Lin Yang Energy (601222): Annual Report Meets Expected Results Steady Growth

Lin Yang Energy (601222): Annual Report Meets Expected Results Steady Growth

The event company recently announced its annual report and achieved revenue of 40 in 2018.

17 ppm, an increase of 11 in ten years.

94%, realized net profit attributable to mother 7.

61 ppm, an increase of 10 in ten years.

86%, net profit of non-attributed mothers7.

44 ppm, an increase of 9 in ten years.

59%; At the same time, the first quarter report of 2019 was released to achieve revenue of 6.

950,000 yuan, an increase of 19 in ten years.

08%, realized net profit attributable to mother 1.

55 ppm, a five-year increase of 5.

63%, realizing net profit deduction for non-attribution1.

49 ppm, a five-year increase of 5.

25%.

The smart power distribution business has developed steadily, grasping the potential of the ubiquitous industry. Smart segment revenue in 201814.

32 ppm, a decrease of 22 per year.

53%, mainly due to the bidding and reorganization of the State Grid, but the company ranked first in the number and amount of bids for the State Grid, South Grid, and local power.

30,000 yuan; the total amount of bids in the South Network is about 2.

6.8 billion yuan.

With regard to the development of overseas smart electricity business, it effectively promoted the strategy of major customers and comprehensively explored the global market. In 2018, it achieved overseas sales of US $ 38.05 million and orders in hand of US $ 48 million.

In 2019, the company will seize the ubiquitous industrial potential and develop a full range of applications including the integration of modular intelligent terminals, energy routers, energy controllers, and intelligent power distribution terminals in the field of distribution and power consumption, and build new intelligent terminals as the core.For the grid and user-side system solution provider, this year’s smart power distribution sector is worth looking forward to the stable operation of 杭州桑拿网 photovoltaic power stations. The EPC business has made a breakthrough and the company upgraded its installed capacity by about 1 at the end of 2018.

5 GW, realized electricity tariff income13.

30 ppm, an increase of 21 per year.

16%. While independently developing, constructing and operating generators, the company has formed strategic partnerships with state-owned enterprises and state-owned enterprises such as CGNPC, China Power Construction, China Energy Construction, China Tongjian, Datang, Huawei, and State Grid E-commerce to promote internal photovoltaics.The close cooperation relationship between EPC and overseas photovoltaic business actively expands new business models and profit models.

At the core of the report, the company’s EPC system integration business achieved a breakthrough and achieved revenue10.

1.3 billion 杭州桑拿 in 2016, growing every year.

63%, it can be expected that in the future, the company will continue to provide more strategic large customers with targeted development, construction, and operation of classified photovoltaic power generation, comprehensively promote the company’s EPC system integration business at home and abroad, and promote continued growth in performance.

N-type battery module business improvement progress company, N-type battery business improvement progress, N-type high-efficiency battery mass production average conversion efficiency> 21.

8%, double-sided factor> 85%, first year attenuation rate is less than 1%, obtained product certifications such as TüV Rheinland and CQC, and has entered into state-owned enterprises such as CGNPC, CLP Power, Datang, and French ENGIE and Middle East ACWA, Singapore SUNSEAP and other qualified suppliers list.

The company has started the technology upgrade of N-type battery TopCON. After the upgrade, the average conversion efficiency of the battery can reach 23%, and the competitiveness of N-type battery modules will be enhanced.

Profit forecast and investment rating: The company’s 19-20 year performance was originally expected to be 10 respectively.

81, 12.

US $ 2.4 billion. Due to the longer-than-expected introduction of domestic photovoltaic electricity prices in 2019 or the impact on the domestic generator EPC business, the 19-21 year results are now adjusted to 10 respectively.

31, 12.

11, 14.

400,000 yuan, corresponding to 0 EPS.

58, 0.

69, 0.

82 yuan, the corresponding PE is 9 respectively.34, 7.

96, 6.

69 times, maintain “Buy” rating.