Suneng Technology (688348)
Key investment points
Next Tuesday (May 24), there will be an inquiry from suneng technology, a company listed on the science and innovation board.
Yuneng Technology (688348): the company focuses on the new energy field of photovoltaic power generation, and its main products include micro inverter, intelligent shut-off, energy communication, monitoring and analysis system, etc. From 2019 to 2021, the company achieved operating revenue of 385 million yuan / 489 million yuan / 665 million yuan respectively, yoy was 63.27% / 27.29% / 35.85%, and the compound annual growth rate of operating revenue in the three years was 41.33%; The net profit attributable to the parent company was 22 million yuan / 77 million yuan / 103 million yuan, yoy was 70.74% / 256.22% / 33.99%, and the compound annual growth rate of the net profit attributable to the parent company in three years was 101.24%. In the latest reporting period, 2022q1 achieved an operating revenue of 174 million yuan, a year-on-year increase of 51.61%; The net profit attributable to the parent company was 31 million yuan, a year-on-year increase of 123.87%. According to the company’s preliminary forecast, the net profit of the company is expected to increase by 216% to 243% year-on-year in 2022h1.
Investment highlights: 1. The company has relatively obvious technical and market leading advantages in the field of micro inverter. The company is one of the earliest domestic manufacturers in the industry to realize the mass production and shipment of micro inverters. According to the data of woodmackenzie, an internationally renowned energy research institution, the company ranked second in the world and first in China in terms of product shipment in the micro inverter market in 2020. At the same time, based on the original product technology, the company continues to push through the old and bring forth the new, broaden the product types, and become the second manufacturer in the world to launch the intelligent control shut-off device that meets the sunspec industry standard for the U.S. market at the end of 2019. Up to now, our products have been sold to more than 90 countries and regions in Chinese Mainland, America, Europe, Australia, etc. 2. With the pilot work of “promoting the whole county” fully launched in all provinces and cities across the country, the high growth of distributed photovoltaic market is expected to continue, promoting the company’s business performance. In order to alleviate the imbalance of photovoltaic power generation and consumption in China’s eastern, central and western regions and the transmission loss of centralized photovoltaic power generation, the national development and Reform Commission, the national energy administration and other departments have gradually launched a series of policies to encourage distributed photovoltaic since 2013 and 2014; In 2021, the new installed capacity of distributed photovoltaic power generation accounted for 53% of the total new installed capacity of photovoltaic power generation, exceeding 50% for the first time in history. With the pilot work of “promoting the whole county”, stimulated by the comprehensive promotion of provinces and cities across the country and the national subsidy of 0.03 yuan / kWh, the high-speed growth of distributed installed capacity is expected to continue. 3. The core team of the company has rich experience in semiconductor and photovoltaic industries, which is expected to help the company better carry out technical product iteration and commercialization.
Comparison of Listed Companies in the same industry: comparable listed companies of suneng technology mainly include Hemai shares, Ginlong Technologies Co.Ltd(300763) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , etc; Among them, the main products of Hemai also include micro inverters, and the business structure is more similar to that of the company. According to the above comparable companies, the average revenue scale is 2.262 billion yuan, the average gross profit margin is 34.4%, and the average pe-ttm is 104.10x; The pe-ttm of Hemai Co., Ltd., whose main product is also micro inverter, is 117.14x. In comparison, the revenue scale of suneng technology is significantly lower than the average level of comparable companies, and the gross profit margin is slightly higher than the average level of comparable companies; Compared with Hemai, the company’s size and gross profit margin are slightly lower than Hemai, but they may be more similar.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
