2024H1，公司新能源业务实现营业收入6.43 亿元，同比-59.18%；数据中心业务实现营业收入12.32 亿元，同比+0.16%；公司境内营收10.39 亿元，同比+7.05%；境外营收8.52 亿元，同比-53.98%。受欧洲户储市场需求增速持续放缓所拖累，下游客户仍存在库存压力，公司业绩暂时承压。Incidents:
The company released its 2024 mid-year report. 2024H1 achieved revenue of 1.891 billion yuan, or -32.99%, and realized net profit to mother of 0.219 billion yuan, or -56.24% year-on-year. Q2 In a single quarter, the company achieved revenue of 1.06 billion yuan, -25.32%, or 27.58% month-on-month; realized net profit to mother 0.095 billion yuan, -64.40% YoY, -23.23%.
European household storage is dragging down performance
2024H1, the company's new energy business achieved revenue of 0.643 billion yuan, or -59.18%; the data center business achieved revenue of 1.232 billion yuan, +0.16%; the company's domestic revenue was 1.039 billion yuan, +7.05% YoY; and overseas revenue was 0.852 billion yuan, or -53.98% YoY. Dragged down by the continued slowdown in demand growth in the European household storage market, downstream customers are still under inventory pressure, and the company's performance is temporarily under pressure.
New energy business increases R&D investment to expand business scope
In order to promote continuous product iterative upgrading and category expansion, the company's new energy business increased R&D investment. R&D expenses in the first half of the year were 0.13 billion yuan, an increase of 36.36% over the previous year. In addition to household storage products, the company's large-scale energy storage PCS and industrial and commercial energy storage systems have been applied in domestic projects, and continues to cooperate closely with key customers of central state-owned enterprises in the power sector, such as China Power Investment Corporation, China Nuclear Power Group, and Huadian Group, to vigorously expand the scope of photovoltaic business.
High-end data center layout actively increases market share
While the company's data center business is deeply involved in traditional advantageous industries, it focuses on the high-end high-power UPS market, strives to break through markets such as 5G communication power supplies, edge computing, and pre-installed data centers, and is committed to further increasing the market share of high-end products. In the first half of the year, the company's core products were successfully selected and selected by important customers such as China Telecom, Agricultural Bank of China, Everbright Bank, Zheshang Bank, Hang Fung Bank, State Grid, and Sinopec. It is expected to further expand the market with advantages in product reliability, technical level, and brand power.
Profit Forecasts, Valuations, and Ratings
As demand for household storage in Europe falls short of expectations, market competition intensifies, and the company's shipments are greatly affected. We expect the company's revenue for 2024-2026 to be 4.833/5.82/6.978 billion yuan, respectively, with year-on-year growth rates of -11.15%/20.42%/19.89%; net profit to mother of 0.644/0.838/1.033 billion yuan, respectively, with year-on-year growth rates of -23.77%/30.06%/23.26%, EPS 1.11/1.44/ 1.77 yuan, 3-year CAGR is 6.91%.
Given the emergence of emerging markets for overseas account storage, overall demand is expected to gradually recover and maintain the “buy” rating.
Risk warning: 1) Increased competition in the industry; 2) large fluctuations in raw material prices; 3) Changes in overseas trade policies.