\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Event: the company released a quarterly report. The revenue growth of 22q1 exceeded expectations. The annual gross profit margin is expected to be gradually repaired with the recovery of high growth of energy digital business, and the business indicators of aggregate charging business are bright. Based on the B2B2C business model, focusing on the two wheel drive development strategy of "energy digitization + energy Internet", benefiting from the needs of energy customers for digital transformation and upgrading and the new demand for power services brought about by the electrification of energy consumption, the 2022q1 company achieved an operating revenue of 840 million yuan, a year-on-year increase of 39.87%, and a net profit attributable to the parent company of 513983 million yuan, a year-on-year increase of 4.67%. The strategic business "xindiantu" aggregate charging business is progressing smoothly, with nearly 400000 charging piles connected to the platform, nearly 3 million registered users, a net increase of more than 700000 registered users in a single quarter, more than 330 million kwh of aggregate charging capacity of the platform, an increase of about 7 times over the same period last year, more than 100 million kwh of Gmv pre purchased by the platform, more than 60 million yuan of revenue realized by the "xindiantu" aggregate charging platform, and about 15 million yuan of operating loss caused by the investment in platform construction and marketing services. It is expected that the epidemic will lead to a slight increase in the energy digitization business dominated by the power grid, and new businesses such as new power lines are in the investment period. In the first quarter, the Internet TV terminal business with low gross profit increased rapidly year-on-year, and the gross profit margin decreased by about 7.7% year-on-year.
Marketing + collection and other energy digital businesses are expected to be repaired with the decline of the epidemic, promoting the acceleration of revenue and the recovery of gross profit margin. 1) The company focuses on the acquisition + marketing system and the core profit link of card position power grid. Since 1996, it has been deeply engaged in the field of power service marketing informatization for more than 20 years, with a market share of more than 40%. The switching cost of this business is high and the pattern is stable. At the same time, the industry relies on know-how and technology accumulation, and the barriers are very high. Relying on long-term accumulation, the company has formed a full product line in the field of power marketing, and rapidly cultivated medium and Taiwan capacity, with strong market response. 2) In 2021, the energy digital business has developed from marketing to marketing + acquisition. The number of employees in the energy sector increased by more than 25%, fully participated in the pilot project of the State Grid Energy Internet marketing service system (Marketing 2.0), and undertook the construction of power collection master station systems, smart energy service platforms and electric vehicle operation platforms in many provinces and cities; In terms of energy service operation, with the promotion of electricity price reform and the construction of national unified power market, 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.
The strategy is to build an integrated charging business, and the revenue model extends from service fee to platform pre purchase electricity. The company has built its own energy Internet platform, which adopts B2B2C mode and multi track. 1) The C-end living payment is closely connected with Alipay, and the traffic entrance is relatively stable. In the future, the company will rely on the payment scenario to develop and enhance the profit space through value-added services. The company's energy Internet service platform has served more than 390million C-end users and more than 7000 institutional customers in the service industry. Among them, the cumulative number of service users of living payment business exceeds 350 million, the number of daily active users exceeds 13 million, and the number of connected Public Service Payment institutions exceeds 5300, maintaining a leading position in the market. 2) By the end of the same period, the registered revenue of the "high-speed charging platform" had increased by nearly 3.0 times from 2.27 million kwh to 2.27 million kwh, and the net charging revenue of the "aggregated charging platform" had also exceeded that of the "aggregated charging platform" by the end of the same period last year, with the single user charging revenue of more than 2.27 million kwh. 3) In the field of enterprise energy services, Langxin's photovoltaic cloud platform has been connected to more than 10000 photovoltaic power stations. The company's building smart energy-saving service platform has also achieved breakthroughs for hospitals, enterprises, parks and other customers. In the future, we will expand new space around different power stations and business entities, and rely on share cards to benefit from the downstream boom; 4) Relying on complete product lines, the company participates in comprehensive energy services, actively promotes product platform and cloud, and builds its own comprehensive energy service cloud to provide PAAS services, which is expected to gradually expand to smart parking, park management, etc., and open up long-term space.
It is expected that the growth rate of Internet TV business in 22q1 will be rapid, which will drag down the overall gross profit margin. 1) By the end of 2021, the company had served more than 65 million Internet TV online users and about 23 million daily users, maintaining a market leading edge in China's mobile Internet TV business. The intelligent terminal business has recovered, and the gross profit margin has returned to the normal level; 2) The Internet TV industry has scarce licenses and concentrated operators. The company entered earlier and established a close cooperation ecology with licensees and operators to form cards and barriers; The company has gradually expanded to IPTV and opened up a number of value-added services relying on platform operation, with optimistic growth space in the future.
Maintain the "buy" rating. We predict that the company's operating revenue from 2022 to 2024 will be 6.268/81.11/10.301 billion yuan, with a corresponding growth rate of 35.1% / 29.4% / 27.0%, and the net profit attributable to the parent company will be 1.155/15.29/1.929 billion yuan. Considering the company's business model, competitive barriers and revenue growth, we will maintain the "buy" rating.
Risk tip: power informatization bidding is less than expected, industry competition intensifies, and the return of new business is less than expected.
