\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 maintain the original profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1086, 1377 and 1724 million, EPS will be RMB 104, 1.32 and 1.65/share, and the current share price corresponds to PE of 18.1, 14.3 and 11.4 times, maintaining the "buy" rating.
Event: the company released the first quarterly report of 2022, and the revenue increased rapidly
The company released the first quarterly report of 2022, and the company achieved an operating revenue of 840 million yuan, a year-on-year increase of 39.87%; The net profit attributable to the parent company was 51 million yuan, with a year-on-year increase of 4.67%. The short-term pressure on the profit was mainly due to the company's efforts to expand the energy Internet market.
Continue to increase the investment in energy Internet, and the performance can be expected in the future
In the first quarter of 2022, the company's gross profit margin was 35.32%, a year-on-year decrease of 7.7 percentage points; The sales rate was 8.97%, with a year-on-year increase of 1.59 percentage points; The R & D rate was 14.32%, a year-on-year decrease of 4.04 percentage points; The management rate was 7.15%, a year-on-year decrease of 2.02 percentage points. The company's operating costs and sales expenses increased significantly, mainly because the company increased investment in the construction of energy Internet platform and marketing services, improved the coverage of aggregate charging network, user service experience and platform transaction Gmv, and continuously consolidated the business foundation for further energy operation services. In the context of the continuous improvement of the penetration rate of new energy vehicles, we are optimistic that the company will continue to increase its investment in energy Internet and wait for the release of performance in the future.
The energy Internet is progressing smoothly and energy digitization is ready to go
For energy Internet business, by the end of the first quarter of 2022, the charging pile coverage of "xindiantu" aggregate charging platform was nearly 400000, with nearly 3 million registered users. The net growth of registered users in a single quarter exceeded 700000, the aggregate charging capacity of the platform exceeded 330 million kwh, an increase of about 7 times compared with the same period of 2021, and the Gmv of pre purchased electricity of the platform exceeded 100 million kwh. For energy digital business, the company has deeply participated in the pilot construction of State Grid marketing 2.0 system and accumulated rich project experience and industry know-how. State Grid expects to launch the national promotion of marketing 2.0 in the second half of 2022, which is expected to significantly increase the company's performance.
Risk warning: "double carbon" construction is not as expected; The company's market development is less than expected.
