Per AI Express, on December 29, 2023, Shenwan Hongyuan released a research report commenting on Shenghong shares (300693).
Deeply cultivate power electronics technology, and the new energy business has blossomed in many places. As an expert in power quality management, the company currently has four major business layouts: electric vehicle charging piles, new energy power conversion equipment, battery formation and testing, and industrial supporting power supply. From 2023Q1 to Q3, the company achieved revenue of 173.3 billion yuan, a year-on-year increase of 8542%。In 2023H1, charging pile and energy storage revenue accounted for about 35% of the revenue, and it is expected that the company's automotive charging pile business and energy storage business will contribute to the main growth drivers in the future.
Energy storage is driven at home and abroad, and energy storage PCS is ready to go. 1) Demand side: policy-driven superimposed cost reduction, energy storage market ushered in rapid growth. 2) Supply side: Energy storage competition is fierce, with cost, product performance, channels and brands as the core competitive factors. 3) Company: It is expected to rely on multiple advantages such as performance advantages (modularization, semi-integration, product performance), brand advantages, and overseas advantages to promote the energy storage business by virtue of the wind of energy storage.
The boom of new energy vehicles is up, and the demand for charging piles is increasing. 1) Demand side: From the perspective of the domestic market, the ratio of vehicle piles driven by the implementation of major favorable policies continues to decline, and private charging piles will become the mainstream application in the future, and the number of charging piles is expected to continue to grow at a high rate. From the perspective of overseas markets, the current pace of charging pile construction in Europe is far lower than the sales growth of electric vehicles, and there is a broad space for growthThe U.S. charging pile policy is expected to continue to fall. 2) Pattern: The concentration of charging piles continues to increase, and the current industry reshuffle is basically completed, and the advantages of leading enterprises are becoming more and more prominent due to the binding of downstream key customer resources, overseas certification and higher product safety. 3) Company: The company's domestic charging pile products cover a wide range of scenarios, and at the same time have high-quality service capabilities and customer quality, and the products have a competitive advantage in the first industry for several years. At the same time, it actively explores overseas markets, and its profitability is in the leading position in the industry, and it is expected to go further with the expansion of overseas markets.
The demand for power quality is steady, and the detection of lithium batteries is imminent. The company has been deeply involved in power quality equipment for many years, and the sales volume and revenue of industrial supporting power supplies have maintained steady growth, and continue to contribute to the company's stable performance. Thanks to the continuous growth of the downstream lithium battery equipment market, the lithium battery testing business is about to expand. With comprehensive product coverage and customer quality, we expect the company to maintain its leading position.
The first coverage gives the company a "** rating. The company is deeply engaged in the field of power electronics, benefiting from the high prosperity of the new energy industry, and the charging pile and energy storage business is expected to usher in rapid development, with an operating income of 25 in 23-25 years44/37.49/52.9.3 billion yuan, net profit attributable to the parent company of 366/5.24/7.1.7 billion yuan, (2023 December 28 stock price) corresponds to 23-25 years PE26X 18X 13X, the first coverage of the company "** rating.
Risk factors: The penetration rate of new energy vehicles does not meet expectationsThe installed capacity of photovoltaic and energy storage is less than expected;Exchange rate fluctuations;The project is not progressing as expected.
*: Huibo Investment Research).
Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Do so at your own risk.
Edited by Zhao Qiao).
National Business Daily.