业绩实现快速增长，数字能源业务全球快速扩张2024 年上半年，公司实现营业收入18.42 亿元，同比增长27.22%；实现归母净利润3.87 亿元，同比增长104.51%；实现扣非归母净利润2.89 亿元，同比增长52.59%。其中，数字维修业务实现营业收入14.38 亿元，同比增长18.04%；数字能源业务实现营业收入3.78 亿元，同比增长92.37%。Incidents:
The company released the “2024 Semi-Annual Report” after closing on August 1, 2024.
Comment:
Performance achieved rapid growth. The digital energy business expanded rapidly globally in the first half of 2024. In the first half of 2024, the company achieved operating income of 1.842 billion yuan, a year-on-year increase of 27.22%; achieved net profit of 0.387 billion yuan, an increase of 104.51% over the previous year; and achieved net profit without deduction of 0.289 billion yuan, an increase of 52.59% over the previous year. Among them, the digital maintenance business achieved revenue of 1.438 billion yuan, an increase of 18.04% year on year; the digital energy business achieved revenue of 0.378 billion yuan, an increase of 92.37% year on year.
By region, the North American market achieved revenue of 0.955 billion yuan, an increase of 30.93% year on year; the European market achieved revenue of 0.32 billion yuan, an increase of 39.04% year on year; China and other markets achieved revenue of 0.54 billion yuan, an increase of 18.87% year on year.
Building a multi-level digital maintenance product ecosystem, consolidating the first growth curve, the company has long been deeply involved in the overseas automotive aftermarket, mainly in North America and Europe, accurately capturing the “new three modernization” development trends in the automotive industry. Relying on comprehensive automotive diagnostic products and driven by R&D and innovation, it has built a multi-level digital maintenance product ecosystem, consolidated the first development curve of the digital maintenance business, and stabilized and deepened its leading position in the world. In the first half of 2024, comprehensive automotive diagnostic products achieved revenue of 0.608 billion yuan, up 1.78% year on year; TPMS series products achieved revenue of 0.329 billion yuan, up 33.83% year on year; ADAS intelligent testing and calibration products achieved revenue of 0.177 billion yuan, up 23.97% year on year; software upgrade services achieved revenue of 0.211 billion yuan, up 26.32% year on year.
The digital energy business has blossomed in many places around the world, accelerating the second growth curve. Relying on the two solid foundations of power electronics technology and AI intelligent technology, the company accelerates the development and application of full-scenario intelligent charging network solutions centered on cloud integration. In terms of DC piles and supercharging piles, the company continues to promote the optimization and upgrading of various technology platforms such as integral/split, air cooling/liquid cooling, and continues to promote the design, testing and certification of full-scenario charging solutions such as next-generation ultra-fast integrated charging piles and megawatt charging piles (MCS). The new energy business has blossomed in many places around the world: in the North American market, the company continues to consolidate and expand its business footprint, successfully signing a number of leading global enterprise customers, and the number of strategic customers and order size has increased significantly; in the European market, the company has successfully signed a number of major regional customers and established strategic partnerships with many internationally renowned energy companies to jointly promote the construction and popularization of new energy charging stations in key countries and regions. By the end of June 2024, the company had established more than 14 overseas regional headquarters, sales platforms and subsidiaries around the world.
Profit forecasting and investment advice
The company focuses on R&D, production, sales and service of new energy charging piles, comprehensive automotive diagnosis, inspection and analysis systems, and automotive electronic components, and has broad room for future growth. Considering the operating performance for the first half of the year, the company's revenue forecast for 2024-2026 was raised to 3.987, 4.786, and 5.599 billion yuan, and the net profit forecast to mother was raised to 0.571, 0.655, 0.779 billion yuan, EPS was 1.26, 1.45, 1.72 yuan/share, and the corresponding PE was 20.32, 17.71, and 14.89 times. Maintaining a “buy” rating considering the prosperity of the company's industry and the company's room for continued growth in the future.
Risk warning
The risk of revolutionary technological iteration; the risk of loss or shortage of technical talent; the risk of core technology leakage; the risk of intellectual property disputes; the risk of overseas operations; the risk of raw material supply; the risk of market competition; the risk of exchange rate fluctuations; the risk of declining gross margin; macro-environmental risk; risk of high inventory size, etc.
