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道通科技(688208):三年蛰伏 充电桩开启第二春

Daotong Technology (688208): Three-year dormant charging stations begin second spring

中信建投證券 ·  May 10

Core views

Established in 2004, Daotong Technology is the world's leading provider of intelligent automotive diagnostic and testing products and services. In 2021, we began to lay out new energy related businesses, with the intention of seizing future automotive aftermarket opportunities dominated by new energy vehicles through a series of products such as charging piles, new energy testing, and BMS. In 2023, the company achieved operating income of 3.251 billion yuan, operating profit of 430 million yuan, and net profit of 179 million yuan, of which revenue related to charging piles was 567 million yuan, an increase of nearly 5 times over the previous year. The rapid expansion of the charging pile business has helped the company return to an upward channel and open a second growth curve. Considering the steady growth of the company's traditional business and the opening of charging stations in the North American market, we expect the company's 2024-2026 revenue to be 39.70/47.99/5.760 billion yuan, and net profit of 531/6.74/834 billion yuan, covering the first time and giving it a “buy” rating.

A leading company in the automotive aftermarket, after three years of inactivity, the second spring company currently has three major businesses: traditional car diagnosis, new energy charging piles, and software cloud services. Among them, traditional car diagnosis also includes comprehensive automobile diagnosis, TPMS series, and ADAS series. In 2023, the company achieved overall revenue of 3.251 billion yuan, operating profit of 430 million yuan, and net profit of 179 million yuan, of which revenue related to charging piles was 567 million yuan, an increase of nearly 5 times over the previous year. The rapid expansion of the charging pile business has helped the company's business return to an upward channel and open a second growth curve.

Demand for overseas charging piles is strong, and policies help the market accelerate development

With the rapid increase in the penetration rate of new energy vehicles, demand for charging piles is becoming stronger in various countries and regions, but overseas charging pile construction is still in its infancy. The IEA predicts that the US charging pile market will maintain an average annual growth rate of 30% or more over the next 5 years. Global MarketIngt estimates the size of the European electric vehicle charging station market and is expected to grow at a compound annual growth rate of 33.7% from 2024 to 2032. Taking the car pile ratio as an example, the cumulative vehicle pile ratio in the US has risen from 11.63 in 2015 to 24.34 in 2023, and the European public charging pile ratio has increased from 5.97 in 2015 to 14.55 in 2022. There is a clear gap between the two, which fell from 5.34 in 2016 to 2.37 in 2023.

It is expected that with the gradual promotion of policies related to European and American charging pile infrastructure construction, the overseas charging pile market is expected to usher in a new round of rapid growth.

Continuing the “software+cloud” characteristics of traditional products, the “easy to use+cost-effective” casting competitiveness The company's new energy business continues the “software+cloud” characteristics of the traditional business from product design to performance, providing software upgrades and back-office cloud maintenance functions for charging piles. For example, the company incorporates intelligent capabilities into new energy charging piles, uses AI algorithms to optimize charging strategies, and uses 100+ parameter AI analysis to achieve real-time fault prediction and prevention, and remote restart and maintenance services. In addition, the company uses the production capacity of the Vietnam+North American factory and the improvement of the local service network to combine the high quality and low cost performance of the products to create product competitiveness and help the products to be quickly released in North America and other regional markets.

The translation is provided by third-party software.


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