[matters]

Recently, the company disclosed a number of business announcements. On August 7, the company issued an announcement on the receipt of transaction notice for energy storage projects, confirming that the company became the trader of project package W01 for energy storage batteries and ancillary equipment used in Xuji Electric Energy Storage Project, with a transaction price of 240 million yuan (including tax). On August 10, the company issued the announcement of winning the bid for the Project. Golden Crown and its wholly-owned subsidiary Nengrui Power recently won the bid for related projects of State Grid, Southern Power Grid, Inner Mongolia Power, Changchun Metro, Pinggao Group and other companies, with a total bid amount of about 168 million yuan, involving products such as switchgear, high-voltage switchgear, complete sets of 10kV column transformer sets, ring cage and so on.

[comments]

Overcalculation-data center energy storage brings new space. The application mode of energy storage in the data center mainly includes several aspects: smooth new energy output, as a backup power supply for the data center, using a special structure of energy storage system to replace the traditional AC uninterruptible power supply (UPS), multi-station fusion application mode.

Energy storage can bring incremental benefits to the data center in terms of improving the stability of power supply, reducing energy consumption, and obtaining additional benefits. According to Bedgers, the global data center energy storage market capacity will be 9.391 billion yuan in 2022, and it is expected that the global data center energy storage market capacity will grow to 13.047 billion yuan in 2028.

Multi-business continues to win the bid, cashing in the logic of growth. Since 2023, smart power plate, charging pile and distributed energy have continuously won the bid, with a cumulative winning amount of more than 1 billion yuan. the bidders are involved in State Grid, Changchun Metro, Southern Power Grid, Pinggao Group, etc., and the specific products involve smart power plate (ring cabinet, switchgear, post switch, intelligent watt-hour meter, etc.), charging pile plate (integrated charging pile, etc.), distributed energy EPC general contract, etc. The continued success of the bid releases a positive signal that all business sectors of the company are growing steadily.

Distributed optical storage and overseas projects are progressing steadily. The continued success of the distributed optical storage EPC contract also demonstrated the company's determination to lay out industrial and commercial optical storage. At the same time, on July 26, the company's first industrial and commercial energy storage project "Ningbo Guanghua Battery Industrial and Commercial Energy Storage Project" was successfully put into operation, indicating that the company has industrial and commercial energy storage large-scale delivery capacity. Actively develop the overseas recharging market, the "life supply line" project has delineated sufficient growth space for the company.

The company has a multi-wheel drive strategy, both traditional business and new energy business are marginal, and overseas business expansion is smooth. We maintain our previous profit forecast and expect the company to achieve revenue of 23.13beat 36.75 / 5.377 billion yuan in 2023-2025, corresponding to return net profit of 1.77max 2.81 / 438 million yuan, corresponding to EPS of 0.21 pm 0.34 pm 0.53 yuan, current price corresponding to PE of 32-20-13 times, maintaining the "overweight" rating.

[risk Tip]

Market competition intensifies

Raw material price fluctuation

The progress of the project is not as expected.