Main points of investment
On Wednesday (September 21), Meineng Energy, a listed company on the main board, made an inquiry.
Meineng Energy (001299): the company is a professional urban gas integrated operation service provider specializing in clean energy supply for a long time, mainly engaged in urban gas transmission, distribution and operation business. including natural gas terminal sales and services as well as natural gas user facilities and equipment installation business. From 2019 to 2021, the company achieved operating income of 456 million yuan / 463 million yuan / 480 million yuan, YOY of 18.97%, 1.52%, 3.53%, and a compound annual growth rate of 7.73%. The net profit of homing was 87 million yuan / 96 million yuan / 101 million yuan, the YOY was 44.44%, 10.55%, 5.61%, and the annual compound growth rate of three-year net profit was 19.03%. During the latest reporting period, 2022H1 achieved an operating income of 289 million yuan, an increase of 16.58% over the same period last year, and a net profit of 47 million yuan, down 12.07% from the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 62.0835 million yuan to 62.9103 million yuan from January to September 2022, changing from-10.32% to-9.13% over the same period last year.
Investment highlights: 1. As a natural gas supply enterprise early rooted in Shaanxi Province, the company has become a private joint-stock urban gas enterprise with large scale and ranking in Shaanxi Province after years of development.
The company has been ploughing Shaanxi Province, which is rich in natural gas reserves for a long time, and the main operating areas are located in the areas with large economic output and large population in Shaanxi Province. As of December 31, 2021, the company has built 8 natural gas city gate stations, operated high and high pressure natural gas pipelines with a length of 1220.18 kilometers, and operated, managed and served more than 310000 households; according to the statistics of Shaanxi Urban Gas and Thermal Association, the company ranks first among private gas enterprises in Shaanxi Province with a gas supply of 192.7553 million cubic meters in 2021. 2. The company has obtained the franchise of pipeline gas in Fengxiang District of Baoji City, but the gasification rate of this area is still relatively low; with the continuous development of urban and rural integration in the future, Fengxiang District of Baoji City is expected to become a new growth point of the company's natural gas sales business. The gasification rate of Fengxiang District in Baoji City is on the low side, but with the comprehensive promotion of China's rural revitalization strategy and the integrated development of urban and rural areas after the withdrawal of Fengxiang County, it can be predicted that there is still much room for natural gas expansion for town and village residents and industrial and commercial users. Baoji Airport is about to start construction in Fengxiang, and the first provincial high-tech zone in Baoji City has been successfully built; at the same time, Fengxiang District has obvious advantages in traffic location, with Baozhong Railway and Baoping Expressway running from north to south; in addition, Fengxiang District has a strong economic base, relying on coal chemical industry, electric energy, smelting chemical industry, liquor brewing and cement building materials five major industries, planning and construction of "one zone and three parks", the industrial output value has exceeded 30 billion yuan. The sustainable economic development of Fengxiang District of Baoji City is expected to promote the company's natural gas business to achieve a new round of development. 3. The company and Petrochina Company Limited jointly invest in the long-distance pipeline, which further extends the company's natural gas industry chain. As the second shareholder, the company jointly invested Petrochina Company Limited Weinan Pipeline Company with Petrochina Company Limited Coal bed methane Company and Weinan City Investment Group Co., Ltd. on August 30, 2010. Petrochina Company Limited Weinan Pipeline Company is responsible for the operation and management of the Han-Wei-West long-distance coalbed methane pipeline with a total length of 158.60 km and an annual gas transmission capacity of 1.46 billion cubic meters. During the reporting period, the company's investment income in Petrochina Company Limited Weinan Pipeline Company was 6.0788 million yuan, 3.423 million yuan and 18.2433 million yuan respectively, successfully extending the company's natural gas management industry chain.
Comparison of listed companies in the same industry: select Xinjiang Haoyuan, Oriental Huanyu, Xinjiang Torch, Foshan Energy, Changchun Gas and so on as comparable listed companies of Meineng Energy. According to the above comparable companies, the average income of the industry in 2021 is 3.562 billion yuan, the comparable PE-TTM (excluding negative / arithmetic average) is 19.16X, and the gross profit margin of sales is 23.93%. Comparatively speaking, the revenue scale of the company is in the middle and lower range of the industry, and the gross profit margin is higher than the average of the industry.
Risk hint: companies that have started the inquiry process still have the possibility that they will not be listed due to special reasons, the content of the company is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.