Greenway, October 31 | Jefferies published a research report covering Energy Chain Intelligence (NAAS.US) for the first time, giving it a “buy” rating, with a target price of $4.5. The bank said it believes EnergyChain, as a one-stop charging solution provider, will maintain its leading position in the field of online charging platforms and benefit from growing fixed asset investment (FAI) and charging volume in charging infrastructure in China and overseas. The report points out that the rapidly growing number of electric vehicles has led to an increase in FAI and charging volume. By the end of 2022, the number of charging infrastructure in China was 5.2 million units, and the ratio of electric vehicles to charging infrastructure was 2.5 times higher. The bank predicts that the penetration rate of electric vehicles in China in new car sales will rise from 29% in 2022 to 90% in 2030, thus increasing the penetration rate of electric vehicles in car ownership from 4% at the end of 2022 to 29% at the end of 2030. The bank assumes that by 2030, the ratio of electric vehicles to charging infrastructure in China will drop 1.7 times, compared to the government's goal of doubling. The bank said that the competitive advantage of EnergyChain Intelligence lies in its online and offline business: 1) the user traffic of its online charging platform continues to grow, attracting more charging stations to its network, thus driving the rapid growth of offline business; 2) its charging pile coverage is wider than that of its peers, and with the support of its offline business and offline industry best practice standards, it has attracted more and more end users to join its online network. Furthermore, the overseas expansion plan for the smart electricity chain is also underway. The bank expects that the revenue of Energy Chain Intelligence will increase sevenfold in 2023-2025 and achieve profit in 2025.