Linyang Energy(SH:601222) Huaxin Securities·2024-05-06 09:30Investment Rating - The investment rating for the company is "Buy (Maintain)" [27] Core Views - The company has shown strong growth in its core business areas, including smart meters, photovoltaic (PV) technology, and energy storage solutions, with significant market expansion both domestically and internationally [8][29] - The company achieved a revenue of 6.872 billion yuan in 2023, representing a year-on-year growth of 39%, and a net profit of 1.031 billion yuan, up 20% year-on-year [24] - The company is expected to continue its growth trajectory, with projected revenues of 10.079 billion yuan in 2024 and 13.024 billion yuan in 2025, alongside an increase in net profit [12][29] Summary by Sections Smart Meter Business - In 2023, the company won bids for smart meters worth 6.26 billion yuan from State Grid and 2.99 billion yuan from Southern Grid, while also expanding its market share in Europe and Asia [8] - The company has established a strong presence in the Central and Eastern European markets, achieving over 30% market share in Poland [8] Photovoltaic Technology - The company's high-efficiency N-type TOPCon photovoltaic cell production base has successfully completed its first phase with a capacity of 6GW [9] - The company has signed multiple operation and maintenance contracts, with a total installed capacity exceeding 12GW, marking a 50% year-on-year growth in operational capacity [9] Energy Storage Solutions - The company has seen a significant increase in its energy storage revenue, growing over 2.5 times, with system deliveries exceeding 2GWh [9][29] - The company has established a joint venture for lithium iron phosphate battery production, achieving full production capacity of 10GWh [29] Financial Projections - The company forecasts revenues of 10.079 billion yuan in 2024, 13.024 billion yuan in 2025, and 15.662 billion yuan in 2026, with corresponding net profits of 1.184 billion yuan, 1.421 billion yuan, and 1.660 billion yuan respectively [12][29] - The projected earnings per share (EPS) are expected to rise from 0.50 yuan in 2023 to 0.81 yuan in 2026 [12][29]