The power and utility automation business has grown steadily. Jicheng Electronics released its 2014 annual report, achieving an operating income of 1.109 billion yuan, a year-on-year increase of 25.17%. The net profit attributable to the parent company was 130 million yuan, a year-on-year increase of 13.62%, and the basic earnings per share was 0.34 yuan, a year-on-year increase of 9.68. %. It is proposed to distribute a cash dividend of 0.6 yuan (including tax) for every 10 shares of all shareholders. Among them, the power automation industry realized operating income of 903 million yuan, an increase of 30.46%; the public utility automation industry realized operating income of 169 million yuan, an increase of 38.63%; other industries income of 35 million yuan, an increase of 54.33%.
Established a subsidiary of Jicheng Energy to lay out the energy Internet. Jicheng Energy also announced that it plans to set up a wholly-owned subsidiary, Jicheng Energy Co., Ltd. with its own funds of RMB 100 million, focusing on smart energy industry, smart micro-grid and new energy, industrial energy conservation and energy-saving services. Jicheng Electronics will take advantage of the technology, brand and resource advantages accumulated in the fields of smart grid, smart water, smart gas and energy-saving information technology for many years to expand into the direction of smart energy industrialization and energy Internet. At present, the company already has energy consumption data of 16,000 high-energy-consuming enterprises nationwide, 100,000 gas user data, and the potential for big data mining is obvious.
Expand the army to the people. Jicheng Electronics and Beijing Jiuyuan set up a military industry merger and acquisition industry fund. The company can rely on the core technology and industrialization experience accumulated by the company in the field of electronic information to carry out business development in the military industry and cultivate and develop new profit growth points for the company. In the future, the company can also infiltrate the listed company by military informationization project, and realize the company's military business sector bigger and stronger by means of non-military information project IPO.
Investment suggestion: Buy-A investment rating, 6-month target price of 30 yuan. We expect the company's 2015-2017 EPS to be 0.54 yuan, 0.80 yuan and 1.09 yuan respectively, corresponding PEs are 41 times, 28 times and 20 times, respectively, the initial investment-A investment rating, 6-month target price It is 30 yuan, which is equivalent to a dynamic P/E ratio of 41 times in 2015.
Risk warning: the military business expansion is slow; the energy Internet business is lower than expected.
Smart Energy: Supply Chain Finance Ready to Go
Category: Company Research Institute: Northeast Securities Co., Ltd. Researcher: Du Changchun Date: 2015-03-05
Vertical B2B is in line with the development trend of the industry and has outstanding advantages in building derivative value-added services such as supply chain finance. B2B e-commerce accounts for the main position of e-commerce, with rapid development and large room for growth.
Comprehensive B2B e-commerce "big and complete" features are difficult to penetrate into any industry, vertical B2B e-commerce deep into a single industry, provide the most professional information, establish the most appropriate trading and settlement mode, in the creation of O2O closed loop and supply chain finance Outstanding advantages. The overcapacity situation in the cable industry has forced companies to touch the net and promote the B2B e-commerce of trade methods. The market space of the industry and product standardization are conducive to the implementation of e-commerce. Under the "Matthew effect", the leading e-commerce companies will enjoy the trade e-commerce. Most of the dividends.
The company's e-commerce platform is well-developed and developing rapidly. The vertical e-commerce development path is “information platform-online trading platform-supply chain financeâ€, and the company's competitors are at the initial stage, with no user base and capital support for transformation and upgrading. The majority of users of the company's e-commerce monopoly industry, the influence of the information platform industry far exceeds the competition; the raw material trading platform reduces the procurement cost of SMEs, solves the problem of the seller's account period pain and bad debts, develops rapidly and has monopoly status with policy support, and the transaction volume is still There is a tenfold increase in space; cable trading treasures focus on the supply of short-term cable and medium and small cable enterprise inventory, and it is expected to use this as an entry point to further build a grid of electrical and electronic equipment in the trillion market, aiming to become a power transmission and distribution platform. Stationary solution provider.
Supply chain finance is poised for growth and is expected to dominate the 100 billion market. Supply chain finance effectively solves the ills of financing difficulties for SMEs and has great development prospects. In the era of Internet finance, supply chain financial entities are diversified. Vertical e-commerce deep-cultivation industry, strong professional knowledge, the formation of O2O closed-loop e-commerce has absolute control over the supply chain, the accumulation of big data is the ultimate model: online unsecured financing lays the foundation, the leading e-commerce platform with monopoly position will become the supply The best port for chain finance, and the additional funds for the port to increase the profit margin of e-commerce. The cable network replication steel-linking model aims to enter the field of derivative services such as supply chain finance. The cable market space is about 800 billion yuan, and the corporate financing demand exceeds 100 billion yuan. The company has no competitors and is expected to make full profits.
