\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 82 Longshine Technology Group Co.Ltd(300682) )
Revenue increased by nearly 40% in the first quarter. In the first quarter of 2022, the company realized a revenue of 840 million yuan (+ 39.87%), a net profit attributable to the parent company of 51 million yuan (+ 4.67%), and a net profit not attributable to the parent company of 47 million yuan (+ 5.53%). Among them, the revenue of “xindiantu” aggregation charging platform exceeded 60 million yuan, exceeding that of last year (including power wholesale business); Even after deducting this part of revenue, the company’s revenue growth rate remains nearly 30%. Due to the company’s increased investment in the construction and marketing service of aggregate charging platform, the operating loss has an impact on the listed company of about 15 million yuan. After deducting the impact of new power line losses, the growth rate of net profit in a single quarter exceeded 30%. The company’s net cash flow from operating activities was -446 million yuan, with a large decline, mainly due to the extension of the project collection process affected by the epidemic and the large increase in employee compensation expenses.
The gross profit margin declined significantly, mainly due to the business structure. The gross profit margin of the company in 2021q1 was 35.32%, with a month on month and year-on-year decrease of 8.8 and 7.7pct respectively. The main reason is that in the first quarter, the pre purchased power Gmv of aggregation charging platform exceeded 100 million kwh, and the business revenue increased rapidly; Including the TV terminal business with low gross profit margin, there was also rapid growth; Meanwhile, the company’s energy digital business was affected by the epidemic, and the growth rate was stable in the first quarter. Referring to the company’s inventory index, it increased by 52% compared with the end of the 21st century, which is mainly due to the increase of contract performance cost compared with the beginning of the year. The verification of power it receipt has been affected to a certain extent. In terms of expense rate, the company’s sales, management and R & D expenses increased by 69.99%, 9.05% and 9.11% year-on-year in the first quarter.
The power informatization business is expected to recover gradually, and the “new power route” continues to grow at a high rate. The company has continued to develop in the core system, new digital infrastructure and energy service operation in the field of power consumption services, and the opportunities for new orders and projects have further increased. The investment in the 14th five year plan of power system continues to grow. Under the current economic environment, it is expected to increase the investment against the cycle. At the same time, with the subsequent recovery of the epidemic, the company will gradually start the work related to marketing 2.0 in the second half of the year. 22q1, “xindiantu” aggregate charging platform has nearly 400000 charging piles and nearly 3 million registered users. The net growth of registered users in a single quarter exceeded 700000, and the aggregate charging capacity of the platform exceeded 330 million kwh, an increase of about 7 times over the same period of last year. On this basis, “xindiantu” further expanded its business model and developed the power wholesale business in the fourth quarter of 21. User activity and charging pile operation efficiency continued to improve, laying a solid foundation for power wholesale business. In the first quarter of 22, the platform pre purchased more than 100 million kwh of power Gmv, and the revenue achieved rapid growth. With the rapid increase of the penetration rate of new energy vehicles, the potential of “new power” energy operation service is expected to be further strengthened.
Risk warning: the investment in power grid informatization has decreased; The development of emerging businesses such as aggregate charging is less than expected.
Investment advice: maintain the “buy” rating. It is estimated that the operating revenue from 2022 to 2024 will be 57.10/70.41/86.21, with growth rates of 23% / 23% / 22% respectively, and the net profit attributable to the parent company will be RMB 1.064/13.72/1.725 billion, corresponding to 19 / 14 / 11 times of the current PE, maintaining the “buy” rating.
