Household solar energy heating linyang energy ( 601222). Annual report in 2018 and 2019, a quarterly review: power surge electric meter business there

Events

company released 2018 annual report, the annual revenue achieved 40. 200 million ( Compared with the + 11. 9%) ； Realize female net 7. 600 million yuan, Compared to + 10. 9%) 。 Company annual integrated gross margin 37. 8% ( Compared with the + 0. 9基础保健护理信托机构) , mainly driven by high gross margin power generation business of ascension; 3 cost and r&d total accounted for more than 18. 7% ( Compared with the + 3 PCTS) , mainly due to the convertible bond issued financial expenses growth ( Compared with the + 120. 0%) As well as r&d spending growth ( Compared with the + 37. 2%) 。 In the first quarter of 2019, the company revenues 6. 500 million ( Compared with the + 19. 1%) Belongs to the mother, net 1. 600 million ( Compared with the + 5. 6%) 。

power drive integrated gross margin increase business income growth, rapid growth of system integration business

in 2018, solar portal, generating revenue growth integrated gross margin increase, photovoltaic power generation business revenue contribution of 13. 300 million ( Income accounts for more than 33. 1%) 9, contribution margin. 400 million ( Gross margin accounts for more than 61. 8%) 。

by the end of 2018, the company photovoltaic installations up to 1. 5 gw, solar equipment, all located in the central and eastern regions of given conditions. Company 400 MWN type high efficiency project has reaches producing double battery components, production efficiency more than 21. More than 85% 8%, double factors. Relying on the N type efficient components with the advantages of the efficient operations, the company with the turbine, and a number of large state-owned enterprises in CGNPC extend power station development business cooperation, EPC business revenues in 2018 10. 100 million ( Year-on-year growth of more than 20 times) 。

meters are expected to usher in a replacement cycle, photovoltaic (pv) grid, pan in power construction of Internet of things is expected to bring smart plate incremental

13 meters business revenues in 2018. Falling by 25, 300 million. 4%. Its start smart meters installation, around 2010 solar energy equipment, we expect its 2019 smart meters will gradually enter the replacement cycle, drive the company smart meters and revenue growth electricity information collection system. Early in 2019 announced its extensive in electric power network construction planning, the company smart meters and electricity information acquisition terminal belongs to the main intelligent terminal, pan in power construction of Internet of things is expected for the incremental contribution to the company's intelligent manufacturing sector.

considering the domestic photovoltaic bidding valuation and rating online and medium-term will bring some uncertainty to the photovoltaic market, we cut 2019 - company EPS 2020 to 0, respectively. 51/0. Fifty-nine yuan ( The original value of 0. 63/0. 78 yuan) EPS is 0, the new 2021. 69 yuan, present price corresponds to 2019 - PE multiples 11/9/8 times respectively in 2021. We are optimistic about the company as a long-term growth space, high quality commercial and industrial distributed power plant operators to maintain the company a 'buy' rating.

risk tip: distributed power station construction is not up to expectations; Efficient component capacity drop less than expected. Net, solar energy