Linyang Energy(SH:601222) Changjiang Securities·2024-11-07 06:18Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Views - The company reported a revenue of 5.166 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 8.76%. The net profit attributable to the parent company was 910 million yuan, up 6.95% year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 1.703 billion yuan, which is a year-on-year increase of 10.63%, but a quarter-on-quarter decrease of 10.82%. The net profit for Q3 was 312 million yuan, reflecting a year-on-year growth of 15.41% and a quarter-on-quarter decline of 18.18% [3][4]. Summary by Sections Intelligent Metering Segment - The intelligent segment is experiencing steady growth, driven by the demand for meter upgrades from State Grid and Southern Grid. The company has won bids worth approximately 800 million yuan this year and is actively expanding into overseas markets, with notable performance in Central and Eastern Europe [4][5]. - The company has secured overseas orders amounting to 806 million yuan and is collaborating with global leaders to enhance market share in Western Europe and Asia-Pacific [4]. New Energy Power Stations - The company is accelerating the construction and grid connection of new energy power stations. A 150MW photovoltaic project in Hebei successfully connected to the grid in October, boosting the sales business [4]. - As of the end of Q3 2024, the company has a self-owned power station capacity of approximately 1.34GW, including a 187MW wind power project, with a 100% consumption rate for its projects located in favorable regions [4]. Energy Storage Business - The energy storage segment is seeing accelerated delivery and profitability. The company has delivered nearly 3.5GWh of energy storage devices and systems, with multiple projects now operational [5]. - In September, the company launched the Power Key 2.0 intelligent modular P2G energy storage system, enhancing its market competitiveness [5]. Financial Data - For the first three quarters of 2024, the company reported an operating net cash flow of 625 million yuan, attributed to improved collection quality. The expense ratio for Q3 was 14.04%, an increase of 2.07 percentage points year-on-year, mainly due to rising financial costs [5]. - The company is expected to achieve a net profit of 1.2 billion yuan in 2024, corresponding to a PE ratio of 13 times [5].