Driven by "double carbon" and Xinchuang policy, the tide of power informatization and domestic substitution has arrived. The company is the leader of domestic BIM software and has great potential for development. Driven by "double carbon" and Xinchuang policy, the transformation and upgrading of traditional power system informatization is imperative, the domestic alternative supply side is expected to usher in the process of accelerating volume, and industry innovation has become a general trend. As the leader of domestic BIM software, the company has the scarcity of technology, the leading market position, and continues to benefit from the expansion of the market space on the demand side.
Henghua Technology's new energy business accounts for nearly 20%, and is expected to grow by 20% and 30% in the future: the company actively promotes business transformation and will continue to strengthen the expansion of the new energy market. in the future, we will focus on the cooperation of new energy business with data center, source network, load storage and other business. according to the company's overall business development plan, the company expects new energy related business to grow by 20-30% in the future.
Henghua Technology has undertaken the consulting and design work of a large number of energy storage projects, and it is expected that the order for energy storage projects will exceed 20 million by the end of 2022: the company will undertake consulting and design work for a large number of energy storage projects such as wind power, photovoltaic supporting energy storage projects, shared energy storage power plant projects and integrated light storage and charging projects in Shandong, Guangdong, Ningxia and Anhui provinces. At present, the company is actively promoting in-hand energy storage projects, and it is expected that the orders related to energy storage will exceed 20 million yuan by the end of this year.
The future performance of Henghua science and technology virtual power plant is considerable: the company has more technical reserves in virtual power plants, and has related products such as distributed photovoltaic monitoring, energy storage system monitoring, charging pile operation monitoring, key energy consumption online monitoring and other related products. with the increasing abundance of virtual power plant application scenarios and business promotion efforts, the company has a considerable increase in related revenue in the future.
Profit forecast: the company is actively expanding the new energy business based on photovoltaic, wind power and energy storage, bringing business increment. We raise the company's forecast 2022-2024 net profit of 0.62 EPS 0.86 / 129 million yuan, corresponding to 2022-2024 PE of 0.10 shock 0.14 shock 0.22 yuan respectively, and the current share price corresponding to 0.22 times of the current stock price. Considering that the company is one of the few high-quality companies in the field of domestic power system BIM software, the promotion of industry innovation and the continuous expansion of downstream demand for new energy development are expected to lead to an increase in revenue from the company's new energy sector, we continue to be optimistic about the future development of the company and upgrade our rating to "Buy".
Risk hints: the risk of changes in the competitive pattern of the industry; the impact of the epidemic; the risk that the promotion of emerging business is not as expected; the progress of domestic substitution is not as expected.