单三季度来看，实现营收10.65 亿元，同比下滑4.38%，主要是三季度中标金额中集采类业务占比较大，但尚在履约过程中，未转化为收入；实现归母净利润0.66 亿元，同比下滑29.29%；若剔除非经常性损益影响，公司单三季度实现扣非净利润0.61 亿元，同比下滑33.29%。前三季度综合毛利率为21.16%，同比提升0.59 个百分点。Event Overview:
Recently, State Grid Communications released the “Report for the Third Quarter of 2024”. In the first three quarters, the company achieved operating income of 3.747 billion yuan, a year-on-year decrease of 4.89%; realized net profit of 0.298 billion yuan, a year-on-year decrease of 13%; net profit after deducting non-return to mother was 0.293 billion yuan, a year-on-year decrease of 3.22%.
Q3 Performance is under pressure, and high inventory growth indicates that performance is expected to improve
Looking at the third quarter, revenue was 1.065 billion yuan, down 4.38% year on year. The main reason was that the collection business accounted for a large share of the bid amount in the third quarter, but was not converted into revenue; realized net profit of 0.066 billion yuan, down 29.29% year on year; if the impact of non-recurring profit and loss was excluded, the company deducted 0.061 billion yuan in non-net profit in the third quarter, down 33.29% year on year. The consolidated gross margin for the first three quarters was 21.16%, up 0.59 percentage points from the previous year.
Inventory at the end of the Q3 period reached 0.674 billion yuan, up 47.81% year on year. High inventory growth indicates that Q4 performance is expected to improve. Currently, power grid enterprise customers have higher management requirements for digital investment, and place more emphasis on the combined application of digitalization and actual production and operation. The deep integration of informatization and power grid production will help the company carry out all-round business cooperation according to customer needs.
Comprehensive layout, subsidiary business throughout the entire industry chain
The business products of the company's subsidiaries run through the information and communication industry chain, covering all aspects of power generation, transmission, transformation, distribution, use and scheduling, and have a large number of mature technology products and solutions. The company's business system has formed a comprehensive industrial layout including underlying network infrastructure, computing power resources, basic platforms and upper level energy application services, expanding the energy intelligence business scenario. ① CLP Feihua's core business is communication network construction and operation, communication integrated collection services, and data center construction and operation, and has performed well in recent years. CLP Feihua has fully supported various UHV supporting communication projects in Qinghai-Henan, Zhangbei-Xiong'an, and Mengxi-Jinzhong, as well as communication engineering construction services such as the State Grid 100GOTN. ② CLP Puhua Electric Power Marketing 2.0 has been fully launched by 27 provincial power companies belonging to the State Grid (as of the end of June 2024). In the next step, it will continue to carry out the operation, maintenance and personalized development of 2.0 systems for power grid companies in various provinces and cities, and continue to expand marketing 2.0 derivatives. ③ CLP Starlight is an open source Hongmeng technology system operated by the Open Atomic Open Source Foundation of the Ministry of Industry and Information Technology. The Xinghong EOS system was developed with the construction goal of “unified architecture, unified interface, and unified base”. However, this business is still in the cultivation stage. In the future, the Hongmeng system is expected to play an important role in the production and operation of power grid customers.
Investment advice
As a key enterprise serving the digital transformation of energy, the company is grasping the “digital China” and new power system construction opportunities, and continuously consolidates the foundation of the three major business segments of digital power services, enterprise digital services, and cloud network infrastructure around the entire transmission, transmission and distribution process, and the entire source network load storage scenario. The company's revenue from 2024 to 2026 is estimated to be 8.428/9.236/10.139 billion yuan, respectively, and net profit to mother of 0.965/1.073/1.189 billion yuan, respectively. Maintaining the buy-A investment rating, the 6-month target price is 24.08 yuan, which is equivalent to a dynamic price-earnings ratio of 30 times in 2024.
Risk warning:
Digital investment in power grids falls short of expectations; investment in UHV projects falls short of anticipated risks; technological innovation and product iteration fall short of expectations.
