Photovoltaic support leader in Australia, profitability is gradually improving
The company's main business includes intelligent photovoltaic tracker and other photovoltaic support, photovoltaic power station development, construction and operation, etc., is the Australian household photovoltaic support leader, but also the only A-share distributed photovoltaic support listed company. The company's products are widely used in domestic and foreign ground power stations, industrial and commercial roof power stations, household systems and so on. As of June 30, 2022, the company's products have covered more than 30 countries around the world, accumulated sales of more than 15GW, and used in more than 12000 photovoltaic ground power stations and more than 730000 roof photovoltaic power stations.
2022H1 achieved a total operating income of 606 million yuan, an increase of 17.48% over the same period last year, and a net profit of 28 million yuan, down 19.70% from the same period last year. Gross profit margin was 19.96%, down 6.27pcts, and net interest rate was 4.73%, down 2.3pcts. The decline in net profit and profitability is mainly due to the high shock of raw material prices, while the product price transmission has a certain lag, which makes the product gross profit margin lower than the same period last year. The gross profit margin of the company's products has gradually improved since the beginning of the second quarter and is expected to return to normal in the third quarter of this year.
The European bracket business benefits from the energy crisis and continues to grow at a high speed. Europe's energy supply is tight, and the war between Russia and Ukraine has intensified this trend. nowadays, the contradiction between power supply and demand in Europe is extremely prominent, and European countries have issued policies to encourage the development of new energy. to promote the overall demand of the European photovoltaic market continues to be strong. Recently, the German cabinet passed the 2022 tax bill, exempting roof photovoltaic from household photovoltaic income tax and value-added tax on household and public building photovoltaic systems, which will be implemented at the beginning of 2023. At the same time, the EU has proposed a plan to digitize energy systems, which will require the EU to invest 565 billion euros in infrastructure by 2030 and by 2027. Install solar panels on the roofs of all commercial and public buildings in the EU. The European photovoltaic market has great potential for growth.
The company has a wholly-owned subsidiary in Europe, and relying on the distributed photovoltaic support sold in the Australian market for many years and perfect service system, actively develop the European market and promote roof support products. At present, all the stent products sold by the company in Europe have passed the German T
V certification. In 2021, the company's operating income in Europe reached 16.1853 million yuan, an increase of 226.32% over the same period last year. 2022H1, the company achieved business income of 53.8491 million yuan in the European market, an increase of 612.34% over the same period last year, and its performance continued to grow at a high speed.
Accelerated household energy storage layout is expected to form a new performance growth point the company accelerated household energy storage layout. At present, the product packaging scheme, user manual, publicity scheme and other promotion work has been completed, which is still in the stage of testing and certification. The company expects to complete the certification in Japan, Australia and Europe in the third quarter of 2022, and launch its own brand household energy storage system products in Europe and Australia, relying on existing regional sales channels to roll out energy storage products quickly.
European household energy storage market has a broad space, but the current household storage penetration rate is still low.
The company's household storage products adopt integrated design, small size, light weight, beautiful and easy to install, which can significantly improve the spontaneous generation rate of photovoltaic power generation, reduce the cost of electricity through output control and peak-valley time control, and reduce dependence on the power grid. The company's household energy storage business is expected to become its new performance growth point.
Profit forecast
It is predicted that the income of the company from 2022 to 2024 is 15.8,24.5,3.1 billion yuan respectively, and the EPS is 0.37,0.58,0.87 yuan respectively. The current stock price corresponding to PE is 40,25,17 times respectively, maintaining the "buy" investment rating.
Risk hint
The risk of raw material price fluctuation, the risk of European market development falling short of expectation, the risk of international environment and exchange rate change, the underdevelopment of energy storage business, and so on.