Lin Yang Energy (601222) In-depth Report: Quality Operator Assets in the Great Parity Era
Photovoltaic parity is gradually approaching, and private enterprise new energy operators will usher in the spring. The operator industry is currently 苏州夜网论坛 in the era of supplementation and transition to parity.
After photovoltaic operators achieve parity on-line access to electricity, electricity sales will simultaneously replace supplementary replacement issues. At the same time, as there is no arrears in bid compensation in 19-20 years, the estimation problem of long-term suppression of operating trademarks will be gradually resolved.
In addition, after the improvement of cash flow quality of power plant assets, the characteristics of its natural expected return rate will be changed to the property of holding financial assets. If photovoltaic financial products are generated in cooperation with the business of financial institutions, the financing issue will be resolved and the long-term holding value will beIt is further highlighted that the pricing and estimation system of photovoltaic operators will be further reshaped.
Photovoltaic business: The cash flow in the era of large parity is expected to improve further. In the first half of 2019, the company’s photovoltaic reserve projects reached 1.
In order to further consolidate the leading position in distributed photovoltaic power generation, while independently developing, constructing and operating generators, the company actively reserves various types of distributed power generation resources, and has 1 projects on hand.
And through the advantages of project development, power station design, efficient products, construction management, power station operation and maintenance, etc., it has successively cooperated with state-owned enterprises such as CGNPC, China Power Construction, China Energy Construction, China Tongjian, Datang, Huawei and State Grid E-commerceForm strategic partnerships, promote close cooperation between domestic photovoltaic EPC and overseas photovoltaic businesses, and create new growth points in the performance of the new energy sector.
Electricity meter business: The domestic replacement cycle is nearing, and overseas smart meter penetration is accelerating. Based on the 8-year operating cycle calculation, the demand for the replacement of the two network electricity meters will be re-released. The flooding of electricity in the construction of the electric power Internet of things, the domestic electricity meter industry is picking up.
As the replacement cycle will gradually start and overseas electric meter business penetration accelerates, the company, as a leading company in the electric meter industry, will benefit from a new boom cycle that began in 19 years.
Risks suggest that national photovoltaic policies are negative, decentralized, leading, photovoltaic poverty alleviation, and other support efforts are generally changing; domestic photovoltaic supplementary decline is higher than expected, and the rate of abandoned power cuts remains high; the decline in national economic growth has driven the downturn in the downstream power industry;The newly installed capacity of the company was less than expected, and the EPC project could not be implemented in time.
The company’s reasonable estimate is at 5.
30 yuan / share, maintain “Buy” rating. Considering that Linyang Energy is a photovoltaic operator + EPC advantage enterprise, and the industry is in the transition of bidding and parity, power cuts have improved, and the cost reduction has tripled. The industry and companies are expected to be resolved.Further fixes.
Combining absolute and relative estimates, we think the company’s reasonable estimate is 5.
56 yuan / share, maintain “Buy” rating.