智能业务立足国内基本盘，积极拓展海外市场：截至2024 年10 月底，公司在国南网电表集招中已中标约8 亿元，国内在手订单金额较去年实现同比增长。此外，伴随全球电网建设的加速发展，林洋能源积极拓展海外市场，子公司EGM 在中、东欧市场表现亮眼，截至2024 年10 月底获海外订单8.06 亿元；与全球表计行业龙头企业兰吉尔全方位合作扩大西欧和亚太市场市占率；与中东企业ECC累计合作订单金额已超10 亿元，双方携手打造的吉达合资工厂预计在今年四季度实现投产。The company released its 2024 three-quarter report. The first three quarter results increased 6.95% year on year, the third quarter results increased 15.41% year on year, and the three major sectors of the company developed collaboratively. Maintain a buy rating.
Key points to support ratings
Results for the first three quarters of 2024 increased 6.95% year over year: the company released the 2024 three-quarter report, achieving revenue of 5.166 billion yuan, up 8.76% year on year; achieving net profit of 0.91 billion yuan; and achieving 6.95% year-on-year increase, achieving net profit without return to mother of 0.86 billion yuan, up 5.17% year on year. 2024Q3 achieved net profit of 0.312 billion yuan to mother, an increase of 15.41% year over year.
The smart business is based on the basic domestic market and is actively expanding overseas markets: by the end of October 2024, the company had won about 0.8 billion yuan in the Guonan Grid electricity meter recruitment, and the amount of domestic orders in hand increased year-on-year compared to last year. In addition, along with the accelerated development of global power grid construction, Lin Yang Energy is actively expanding overseas markets. The subsidiary EGM performed well in the Central and Eastern European markets, receiving 0.806 billion yuan in overseas orders by the end of October 2024; cooperated with Rangel, a leading global metering industry company, to expand its market share in Western Europe and the Asia-Pacific region; and the cumulative order amount for cooperation with Middle Eastern company ECC has exceeded 1 billion yuan. The Jeddah joint venture plant built by the two parties is expected to be put into operation in the fourth quarter of this year.
The energy storage business continues to launch new products, and the Saudi plant is about to be put into operation: the company officially released the new product Power Key 2.0 intelligent modular P2G energy storage system in September this year, making it the first P2G energy storage system in the industry. At the same time, the company is expanding its overseas energy storage business, and the energy storage PACK plant built in a joint venture with Saudi ECC is expected to be put into operation within the year. We believe that the launch of the company's new products and the improvement of the global production capacity layout are expected to continue to enhance Linyang Energy's market competitiveness.
The construction of new energy power plants has been accelerated, and the scale of intelligent operation and maintenance continues to expand: the company is steadily promoting the rolling development and operation of new energy power plants. The company's Hebei Pingquan 150MW photovoltaic project was successfully connected to the grid in October 2024, injecting new vitality into the power plant sales business. By the end of the third quarter of 2024, the scale of the company's own power plants had reached about 1.34 GW, including 187 MW wind power projects.
valuations
Under the current share capital, in line with the company's steady performance and positive order situation, we adjusted the company's 2024-2026 earnings forecast to 0.56/0.65/0.74 yuan (the original 2024-2026 diluted forecast was 0.55/0.60/0.71 yuan), corresponding to a price-earnings ratio of 13.8/11.9/10.4 times; maintaining the purchase rating.
The main risks faced by ratings
Industry policy risk; market competition risk; technological innovation risk; project operation risk; industrial chain price change risk; energy storage power plant safety operation risk.