\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Event: on April 25, 2022, Longshine Technology Group Co.Ltd(300682) released the first quarterly report of 2022. In the first quarter of 2022, 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, a year-on-year increase of 4.66%; Deduction of non net profit was 47 million yuan, with a year-on-year increase of 5.52%. Due to the company's increased investment in the construction and marketing services of the "new electric route" platform, the operating loss was about 15 million yuan. After deducting the impact of the loss, the net profit in a single quarter increased by more than 30%.
The overall gross profit margin decreased, mainly due to the changes in the proportion of new business investment and revenue. In the first quarter of 2022, the company's overall gross profit margin was 35.32%, down 7.7pct from the same period of last year. The decrease of the company's gross profit margin was mainly due to the fact that "xindiantu" and other new businesses were in the investment period, and the Internet TV terminal business with low gross profit margin increased rapidly year-on-year in the first quarter, the proportion of revenue increased, and the gross profit margin of other businesses was relatively stable.
The rapid development of "xindiantu" has laid a solid business foundation for energy operation services. In the first quarter, the "xindiantu" aggregation charging platform maintained rapid development and achieved an operating revenue of more than 60 million yuan, exceeding the annual revenue of last year. The net growth of registered users in a single quarter exceeded 700000, reaching nearly 3 million; The coverage of charging pile is nearly 400000; The aggregate charging capacity of the platform exceeded 330 million kwh in a single quarter, an increase of about 7 times over the same period last year. On this basis, the platform pre purchased more than 100 million degrees of Gmv, and the user activity and stickiness have been rapidly improved, so as to continuously consolidate the business foundation for the next step of energy operation services.
The energy digital business has increased slightly, and the subsequent growth is highly deterministic. Affected by the closure and control of the epidemic, the income of energy digitization business dominated by power grid increased slightly and the profit margin was stable. On the one hand, the uncertainty of reverse cycle investment of power grid is strong, and the annual budget must be completed; On the other hand, the revenue in the first quarter accounted for less than 10% of the whole year, and the company's inventory increased by about 160 million compared with the end of last year. The items that failed to complete the contract process due to sealing control are temporarily included in the inventory account, and the revenue will be recognized in succession.
Building an energy interconnection network connecting supply and demand and aggregating services on the power demand side on the basis of digitization, marketization and scenario may become the main way of carbon neutralization Longshine Technology Group Co.Ltd(300682) as the link between electric energy and end users, relying on the two wheel drive strategy of "energy digitization + energy Internet", both the digital upgrading of power system itself and the explosive growth of power service demand of end users such as electric vehicles will bring deterministic growth and huge development space to the company's business.
Investment suggestion: 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 20 / 16 / 13 times respectively. Maintain the "buy" rating.
Risk tip: industry competition intensifies risks, and new business expansion is less than expected.
