Main points of investment
The backdoor listing was completed in 2015, and the land development business contributed to the performance. In 2015, Longji Taihe Group backdoor Hong Kong Stock Exchange China (1281.HK) completed the restructuring of the listing of the Hong Kong Stock Exchange. The company's operating results in 2015: revenue of 324 million yuan, an increase of 424.3% over the same period last year, mainly contributed by the Donghu land development project; gross profit increased by 58.8% to 31.77 million yuan over the same period last year; net profit turned from loss to profit of 12.98 million yuan; profit per share is 2.14%, no dividend is paid.
Multi-mode photovoltaic power station business development. The company plans to build and develop ground power stations to start construction of 350MW and grid-connected 250MW in 2016, as well as high-quality project acquisitions. The proportion of self-owned development projects and joint development projects is basically 2:1. The company has a variety of photovoltaic power plant business models: 1, BT model (construction-sale). 2. BOO mode (build-own-manage).
Create a smart energy service platform and promote a variety of business solutions. The company's long-term plan for the future is to provide a full range of intelligent energy service solutions for energy consumers, which is the integration of energy system and information technology, and the realization of multi-energy integration, complementary and intelligent energy use on the user side. form a regional energy network that interacts with the public energy network to provide energy saving and trading services for users. According to the existing resources, the company is designing and developing three different business cases, 1. Trade and Logistics City-Baigou Project. 2. Industrial Park-Light is an industrial park. 3. Smart Residential Community-property management of Longji Taihe.
Our point of view: Longji Taihe (1281.HK) relies on land development projects to ensure a basic performance, short-term development depends on photovoltaic power station construction-sale to quickly get cash flow, and long-term based on smart energy service platform, to create photovoltaic, smart energy all-round solutions. Several of the company's current smart energy projects are under development and construction, and investors are advised to follow and follow them closely.
Risk hint: the development of photovoltaic power stations is not as expected, and the expansion of smart energy solutions is not as expected.