The temperature of the entire market today is 41 points, compared to the ultra-low temperature of 6 minutes yesterday, indicating that individual stocks are generally ushering in a retaliatory rebound. However, the market is still clearly weak, and individual stocks will face rebound pressure tomorrow.
In terms of sectors, yesterday's strongest robot concept, although the short-term stocks represented by Southern Precision, are still dying in a relatively hot market environment; But obviously funds are still worried, the high level of the artificial intelligence sector pullback.
Some of the new energy technologies mentioned yesterday, such as the hydrogen energy sector, have successfully risen along with the market heat; After the short-term sector leader-Jingcheng shares successfully boarded 3 boards, it stimulated funds to accelerate the rush to raise hydrogen energy machinery and equipment related stocks.
Founded in August 1958 and listed in 2003, Hua Guanghuan Energy focuses on the two major fields of environmental protection and energy, and carries out integrated business such as design consulting, equipment manufacturing, engineering construction, operation management, and investment.
In 2023, the industrialization of green hydrogen is expected to start at a high speed. With the high installed scale of new energy and the decline in power generation costs, green hydrogen bidding has begun to take shape and technology cost reduction has been continuously promoted.
In the hydrogen produced by renewable energy electrolysis of water, electrolyzers account for about 45% of the total cost of hydrogen production systems; At present, the main electrolyzer equipment technology applications are divided into alkaline electrolysis of water hydrogen production and proton exchange membrane hydrogen production.
In the A-share alkaline electrolyzer business, the main ones with high conceptual correlation are Huadian Heavy Industry, Sunfly Technology and Hua Guanghuan Energy. Huadian Heavy Industry 1200Nm3/h has successfully generated business contracts, while Huadian Ring Energy has obvious technical advantages, although 1500Nm3/h has not formed an order, but the technology has been successfully offline.
In terms of financial risks, because of the diversified development of its business and the fact that some businesses have asset-heavy investment and operation attributes, it can be seen that the company's financial pressure is greater from the high interest level of interest-bearing liabilities.
However, the company is an enterprise fully controlled by Wuxi State-owned Assets Supervision and Administration Commission, backed by national creditworthiness, and the risk assessment of financial thunderstorms in the short and medium term is low.
In terms of enterprise operation valuation, at present, the electrolyzer technology and business scale of domestic enterprises are in a weak competitive position in the world, and most electrolyzer concept stocks are stimulated by the imagination of industry growth space in the short term. According to IEA, the total global electrolyzer production capacity will reach 45.1GW/year in 2025. According to the current unit price of 2 billion yuan/GW, it will reach a market size of nearly 100 billion.
Returning to the current business valuation of Hua Guang Energy, because of the diversified nature of the business, the better valuation model is to choose the business split single valuation.
With the revenue of environmental protection engineering and services of 2.48 billion yuan in various business sectors last year, it is generally valued at about 10 times the valuation of A-shares, and this part is worth about 2 billion yuan.
The revenue of environmental protection equipment and energy-saving and high-efficiency power generation equipment was 1.95 billion, with a net profit margin of 13%, and the valuation of competitors was about 16 times, which was not less than 4 billion yuan.
The revenue of power station engineering and services was 1.59 billion yuan, with a net profit margin of 7%, and the valuation of the leading enterprise PowerChina was 8 times, which was not higher than 900 million.
The revenue of the thermal power operation sector is 2.83 billion, because the recent hot weather in the country, the green power sector is sought after by funds, and the overall valuation liquidity premium is high, according to the maximum risk-free valuation of 30 times, this part does not exceed 6 billion.
Comprehensive valuation, the current Hua Halo can not exceed 13 billion.
Risk warning: All of the above are subjective ideas, investment is risky, reference should be cautious