Double main business to achieve the vision of "making the sky bluer": Dongxu Lantian New Energy Co., Ltd. is a listed company controlled by Dongxu Group. The company provides a package of green development solutions to local governments in one region, including eco-environmental governance and smart energy operations with integrated distribution and distribution of a variety of clean energy.
The company to build a "new energy + environmental protection" multi-ecosystem "big blue sky" layout has become, the future development can be expected.
We will build a comprehensive service platform for green industry, and complete the construction of a multi-ecosystem of "new energy + environmental protection". The company recently issued a performance forecast for 2017, showing a net profit of about 535 million yuan to 600 million yuan in 2017, an increase of 205 percent over the same period last year. Through the two-wheel drive development of "industry + capital", the company develops the integrated business of environmental protection and new energy in one region at the same time, and provides services such as eco-environmental governance, and intelligent energy operation with the integration of various clean energy distribution and distribution. provide a package of green development solutions to the local government.
From photovoltaic to smart energy, the development of the whole industry chain brings a broad space. Since the establishment of the Solar Energy Research Institute of Dongxu Group in January 2010, photovoltaic business has always been the core driving force of the company's energy development. The company ranks among the top 10 in the list of net profits of photovoltaic listed companies in 2017, and the net profit growth is as high as the second. At present, the total size of projects under construction and construction is about 2GW, and the future operating performance will be released one after another.
While vigorously developing the photovoltaic industry, the company has prepared for the development of intelligent energy in the future through the acquisition of Anxuan Technology, which has a strong advantage in the development of intelligent operation and maintenance system of power plant.
In line with the concept of beautiful China, ecological and environmental protection PPP order volume. Two mergers and acquisitions contributed to the development of environmental protection business. after the merger of Starscape Ecology, the company acquired a 67% stake in Hongwei Environment, making every effort to expand the development of environmental protection. The company has won a number of PPP projects in the field of environmental protection developed in 2017. at present, there are 14 orders for PPP projects, with a total investment of 21.8 billion yuan. According to the excellent performance of the company in signing orders in the first quarter of 2018, we expect the company to maintain a relatively high growth rate of orders in 2018, and then the steady income brought by the gradual landing of the project. it plays a very positive role in promoting the company's profitability and medium-and long-term strategic development in the near future.
Cover for the first time, giving a "buy" rating. The company's photovoltaic business has landed steadily, while vigorously expanding ecological and environmental protection PPP projects. It is estimated that the net profit in 2017-2019 is 5.41,9.94 and 2.029 billion yuan respectively (including 933 million yuan in non-recurrent profit and loss from the sale of real estate business in 2018, the net profit is 1.927 billion yuan), and the corresponding deduction of non-EPS is 0.40,0.74,1.52 yuan, considering the rapid development of the company in the field of new energy + environmental protection. Give the company 22 times PE in 2018, with a target price of 16.28 yuan, covering it for the first time and giving it a "buy" rating.
Risk tips: high financing costs slow down the development of the project; PPP project gradually brings financial expenses, debt ratio increase; PPP project order is not as expected.
