Overview of events:
Recently, the National Development and Reform Commission and the National Energy Administration issued the basic rules of the Electric Power spot Market (hereinafter referred to as the "basic rules"), which aims to accelerate the construction of the electricity market and standardize the operation and management of the electricity spot market.
Continuous increase in R & D investment, rapid growth of power digital business
The operating income in the first half of 2023 was 2.826 billion yuan, down 4.12% from the same period last year, mainly due to the delay in signing orders due to the delay in business bidding plans such as information and communications collection and acquisition, and the net profit of 250 million yuan was realized, an increase of 8.19% over the same period last year. Deducting the non-return net profit of 211 million yuan, down 4.5% from the same period last year. In the second quarter alone, the company achieved revenue of 1.503 billion yuan, down 14.04% from the same period last year; net profit from home was 178 million yuan, down 2.27% from the same period last year; and net profit from non-return was 163 million yuan, down 7.80% from the same period last year. We continued to increase investment in R & D and the distribution of intellectual property rights. During the reporting period, we invested about 226 million yuan in R & D, accepted 87 patents, granted 97 patents, and published 46 scientific and technological papers, significantly enhancing our scientific and technological innovation capability.
According to the semi-annual report, the revenue of the company's power digitization business reached 713 million yuan in the first half of the year, an increase of 215.49 percent over the same period last year. The wholly-owned subsidiary Sichuan Zhongdian Qixing Information Technology (the main business is enterprise management digitization, power market trading, double carbon digitization) realized revenue of 509 million yuan and net profit of 39 million yuan in the first half of the year. The wholly-owned subsidiary of Beijing CLP Puhua Information Technology (the main business of digital power grid operation, digital power grid customer service, power grid Zhongtai) achieved revenue of 910 million yuan and net profit of 70 million yuan in the first half of the year. According to the company announcement, in August, CLP Puhua won the bid for the new generation marketing management information platform development and integrated implementation project of Inner Mongolia Electric Power (Group) Co., Ltd., with an order of 272 million yuan.
Ploughing the power and energy industry, seizing the opportunity of power reform and giving full play to its advantages
It is mentioned in the "basic rules" that the goal of the construction of power spot market is to form electric energy price signals that reflect the characteristics of time and space and the changes of market supply and demand. It makes clear the overall requirements of the construction of power spot market, the composition of market members, price formation model, market convergence mechanism, measurement and settlement requirements, risk prevention and control, market intervention, dispute handling, technical support system and so on. The company gives full play to the advantages of technology and resources in the field of energy digitization, and solidly promotes the construction of key projects such as online national network, I national network, marketing 2.0, enterprise portal, etc., fully supports the digital transformation of marketing, dispatching, equipment, safety supervision and other power professional fields, and speeds up the development, deployment, operation and maintenance of digital products covering all aspects of power supply side, power grid side and load side.
In terms of digital customer service service in the power grid, the "baseline +" version of the unified marketing 2.0 software has been launched in six provinces, laying a solid foundation for the rapid replication and promotion of marketing 2.0 in the whole network, and realizing the launch of the marketing 2.0 system in Hunan, Shanxi and Shanghai. start the construction of marketing 2.0 in Ningxia, northern Hebei, Jiangxi, Chongqing and other places. In the aspect of digital service of electric power production, we have initially completed the establishment of the capacity of enterprise-level work order center, such as order grabbing mode, secondary order dispatch, operation analysis of work order center, etc., in cooperation with marketing, materials, logistics and other professional exploration of typical scene applications, and take more measures to promote the promotion and application of work order center in the grass-roots units of the State Grid Company. In terms of power market-oriented trading services, the new generation of power trading system takes the lead in realizing the functions of identity authentication, license retention and electronic signature based on electronic business license in the national power industry. to support the efficient operation of Jiangxi electric power trading retail platform electronic business license system. Green power certificate trading system online green card listing trading and online real-time fund payment settlement function, the cumulative transaction volume exceeded 2.5 million.
Enterprise digitization and continuous layout of cloud infrastructure
In terms of cloud network infrastructure services, the company supports the operation and maintenance of communication systems of important service units, such as the headquarters of State Grid Corporation and the Communication Branch of State Grid Corporation, and ensures the safe and stable operation of more than 7000 kilometers of communication lines and more than 460 communication equipment of units directly under State Grid Corporation with the highest standards. The State Grid Corporation's "two-traffic and two-direct" UHV supporting communication project successfully passed the pre-acceptance to ensure the safe and reliable power supply during the period of summer power shortage in Jiangsu and Zhejiang.
In the first half of the year, the company improved the full range of product systems of new generation emergency communications and individual equipment, promoted the construction of high-throughput satellite communication network management platform, and synchronously planned and developed satellite Internet of things platform.
We will continue to carry out the construction of the 100G high-efficiency data transmission platform project, complete the installation of 106 sites in 15 provinces, and promote the completion and operation of the project as planned.
In terms of enterprise digital services, carry out adaptive transformation of ERP in financial center, realize peer-to-peer data connection between first-level human resources ERP and wisdom sharing financial platform in Zhejiang, lightweight transformation of compensation business by means of "application + micro-service", and realize panoramic preview visualization of salary integration business. The digital power supply station supports the efficient operation of 872 power supply stations in Sichuan Electric Power Company, fully realizes the five-one construction requirements of State Grid Corporation, and leads the network in the number of daily active users.
Investment suggestion
As a backbone enterprise serving the digital transformation of energy, the company pays close attention to the opportunities of "digital China" and the construction of a new power system, focusing on the whole link of generation, transmission, transformer and distribution, and the whole scene of load storage in the source network. continue to consolidate the foundation of the three major business sectors: power digital service, enterprise digital service and cloud network infrastructure. It is estimated that the operating income of the company from 2023 to 2025 is 84.2410,95.14 / 10.873 billion yuan respectively, and the net profit of returning mother is 1.259 billion yuan respectively. For the first time, it covers the investment rating of Buy-A, with a six-month target price of 20.07 yuan, equivalent to a dynamic price-to-earnings ratio of 25 times in 2023.
Risk Tips:
Digital investment in power grid is not as expected; investment in UHV project is not as strong as expected risk; technological innovation and product iteration are not as expected.