The company disclosed that in the first half of 2024, the company achieved revenue, net profit, and deducted non-net profit of 1.431, 0.181, and 0.173 billion yuan, respectively, with year-on-year increases of 29.84.%, 0.02%, and 1.77%.
Business analysis for the first half of 2024. In the first half of 2024, the company achieved revenue of 1.431 billion yuan, a year-on-year increase of 29.84%, and a comprehensive gross profit margin of 39.57%, a year-on-year decrease of 1.97 pcts. Among them, revenue of 0.832 billion yuan was achieved in the second quarter, up 27.11% and 38.76% month-on-month. The comprehensive gross profit margin was 39.59%, -1.27 and 0.05pct month-on-month, mainly due to a decrease in gross margin and an increase in the costs of the company's Suzhou plant in the early stages of operation.
The energy storage business is rich and underdeveloped, and there is plenty of potential for development. Based on the accumulation of power electronics technology, the company cultivated energy storage business earlier and laid out overseas markets. Over the past few years, the company's energy storage business has rapidly developed into an important business unit of the company along with the development of domestic and foreign large-scale storage, industrial and commercial energy storage. On the industry side, as prices in the energy storage industry chain continue to decline, domestic energy storage tender data remains high, and the installation boom is high. And with the advancement of the NEM3.0 policy and the entry into a cycle of interest rate cuts, US industrial and commercial storage equipment is expected to return to a growth trajectory. Furthermore, in the context of the increasing share of new energy, in emerging market countries with relatively poor power infrastructure, energy storage is gradually receiving attention as a solution that can directly improve the stability of power grids, and is expected to become an important source of demand in the future.
The charging pile business maintains its core competitiveness and rapid development. The company supplies its own charging pile modules, which has an obvious advantage over most charging pile integration companies; the company is also one of the first companies to develop charging piles on a large scale, and has accumulated a deep accumulation, forming a complete domestic charging pile service network with high downstream customer coverage; at the same time, the company began overseas expansion early, and has made certain breakthroughs in certification and cooperation with major customers, and overseas contributions are expected to gradually increase.
Businesses such as industrial supporting power supplies and battery testing are growing steadily. The company's traditional industrial power supplies operate steadily, have leading technical advantages in segmented fields, and have good profitability. The battery testing business relies on the expansion of overseas channels, market sales and other opportunities, and is expected to continue to grow. The “Electric Power Quality Management Measures (Interim)”, which came into effect in April 2024, further strengthened power quality management and guaranteed the power quality level of power systems. Increased government supervision is expected to drive the company's further growth in this business.
Investment suggestions: Relying on the same technology platform for power electronics, the company actively reserves and lays out various promising directions. Among them, the energy storage business and charging pile business have all formed their own competitiveness and scale, and are expected to maintain rapid development; while businesses such as power quality and battery testing operate steadily and develop with high quality. Overall, the company is still in a stage of rapid development and maintains a “Highly Recommended” rating.
Risk warning: Overseas trade policy risks, profit decline risks caused by industrial competition, risk of integrated management and collaboration among business departments.