Linyang Energy(601222) Soochow Securities·2024-11-13 23:42Investment Rating - The report maintains a "Buy" rating for Linyang Energy (601222) [1] Core Views - The company demonstrates steady revenue growth and high dividends, reflecting confidence in its long-term operations and financial health [2] - The third quarter performance shows robust financials with a revenue of 5.17 billion yuan, up 8.8% year-on-year, and a net profit of 910 million yuan, up 7% year-on-year [2] - The company has a solid order backlog in the smart meter segment, with domestic orders totaling approximately 800 million yuan as of Q3 2024 [3] - The energy station business is also growing steadily, with significant contributions from new projects [4] - The company is expanding its overseas market presence, particularly in the Middle East and Southeast Asia, with substantial order acquisitions [3][4] Summary by Sections Financial Performance - Total revenue for 2022 was 4.944 billion yuan, with projections of 6.872 billion yuan for 2023, 9.687 billion yuan for 2024, and 13.142 billion yuan for 2025, reflecting a year-on-year growth rate of 39% in 2023 and 40.97% in 2024 [1][4] - Net profit attributable to shareholders was 856 million yuan in 2022, expected to rise to 1.031 billion yuan in 2023 and 1.182 billion yuan in 2024, with growth rates of 20.48% and 14.59% respectively [1][4] - The latest diluted EPS is projected to be 0.50 yuan for 2023, increasing to 0.57 yuan in 2024 and 0.66 yuan in 2025 [1] Dividend Policy - The company plans to distribute a cash dividend of 0.268 yuan per share, totaling approximately 547 million yuan, which represents about 60.11% of the net profit for the first three quarters of 2024 [2] Business Segments - The smart meter segment is stable, with a strong domestic market presence and ongoing international expansion efforts [3] - The energy station business is contributing significantly to revenue, with new projects successfully coming online [4] - The company is also accelerating its energy storage orders and aims to enhance its overseas revenue contribution [4]