LONGSHINE(SZ:300682) Haitong Securities·2024-07-30 06:31Investment Rating - The investment rating for the company is "Outperform the Market" [10] Core Insights - The company is focusing on energy digitalization and energy internet, with a projected revenue growth of 8.3% in 2024, 15.3% in 2025, and 17.4% in 2026 [26] - The company aims to enhance its strategic layout by acquiring a 10% stake in Bangdao Technology, which specializes in energy internet services [6] - The "New Electric Path" platform has shown significant growth, with a 50% increase in revenue in Q1 2024, despite a decrease in the revenue share from life payment services [14] Financial Performance - In Q1 2024, the company reported a revenue of 668 million yuan, a year-on-year increase of 2.27%, but a net profit decline of 195.80% [4] - The projected operating revenue for 2024 is 5.12 billion yuan, with a net profit of 556 million yuan, and an EPS of 0.51 yuan [5][16] - The gross margin is expected to stabilize around 38.50% from 2024 to 2026 [26] Business Segmentation - The energy digitalization segment is expected to generate revenue of 2.55 billion yuan in 2024, with a growth rate of 10% [7] - The energy internet segment is projected to achieve a revenue of 1.96 billion yuan in 2024, reflecting a growth rate of 27.5% [7] - The internet television segment is anticipated to decline, with a revenue forecast of 610.56 million yuan in 2024, down 30% year-on-year [7] Market Position - The company has strengthened its market position in the energy sector, with over 26 years of service experience and expanding its market reach to new provinces [24] - The "New Electric Path" platform has become a leading aggregation charging platform in China, with over 1.2 million charging devices and 13 million registered users [14]