LONGSHINE(SZ:300682) Shanxi Securities·2024-06-24 03:00Investment Rating - The report assigns a "Buy-B" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within 6 to 12 months [28][11]. Core Views - The company is positioned to benefit from the ongoing reforms in the electricity sector, with a focus on energy digitalization and energy internet strategies [26][28]. - In 2023, the company achieved a revenue of 4.73 billion yuan, a year-on-year increase of 3.9%, and a net profit of 604 million yuan, up 17.4% year-on-year [25]. - The company has streamlined its non-energy digital businesses and initiated cost control measures to mitigate adverse impacts from regulatory changes in the internet television sector [4][25]. Company Performance - The company's revenue from energy digitalization, energy internet, and internet television segments for 2023 was 2.32 billion yuan, 1.53 billion yuan, and 870 million yuan, respectively, with year-on-year growth rates of 7.5%, 39.0%, and a decline of 32.3% [25]. - The gross margin and net profit margin for 2023 were 40.8% and 12.8%, reflecting an increase of 1.5 percentage points each compared to the previous year [25]. Financial Projections - The company is projected to achieve revenues of 5.27 billion yuan, 5.99 billion yuan, and 7.02 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 11.6%, 13.7%, and 17.0% [18]. - Net profit is expected to reach 634 million yuan, 745 million yuan, and 862 million yuan for the same years, with growth rates of 4.0%, 17.4%, and 16.9% [18]. Market Position - The company has established a third-party charging platform, "New Electric Path," which aggregates over 1.1 million charging devices and has more than 11 million registered users, covering approximately 50% of new energy vehicle owners in China [28]. - The company has also developed a virtual power plant business, connecting over 200,000 photovoltaic power stations with a total installed capacity of approximately 13.5 GW [28].