\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Event overview
On April 26, Longshine Technology Group Co.Ltd(300682) released the first quarter report of 2022. In 2022q1, the company achieved an operating revenue of 840 million yuan, an increase of 39.87% year-on-year; The net profit attributable to the parent company was 513983 million yuan, a year-on-year increase of 4.67%; The net profit deducted from non parent company was 472197 million yuan, with a year-on-year increase of 5.53%.
2B end energy digital business grew steadily under short-term pressure
In the first quarter of 2022, facing the adverse factors such as covid-19 epidemic, the company's energy digital business maintained steady growth. Under the background of the national "double carbon" strategic goal during the 14th Five Year Plan period, the scale of investment related to the construction of power grid and power system continues to expand. The company actively grasps the opportunities of new energy transformation and information transformation, and continues to layout the core system of power service, digital new infrastructure, energy service operation and other business directions. On the other hand, the relevant businesses of the power grid have obvious seasonal characteristics. In the first quarter, the State Grid is still in the project budget stage, and the relevant project planning of the company is still in the scheme design stage of contract orders. The core energy digitization projects such as marketing 2.0 and acquisition 2.0 are expected to be launched in the middle of the year and will be promoted in the second half of the year. We are still optimistic about the continuous growth of energy digital business throughout the year.
2C end strategy focuses on "new power path" or welcomes rapid growth
In 2022, the company's strategy focused on "xindiantu" aggregation charging business, continued to increase investment in platform construction and user service, and improved aggregation charging network coverage, user service experience and platform transaction Gmv. It is embodied in three aspects:
1) rapid and large-scale demand growth of electric vehicles: benefiting from the huge stock of China's automobile market and the policy guidance of electric vehicles, the demand scale of electric vehicles continues to expand, and electric vehicles and public charging services will become the mainstream trend. As the most efficient charging method, aggregate charging has huge development space. We believe that the number of users and charging capacity of the company in the aggregate charging business will continue to grow high this year.
2) rapid growth of business scale of aggregation charging platform: according to the company's announcement, by the end of the first quarter of this year, the charging pile coverage of "xindiantu" aggregation charging platform was nearly 400000, the registered users were nearly 3 million, the net growth of registered users in a single quarter was more than 700000, the aggregation charging capacity of the platform exceeded 330 million kwh, an increase of about 7 times over the same period of last year, and the Gmv of pre purchased electricity of the platform exceeded 100 million kwh. According to the first quarterly report, in terms of revenue scale, the revenue in the first quarter has exceeded the annual revenue in 2021.
3) increase investment and enhance the competitiveness of aggregate charging: in order to cope with the rapid development of China's public charging service market and increasingly fierce market competition, while continuing to build a comprehensive and highly reliable aggregate charging network, xindiantu has carried out extensive marketing and service subsidy investment for new energy vehicle owners, so that users can experience more "fast, good and economical" aggregate charging services. We believe that the year-on-year growth rate of the company's net profit in the first quarter slowed down, or it is related to increasing the investment in aggregate charging business.
Investment advice
Longshine Technology Group Co.Ltd(300682) is a leading enterprise in the field of power and energy digitization in China. We expect the company to achieve an operating revenue of RMB 6.092/79.44/10.35 billion in 2022 / 23 / 24, with a year-on-year increase of 31.3% / 30.4% / 30.3%. The net profit attributable to the parent company was 1.123/14.88/1.963 billion yuan, with a year-on-year increase of 32.6% / 32.4% / 31.9%. Maintain the investment rating of Buy-A, and the six-month target price is 26.75 yuan, which is equivalent to 25 times the dynamic P / E ratio in 2022.
Risk warning: the construction of power informatization is not as expected; The progress of electricity marketization is less than expected.
