It focuses on new energy, lays out the five major tracks for hydrogen storage and electric vehicles, and closely revolves around the development direction of new quality productivity. With photovoltaic inverters as the core, the company collaboratively develops wind power and energy storage system businesses. In recent years, it has expanded new tracks horizontally, successively laid out new businesses such as key components of new energy vehicles, microgrid energy storage, and hydrogen production, and is committed to providing smart energy solutions, applying intelligent technologies such as the Internet of Things, artificial intelligence, big data, blockchain and other intelligent technologies to new energy integration application scenarios such as wind and solar storage integration, and integrated photovoltaic storage and charging, and is deeply involved in the development direction of new quality productivity.
Continuing to increase R&D and innovation, the leading position of optical storage is stable, driving technological progress in the industry, and representative of new quality productivity. The company continues to increase R&D innovation in fields such as power electronics technology, power grid support technology, and three-electricity fusion technology. It has invested 2.5 billion yuan in R&D in 23 years, has been granted more than 4,000 patents, and has presided over and participated in the formulation of more than 30 national standards. In the field of photovoltaic inverters, the company took the lead in solving technical problems such as efficient inverters and flexible grid connections, and broke through foreign patent blockades. In recent years, it pioneered a modular category, led new 300kW+ technology, and connected to the grid; in the field of energy storage, the company launched the world's first 10MWh AC/DC integrated liquid cooled energy storage system. Thanks to leading technology iteration and product innovation capabilities, the company's inverters and energy storage systems have steadily ranked first in global shipments. We expect to reach 120-130 GW/10+ GWh respectively in 23 years.
Leading high-quality development and broad future space. The company continues to promote cost reduction, efficiency and innovation, promote collaboration in the industrial chain, supply chain, service chain and ecological chain, lead the industry's total factor productivity increase, and promote the high-quality development of the renewable energy industry. As the economy and reliability of renewable energy continue to increase, and the industry space is vast under the demand for green transformation, the company is expected to maintain rapid growth in the future as an industry leader.
Profit forecast and investment rating: Considering the company's strong optical storage brand channel strength, we maintain our profit forecast. We expect net profit to be 98.105/12.6 billion yuan in 2023-2025, an increase of 173%/7%/20%. Based on the company's leading position in optical storage, we will give the company 20xPE in 2024, corresponding to a target price of 141 yuan, maintaining a “buy” rating.
Risk warning: increased competition, policies falling short of expectations, etc.