Main points of investment
This Friday (October 20) there is a motherboard listed company "Baitong Energy" inquiry.
Baitong Energy (001376): through the construction of cogeneration units and heating boilers, the company uses coal as the main fuel to provide steam supply for industrial enterprises within the heating range, and the electricity of steam products is sold directly to the State Grid. From 2020 to 2022, the company achieved operating income of 479 million yuan / 790 million yuan / 1.082 billion yuan, YOY of 17.16%, 65.04% and 37.00%, respectively, with a compound annual growth rate of 38.37%. The net profit of homing was 71 million yuan / 65 million yuan / 110 million yuan, and the YOY was 12.73%, 8.03%, 68.09%, and 20.46%, respectively. During the latest reporting period, 2023H1 achieved an operating income of 562 million yuan, an increase of 3.36% over the same period last year, and a net profit of 67 million yuan, an increase of 10.48% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 90.2 million yuan to 110.2 million yuan from January to September 2023, a year-on-year change of 10.54% to 35.05%.
Investment highlights: 1. The company has long ploughed the central heating business in the industrial park and carried out cross-regional operation through the group headquarters management mode. At present, it has formed a strong regional advantage in Jiangsu, Shandong and other industrial parks. The company has been ploughing the central heating business in the industrial park for more than 10 years, and the differential implementation of the group headquarters management model can better control the procurement cost, construction cost and operating cost through collectivization management and control. more importantly, business expansion is no longer restricted by a single area. Compared with most of the enterprises in the industry choose to operate in a single industrial park, the company's cross-regional business has covered Jiangsu, Shandong, Jiangxi, Guizhou, Hubei and other provinces. Sihong Baitong, Siyang Baitong, Lianyungang Baitong, Cao County Baitong and other central heating projects have been established, and benefited from policy and other factors, the industrial park where the above projects are located has formed a certain regional exclusive advantage. 2. With the increase of heat consumption by original customers and the arrival of new heat-using enterprises, it is expected that the new heat load demand of the company's Lianyungang Baitong and other projects will be greatly improved, which will boost the overall performance expectations. By the end of June 2023, the company's external heating capacity is 629.70 t / h. however, except for Siyang Baitong and Sihong Baitong, which are put into operation relatively early, other projects are still in the incubation period and have high growth potential. According to the company's prospectus, with the expansion of existing customers and the arrival of new customers in various parks in the second half of 2023 and 2024, the total heat load demand is expected to reach more than 600 t / h. Among them, the economic development momentum of Ganyu Wang Lingang industrial zone is strong, and the total heat load demand is 36.44 t / h. It is expected that with the support of new customers such as Fenghai high-tech materials of Xinhai Petrochemical subsidiary, the heat load demand will increase by 408.00 t / h.
Comparison of listed companies in the same industry: according to the similarity of main business, New China and Hong Kong, Shimao Energy, Hengsheng Energy, Hangzhou Thermal Power and Ningbo Energy are selected as comparable listed companies of Baitong Energy. From the above-mentioned comparable companies, the average revenue of comparable companies from the third quarter of 2022 to the second quarter of 2023 is 2.72 billion yuan, the comparable PE-TTM (arithmetic average) is 26.90X, and the gross profit margin of sales is 24.25%. In comparison, the company's revenue scale and gross profit margin are not as high as the average of comparable companies.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.