potential space for new business. Since its cooperation with Alipay and other traffic entrance in 2013, the self developed energy Internet service platform has only paid more than ten institutions and tens of thousands of transactions per day from its initial life payment. It has developed to more than 5100 organizations, 330 million family users, and over 5 million online transactions per day, and has expanded to more new scenes such as charging, parking, travel and so on. At the same time, the aggregate charging service platform has accumulated access to more than 360 charging operators, serving more than 1.5 million car owners, and the photovoltaic cloud platform has accumulated access to more than 10000 photovoltaic power stations. In the future, there is still a very large market space in the fields of living payment, charging pile, photovoltaic power station and digital energy saving, and the potential growth power of the company’s performance is sufficient.
Profit forecast: we expect the company’s revenue from 2022 to 2024 to be 5.731 billion yuan, 7.128 billion yuan and 8.923 billion yuan respectively, with growth rates of 23.53%, 24.37% and 25.18% respectively; The net profit attributable to the parent company was 1.041 billion yuan, 1.300 billion yuan and 1.685 billion yuan respectively, with growth rates of 22.97%, 24.83% and 29.62% respectively. The corresponding EPS from 2022 to 2024 is 1.00/1.24/1.61 yuan respectively, and the corresponding PE of the current stock price is 24 / 19 / 15 times respectively. Under the background of “double carbon”, as the leader in the field of energy digitization, the company is constantly diversifying its energy Internet platform, and its performance is expected to maintain rapid and stable growth. Give the company 40 times PE multiples in 2022, with a corresponding valuation of 41.640 billion yuan and a corresponding target price of 39.83 yuan, maintaining the “buy” rating.
Risk tip: industry competition intensifies risks, and new business expansion is less than expected.
