\u3000\u3000 Longshine Technology Group Co.Ltd(300682) (300682)
Key investment points
Event: on January 20, Longshine Technology Group Co.Ltd(300682) released the performance forecast for 2021. In 2021, the company is expected to achieve a revenue growth of more than 35%, a net profit attributable to the parent company of 820 million yuan – 880 million yuan, a year-on-year increase of 15.97% – 24.45%, and a deduction of non attributable net profit of 700 million yuan – 760 million yuan, a year-on-year increase of 19.95% – 30.23%.
The energy digitization strategy has been steadily promoted and fully benefited from the wave of digital transformation of all energy: Longshine Technology Group Co.Ltd(300682) adhere to the “two wheel drive” development strategy of B2B2C, and continue to make efforts to provide energy digitization services in major energy industries such as water, electricity and gas based on the power industry. At present, China’s carbon neutrality policy continues to increase, important changes are taking place in the energy structure, the digitization, marketization and scenario of the power energy industry continue to promote, and the downstream demand for energy digital services is growing rapidly. Relying on its industry’s deep cultivation ability for many years, Lanxin has increased the reserve of R & D personnel. In 2021, more than 500 new R & D personnel were added, making rapid growth in the energy digital industry, In 2021, the company expects to realize the growth rate of energy digital service business revenue of more than 40%.
New energy consumption scenarios continue to emerge, highlighting the value of the energy Internet platform: relying on its b-end energy digital service capability, Langxin continues to build and improve its C-end energy Internet service platform. The downstream application scenarios are rapidly extended from traditional living payment to aggregation charging, public travel and other fields, and the transaction volume of the platform is growing rapidly. By 2021, xindiantu aggregate charging platforms have been connected to a total of 400, realizing the connection with the platforms of head operators such as China national household electrical appliance network, China Southern Power Grid, special call, star charging and cloud fast charging. The number of charging piles in operation exceeds 300000, and the number of new energy charging motor cars serving more than 2.1 million. In 2021, the aggregate charging capacity was nearly 560 million kwh, with a year-on-year increase of nearly 8 times, And expand the revenue model from service fee sharing to power wholesale sales and other fields. At present, the company’s energy Internet service platform has an industry-leading level, and its aggregation charging and other businesses have a large market space. With the diversification of subsequent company platform businesses, the company’s growth ceiling is expected to continue to open, helping the company’s performance to further improve.
Profit forecast and investment rating: due to the continuous improvement of the prosperity of the energy digital track, the company’s business expansion and increased investment, combined with the company’s performance forecast, we adjusted the company’s EPS from 0.84/1.03/1.27 to 0.83/1.05/1.31 yuan in 2021-2023, and the current market value corresponds to 45 / 35 / 29 times of PE in 2021-2023, Considering that the company’s energy information system construction and platform business are in a rapid growth stage, the “buy” rating is maintained.
Risk warning: macroeconomic fluctuation risk; Risk of head customer dependence; Risk of rising costs caused by business and technological innovation; Market competition and product substitution risk; Brain drain risk.
