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Linyang energy: sustained growth in the third quarter performance, EPC business will further enhance profitability 601222

linyang energy research institute, cinda securities analyst: Guo Jing injection, liu writing date: 2018 - 11 - 12

sustained growth in the third quarter performance, cash flow level obviously improved. Company's business is divided into intelligent, energy saving and new energy three major parts, respectively, smart meters, photovoltaic power station layout and battery and component manufacturing, integrated energy services business. In the third quarter of 2018 years ago, the company installed size of 1447 mw photovoltaic power station, an increase of 272 mw, including quarterly installed size no change in the third quarter.

in the first three quarters of hours is 908 hours, an increase of 61 hours. Electricity income growth companies in the first three quarters of gross margin year-on-year growth of 3. 16 PPT to 41. 86%. During the first three quarters rate rose by 2. 00 PPT to 16. Provision for convertible bond interest rates 54%, mainly in the first quarter financial asset ratio increase, 2 - The third quarter has been largely returned to normal. The company in the first three quarters of realizing business cash flow 3. 6. 9 billion yuan, rose 60. 24%, among which the third quarter 3. 2. 9 billion yuan, the cash flow level obviously improved.

SiHong application leading project part of the grid, will further enhance corporate profitability. In June 2018, the company with CGNPC for 200 mw SiHong lake day duty applications leader sign EPC general contract projects, as of September 2018, the project has been part of the grid. Regulations of the state, the third batch of the leader base needs by the end of 2018 grid, fulfill the EPC general contracting contract will lead to 11 for the company. 0. 9 billion yuan, Tax included) Income, 30 of total revenue in 2017. 90%, at the same time, further enhance the company's overall profitability will further expand the company the development and construction of EPC project experience for subsequent EPC projects.

to buy back shares for the employee stock ownership plan, enhance confidence in the market, improve staff cohesion. In July, the company issued a share buyback as a centralized price bidding transaction for employee stock ownership plan plan. As of November 2, 2018, the company has invested about 100 million yuan repo 2179. 1 of 700000 shares, accounting for the total equity. 25%, clinch a deal the price interval of 4. 24 - 4. 78 yuan/share. The share buyback will serve as a source of shares in the implementation of employee stock ownership plan, will be effective to shareholder interests core team, the company's interests and personal interests together, improve the staff's cohesive force and the company competition.

the profit forecast and ratings: we expect the company in 2018, 2019, 2020 operating income of 43 respectively. 6. 4 billion yuan, and 51. 60 and 8. 2 billion yuan. Mother 4. 3 billion yuan, belong to the net profit of 8 respectively. 3. 7 billion yuan, 11. 13 and 1. 6 billion yuan. 3. 9 billion yuan, EPS is 0, respectively. 47, 0. 63 and 0. 76 yuan, the corresponding on November 8, 2018 (closing 4. 77 yuan) The p/e ratio of 10, 8 and 6 times, respectively, we maintain the company & other; Buying & throughout; Rating.

risk factors: less than expected photovoltaic industry development; Photovoltaic products impact of technological innovation; Smart meters market competition resulting in a decline in profitability; The effects of policy changes.

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