This report is read as follows:
The company is the leader of SVG in the field of new energy, and the main business is developing steadily. With the acceleration of domestic large-scale energy storage bidding, relying on the overall layout of energy storage technology and geographical advantages, the company's energy storage business growth is expected to exceed expectations and open up a second growth curve.
Main points of investment:
Coverage for the first time, given the "increased" rating: as the leader of new energy SVG, the company relies on the geographical advantages of Shandong, the comprehensive layout of energy storage business, with the acceleration of domestic large-scale energy storage bidding, energy storage business is expected to expand quickly. It is estimated that the company's net profit for 22-24 will be 1.42 shock 1.96 / 248 million yuan, an increase of 22.4%, 37.9% and 26.6% over the same period last year, and the corresponding EPS for 22-24 will be 1.02 shock 1.40 shock 1.77 yuan. With reference to the 23-year industry average valuation and considering that the company is in a period of accelerated growth, the company is given a 23-year 43.83x PE, corresponding to the 23-year target price of 61.37 yuan, covering for the first time and giving an "overweight" rating.
With the rapid growth of new energy installation, the company has broad prospects for SVG business. The growth rate of the company's SVG business benefits from the rapid development of new energy installation in China, enjoying a growth rate that exceeds the industry average.
It is expected that product sales will rise steadily and prices are expected to stabilize and pick up.
The layout of the company's energy storage products is perfect, and the capacity expansion reserves are sufficient. The company's main products include PCS and system integration, in which system integration business except battery PACK will achieve full-product self-production. The company also has the production technology of low-voltage centralized products and high-pressure Fed energy products to meet many types of customer requirements.
Backed by Shandong Energy Group, there are plenty of projects on hand, and the development of energy storage business is expected to exceed expectations. Shandong energy storage policy has led the country, and the company has now become an enterprise directly under the New Energy Company of Shandong Energy Group. Over the past 22 years, the company has won the bid for energy storage projects, geographical advantages may further enhance the company's energy storage competitiveness.
Risk tips: raw material prices fall less than expected; market competition is fiercer than expected; the company's energy storage is less than expected.