Since its listing, the company's performance has maintained high growth, and has gradually formed three major business lines: power distribution business, new photovoltaic materials, and energy storage business.
Power distribution business: In the context of increasing new energy installations, consumption issues are becoming more prominent, driving investment demand for transmission and distribution grids, and in turn, the company's power distribution business such as busbars, transformers, and switch cabinets is expected to continue to grow.
Photovoltaic welding belts: New installations in the photovoltaic industry continue to expand, and demand for corresponding welding belts is also growing rapidly. The company's technology is in a leading position in the industry, can respond positively to the new needs of downstream customers, and its market share is expected to increase further as the company fully raises capital and continues to expand production. At the same time, 0BB technology puts forward new requirements for welding belts in terms of performance indicators, formulations, and processes. The processing cost is expected to be higher than traditional welding belts, and the company's profitability is expected to benefit.
Energy storage business: Big storage and commercial storage are both expected to benefit this year and there is an urgent need to solve consumption problems. As economic efficiency gradually improves, the capacity of large storage and commercial storage is expected to maintain high growth. The company actively lays out large-scale storage and commercial storage businesses, and the energy storage business is expected to continue to grow rapidly in 24 years.
The company's 24-26 revenue is estimated to be 45.4/62.7/7.96 billion yuan respectively, net profit to mother is 2.1/3.3/410 million yuan, EPS is 1.35/2.10/2.65, and PE in '24 is only 12X. The valuation level is low, giving it a “recommended” rating
Risk warning: Industry policy progress falls short of expectations, industry competition intensifies, energy storage costs fall short of expectations