\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 222 Jiangsu Linyang Energy Co.Ltd(601222) )
Actively lay out the whole industrial chain of electrochemical energy storage, and new energy storage businesses are ready to go. New energy storage is not only an important technology for building a new power system, but also an important field for giving birth to China’s new energy industry. Therefore, new energy storage is very important for green transformation in the field of energy and power and achieving the goal of carbon neutrality. Taking advantage of the energy storage policy, the company actively plans electrochemical energy storage and reserves more than 3gwh of energy in hand. Among them, the upstream energy storage battery end: in June 21, the company joined hands with Eve Energy Co.Ltd(300014) to establish a joint venture. The company holds 35% shares and invests no more than 3 billion yuan to build a 10gwh energy storage lithium iron phosphate battery project, which is expected to be completed and put into operation within 2022; Midstream energy storage system integration: cooperate with Eve Energy Co.Ltd(300014) and Huawei to deepen the core competitiveness of energy storage system integration; Downstream users: focus on developing the business model of new energy power generation + shared energy storage. Provide energy storage asset leasing services for new energy power stations by building centralized shared energy storage power stations. At the same time, energy storage power stations can also accept power grid dispatching and obtain value-added benefits by providing peak shaving, frequency modulation and other auxiliary services for the power grid.
The operation efficiency of photovoltaic power station is prominent, and there are sufficient projects in hand. In 2021, the company’s photovoltaic power generation revenue was 1.454 billion, with a gross profit of more than 70%. By the end of 2021, the installed capacity of various grid connected photovoltaic power stations developed, constructed and held by the company was about 1.6gw, the reserved photovoltaic projects exceeded 6Gw, and the operation and maintenance photovoltaic projects exceeded 3.5gW. In the context of dual control, the photovoltaic green power deep market has great prospects, and the distribution of the company’s power station assets is mainly concentrated in the main power consumption areas in the East, and the power generation time and on grid power of each project are guaranteed. Compared with pure new energy operators, the company has the EPC capability with its own efficient components, and comprehensively cooperates with central state-owned enterprises such as CGN, Huaneng, Shenneng, Three Gorges, China Power Construction and China energy construction in the mode of “development + EPC + operation and maintenance”. The company has advantages in low-cost financing, new energy power station design, project management, intelligent operation and maintenance of new energy power station, etc.
The three major businesses of intelligence, energy storage and new energy are developed together to create a comprehensive smart energy system scheme. The company strives to create “3S” integrated energy storage products and system integration solutions with “high reliability, high cost performance and high income”, and layout the upstream and downstream of the energy storage industry chain. By the end of 2021, various energy storage projects of Linyang reserve have exceeded 3gwh. In 2022, the company will seize the explosive growth opportunity of the energy storage market, create innovative energy storage system integration advantages and “centralized shared energy storage” operation business model, build a large-scale energy storage pack Plant Phase I project of 2gwh in 2022, and build no less than 5gwh energy storage projects in the next three years. In 2022, the company will strive to achieve the goal of operating revenue exceeding 8 billion yuan by actively promoting the business landing of the three business segments of smart grid, new energy and energy storage.
Investment suggestion and Valuation: the company’s smart meter, new energy and energy storage sectors are developing together. As a pioneer in the field of energy storage, the company has high growth in the future under the background of the “double carbon” goal. We estimate that the company’s revenue from 2022 to 2024 will be 8.14 billion yuan, 10.097 billion yuan and 12.34 billion yuan respectively, with growth rates of 53.7%, 24% and 22.2% respectively, and the net profit attributable to the parent company will be 1.325 billion yuan, 1.717 billion yuan and 2.145 billion yuan respectively, with growth rates of 42.4%, 29.6% and 24.9% respectively. For the first time, give the rating of increased holding investment.
Risk warning: the project progress is not as expected; Downside risks of electricity price; Policy promotion is less than expected; Operational risks of overseas projects.
