积成电子(002339)中报点评:布局微能源网 引领多表合一

Jicheng Electronics (002339) report comments: the layout of micro-energy network leads the integration of multiple tables

西南證券 ·  08/11/2016  · Researches

Event: the company released its semi-annual report for 2016, with operating revenue of 520 million yuan in the first half of the year, an increase of 28.3% over the same period last year, and net profit belonging to shareholders of listed companies was about 20 million yuan, an increase of 2.8% over the same period last year.

Event comments: business growth mainly comes from the steady growth of public utility automation market demand, and actively promotes the three-in-one project in smart city construction, which has been carried out in more than ten prefectures and cities across the country, and the market share has reached the first place. The proportion of net profit growth belonging to shareholders of listed companies is lower than the revenue growth rate, mainly due to the increase in expenses, in which the increase in engineering and maintenance fees resulted in an increase of 69% in sales expenses over the same period last year. The increase in personnel compensation costs resulted in a 37% increase in management costs compared with the same period last year, and the increase in bank loan interest resulted in a 272% increase in financial expenses compared with the same period last year.

Remote acquisition system leader, "four meters in one" project brings stable revenue. The State Grid Corporation is taking the lead in promoting the construction of "four meters in one". As a comprehensive solution provider covering smart grid, smart gas, smart water and intelligent heat, State Grid Corporation is actively participating in the promotion of specialized projects. at present, a number of projects have been launched.

We believe that the remote acquisition system independently developed by the company is technologically mature and is at the forefront of the industry. with the substantial growth of the "four-in-one" market, this business will bring stable income to the company in the next five years.

Fund-raising layout of micro-energy network, the project is progressing smoothly. The company announced in May that it plans to issue nearly 900 million yuan to raise funds, of which nearly 430 million yuan will be invested in demand-side micro-energy network operation and service projects. At present, the phenomenon of abandoning light and wind is very common in our country, which has seriously restricted the development of new energy industry. In the first quarter of 2016, the abandonment rates in Gansu and Xinjiang reached 39% and 52% respectively. In the first half of 2016, the national abandonment rate has also reached 21%. The micro-energy network, which starts from the demand side, can improve the consumption capacity of clean electricity, and has been strongly supported by the state since the end of last year. The company tamps the research and development of the micro energy network system, and already has the operation ability. In May 2015, the company signed cooperation framework agreements with Linyi, Dongguan and other places to build demand-side micro-energy network projects in stages with high energy-consuming enterprises, public buildings and industrial parks in the above areas as pilot projects.

The 430 million yuan raised will contribute to the upgrading of the company's energy Internet cloud platform technology and micro-energy network energy management and control system technology. We are optimistic about this business for a long time.

Profit forecast and investment advice: we predict that the EPS of the company from 2016 to 2018 is 0.4,0.45 and 0.5 yuan respectively, and the corresponding PE is 41 times, 37 times and 33 times respectively. The long-term layout of the company, multi-table in one with micro-energy network will benefit from the construction and promotion of smart cities in China in the future. We are optimistic about the company's prospects in the areas of power and utilities and maintain its "overweight" rating.

Risk hint: the risk of fund-raising project construction or unsmooth, the risk of distribution network investment progress or not up to the expected risk.

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