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艾罗能源(688717):从单一欧洲户储走向业务全面开花

Aero Energy (688717): From single European account storage to full business growth

gtja ·  Sep 23, 2024 23:56

Introduction to this report:

The company is an internationally renowned supplier of photovoltaic energy storage systems. In the past, it mainly sold to the European household storage market. Since then, as the company continues to expand into new products such as industrial and commercial storage and non-European regional business, the company is diversifying.

Key points of investment:

Covered for the first time, an increase in holdings rating is given. The company is an internationally renowned supplier of photovoltaic energy storage systems. It mainly sells in the European market. Technology research and development go hand in hand with market expansion, and the company's market share is expected to increase further. The company's 2024-2026 EPS is predicted to be 2.20/4.38/5.64 yuan. Referring to comparable company valuations, the company was given 16.7 times PE in 2025, corresponding to the target price of 72.94 yuan. The first coverage was given, and an increase in holdings rating was given.

The company has a strong advantage in European household storage, and it is expected that growth will resume after completion of storage. The company has mastered the core technology of low-power inverters, and is also developing energy storage and grid-connected inverters. The company has a high share in Europe. The company's core shipper energy storage system is one of the few manufacturers in the industry that also has the capacity to develop and produce energy storage inverters and batteries. With the explosion of the European household storage market, revenue in 2022 surged 453.86% year-on-year, and 23H2 began Europe's inventory removal cycle. We judge that the 24H2 inventory removal cycle will end one after another, and the company's household storage business will resume growth.

Develop new markets and new products, and create multiple growth poles. In the first half of 2024, the company spent 0.238 billion yuan on R&D, an increase of 98.73% over the previous year. In the first half of the year, it launched household low-voltage single-phase energy storage inverters, low-voltage energy storage batteries, micro inverters, industrial and commercial energy storage products, etc., continuing to enrich the product line and product application scenarios. In terms of market development, the company actively expanded emerging markets on the basis of consolidating the original European markets such as Germany, the Czech Republic, and Italy, and successfully achieved product sales in regional markets such as Pakistan, Ukraine, and India. At the same time, it cooperated smoothly with well-known international companies in the US and Japanese markets to achieve product sales. We judge that the company continues to increase R&D investment and new market development, and the continued introduction of new products into the market and new market volume is expected to bring more incremental revenue.

Catalysts: European demand began to recover; new products and new markets began to expand.

Risk warning: Inventory falls short of expectations; market competition intensifies; new product development falls short of expectations.

The translation is provided by third-party software.


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