20230717-国海证券-朗新科技-300682.SZ-2023H1业绩预告点评_非经常性损益变动和互联网终端销售节奏致业绩承压_虚拟电厂聚合资源拓展_5页

Langxin Technology (300682) received a "Buy" rating from Guohai Securities, maintained from previous analyses. The report highlights its financial performance, business segments, and future outlook.

Key financial highlights include:

• For 2023H1: Revenue is expected to decline by 5-67% YoY, and net profit by 50-56% YoY, primarily due to reduced smart TV terminal sales and lower non-recurring income.
• Quarterly trends show improvement from Q1, with环比 gains in Q2, and peak performance expected in Q4 driven by grid business cyclicality.
• For 2023-2025: Profit forecasts are slightly lowered to 9.06 billion yuan, 13.37 billion yuan, and 17.36 billion yuan, with YoY growth of 76%, 48%, and 30%, respectively.

Business segments:

• Energy digitization: Revenue growth of over 20% YoY with improved margins and new orders exceeding 40%.
• Energy internet: Expansion in virtual power plant aggregations, with platforms handling EV charging and solar PV, reaching over 75 MW capacity.

The investment case rests on the company's position as a leader in energy technologies, with potential for growth in marketing, power markets, and virtual电厂. However, risks include policy changes, slower-than-expected power market development, intense competition, and various market uncertainties.