OneCompany Overview
Second, the main businessThe company is an internationally renowned provider of photovoltaic energy storage systems and products, mainly providing photovoltaic energy storage inverters, energy storage batteries and grid-connected inverters to overseas customers, which are used in the field of distributed photovoltaic energy storage and grid-connected applications. Photovoltaic energy storage refers to the introduction of energy storage units in photovoltaic systems to realize functions such as load energy supply, energy storage and grid access on the basis of power generation, which not only helps photovoltaic energy to achieve spontaneous self-consumption, but also carries out energy management according to the peak-to-valley electricity price difference, thereby improving the economic benefits of users. Especially in the context of continuous overseas energy, the economy of photovoltaic energy storage is becoming more and more obvious, and the market demand is growing rapidly. Since its establishment in 2012, the company has continued to focus on technology research and development in the field of energy storage, and attaches great importance to the industrialization of cutting-edge technologies and innovative products. By optimizing the circuit topology and control algorithm, the company improves the performance parameters, reliability and safety of the products, and reduces costs, and is at the advanced level in the industry in the core technical indicators such as charge-discharge conversion efficiency, power control response, battery cycle life, inverter conversion efficiency, and power density. During the reporting period, the main business income and proportion of the company's products are shown in the following table:
3. Industry analysis
1. Overview of the development of the photovoltaic inverter industry
Photovoltaic inverter is the core module of photovoltaic power generation system, photovoltaic inverter can be divided into three categories according to the technical route, string inverter, centralized inverter and micro inverter. In 2021, the PV inverter market is still dominated by centralized inverters and string inverters, with a relatively small share of the microinverter market. According to IHS Markit data, the global string inverter market accounted for 707%；According to the "Roadmap for the Development of China's Photovoltaic Industry (2021 Edition)" issued by the China Photovoltaic Industry Association, the market share of string inverters in China in 2021 will be 696%, which shows that string inverters dominate the market. The global inverter market is in a state of rapid growth, with a clear growth trend year by year. According to IHS Markit statistics, the overall market size of new and replaced inverters in the world in 2020 was 1357GW, the overall global inverter market size will reach about 187GW in 2021, and the global inverter new and replacement market will reach 401GW in 2025. In the context of the transformation of the global new energy structure, with the continuous expansion of the photovoltaic power generation market and the growth of demand for replacement of old equipment, the global inverter market shipments will further grow. 
Comparative analysis of companies in the same industry(1) Comparative analysis of the profitability of companies in the same industryDuring the reporting period, the gross profit margin of its energy storage inverter was compared with the gross profit margin of the issuer as follows:
Analysis of the operating capacity of companies in the same industryDuring the reporting period, the comparison of accounts receivable turnover and inventory turnover of listed companies in the same industry is as follows:
3. Financial situation
PerformanceFrom 2019 to the end of 2022, the company's total operating income was 38,864360,000 yuan, 38,910060,000 yuan, 83,266640,000 yuan, 46,1179550,000 yuan, with an average annual compound growth rate of 85 from 2019 to 202260%；The net profit attributable to the parent company was 13400,000 yuan, 3,306450,000 yuan, 6,287450,000 yuan, 11,3401080,000 yuan;The compound annual growth rate from 2019 to 2022 is 85921%。
Accounts receivable:
Cost:
Cash flow:
Fourth, the purpose of fundraising