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明阳电气(301291):25年海外+海风双轮驱动 数据中心提供新弹性

Mingyang Electric (301291): 25 years of overseas+ocean wind two-wheel drive data centers provide new flexibility

Huaan ·  Jan 21

Performance Forecast

The company announced its 2024 annual results forecast. It is expected to achieve net profit attributable to mother of 0.6-0.7 billion yuan, an increase of 21.18-41.37% year on year, net profit of 0.59-0.69 billion yuan after deducting non-return to mother net profit of 0.59-0.69 billion yuan, an increase of 21.10-41.63% year on year. 2024Q4 is expected to achieve net profit of 0.164-0.264 billion yuan, with a median value of 0.214 billion yuan, a median increase of 19.78% year-on-year and 13.20% month-on-month. The forecast results are in line with expectations. In addition, the company plans to have an impairment reserve of 0.153 billion yuan in 2024, which has already been included in the profit and loss for 2024. Compared with the impairment reserve of 0.122 billion yuan in 2023, an increase of 25.2% over the previous year.

Overseas and ocean wind progress is expected to achieve two-wheel drive performance. The data center provides new flexibility overseas and sea breezes: the company's overseas business is mainly indirect overseas. The company actively lays out direct sales channels to target markets such as Europe, the Middle East, Southeast Asia, North America, etc., and is expected to achieve rapid “1-10” development and support an increase in gross margin. In terms of sea breeze, the company is a domestic company that once launched marine booster products, and it is expected to replace imports of overseas brands. Furthermore, the successful implementation of the company's fund-raising project is expected to expand to higher voltage grade products, enrich the product matrix, and gradually show large-scale production effects, driving a steady improvement in business performance.

Data center: Previously, the company won the bid for the Volcano Engine data center project. This was the first time that Mingyang Electric cooperated with ByteDance, and it was also the company's largest single order since launching the MyPower data center power module in May 2024. The company has continuously won bids for third-party IDC operator projects, fully demonstrating that the MyPower power module has been fully recognized by IDC users, that its product strength is at the leading level in the industry, and it is expected to provide the company with new performance flexibility in the future.

Investment advice

Considering that the company has sufficient orders in hand, which is expected to support a steady increase in performance, we expect revenue of 6.524/8.369/10.392 billion yuan for 24-26; net profit to mother of 0.669/0.858/1.063 billion yuan, respectively, corresponding to 24.2/18.9/15.2 times PE, respectively, maintaining a “buy” rating.

Risk Alerts

The competitive pattern of the industry has deteriorated; domestic installed demand falls short of expectations; the risk of fluctuations in raw material prices, etc.

The translation is provided by third-party software.


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