Shuangliang Energy Saving (600481) Incident Review: System Integration and Energy Management Performance Increased


Shuangliang Energy Saving (600481) Incident Review: System Integration and Energy Management Performance Increased

Event: The company released its 2018 annual report, and the company actually realized a total operating income of 25.

500,000 yuan, an increase of 45 years.

78%; net profit attributable to shareholders of the parent company.

520,000 yuan, an increase of 162 in ten years.


Investment Highlights: All businesses are improving and performance growth is increasing.

In 2018, the profitability of major downstream customers of the company improved, investment is expected to increase, and sales of products and systems related to the company’s energy-saving solutions increase, and business in all sub-sectors has improved.

The bromine refrigeration business realized operating income.

8.2 billion, accounting for 31.

22%, an annual increase of 35.


The market share of flue gas energy-saving systems exceeded 58%; the heat exchanger realized operating income2.

26 ppm, an increase of 40 in ten years.

31%, and achieved new business development and rapid development in the energy and chemical industry; air coolers achieved operating income8.

7.2 billion, accounting for 34.

81%, an annual increase of 63.

At 74%, sales of steel structure air cooling tower systems continued to increase, and all domestic coal chemical air separation and air cooling project orders were received.

At the same time, the operating income of the substantial reduction furnace has increased significantly by 204 each year.

52%, building energy efficiency operation and maintenance has gradually signed more than 40 public construction projects, the contracted area is about 4 million square meters.

Thanks to this, the company’s preliminary net profit attributable to mothers in 20182.

520,000 yuan, a sharp increase of 162.


Comprehensive gross profit margin 29.

15%, basically the same as the previous year; due to the decrease in interest expenses, the increase in exchange income brought about a reduction in financial expenses, and the sales expense ratio continued to decline2.

99 units, the company’s net interest rate extended by 4.

79 units.

The system integration model and energy services create the company’s dual engines of growth.

The products launched by the company have leading advantages in average prices in various sub-sectors. Through the development of process packages around core technologies to create engineering system integration, the company opened up the experimental and application channels of the research results of the research institute in 2018, as well as the technology of the various divisions.Integration and collaboration, system solution capabilities continue to improve.

The company also develops smart energy management business in the field of public buildings. It supports the activation of energy efficiency analysis and diagnosis models of building heating and ventilation systems through industrial Internet technology and artificial intelligence algorithms to achieve data collection, energy efficiency analysis and fault diagnosis, and automatically realizes key energy-consuming equipment.Energy saving control strategy.

In 2018, the system integration (EPC) and contract energy management (EMC) businesses of all the company’s divisions and subsidiaries achieved operating income.

71 ppm, an increase of 68 in ten years.


We are optimistic about the new development direction provided by building energy efficiency for the company.

The “Thirteenth Five-Year Plan” for energy conservation of public institutions proposes that the total energy consumption of public institutions should be 苏州夜网论坛 controlled to 2 by 2020.

Within 2.5 billion tons of standard coal, water consumption should be controlled within 14 billion cubic meters. Based on 2015, the unit building area will decrease by 10% in 2020.

According to a calculation by the Ministry of Housing and Urban-Rural Development, the planning goal for energy-saving renovation of public buildings during the “Thirteenth Five-Year Plan” period in all provinces and cities nationwide is 1.

500 million square meters, the minimum financing needs will also reach about 13 billion, opening up new markets for the company’s smart energy management.

Strengthen the layout of new energy and clean energy.The company’s new energy equipment business has developed strongly, and the gradual reduction furnace system achieved operating income in 20184.

430,000 yuan, an increase of 204 in ten years.

52%, continue to occupy market leading share.

The country’s first high-silicon core 40-pair rod reduction furnace was put into production in Sichuan Yongxiang and Xinjiang Daquan projects. The 72-rod rod reduction furnace independently developed by Mengdongli Project was successfully put into operation at one time, showing the company’s core competitiveness in the core field of photovoltaic.

In essence, the company has also accelerated the research and development of compact high-pressure and high-efficiency low-temperature heat exchangers and gasifiers for the liquefied natural gas industry, which is expected to be widely used in the development of sea gas and liquefied natural gas receiving stations and peaking stations.

Maintain the company’s “overweight” level: the company’s strategic focus on energy-saving businesses, and its industry-leading advantages in the manufacturing of key equipment such as bromine refrigerators, air-cooling systems, and gradual reduction furnaces, and further enhance the company’s product market competition through system integrationAt the same time, we will accelerate the development of new technologies and products in the clean energy industry, and conform to the trend and direction of energy structure adjustment.

With the improvement of environmental protection requirements, the investment in technological transformation brought about by the improvement of the balance sheet of the cyclical industry is expected to increase, and the company’s traditional energy-saving business has entered a recovery.

At the same time, the building energy blue ocean market is gradually released, and the company’s card slot layout has obvious advantages, which will provide a new direction for business development.

We expect the company’s EPS for 2019-2021 to be 0.

19, 0.

23 and 0.

28 yuan / share, corresponding to the current maximum PE is 23 respectively.

75, 19.

64 and 16.

20 times, maintaining the company’s “overweight” rating.

Risk warning: The production and sales of related products are lower than expected risks; the risk of rising raw material prices; the risk of sluggish downstream industrial demand; the fierce market competition brings the risk of price decline.