Golden Crown shares: high-tech enterprises in the field of "smart grid + new energy". The company was founded in 2006 and listed on the gem in May 2016. The largest shareholder of the company is Luoyang Gudu Asset Management Co., Ltd., which is actually controlled by the people's Government of the old city of Luoyang, and is a high-tech enterprise focusing on the field of "smart grid + new energy". It covers smart grid equipment, new energy vehicle charging facilities and energy storage.
1) in terms of smart grid, the company is the mainstream supplier of domestic strong smart grid and ubiquitous power Internet of things; 2) in terms of charging pile business, the subsidiary Nanjing Nengrui ranked seventh among the successful bidders of national grid charging piles in 2016-2020 with a share of 2.7%. Thanks to the support of major shareholders, the company established Henan Gudu Neng Rui New Energy Co., Ltd. in April 2020. at present, 10 charging stations have been built in Henan, with a total charging capacity of 23579KW. 3) in terms of energy storage business, the company launched the "DIS full Wisdom perception dynamic replenishment and Storage Clean Energy Power system", which brings brand-new solutions for insufficient capacity of power grid nodes, peak and valley cutting, peak-valley arbitrage, energy-saving power reserve, automatic regulation of active and reactive power, and power quality improvement.
Divest the lithium diaphragm business and enter the energy storage business. The company lost 1.205 billion yuan in 2019, mainly because the profit of Liaoyuan Hongtu, the target of the acquisition, was lower than expected, with a goodwill impairment of 1.09 billion yuan. In 2020, the company realized operating income of 845 million yuan,-8.79% compared with the same period last year. The net profit belonging to the shareholders of the listed company was 56 million yuan, which turned losses into profits. At the same time, it will dispose of 85% of the shares in Liaoyuan Hongtu and Huzhou Jinguan in 2020, and enter the energy storage business. In the future, with the high proportion of renewable energy access driving a new round of investment in the smart grid, as well as the volume of business in the field of charging piles and energy storage, the company is expected to usher in a new round of development.
Have the advantage of complete solution ability in the industry. The company's main products cover energy storage bi-directional converter, distributed bi-directional active balancing BMS battery management system, EMS energy management system, battery module, battery cluster and energy storage integration. The company participated in the formulation of the "General Technical Specification for the Safety of Lithium Ion Battery system for Energy Storage". In the application of core technology, it pays attention to automatic charge and discharge, wide temperature range adaptability, modular design, flexible multi-machine parallel connection and so on. with intelligent monitoring, omni-directional protection functions, with strong market competitiveness.
Investment suggestion: we estimate that the operating income of the company in 2021-23 will be 1.32 billion yuan, 2.96 billion yuan, respectively, and the net profit of returning to the mother will be 1.52 million yuan, 2.57 billion yuan, respectively, and the corresponding EPS will be 0.18 yuan 0.31 pound 0.44 yuan. The current share price corresponds to a 21-23 PE multiple of 49-29-21. With reference to the results of relative valuation and absolute valuation, taking into account the company's foothold in transmission and distribution and control equipment, charging pile manufacturing and operation, layout of energy storage business, long-term benefit from "carbon neutral" strategy, strong growth momentum in the future. For the first time, coverage gives a "buy" rating.
Risk tips: raw material price fluctuation risk, market competition risk, industry policy risk.