20231201-中邮证券-联美控股-600167.SH-淡季存煤提升盈利_持续布局氢能静待花开_5页_419kb

报告摘要

Summary of Securities Research Report: Linkem Holdings (600167)

The securities research report from Zhongyou Securities provides an "Buy" recommendation for Linkem Holdings (600167), issued on December 1, 2023. The company is a leading clean heating service provider in China, with a focus on heating, energy, and related sectors.

Company Overview

Linkem Holdings operates in the utilities sector, primarily in clean heating and energy services. Key financial metrics as of the latest data include a closing price of RMB592, total/market capitalization of RMB135 billion, and a high debt ratio at 309%. The company has a strong cash position, with RMB71.2 billion in cash reserves as of Q3 2023, supporting its strategic expansions.

Key Financial Performance (Q1-Q3 2023)

For the period Q1-Q3 2023, the company reported revenue of RMB21.8 billion, a decrease of 50% year-on-year, but net profit attributable to shareholders grew by 34% to RMB6.5 billion. This improvement is attributed to increased coal storage during the off-season to lower heating costs, which boosts profitability during the winter heating season. Q3 specifically saw a revenue increase of 673% compared to the same quarter last year.

Investment Highlights

Clean heating leadership: According to the "Shenyang City Four-Five-Year Urban Heating Plan," heating areas and clean energy supplies are expected to grow at compound annual growth rates (CAGR) of 16% and 393%, respectively, over the next five years.
Strategic initiatives: The company is expanding its "comprehensive energy" strategy through digitization and is investing heavily in hydrogen energy. In 2021, it invested in a hydrogen energy company, and in 2022, it signed agreements with Beijing Gas Pingguo to collaborate on distributed energy, hydrogen stations, and other projects.
Asset strength: High cash reserves support these investments, aiming to create core competitiveness in hydrogen-related areas such as clean hydrogen production and fuel cells.

Financial Projections

The forecast for 2023-2025 shows steady growth in revenue (RMB36.2 billion, RMB38.4 billion, RMB41.2 billion) and net profits (RMB10.4 billion, RMB11.0 billion, RMB11.7 billion). The price-to-earnings (P/E) ratio is expected to decrease from 14 to 12, supporting the "Buy" rating.

Risk Assessment

Potential risks include delays in new business developments and volatility in raw material prices. Investors are advised to review the full report and disclaimers for detailed risk disclosures.