”Connections and services”Build a one-stop solution and build a three-dimensional charging network ecosystem with diversified businesses

The company is one of the largest and fastest growing electric vehicle charging service providers in China, managing China's largest third-party charging network.The company was founded in 2019 and has been actively building a one-stop solution for the new energy charging industry since its establishment; in June 2022, the company was listed on the NASDAQ, becoming the first stock of charging services in China. The company grasps new energy opportunities and is committed to providing online and offline charging solutions and non-electric value-added services for charging operators and electric vehicle owners, and building a three-dimensional charging network ecosystem with “industry connectors”.

Highlight 1: The charging operation service market continues to expand, the company has a mature solution matrix and a wide range of customers

Industry levelThe rapid penetration of domestic new energy vehicles has continuously increased consumer demand for charging, and the rapid increase in public charging volume has driven the continuous expansion of the charging operation service market. The market is expanding and is also highly decentralized, and leading charging service providers have ushered in opportunities for integration. The company's one-stop solution covers the entire life cycle of charging operations. Currently, the company's one-click operation and maintenance has covered 3,000 charging stations in 300 cities, providing maintenance services for more than 20,000 parking spaces.On the customer sideThe company's full-life cycle service plan brings high customer stickiness and has covered high-quality enterprises such as Ideal Auto, AITO Auto, GCL Energy, and Telai.

Highlight 2:”endogenous+epitaxial”Efficient integration of resources, consolidation of leading positions and strengthening the layout of optical storage and charging

”endogenous”In terms of resourcesEnergy Chain Group serves tens of thousands of enterprise customers and hundreds of millions of automobile users to build a digital center for the Energy Internet of Things. The company relies on Energy Chain Group to efficiently transform customers. With gas station resources within the Energy Chain Group, it can quickly reach local state-owned enterprises that control high-quality land resources. As of June 2023, the company has reached in-depth cooperation with state-owned enterprises such as Luzhou Energy Investment and State Grid Changzhi to jointly build an urban NEV charging and switching facility service system to accelerate the replacement of old and new kinetic energy and the development of the new energy industry.”epitaxial”In terms of resourcesA cooperation agreement was signed with Haibo Sichuang in January 2023 to jointly fund the establishment of the energy chain Haibo and lay out diversified energy storage solutions. Haibo Sichuang is a leading domestic energy storage system solution service provider, actively lays out independent energy storage power plants, and deeply integrates wind power, photovoltaics, energy storage with the power grid, and has already launched a multi-energy complementary demonstration project. In June 2023, the company acquired 89.99% of the shares of Hong Kong Optoelectronics through its subsidiary Data Auto and entered the field of distributed solar power plants in Hong Kong.

Highlight 3: Lay out virtual power plants and charging robots to innovate business+Going overseas starts a second growth curve

In terms of virtual power plantsThe company is already eligible to apply for virtual power plant load aggregators in some regions; in June 2023, the company officially released virtual power plant products and signed strategic cooperation agreements with Beijing Qingneng Internet Technology Co., Ltd. and Jingneng International Holdings Co., Ltd. to cooperate deeply in power transaction decision optimization, artificial intelligence analysis and prediction, resource aggregation modeling and optimization scheduling, distributed photovoltaics, energy storage and green power transactions.In terms of charging robotsThe company independently developed an automatic charging robot. As of 23/6, the company had reached cooperation with Light Orange Era and Extreme Fox respectively, focusing on the application of intelligent electric mobility and smart energy supplementation technology.From the sea sideThe company has set up a European headquarters in the Netherlands, discussed cooperation matters with the governments and energy companies of the United Arab Emirates, Oman, Saudi Arabia and other countries in the Middle East, set up an office in Singapore to deploy charging solutions, and negotiated cooperation opportunities with major Japanese energy companies.

The company is a global leader in charging services to”Connections and services”The advanced model empowers the golden age of smart electricity.The number of new energy vehicles owned in China is rapidly expanding. Currently, it may be on the eve of rapid growth in the domestic charging service market. The company relies on digital capabilities to provide third-party services to the entire industry, and the charging solution business is expected to continue to rise; the virtual power plant business and charging robots may become important competitive advantages for the company in the future. We expect the company's revenue for 2023-2025 to be 55,25.01 billion yuan and 4.94 billion yuan respectively, net profit of -4.1/-34/06 billion yuan respectively, and the corresponding PS/G for 2023/2024 to 0.02 x and 0.01 x respectively.Considering that the company's compound growth rate is expected to be significantly higher than that of comparable overseas companies in the future, and that the company is deeply involved in the domestic charging market, there is a certain scarcity of the first stock of charging services in China, we give the company2024 year0.02 timesPS/G, corresponding2024 year8.4XP/S, target price13The US dollar covered grants for the first time”buy”ratings.