联美控股：供热龙头双轮驱动，清洁供热助力成长

Investment Rating - The report does not explicitly state the investment rating for the company Core Insights - The company is a leading heating provider in Shenyang, benefiting from both new and replacement demand, with heating business revenue increasing from 1.881 billion to 2.187 billion RMB from 2019 to 2023, a growth of 16% [2] - The average heating area expanded from 65.8 million square meters to 74.4 million square meters, a growth of 13%, while heating prices increased from 28.6 RMB/square meter to 29.4 RMB/square meter, a growth of 3% [2] - The company has a market share of approximately 23% in Shenyang, with a total connected area of 98.79 million square meters as of the end of 2022 [2][3] - The company is actively expanding beyond Shenyang into markets such as Shandong, Jiangsu, and Shanghai, transitioning from a local to a national enterprise [7] Revenue Growth - The company's heating business revenue has shown significant growth, driven primarily by an increase in heating area [2] - The projected revenue for 2023 is 3.411 billion RMB, with a slight decline of 1.12% expected, followed by growth rates of 5.67%, 5.38%, and 3.15% in the subsequent years [45] Cost Advantages - The company maintains a competitive edge through long-term price contracts, related party procurement, off-season coal storage, and refined management practices [11][12] - The company has established a long-term coal supply relationship with Electric Power Investment Energy, which accounts for 72% of its fuel costs, allowing for lower fuel costs compared to market prices [11] - The company has implemented a strategy of storing coal during off-peak seasons to capitalize on lower prices [12] Advertising Business Insights - The outdoor advertising market is recovering, with a 14% year-on-year growth in 2023, reaching a total market size of 206.8 billion RMB [21] - Digital outdoor advertising is gaining market share, increasing from 56% to 63% of total outdoor advertising expenditures from 2021 to 2023 [23] - The company has established a strong digital media network across the national railway system, with 561 signed railway passenger stations and 5346 digital media screens [33] Customer Base - The company has a diverse and high-quality customer base across various industries, enhancing its risk resilience [38] - The proportion of revenue from direct advertising clients has increased from 57% to 71% from 2018 to 2020, indicating strong customer loyalty [42]