Main points of investment
Event: the company released its 2023 semi-annual report on August 28.
The revenue of 2023H1 company is 460 million yuan,-17.0% compared with the same period last year; the net profit of 2023Q2 company is-50 million yuan, of which the revenue of 2023Q2 company is 310 million yuan, which is-29.3%, 95.4%, 2 million and 40.7%, respectively, compared with the same month.
Revenue side: lithium power equipment under pressure. The revenue of 2023H1's lithium equipment, testing services, and other businesses (mainly energy storage and charging piles) was 3.3 million yuan, respectively, and-23.87%, 0.28%, 19.28%, respectively, compared with the same period last year. The decline in revenue from lithium-ion equipment is mainly due to the company's initiative to reduce some orders with low gross margins.
Profit side: 2023H1's gross profit margin and net profit margin are 26.5% and 11.57% respectively, respectively, and + 1.37pcts/-10.36pcts respectively compared with the same period last year. The main purpose is to promote "optical storage overcharging station". The overall expense rate of the four items has increased by 14.15pcts.
Determined to increase the capacity of energy storage, policy efforts, and actively promote the integration of optical storage and charging. The company has developed and launched PCS covering different power segments of 100KW--3450KW, and its PCS products have won the Best PCS supplier Award for China Energy Storage Industry in 2023. The company plans to increase no more than 1.2 billion yuan for the nebula energy storage system and battery key components manufacturing and testing center project + replenishment. After the project reaches production, the field of energy storage and charging piles can form 810,1800 sets of industrial and commercial and grid side energy storage PCS, 8100 sets of DC fast charging piles and DC modules. In March 2023, Fujian 7 departments issued the "Fujian Optical Storage, charging and Inspection" charging Infrastructure Construction Management Guide (for trial implementation). It is expected that with the landing of specific policies in various places in the future, the "energy storage + fast charging" model will be rapidly promoted. The company and partners jointly develop and promote the overall solution of "Optical Storage, charging and Inspection Intelligent overcharging Station".
Cooperation with the time Nebula is expected to promote energy storage and charging pile discharge. In 2023, the company expects to sell 400 million yuan and purchase 100 million yuan related to the time Nebula. The company will cooperate wisely with the time Nebula and Nebula to effectively integrate resources. With the continuous progress of the project, it is expected to promote the volume of energy storage and charging pile business.
Profit forecast and investment rating:
We forecast that the company's revenue from 2023 to 2025 will be 2.39 billion yuan, and the net profit will be 0.31 billion yuan, respectively. The corresponding PE will be twice that of 143-35-18, and the company will be given a "overweight" rating.
Risk Tips:
The risk that downstream demand is lower than expected; the progress of new business is not as expected; and the risk that the information and data used in the research and report is not updated in a timely manner.