Lin Yang Energy (601222) 2018 Annual Report Comments: Photovoltaic Continued Growth, Smart Turning Point Visible

Lin Yang Energy (601222) 2018 Annual Report Comments: Photovoltaic Continued Growth, Smart Turning Point Visible

Investment 西安耍耍网 Highlights The company released its 18-year annual report and 19-year quarterly report: The company realized operating income of 40 in 18 years.

2 ten percent, an increase of 11 per year.

9%, realizing net profit attributable to parent company7.

600 million, an increase of 10 in ten years.

9%, net profit of non-attributed mothers was realized7.

4 ‰, an increase of 9 in ten years.

6%, performance was slightly higher than expected.

A cash bonus of 1 is paid for every 10 shares.

75 yuan (including tax).

In Q1 19, the company realized operating income6.

90,000 yuan, an increase of 19 in ten years.

1%, realizing net profit attributable to the parent company1.

6 ppm, an increase of 5 in ten years.

6%, the net profit of deducting non-attributed mothers1.

500 million, a five-year growth of 5.

3%, performance was in line with expectations.

The turning point of the smart sector is imminent, benefiting from the ubiquitous layout of the Internet of Things: the company’s smart sector has achieved revenue for 14 years.

300 million, through domestic market breakthroughs, to suppress domestic demand fluctuations.

In 2018, the company achieved overseas sales of US $ 38.05 million and orders in hand amounted to US $ 48 million.

At the same time, the company, as a global meter leader, is expected to benefit significantly from the ubiquitous power IoT construction bonus, and the construction of the “three types and two networks” terminal layer opens up a new blue ocean of smart terminal demand.

High-quality power station projects are in hand, and the trend of parity is worry-free: the scale of the company’s holding of power stations has been reduced to 1 since the end of 18 years.

45GW, power generation exceeded 7.

500 million to realize power generation revenue1.

33 ppm, an increase of 21% per year.

The company reserves item 1 in hand.

Above 6GW, and actively distribute distributed projects after parity.

The recent implementation of the parity policy is conducive to the orderly expansion of the company’s power station scale.

N-type battery efficiency breakthrough, EPC first year victory: the company’s high-efficiency N-type battery mass production conversion efficiency exceeded 21.

8%, and started the TopCon technology upgrade.

At the same time, with N-type high-efficiency products, EPC’s first year revenue exceeded 1 billion, and established cooperative relationships with core operators at home and abroad.

The company plans to realize the development and construction of 300-500MW power stations in 2019, including the deployment of overseas business of 100-200MW, to achieve the basis of continuous growth in performance, and to promote the application and penetration of N-type high-efficiency products.

Investment suggestion: We have adjusted our profit forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

53 yuan, 0.

64 yuan, 0.

77 yuan, corresponding (included on April 25) PE is 10.

3 times, 8.

5 times, 7.

1x, initial prudent increase in rating. Risk warning: The installed capacity of distributed photovoltaics does not meet expectations; the expansion of overseas business does not meet expectations; domestic competition is intensifying.