Huawei liquid-cooled overcharge omni-directional strategic partners have been distributed in the Director's Triangle, Greater Bay area and Zhengzhou.

After entering the optical storage racetrack, the company aims at the vast market of mobile energy and quickly reaches cooperation with various parties. On June 29, the company and Huawei Digital Energy have reached an all-round cooperation on the construction of an integrated liquid-cooled overcharge network, planning to build and operate 50 liquid-cooled supercharge stations in the Yangtze River Delta and Dawan area within 3 years. On July 19, Xiexin Group, Huawei Digital Energy and Zhengzhou Municipal Government signed a strategic cooperation framework agreement, focusing on the "city of overcharge", "city of computing power", city "pumped storage" and other fields, the three parties will work together to build an integrated source network charge and storage system for Henan.

According to the implementation opinions issued by Henan Province to speed up the development of new energy storage, Zhengzhou will layout 160,000 charging piles this year and next, and Xiexin Group will work with Huawei to land a number of new energy industry chain projects in Zhengzhou. According to Huawei Digital Energy, fully liquid-cooled overcharging technology has realized the advantages of charging "one kilometer per second", high equipment reliability, long life, matching all models and instant charging.

As Huawei's strategic partner of liquid-cooled overcharging, the company is expected to overtake in the corner in the field of charging piles, relying on its own energy enterprise advantages.

The coverage of the whole industrial chain of the group produces a synergistic effect to enhance the competitiveness of the company in the field of landscape storage and charging. Xiexin Group covers the upper, middle and lower reaches of the photovoltaic industry chain, providing one-stop services for R & D, design, production and sales of photovoltaic high-efficiency cells, differentiated components, power plant EPC, energy storage system, integrated energy system integration and other related products, with experience in green energy operation and comprehensive energy services. Recently, the first new energy vehicle supply station with the organic combination of "photovoltaic + energy storage + ultra-fast charging" technology in Jiangsu expressway service area, jointly built by Suzhou Exchange Group and Xiexin Group, has been officially put into use in Baiyanghu service area of Changtai Expressway. The power station is divided into east and west, which can hold 20 new energy vehicles for charging at the same time, and is expected to serve 200000 new energy vehicles for the whole year. The synergy formed by the coverage of the whole industry chain will effectively enhance the company's competitive advantage in the field of landscape storage and charging integration.

Investment suggestion: it is estimated that the company's operating income from 2023 to 2025 will be 121.17 yuan, 151.51 yuan and 17.436 billion yuan respectively, an increase of 13.4%, 25% and 15.1% over the same period last year, and the net profit of returning home will be 12.57,16.55 and 1.984 billion yuan respectively, up 85%, 31.6% and 19.9% respectively over the same period last year. The corresponding EPS is 0.77,1.02,1.22 yuan, and the PE is 16.7,12.7,10.6 times, maintaining the "overweight" rating.

Risk tips: macroeconomic downside risks; lower-than-expected risks of switching vehicles; mobile energy business expansion does not meet expectations; fuel prices continue to rise leading to gross profit margin decline risk; clean energy project construction schedule is not as expected risk; government approval risk.