Items:
The company publishes its 2023 semi-annual report. 2023H1 realized operating income of 862 million yuan, year-on-year + 42.36%, net profit of 108 million yuan, year-on-year + 278.55%, non-return net profit of 102 million yuan, year-on-year + 278.34%, gross profit margin of 27.21%, year-on-year + 7.25pct. 2023Q2 achieved operating income of 500 million yuan, year-on-year + 47.81%, month-on-month + 38.17%; homing net profit of 57 million yuan, year-on-year + 153.80%, month-on-month + 12.91%; deduction of non-return net profit of 55 million yuan, year-on-year + 155.14%, month-on-month + 15.62%; gross profit 27.08%, year-on-year + 4.77pct, month-on-0.31pct.
Comments:
With the high growth of distributed support business, overseas markets contribute an important driving force. The price of domestic photovoltaic modules has fallen sharply, and the investment demand for centralized power stations is growing rapidly, which has a positive impact on the sales of centralized stents. Europe has accelerated the transformation of energy structure and explosive growth in installed capacity, which has led to a high increase in household photovoltaic support business. In terms of business, 1) distributed support: 2023H1 achieved business income of 551 million yuan, an increase of more than 50% over the same period last year, and 248 million yuan in the European market, an increase of more than 300% over the same period last year. 2) ground support system: 2023H1 achieved operating income of 162 million yuan, a slight increase over the same period last year. 3) support intelligent tracker: 2023H1 achieved operating income of 5.7676 million yuan, down from the same period last year. With strong product quality and production capacity, the company continues to expand markets at home and abroad.
There has been a high increase in revenue from power plant business. 2023H1's photovoltaic power station business achieved an operating income of 68 million yuan, an increase of more than 200% over the same period last year. By the end of the second quarter of 2023, the company has accumulated 258.53MW of 151.6MW photovoltaic power stations, self-owned and operation and maintenance plants to be operated by the owner. In terms of EPC, the company's engineering services business achieved revenue of 65 million yuan, an increase of more than 200% over the same period last year. The company continues to integrate, transform and upgrade the system of power plant development, EPC and operation and maintenance team, build life cycle engineering services, and achieve cost reduction and efficiency, and digital energy management.
Actively develop household storage and portable energy storage products, which is expected to be increased in the future. In terms of household storage products, the company's target markets are mainly in Australia and Europe, and product certification has been completed; in terms of portable energy storage, the target markets are mainly in Australia and Japan, covering the American and European markets appropriately. At the end of June 2023, portable energy storage has entered the initial promotion in Australia, forming a small batch sale. Relying on the advantages of customer overlap and channel adaptation of household storage and photovoltaic support products, the company actively develops household storage and portable energy storage products.
Investment suggestion: benefiting from the growth of photovoltaic demand at home and abroad, the company's bracket business continues to be booming, and the revenue of the power station business is growing rapidly. we slightly adjust our profit forecast, and it is estimated that the company's 2023-2025 homing net profit will be 2.05pm 285x386 million respectively (the previous value is 189x274x374 million), and the current market value corresponding to PE is respectively times that of 18-13-10. Due to the downward shift of the valuation center of the industry, with reference to the valuation of comparable companies, it will be given 25x PE in 2023, corresponding to the target price of 18.72 yuan, maintaining a "recommended" rating.
Risk tips: terminal demand is not as expected, the progress of capacity expansion is not as expected, market competition is intensified, and so on.