Event: on the evening of August 7, the company announced that it had received a transaction notice for the purchase of energy storage batteries and ancillary equipment used in the energy storage project of Xu Ji Group, with an amount of about 236 million yuan.

Driven by both policy and industry demand, overcalculation & the prospect of data center energy storage is promising. At present, energy storage has become one of the guarantees for the stability of power consumption in data centers. the national and local governments have issued a series of relevant policies to encourage overcalculation & the development of energy storage in data centers. the large power consumption makes the profit of the peak-valley price difference of data-supercomputing center energy storage is higher than that of other industrial and commercial energy storage. According to Bedgers consulting data, the global data center energy storage market will be 9.391 billion yuan in 2022 and is expected to reach 13.047 billion yuan in 2028. The future market prospect is promising.

Solid-state battery is the first large-scale energy storage application in China, which broadens the industrial and commercial energy storage application field of Golden Crown Co., Ltd. The winning bid of Golden Crown Co., Ltd. is the first large-scale market-oriented application of solid-state battery in domestic energy storage power station project, and it is also the first case of energy storage in the field of supercomputing. The company's energy storage business has large-scale delivery capacity in the field of industrial and commercial energy storage. Zhongke Super calculation Energy Storage Project broadens the application scene of energy storage system products. With the implementation of the project, the company is expected to further explore the opportunity of overcalculation-data center energy storage project to accelerate the expansion of the national industrial and commercial energy storage market.

Investment advice: we believe that the company is expected to usher in a performance inflection point, while the large storage business products, channels and business models have all matured. As some of the company's projects are confirmed to start in the third quarter, the company's income rhythm is adjusted. It is estimated that the company's 2023 / 2024max 2025 net profit will be 1.80pm, 321pm, 451 million yuan respectively, and the current stock price corresponds to the price-to-earnings ratio of 2023E~2025E 30.17.68pm 12.24 times. Maintain the "overweight" rating.

Risk hints: raw material price fluctuation risk, market competition exceeding expectations, industry policy change risk, project has not yet signed a contract there is uncertainty risk.