\u3000\u3000 Longshine Technology Group Co.Ltd(300682) (300682)
Event: the company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will reach 820-880 million yuan in 2021, with a year-on-year increase of 15.97% – 24.45%; The non net profit deducted was RMB 700-760 million, with a year-on-year increase of 19.95% – 30.23%.
The performance is in line with market expectations. In 2021, the overall revenue of the company increased by more than 35%, the year-on-year growth rate of net profit was 15.97% – 24.45%, and the year-on-year growth rate of non net profit was 19.95% – 30.23%, which was in line with market expectations. In 2021, the cost of equity incentive was about 130 million yuan, an increase of about 40 million yuan over the same period of last year.
2B energy digital service business increased by about 40% year-on-year. Benefiting from the demand of energy customers for digital transformation and upgrading and the demand for new power services brought by the electrification of energy consumption, the company’s 2B energy digital service business has entered a period of major development opportunities. The company has increased the reserve of relevant personnel and R & D investment. During the reporting period, more than 500 new R & D personnel have been added. Positive progress has been made in key projects and business prospects continue to improve. It is expected that the business income of energy digital services will increase by about 40% year-on-year.
2C aggregation charging platform has achieved rapid growth. On the other hand, new scenarios of energy consumption with electricity as the core are emerging, the value of the company’s energy Internet platform is prominent, 2C’s energy digital operation business continues to break through, the platform transaction volume is growing rapidly, and the user activity continues to improve. Taking the aggregated charging business as an example, by the end of 2021, xindiantu’s aggregated charging platform has been connected to more than 400 charging pile operators, and has been connected to the platforms of head operators such as national household electrical appliance network, China Southern Power Grid, special call, star charging and cloud express charging. The number of operating charging piles has exceeded 300000, and the number of new energy charging motor vehicles has exceeded 2.1 million, In 2021, the aggregate charging capacity was nearly 560 million kwh, which was nearly 8 times that of 2020. The revenue of aggregate charging business achieved rapid growth, and the revenue model was also expanded from service fee sharing to power wholesale sales and other fields.
Under the “double carbon” target, the company is expected to usher in a good opportunity for development. Driven by the “double carbon” goal, major changes are taking place in the power and energy industry, industrial support policies are constantly issued, and the two power grids are actively building a “new power system”. Digitization, marketization and scenario are the main characteristics of the consumption side of the new power system, and they are also the key to promoting the achievement of the “double carbon” goal. In this context, Longshine Technology Group Co.Ltd(300682) as a link connecting power energy and Internet users, has deeply benefited from the electrification of terminal energy consumption. Whether it is the digital upgrading of power system or the emergence of new scenarios of energy operation services, it has brought better development opportunities to the company.
Investment suggestion: we estimate that the company’s revenue from 2020 to 2023 will be 4.606 billion yuan, 5.666 billion yuan and 6.980 billion yuan respectively, with growth rates of 36.00%, 23.00% and 23.20% respectively, and the net profit attributable to the parent company will be 860 million yuan, 1.061 billion yuan and 1.343 billion yuan respectively, with growth rates of 21.70%, 23.30% and 26.50% respectively. The corresponding EPS from 2021 to 2023 is 0.83/1.03/1.30 yuan respectively, and the corresponding PE of the current stock price is 44 / 36 / 28 times respectively, maintaining the “buy” rating.
Risk tip: industry competition intensifies risks, and new business expansion is less than expected.
