公司积极推进储能系统业务，以“全产品线布局，全产业链打造”为发展方向。全球主要国家陆续出台政策支持新型储能产业发展。2024 年5 月，国务院发布的《2024-2025 年节能降碳行动方案》提出到2025 年底，全国新型储能装机超过 40GW。报告期内，公司开发的 232kWh 工商业储能系统、大容量网源测储能系统、EMS 离并网能源管理系统已实现多个项目的成功交付，可满足企业到电网等不同应用场景的需求。2024H1 公司储能产品营业收入3.36 亿元，同比+1520.59%。Event: On August 26, 2024, Weiteng Electric released its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 1.852 billion yuan, +79.13% year on year; net profit to mother was 0.079 billion yuan, +104.51% year over year. 2024Q2's revenue was 1.057 billion yuan, +75.18% YoY and +33.00% YoY.
Net profit to mother was 0.043 billion yuan, +72.33% year over year and +23.21% month over month. The increase in sales volume of busbars and photovoltaic welding belt products supports rapid growth in operating income.
Busbar revenue is growing steadily, and the complete equipment and transformer business is developing well. 2024H1's busbar revenue was 0.473 billion yuan, +5.38% year-on-year. During the reporting period, the company launched a new generation of intelligent power busbars to further enrich the bus product matrix. Complete equipment revenue was 0.237 billion yuan, +429.20% year-on-year. Complete equipment products are constantly being certified, and BlokSet low voltage switch cabinets, Prisma distribution boxes, and XTM distribution boxes have obtained ASTA certificates and CB certificates.
The company actively promotes the energy storage system business, taking “full product line layout and whole industry chain construction” as the development direction. Major countries around the world have successively introduced policies to support the development of new energy storage industries. In May 2024, the “2024-2025 Action Plan for Energy Conservation and Carbon Reduction” issued by the State Council proposed that by the end of 2025, the country will have installed more than 40 GW of new energy storage capacity. During the reporting period, the 232 kWh industrial and commercial energy storage system, the high-capacity grid source energy measurement and storage system, and the EMS off-grid energy management system developed by the company have successfully delivered several projects, which can meet the needs of different application scenarios from enterprises to power grids. 2024H1's revenue from energy storage products was 0.336 billion yuan, +1520.59% year-on-year.
Deeply involved in the field of photovoltaic welding belts, the product matrix is rich. The company's photovoltaic welding belt products have the characteristics of bright, flat surface, uniform coating thickness, good weldability, high welding peel strength and high conductivity.
The company has continuously promoted process innovation, developed an ultra-fine round flat tin coating device, successfully overcome the difficulties of SMBB welding tape and large coil clamping wire, and developed products such as ultra-fine diameter 0BB low temperature welding tape. 2024H1's PV welding belt revenue was 0.7 billion yuan, +69.46% year-on-year.
Investment advice: We expect the company's 2024-2026 revenue to be 4.269/6.014/7.579 billion yuan, net profit to mother 0.182/0.271/0.354 billion yuan, EPS 1.16/1.73/2.26 yuan respectively, and PE 12.36/8.30/6.35 times, giving it a “recommended” rating.
Risk warning: the risk of policy changes, the risk that market demand falls short of expectations, competition increases risk.
