1. Overview of events
The company recently signed a "Cooperation Agreement on the Joint Development of distributed Energy Storage Cloud" with Zhejiang Yineng Energy, and the two sides will carry out comprehensive and in-depth cooperation around the distributed energy storage cloud.
2. Event comments: based on the power backup system of tens of millions of communication base stations of operators, jointly create a distributed energy storage cloud platform, fully tap the customer resources of operators, and enrich the product system, which is expected to become the company's next performance growth point.
As a domestic communication operator in the field of 5G communications and smart home, and a leading service provider of digital human artificial intelligence products, the company has accumulated deeply in 5G communications, value-added operation services, artificial intelligence and so on. Relying on the company's channel advantages in communication operators and platform advantages of listed companies, around the 10 million-level communication site energy storage system of communication operators, cooperate with Zhejiang Yineng to create an open and shared distributed energy storage cloud platform.
Zhejiang Yineng is a leading energy storage network, new energy management and new energy operation service company in China. It has rich experience and successful application in new energy operation and energy storage in cooperation with China Huaneng.
Distributed energy storage as the main development direction of the power industry in the future, the signing of the cooperation agreement is conducive to the effective extension of the company's industrial chain, and cut into the track of comprehensive utilization of new energy.
This cooperation is also the company's re-exploration of the customer resources of existing communication operators, enriches the company's product line in the operator system, and is expected to become a new important profit growth point.
3. The fixed-line business of domestic telecom operators is growing at a high speed, and the subsidiary Shenzhen Zhaoneng layout card is in the lead and the order is full.
The products and services of Shenzhen Zhaoneng, a wholly owned subsidiary of the company, have widely entered the five product lines of access and home networking system, digital video, smart home, government and enterprise applications and the Internet of things in the communication network.
With the rapid growth of domestic fixed telecommunications business in the past few years, emerging businesses such as smart families have become the first revenue growth engine: from the perspective of the industry as a whole, fixed-line business has always been an important source of income for operators, accounting for a growing proportion in the past few years.
We judge that as the income of fixed-line business such as smart home of telecom operators becomes more and more important, its related equipment and procurement will continue to make efforts in the next few years. Shenzhen Zhaoneng's share is firmly in the top three from the share of previous procurement tenders, which proves that its technical strength and market competitiveness are obvious.
4. Performance forecast and investment advice
Taking into account the execution of the company's follow-up orders and new orders, the profit forecast remains unchanged. It is estimated that revenue for 2022-2024 will be 45.5 Universe 5.58 trillion RMB 6.62 billion, and earnings per share will be 2.1 Universe 2.6 Universe 3.0 yuan, respectively. Corresponding to the closing price of 48.96 yuan per share on July 22, 2022, the PE will be 22.9 Universe 18.6 trillion 16.5 times, maintaining the company's "overweight" rating.
5. Risk hint
Shenzhen Zhaoneng products and services competition threshold is low, customers rely on operators, gross profit has a decline risk; media IP field head, the company's long-term content investment is high, a drag on the overall performance; framework agreement uncertainty.