新能源电力生产和户用光伏发电系统业务持续发展。公司新能源电力生产业务由全资子公司锦浪智慧开展，通过下属光伏电站项目子公司进行工商业和户用两种分布式光伏电站的开发、投资、建设及持有运营，工商业分布式光伏电站和户用分布式光伏电站通常分别采用“自发自用、余电上网”和“全额上网”的售电模式，将所生产的电力销售给终端企业客户和电网公司等电力需求方以实现收入；户用光伏发电系统业务同样由锦浪智慧开展，锦浪智慧使用其户用光伏发电系统设备为居民提供户用分布式光伏电站设计、安装、管理、运营和维护等发电相关服务，获取相关服务收入。Event: On October 29, 2024, the company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved revenue of 5.162 billion yuan, +11.21% year over year; realized net profit of 0.669 billion yuan, -11.00% year over year; realized deducted non-net profit of 0.63 billion yuan, -18.77% year over year.
24Q3 achieved revenue of 1.807 billion yuan, +29.92% YoY, -7.74%; realized net profit to mother 0.317 billion yuan, +154.70% YoY, -4.61% month-on-month; realized deducted non-net profit of 0.311 billion yuan, +148.84% YoY and +1.58% month-on-month.
Benefiting from high growth in emerging markets and accelerated inventory removal in Europe, the inverter business trend is improving. Since the beginning of the year, the price of photovoltaic modules and lithium carbonate for energy storage batteries has dropped sharply, driving down the cost of optical storage systems. Combined with government policy support and rigid demand for optical storage in some countries lacking electricity, optical storage has entered a new cycle of affordability, and demand for optical storage in emerging markets such as Asia, Africa, and Latin America has grown rapidly. At the same time, the removal of European inverters is also accelerating, and demand in Europe is expected to improve. Benefiting from high growth in emerging markets and accelerated inventory removal in Europe, the company's inverter business trend is improving, and profitable overseas markets have boosted the company's performance. Looking ahead to 24Q4 and 25, demand in emerging markets is expected to remain high, and demand is expected to increase after the European inventory release is over. We are optimistic about the company's subsequent performance.
The new energy power production and household photovoltaic power generation system business continues to develop. The company's new energy power production business is carried out by Jinlang Smart, a wholly-owned subsidiary. The development, investment, construction and operation of industrial and commercial distributed photovoltaic power plants is carried out through its subsidiary photovoltaic power plant project subsidiaries. Industrial and commercial distributed photovoltaic power plants and household distributed photovoltaic power plants usually use “spontaneous private use, surplus electricity connected” and “full Internet access” electricity sales models, respectively, to achieve revenue; the household photovoltaic power generation system business is also carried out by Jinlang Smart. Household photovoltaic power generation system equipment is Residents provide power generation related services such as the design, installation, management, operation and maintenance of household distributed photovoltaic power plants to obtain revenue from related services.
Investment advice: We expect the company's 2024-2026 revenue to be 7.504, 10.16, and 12.804 billion yuan, respectively, with corresponding growth rates of 23.0%, 35.4%, and 26.0%; net profit to mother will be 0.984, 1.36, and 1.755 billion yuan respectively, corresponding growth rates will be 26.2%, 38.3%, and 29.0%, respectively, based on the closing price of November 1, corresponding to the 2024-2026 PE is 28X, 20X, 16X, and the company's inverters overseas Shipments are expected to continue to grow, maintaining the “Recommended” rating.
Risk warning: downstream demand falls short of expectations, market competition intensifies, etc.
