回溯怪兽充电的经营历史，公司的收入主要由移动设备充电服务业务贡献。2021-2022年，怪兽充电来源于其他业务的收入分别仅为2673.7万元、2457.1万元，对应收入占比0.7%、0.9%，该业务的收入变动对公司整体影响几可忽略不计。根据既往财报，过去怪兽充电的其他收入主要来自于广告业务。Looking at it from a longer-term perspective, there is no doubt that under the theme of the energy revolution, new energy has become a long-term sustainable booming market. In the meantime, investors will continue to pay attention to whether Monster Charging, which has internet genes, can adapt to this new circuit and cultivate new growth points.
Monster Charging (EM.US), the “leader” in the shared power bank industry, may have found a second growth curve.
Recently, Monster Charging revealed its 2023 report. Regarding this financial report, the outside world's attention is probably mainly focused on improving the company's profitability. However, in addition to the main business continuing to gain momentum, Monster Charging's other businesses surged 264% year over year in 2023, and the corresponding revenue share rapidly increased to 3%. This change is also interesting.
Going back to Monster Charging's business history, the company's revenue is mainly contributed by the mobile device charging service business. In 2021-2022, Monster Charging's revenue from other businesses was only 26.737 million yuan and 24.571 million yuan respectively, accounting for 0.7% and 0.9% of the corresponding revenue. The impact of revenue changes in this business on the company was almost negligible. According to previous financial reports, Monster Charging's other revenue in the past mainly came from the advertising business.
Looking at the company's latest annual report, Monster Charging's other businesses suddenly experienced explosive growth in 2023. The core reason behind this may be that the company extended its business reach to the new energy sector. According to the annual report, starting in 2023, Monster Charging has simultaneously deployed distributed photovoltaic services through the two models of build to sell (build to sell) and build to own (build to own). The former refers to Monster Charging investing in the construction of photovoltaic power plants and selling them to other operators to obtain profits after completion, while the latter is Monster Charging built its own photovoltaic power plants and held and operated for a long time to obtain continuous power generation benefits.
From charging to photovoltaics, Monster Charging takes quite a few steps. In recent years, under the “dual carbon” goal, the new energy industry, which has both policy support and market opportunities, has unleashed great appeal. According to data from the National Energy Administration, in 2023, distributed photovoltaics in China added 96.286 GW of installed capacity, accounting for 44.5% of total PV installed capacity. According to industry insiders, distributed photovoltaics will still have a lot of room for growth under a high base as the cost of photovoltaic modules and the like continues to decline and the economy improves.
Perhaps it was the energy revolution that seized the opportunity of the era, and Monster Charging stepped in at the right time. According to the Zhitong Finance App, Monster Charging has set up a number of new energy companies in recent years, and the legal representatives are all Cai Guangyuan, CEO of Monster Charging.
Take Tianhui New Energy (Hefei) Co., Ltd. (hereinafter referred to as “Tianhui New Energy”), which is quite representative, and mainly provides clean energy life cycle solutions covering the development, construction and operation management of distributed photovoltaics. It has a full set of special qualifications such as power engineering construction general contracting level 3, power facility installation (repair and testing) level 4, and production safety permits. At the same time, it has passed three major system certifications, including quality management, environmental management, and occupational health and safety management.
According to Tianhui New Energy's official website, the company has collaborated with many large domestic central state-owned enterprises, financial institutions and first-line photovoltaic equipment brands. The market layout covers Anhui, Henan, Jiangsu, Jiangxi, Fujian, Hunan, Hubei, Guangdong and other provinces; in the future, it also plans to gradually explore new energy business areas such as energy storage, charging piles, smart microgrids, and carbon trading.
According to public information, Tianhui New Energy Technology Co., Ltd. is a supplier to Huaneng Group, a well-known new energy company. It has won the bid for 4 projects, including Huaneng Anhui Branch's Bengbu 80 MW household photovoltaic project, Huaneng Zhejiang Energy Sales Company's 2024-2025 EPC general contracting and 5-year operation and maintenance of the Jinhua and Quzhou regional 40MW household distributed photovoltaic power generation projects, with a total bid amount of 1 billion yuan.
There is heavy snow on the PV circuit. Apart from big players such as Tongwei, Longji, Tianhe, and Sunshine, there are also quite a few crossover players that have come to the field in recent years. Take home appliance companies as an example. Many home appliance giants, including Haier, Gree, Skyworth, and Konka, have taken the lead. It must be acknowledged that the intensity of competition in the entire photovoltaic industry is on the rise at this stage, and the actual utilization rate and consumption capacity still need to be further improved. For new players who choose the self-supporting model, this will further test the financial, technical and resource strength of enterprises.
However, if you look at it from a longer-term perspective, there is no doubt that under the theme of the energy revolution, new energy has become a long-term sustainable booming market. In the meantime, investors will continue to pay attention to whether Monster Charging, which has internet genes, can adapt to this new circuit and cultivate new growth points.