On January 12, 2022, Henghua Technology (300365) issued an announcement that: Minsheng Securities Lv Wei Guo Xinyu Zheng Liang Jiang Ling, Shanxi Securities Wu Tong, Jiutai Fund Deng Mao, Morgan Huaxin Duan Yifan, Soochow Fund Chen Weibin, Western Lide Fund Wu Tong Lin Jing, Hengyue Fund Liu Gao, Zhongke Fertile Land Fund Huang Yiming, Debon Fund Wu Hao, Taixin Fund Wang Ting, Guohua Life An Zichao, Zhejiang Merchants Asset Management Chen Li, Jianxin Insurance Li Haopeng, SPDB Asheng Huang Xinglin, Shanghai Qushi Asset Management Sun Yin Jin Chaohui, Chong Yun Yu Haihai, Bank wealth management company Jiang Yaokun Xu Juanjuan, CICC Zhuo Delin Yu Mingyang Xu Yunan investigated our company on January 11, 2022.
The main contents of this survey are:
Q: How is the company's performance in 2021 and the current orders in hand?
A: In 2021, according to the overall strategic arrangement, the company will continue to deepen the power industry, increase the development of the new energy market, and actively expand to the fields of water conservancy and transportation. Especially in terms of new energy, the company actively participates in distributed photovoltaic, centralized photovoltaic, wind power and other projects, provides technical services such as planning and design and information products, and achieves certain results, and the specific operating performance is subject to the regular report released by the company at that time; at present, the company has abundant orders in photovoltaic-related fields, laying a better foundation for the company's development in new energy in 2022.
Q: What are the advantages of the company's multi-industry business expansion?
A: The company has focused on the vertical field of electric power for more than 20 years, participated in the formulation of industry BIM standards, independent product research and development, leading market share, and formed a good user reputation. Based on the core technology of the independent BIM underlying platform and the mature software products and service experience in the power industry, the company has the foundation for multi-industry expansion. At present, the company has a number of project applications in the transportation and water conservancy industries, such as the Guangxi Naban Reservoir Safety Supervision Digital Platform, Qingdao Dongjiakou Wisdom Control Platform, etc., which have produced good economic benefits and formed a good application demonstration effect in the industry.
Q: What is the geographical distribution of the company's business in 2021?
A: The company's business covers all provinces, autonomous regions and municipalities directly under the Central Government, and according to the past situation, the proportion of the company in North China, Southwest China and East China is relatively high, and more accurate data in 2021 will be disclosed in the annual report.
Q: What is the proportion of the company's distribution network business to the overall revenue?
A: From the historical data, the company's distribution network related business accounts for about 30% of the overall operating income. According to the current investment planning data analysis of the State Grid and China Southern Power Grid, it is expected that during the "14th Five-Year Plan" period, the digital distribution network business will usher in good market opportunities.
Q: Is the company involved in energy storage projects?
A: The company does not participate in the investment in energy storage power stations, we mainly provide consulting, design and other services in the energy storage link, and at the same time, based on the company's independent and controllable BIM underlying platform, we provide three-dimensional digital solutions and follow-up operation and maintenance services for new energy and energy storage.
Q: What is the rhythm of the company's county-level photovoltaic landing?
A: In 2021, the company undertook the planning consulting and part of the design business of relevant county-level photovoltaic projects, and it is expected that most of the relevant revenue will be recognized in 2022.
Q: What is the specific part of the business that the company is responsible for in the county-level photovoltaic construction project? Which parts are more valuable?
A: The company has a solid technical accumulation in the power energy industry, has a three-dimensional photovoltaic design software product based on its own BIM software platform, and has complete industry qualifications such as grade A of engineering consulting power (hydropower, new energy, nuclear power, thermal power), grade A of engineering design (transmission engineering, substation engineering), grade A of surveying and mapping (Internet map service, engineering surveying, geographic information system engineering), grade B of engineering design (new energy power generation, wind power generation), etc. It can provide full-process solutions for new energy projects such as county photovoltaics, from pre-planning consulting, three-dimensional design to post-investment operation management. In the early stage of the county photovoltaic project, the income of the design part is relatively high, the income of the consulting part is relatively low, and the value of the digital operation and maintenance of assets will gradually appear with the gradual completion of the project.
Q: Compared with overseas software vendors, where are the company's advantages?
A: Different from foreign general-purpose software manufacturers, the company has always been deeply involved in the vertical field of power since its inception, with an independent and controllable BIM underlying platform, related software products are written from the bottom layer, starting from zero code, and can be deeply customized and secondary development according to the industry and customer needs, which can meet user needs to the greatest extent.
Henghua Technology's main business: an information service provider for smart grid, is committed to the use of information technology, Internet of Things technology, and adhering to the concept of combining information technology and Internet of Things technology, to provide integrated and professional information services for the whole life cycle of smart grid.
Henghua Technology's 2021 third quarter report shows that the company's main revenue was 398 million yuan, down 22.77% year-on-year; net profit attributable to the mother was 59.1713 million yuan, down 36.52% year-on-year; deducting non-net profit was 57.3194 million yuan, down 39.17% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 106 million yuan, down 60.7% year-on-year; single-quarter net profit attributable to the mother was 17.612 million yuan, down 70.07% year-on-year In a single quarter, the non-net profit was 16.0829 million yuan, down 73.2% year-on-year; the debt ratio was 15.75%, the investment income was 6.5525 million yuan, the financial expense was -1.5933 million yuan, and the gross profit margin was 54.5%.
In the past 90 days, a total of 2 institutions have given ratings and 2 buy ratings; the Securities Star Valuation Analysis Tool shows that Henghua Technology (300365) good companies are rated 3 stars, good price ratings are 2.5 stars, and valuation comprehensive ratings are 3 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)