highlimitroulette|朗新集团(300682)：虚拟电厂业务发展迅速 能源数字化业务毛利率修复

Event: the company released its 2023 annual report with an operating income of 47%Highlimitroulette.2.7 billion yuan (year-on-year + 3.86%), net profit 604 million yuan (year-on-year + 17.44%), non-net profit 533 million yuan (year-on-year + 33.64%), gross profit 40.75% (year-on-year + 1.53pct). Affected by the Internet TV business, the company's overall operating income growth is lower than expected. In 2023, the company's energy digital business revenue was 2.32 billion yuan (year-on-year + 7.5%), energy Internet business revenue was 1.53 billion yuan (year-on-year + 39.0%), and Internet TV business revenue was 870 million yuan (year-on-year-32.3%). The company's overall revenue growth is not as fast as expected, mainly due to Internet TV.HighlimitrouletteThe customer demand of smart terminal business has weakened, which has led to a significant decline in revenue from Internet TV business. The increase in gross profit margin (1.53pct) over the same period last year was mainly due to the streamlining of non-grid operations with lower profitability. The development trend of energy digital power grid business is good, non-grid business is streamlined, and digital business is expected to develop with high quality. In 2023, the revenue of energy digitization is 2.32 billion yuan (+ 7.5% compared with the same period last year), and the gross profit margin is 40.3% (year-on-year + 2.3pct). With the continuous deepening of the digital transformation of the energy industry, the construction of a new power system and power market reform have promoted the digital investment of the power grid in the field of power consumption continues to increase, and the company's marketing 2.0 system has been extended to more provinces, and its market position has been further consolidated and strengthened. At the same time, the company shrank part of the non-power grid business, business structure optimization, gross profit margin ushered in repair. With the rapid development of virtual power plant business, energy Internet has become the main engine of the company's growth. In 2023, the revenue of energy Internet business is 1.53 billion yuan (year-on-year + 39.0%), and the gross profit margin is 39.7% (year-on-year-9.2pct). The company's virtual power plant business has achieved rapid development, and the photovoltaic cloud platform has been newly connected to about 140,000 distributed photovoltaic power stations with a capacity of about 4GW, has been licensed to sell electricity in 25 provinces, and obtained demand response or virtual power plant qualification in Jiangsu, Sichuan, Guangdong, Shenzhen and other provinces. The business of the new electric way aggregation charging platform has maintained rapid development, the number of registered users of the platform has exceeded 11 million, the annual aggregate charging capacity has reached 4 billion degrees, doubling the growth over the same period last year, and the market share has further increased. The impact of the operating loss of the new electric way on the net profit of listed companies is about 90 million yuan. According to the 2023 annual report, reducing the operating income and gross profit margin and raising the expense rate, we predict that the company's net profit from 2024 to 2026 will be 686 million yuan, 812 million yuan and 985 million yuan respectively (the original forecast for 24-25 years' net profit is 14.67 yuan and 1.779 billion yuan). According to the PE level of the comparable company in 2024, we think the reasonable valuation level of the company in 2024 is 22 times PE, and the corresponding target price is 13.86 yuan. Maintain the buy rating. Risk tips rely on large customers; the construction of new power systems is not as expected; business promotion is not as expected, leading to a decline in profitability. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.