海外公路充换电、超算用储能项目打开增长空间。2023 年5 月，公司与俄罗斯联邦工商会中东代表处签订合作备忘录，拟规划建设一条由伊朗至俄罗斯的路上公路，干线的新能源场站投资总额14 亿元，直线新能源场站投资总额预计680 亿元。2023 年8 月，公司中标许继集团电科储能中科超算190MWh 项目，成交价格2.36 亿元，是公司在超算中心储能项目的首个案例，若开展顺利，将对公司未来储能业务拓展及经营产生积极影响。The company publishes its 2023 semi-annual report. During the reporting period, the operating income was 439 million yuan,-3.83% compared with the same period last year, the net profit attributed to the shareholders of the parent company was 31.7042 million yuan, + 505.26% compared with the same period last year, and the net profit attributed to the shareholders of the parent company was-9.7628 million yuan, year-on-year-60.53%. In terms of Q2 alone, the operating income was 230 million yuan, year-on-year-16.47%, month-on-month + 9.56%, net profit attributable to parent shareholders 19.4575 million yuan, year-on-year + 24.23%, month-on-month + 58.88%. After deducting the net profit attributed to the shareholders of the parent company-12.5099 million yuan, year-on-year-218.41%, month-on-month-555.38%.
From a product point of view: during the reporting period, the business income of high and low voltage switchgear sets / ring network cabinets / box-type substations / charging piles was 0.78 billion yuan respectively. The year-on-year changes were 10.52%, 35.55%, 55.65%, 12.30%, respectively, and the corresponding gross profit margin was 31.83%, 33.56%, 28.87%, 20.06%, respectively.
Each plate continues to win the bid, and the cumulative winning amount in 2023 has reached 1.36 billion yuan. During the reporting period, various sectors of the company steadily won the bid, involving ring network cabinets, switchgear, relay protection devices, box transformers, charging piles, wind farm EPC general contract and other business; according to our incomplete statistics, the cumulative winning bid amount has reached 1.36 billion yuan, except for 550 million yuan of wind farm project EPC general contract, the rest are smart grid plate products, with a cumulative amount of about 810 million yuan.
Overseas highway recharging and overcounting energy storage projects open up room for growth. In May 2023, the company signed a memorandum of cooperation with the Middle East representative office of the Russian Federation Chamber of Commerce and Industry to plan and build a highway from Iran to Russia, with a total investment of 1.4 billion yuan for new energy stations and 68 billion yuan for straight-line new energy stations. In August, 2023, the company won the bid for the 190MWh project in the Electric Energy Storage Department of Xu Ji Group, with a transaction price of 236 million yuan, which is the first case of the company's energy storage project in the supercalculation center. if carried out smoothly, it will have a positive impact on the company's future energy storage business development and operation.
[investment advice]
We estimate that from 2023 to 2025, the operating income will be 23.13 yuan, 36.75 yuan, 5.377 billion yuan, 98.39%, 58.90%, 46.29%, 2.81 / 438 million yuan, respectively, and the year-on-year growth is 266.06%, 59.29%, 55.87%. The corresponding EPS is 0.21 plus 0.53 yuan respectively, and the current price corresponding to PE is respectively times that of 32-20-13, maintaining the "overweight" rating.
[risk Tip]
Risk of policy change
Market competition intensifies
The performance of the order is not as expected.
