\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 131 State Grid Information&Communication Co.Ltd(600131) )
Key investment points
Performance summary: the company achieved an operating revenue of 7.466 billion yuan in 2021, with a year-on-year increase of 6.49%; The net profit attributable to the parent company was 6.77 yuan, a year-on-year increase of 11.57%; The net profit deducted from non parent company was 649 million yuan, with a year-on-year increase of 20.46%; EPS is 0.5 yuan. In the first quarter of 2022, the revenue was 1.198 billion yuan, a year-on-year increase of 12.17%; The net profit attributable to the parent company was 49 million yuan, a year-on-year increase of 12.14%.
Profitability has recovered, and the advantages of technology cost reduction are beginning to show. In 2021, the gross profit margin of the company was 19.04%, with a year-on-year increase of 0.03pp, and the net profit margin was 9.07%, with a year-on-year increase of 0.41pp. Specifically, the gross profit margin of cloud infrastructure business was 16.7%, with a year-on-year increase of 1.6pp. The company’s core advantages as a communication network construction enterprise of the State Grid have been reflected. In the future, as the company expands the emerging business scenarios under the digital transformation of energy, it is expected to achieve continuous cost reduction with the advantages of rich technical experience and high customer stickiness.
Grasp the opportunity of power system construction and accelerate energy operation services. In 2021, the company’s power digital services achieved a revenue of 1.52 billion yuan, a year-on-year increase of 11.71%. Power marketing: in 2021, the company’s power marketing 2.0 was successfully launched, with more than 200 million registered users and more than 40 million monthly active users, becoming the main entrance of customer service of the State Grid. In addition, the power trading business platform has realized monorail operation in six grid provinces of the State Grid, trading 6.9 billion kwh of green electricity, and continuously deepened the excess consumption system of renewable energy; Digital operation: the company made every effort to carry out digital operation services of power side and load energy measurement, successfully piloted power market trading business, and realized nearly 16 million kwh power sales transaction; Total capacity of cloud side energy storage platforms: 400, MWh; Charging service: the number of charging service plants and stations independently operated by subsidiaries and joint-stock companies exceeded 1000, realizing the replacement of 120 million kwh of electric energy. We believe that the company will anchor the new track under the power system reform and accelerate the energy operation business with the service capacity of the whole industrial chain of “cloud network integration”, and the synergy is expected to further increase the competitive advantage.
Infiltrate the professional segments and form the enterprise digital business innovation of “medium platform + business”. In 2021, the company’s enterprise digital business revenue was 2.079 billion yuan, a year-on-year increase of 5.17%. During the reporting period, the company built a new generation I state grid mobile portal, and the self-developed “Xiaowo” RPA tool expanded to 16 provinces and cities of the State Grid. The market scale increased significantly, the transformation of digital services accelerated, and the medium and long-term performance is expected to be fully realized.
Profit forecast and investment suggestions. It is estimated that the company’s revenue from 2022 to 2024 will be RMB 8.651 billion, RMB 10.038 billion and RMB 11.694 billion respectively, and the net profit attributable to the parent company will maintain a compound growth rate of 13.99% in the next three years. The company accelerated to build an industrial layout with “digital base + energy application” as the core, with a good development trend and maintained the “hold” rating.
Risk tip: the risk of macroeconomic fluctuations; Risks of technological innovation; Risk of infringement of intellectual property rights.
