Mobile power exchange acceleration layout, "car-station-battery" product matrix expanded coordination: 1) cars: step up self-development of mobile energy operation platform to promote electric heavy truck, logistics and passenger vehicle multi-scene services; 2) Station: by the end of 2022, the company has more than 100 energy stations operating and under construction, including 74 passenger stations and 28 heavy truck stations 3) Battery: promote the "separation of vehicle and electricity", on the one hand, give full play to the advantages of low-cost electricity and power exchange equipment, and on the other hand, cooperate with Geely, Sany, Ningde and other customers to optimize resources. By calculating the five-year discounted cash flow model, the company's R & D cost reduction is expected to increase the IRR of commercial vehicles to power stations from 7% to 12%.

To create a new track of "energy plus computing power", in response to the integration of "source network, lotus storage": the company cooperated with Suzhou Xiangcheng District to launch the first energy computing center in China, and quickly began to expand high-quality computing resources such as Kyushu Yun and Gu Fan Technology. According to our estimates, the completion of the commissioning of data centers in 2023 will bring positive revenue and profit contribution to the company. Under the neutral assumption, the operation of four data centers will enable the company to return to its parent net profit of 1.541 billion yuan in 2024, contributing an elastic increase of 12.25%. If the company completes the construction of 15 computing centers in 2024 as scheduled, it is expected to further usher in considerable revenue and profit increments.

Cogeneration to improve utilization efficiency, electricity price reform to build a moat: fuel prices rose in 2022, the company actively opened up heating customers, increased the proportion of steam sales to 39.3%, and made use of the first-mover advantage of cogeneration to create regional exclusivity. Since 2023, coal and gas prices have both fallen to reduce enterprise costs, and governments in many places have regulated the risk of electricity price fluctuations to stabilize enterprise profits. under the action of both factors, the electricity prices of the bilateral long-term Association of Jiangsu and Guangdong have risen by nearly 20% compared with the coal-fired benchmark prices. the performance toughness of electric enterprises has initially emerged.

Blossom in many fields and take the initiative to adjust to market changes: by the end of 2022, the total installed capacity of the company connected to the grid is 3.7GW, of which gas turbine cogeneration 2.5GW, wind power 0.7GW, waste power generation 0.12GW, and clean energy account for 91.75%. This shows that the company continues to optimize the electricity sales structure and effectively deal with the declining situation of traditional energy. On this basis, the company has made a multi-point layout and gradually transformed from a hot energy supplier to an integrated energy service provider.

Investment suggestion: we estimate that the company's operating income in 2023, 2024 and 2025 will be 138.49 million yuan, 166.14 billion yuan, respectively, and the net profit belonging to the parent company will be 9.76 billion yuan, 13.73 billion yuan, corresponding to PE20.96/14.90/11.49 times. Coverage for the first time, giving a "overweight" rating.

Risk tips: the progress of the power station exchange project is not as expected, the risk of substantial fluctuations in raw material prices, the construction of cogeneration is not as expected, and so on.