LONGSHINE(SZ:300682) ZHONGTAI SECURITIES·2024-09-05 03:09Investment Rating - The report gives a "Buy" rating for the company, with a target price of 8.47 CNY per share [1]. Core Viewpoints - The company focuses on energy digitalization and energy internet, showing improvements in both profitability and growth [1]. - The company has a stable operational performance and is expected to gradually recover financially, with revenue growth projected at 15% for 2024 and 17% for 2025 [1][2]. - The company has established strong partnerships, particularly with Ant Group, to enhance its energy internet business [1][7]. Summary by Sections Company Overview - The company has been deeply involved in energy digitalization since 2013 and has partnered with Ant Group since 2015 to expand its energy internet business [7]. - The main business segments include energy digitalization (49.10% of revenue in 2023), energy internet (32.45%), and internet television (18.45%) [8][9]. Financial Analysis - Revenue increased from 29.68 billion CNY in 2019 to 47.27 billion CNY in 2023, with a CAGR of 12.34% [13]. - The net profit for 2023 was 6.04 billion CNY, a year-on-year increase of 17.44% [13]. - The gross margin for energy digitalization improved to 40.34% in 2023, while the internet television segment saw an increase to 43.65% [14][15]. Industry Trends - The shift towards smart grids and market-oriented electricity systems is driving the development of new energy systems [17]. - The digitalization of the grid is crucial for managing renewable energy consumption and enhancing economic efficiency [17][20]. - The report highlights the increasing importance of digital technologies in the energy sector, supported by favorable government policies [20].