Company profile and equity situation
The company has developed electric power and other core business for a long time, the main line of development led by people's livelihood energy services is relatively clear, the steady operation of people's livelihood service assets such as power stations and waterworks, and constantly improve the comprehensive energy service system. The company's ownership structure is relatively scattered, and there are no controlling shareholders and actual controllers.
Analysis of the company's main business and industry
In 2021, the company as a whole developed steadily, with the electricity and natural gas business contributing the main growth. 2022H1 continued its steady growth, with revenue of 1.489 billion yuan in the first half of the year, an increase of 18.46% over the same period last year, and a net profit of 86 million yuan belonging to the parent company, an increase of 2.38% over the same period last year. The hydropower industry in Sichuan Province has developed steadily in recent years, and the supply capacity has been continuously strengthened. The acceleration of industrial economic development in Leshan City has led to the growth of electricity demand. In addition, the development of the natural gas industry has slowed down in the short term, but it still has a relatively stable growth prospect in the long run; the growth prospect of the tap water industry is relatively weak, and its business growth space may be restricted.
Analysis of the company's competitive advantage
The core competitive advantage of the company is the formation of a relatively stable comprehensive livelihood service system dominated by electricity, gas and tap water, and the brand value is becoming more and more obvious. The accumulation of investment in infrastructure such as power stations, waterworks and gas pipelines has laid an important foundation for the company to gradually become a local comprehensive livelihood service enterprise.
Profit forecast
It is estimated that the company's operating income from 2022 to 2024 will be 29.28x344x3.801 million yuan, and the net profit attributable to the parent company will be 1.3718,000,000 yuan, the corresponding EPS is 0.25pm 0.30max 0.34 yuan respectively, and the PE corresponding to the stock price of 6.63 yuan per share on August 12, 2022 is 26.02 shock 22.46max 19.64 times.
Risk hint
The fluctuation of the epidemic situation is higher than expected, the rate of business growth is lower than expected, and the development prospect of Leshan area is lower than expected.