Risk warning: platform users are not imported as expected; professional Internet e-commerce intervention;
Sunshine Power - Electric Change Electric New Era Series Report 5: Standing at the outlet of the energy Internet, the industrial layout is perfect
Category: Company Research Institute: Guotai Junan Securities Co., Ltd. Researcher: Gu Qibin, Hong Ronghua, Liu Wei Date: 2015-03-27
Investment points:
Give an overweight rating. The market is too worried about the impact of inverter and EPC fierce competition on the company's growth. We believe that the high growth of domestic PV installations, the expansion of the overseas inverter market, and the holding of some power station operations will enable PV to maintain steady growth while simultaneously storing energy and electricity. The layout of the car and charging fields will bring great growth potential. The company's strategic positioning gradually shifts from equipment manufacturers to energy solutions and service providers. It is expected that 2014-2016EPS0.45/0.80/1.08 yuan, with reference to the valuation of comparable companies, consider the company's layout in the energy Internet field, enjoy a certain premium, give In 2015, 50 times PE, target price of 40 yuan, overweight rating.
The key links of the energy Internet are the most complete. Distributed power is one of the most important energy sources of energy Internet. Electric vehicles are the key component, and charging facilities play an interface role. Energy storage plays an important role in improving power quality and improving system stability. The company has layouts in distributed photovoltaics, energy storage (working with Samsung SDI), electric vehicle controllers, and solar charging stations.
Among them, the field of electric vehicle controllers has accumulated many years of technology, and the products have been applied in Ankai Automobile. With the outbreak of domestic electric vehicles, the company's drives will achieve rapid growth with high conversion efficiency advantages. It is estimated that the revenue of electric vehicles and energy storage will reach 50 million yuan and 100 million yuan respectively in 2015.
The photovoltaic business benefited from high growth in domestic installed capacity. On March 17th, the Energy Bureau documented the new PV scale of 17.8GW (+78%) in 2015, which is beneficial to the inverter and EPC links related to the installed height. We expect the company's inverter shipments in 2015 to be more than 6GW, an increase of 43% year-on-year, of which overseas exports are growing rapidly, with an estimated 800MW (+90%). Due to the abundant project reserves, it is estimated that EPC/BT will add 500MW in 2015 and transfer 400MW.
catalyst. The energy storage subsidy policy was introduced, and the new subsidy program for electric vehicles landed.
risk warning. Domestic PV installations did not meet expectations, and the EPC/BT transfer schedule did not meet expectations.
Ankerui Small and Medium-sized Information Update Report: Energy Internet Entrance Advantage
Category: Company Research Institute: Guotai Junan Securities Co., Ltd. Researcher: Sun Jinxi, Wang Yonghui Date: 2015-03-25
Investment points:
The first coverage was given an “overweight†rating with a target price of 44.6 yuan. Different from the market's understanding of Ankerui's power management products and solution providers, we believe that big data will be the core asset in the field of industrial Internet landing energy (ie energy Internet). The company has mastered the data resources of a certain scale of energy (customer end), which laid a solid foundation for the company to carry out power management platform-type business in the future. It is conservatively expected that the company's net profit for 2015-2016 will be 89.44 million yuan and 109 million yuan respectively, corresponding to an EPS of 0.62/0.76 yuan. Referring to the 65-time average valuation level of energy Internet industry enterprises in 2015, considering the horizontal expansion of the company's industrial chain to bring about the upward elasticity of performance, the company is given a certain valuation premium, giving Ankerui a target price of 44.6 yuan (72.0.62).
The industrial Internet is in the field of energy, and big data assets are the core. Industrial Internet can affect 100% of global energy production and 44% of energy consumption, which will bring huge efficiency improvements in the energy field. And energy big data will be the core asset of the industrial Internet in the energy field. We believe that energy big data collection is the first step in realizing the Internet's landing energy. For enterprises, how to access energy sector data and form a scale of energy data flow is the key to energy companies in the industrial Internet era (currently typical data portals include smart meters, intelligent energy management systems, etc.).
A gradual transformation of integrated energy management solution providers to master the entry of energy big data (client). We believe that after years of product development, sales and energy management solutions, the company has a certain amount of data resources (especially in smart power monitoring, power management, and electrical safety). It has laid a solid foundation for the company to carry out power management platform-type business in the future.
Catalyst: The company is expanding its industrial chain horizontally.
Core risks: The slowdown in China's industrial economic growth has affected corporate orders.
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