积成电子(002339)深度研究:能源互联网厚积薄发 主业稳健发展

In-depth research on Jicheng Electronics (002339): The accumulation and thinning of the energy internet has led to steady development of the main business

東北證券 ·  08/18/2016  · Researches

Summary of the report:

2 trillion yuan distribution network investment kicked off, secondary equipment leading enterprises benefited: "13th five-year Plan"

During this period, the cumulative investment in the construction and renovation of the distribution network is not less than 1.7 trillion yuan. In the new round of rural power network transformation, the total investment of the national power network and the southern power network reached 652.2 billion yuan. The company is one of the few domestic manufacturers that can provide overall solutions for smart grid automation. Thanks to the investment in distribution network and the upgrading of rural power network, the company's traditional business will maintain steady growth.

The demand for automation of public utilities is strong, and the performance maintains rapid growth: the construction of smart cities drives the strong demand for smart water and smart gas. At present, the permeability of smart water meters in China is only 15%, and that of smart gas meters is only 50%, which is far lower than the permeability of 80% of smart meters, and there is huge room for growth in the future. The company's intelligent remote water meter ranks first in provincial market share; gas automation system covers more than 20 provinces and cities in China and is currently the largest gas automation supplier in China.

Actively lay out the energy Internet: the company has a comprehensive layout of the energy Internet. In terms of intelligent energy, the "Shandong Smart Energy Public Cloud platform" has been launched, focusing on the demand-side micro-energy network. and signed a cooperation agreement for the construction of regional microgrid projects with the Yishui County Government in Shandong Province and the Yiwu County Government in Xinjiang. In the future, the company will provide comprehensive energy services such as electricity, water, gas and heat for enterprises with the help of accumulation in the field of power automation and public utility automation.

New military business expansion: in 2015, the company and Beijing Jiuyuan jointly established an industrial M & A fund with a total size of 100 million yuan, the two sides can achieve complementary resources, the top-level design of military-civilian integration has been introduced, and military business expansion is expected to be accelerated.

Profit forecast: the EPS of the company from 2016 to 2018 is expected to be 0.45,0.60 and RMB respectively, and the PE under the corresponding share price is 37.56,28.52,22.00 times respectively.

The company's traditional business is stable, the energy Internet comprehensive solution is industry-leading, actively expand the military business, and give the company a buy rating.

Risk hint: the expansion of the energy Internet is not as expected, and the competition in the traditional main business is fierce.

Special note: as of the close on August 16, Northeast Securities Co., Ltd. holds more than 1% of the issued shares of Jicheng Electronics (002339), which is hereby disclosed!

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