2022 the company's performance continues to maintain high growth. In 2022, the income of 503 million yuan increased by 39.92%, and the net profit returned to the mother was 75.07 million yuan, an increase of 78.59% over the same period last year. By the end of 2022, the company's on-hand orders totaled 213 million yuan, an increase of 20.02% over the same period last year.

Lay out the non-power Internet of things market, build PLBUS PLC IoT technology and chip brands and leading enterprises. In 2022, the company stepped up its efforts to promote the "PLBUS PLC" brand. On the basis of the national standard of power line communication, the company launched the "unified communication interface" based on power line, and created a domestic independent, open and unified standard brand. establish unified communication interface specifications based on power lines for all kinds of intelligent terminals of the Internet of things.

The National Energy Administration has issued documents to accelerate the promotion of energy digitization and intelligence. On March 28, the National Energy Administration issued some opinions of the National Energy Administration on accelerating the development of energy digitalization and intelligence, pointing out that the first is to promote the breakthrough of intelligent perception and intelligent terminal technology of energy equipment. We will speed up the research and development of intelligent sensing and measurement technology for energy equipment, and improve the level of multi-sensor cooperative sensing, real-time data acquisition and accurate measurement and monitoring for mass terminals. The second is to promote the breakthrough of intelligent regulation and control technology of energy system, speed up the research of low-cost and high-performance information and communication technology for the application of information physics fusion energy system, and realize new communication technology.

The company is expected to benefit from the digital intelligence of energy. The company's carrier communication technology can be used to realize digital and intelligent energy, and the company's PLC chip can realize the turn-off security function of remote photovoltaic modules. In addition to photovoltaic module-level turn-off, photovoltaic module-level power generation monitoring, micro-inversion and energy storage equipment monitoring and monitoring are the company's future development direction in the field of new energy. In addition to photovoltaic, other fields include electric vehicle charging intelligent management, intelligent power monitoring, battery intelligent management and so on.

Convertible bonds have progressed smoothly and have been approved by the Shanghai Stock Exchange. On March 25, the company announced that the application for 380 million yuan of convertible bonds issued to unspecified targets was approved by the Shanghai Stock Exchange. The smooth issuance of convertible bond projects will promote the development of the company in the field of non-electric Internet of things. Among them, 153 million yuan is used for smart photovoltaic and battery smart management PLC chip research and development and industrialization project, and 137 million yuan is used for smart home multimode communication gateway and smart device PLC chip research and development and industrialization project.

Investment advice: from 2023 to 2025, the income was 8.01 trillion yuan, an increase of 58.99%, 52.03%, 67.23%, and a net profit of 1.22 million, 1.78 million, respectively, maintaining the "buy" rating.

Risk hint: the progress of State Grid bidding is slow, and the expansion of photovoltaic and smart home appliances is slow.