Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 78.29 yuan, representing a significant upside from the current price of 48.24 yuan [4] Core Views - The company is a leading player in the residential energy storage market, but its performance has been under pressure due to changes in European demand [12] - The company is expanding into new product lines (commercial & industrial storage, microinverters, large-scale storage) and new markets (Europe, Asia, Africa, Latin America) to drive its second growth curve [13] - Revenue is expected to decline 18.2% in 2024 but rebound with 30% and 22.8% growth in 2025 and 2026 respectively [14] Financial Performance - Revenue declined 3% YoY in 2023 to 4.47 billion yuan, with a further 18.2% drop expected in 2024 [1][14] - Net profit attributable to parent company dropped 6.12% in 2023 and is expected to plunge 75.67% in 2024 before rebounding strongly in 2025-2026 [1][14] - Gross margin has been volatile, peaking at 41.53% in 2020 before declining to 36.38% in 2021 and recovering to 39.90% in 2023 [79] Product Lines - Residential storage inverters: Revenue grew from 81 million yuan in 2019 to 1.28 billion yuan in 2022 before declining to 1.09 billion yuan in 2023 [47] - Storage batteries: Revenue surged from 94 million yuan in 2019 to 2.5 billion yuan in 2022, with gross margins stable around 33-35% [54] - Grid-tied inverters: Revenue grew from 212 million yuan in 2019 to 700 million yuan in 2023, with gross margins improving from 31.62% to 36.23% [6] Market Expansion - Europe remains the dominant market, accounting for 93.04% of H1 2023 revenue, but the company is actively expanding in Asia, Africa and Latin America [78][90] - In Europe, residential storage demand is slowing while commercial & industrial and large-scale storage markets are growing rapidly [106][115] - The company has launched new products tailored for emerging markets, including low-voltage residential storage systems compatible with lead-acid batteries [93] R&D and Innovation - The company has strong R&D capabilities, with 6.15% of revenue invested in R&D in 2023 [81] - Key R&D projects include new commercial storage systems, microinverters, and large-scale storage solutions [65][71][72] - The company is investing 1.05 billion yuan in a new large-scale storage and smart energy system R&D and production facility [103] Valuation - The report uses a PEG valuation method, assigning a PEG ratio of 0.67 based on comparable companies [99] - This implies a 2024 target PE of 48.3x, higher than the industry average of 26.28x, reflecting growth potential from new products and markets [99][128] Industry Trends - European residential storage installations are expected to decline 26% in 2024, while commercial & industrial and large-scale storage markets are growing rapidly [106][115] - In Asia, Africa and Latin America, falling PV costs and weak grid infrastructure are driving demand for distributed solar and storage solutions [92][123] - Government support and sovereign wealth funds are accelerating renewable energy adoption in markets like Saudi Arabia [118]

《科创板日报》12月4日（记者 余佳欣）"国内市场方面，公司积极参与行业标准的制定，持续推进国 内光储充一体化产品落地及应用推广。公司凭借在户用产品领域的产品及经验优势，积极开发国内户用 储能应用场景，加速光储充一体化应用在国内的布局。"在2024年第三季度业绩说明会上，艾罗能源董 事长、总经理李新富表示。 今年前三季度，艾罗能源实现营收24.07亿元，同比减少39.93%；实现归母净利润为1.6亿元，同比减少 84.24%。 毛利率方面，业绩会上，该公司财务总监闫强表示，公司2024年第三季度毛利率约为35.4%，环比下降 1.5个百分点，主要原因系客户地区结构和产品结构的变动，属于正常波动。 艾罗能源于今年1月登陆科创板，其主要面向海外客户提供光伏储能逆变器、储能电池以及并网逆变 器，应用于分布式光伏储能及并网领域。 《科创板日报》记者注意到，当前艾罗能源加大了研发投入，正从户储这一业务重心转向覆盖多场景应 用。 今年前三季度，艾罗能源研发投入为3.84亿元，同比增加88.88%研发投入占营业收入的比重为15.95%， 同比增加10.88个百分点。 目前，艾罗能源在研项目既包括适合地面电站和大型电站的大功 ...

证券代码：688717 证券简称：艾罗能源 浙江艾罗网络能源技术股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |---------------------|----------------------------------------|---------------------------------| | | | | | | £ 特定对象调研 □分析师会议 | | | | □ 媒体采访 ☑业绩说明会 | | | 投资者关系活动 类别 | □ 新闻发布会 □路演活动 | | | | £ 现场参观 □电话会议 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 通过上海证券交易所上证路演中心参与公司 | 2024 年第三季度 | | 人员姓名 | 业绩说明会的投资者 | | | 时间 | 2024 年 12 月 04 | 日（星期三） 下午 13:00-14:00 | | | 上海证券交易所上证路演中心 | | | 地点 | （网址： https://roadshow.sseinfo.com | ） | | | 董事长、总 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨艾罗能源（688717.SH） [Table_Title] 多因素影响 Q3 收入确认，明年量利弹性可期 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 请阅读最后评级说明和重要声明 艾罗能源（688717.SH） cjzqdt11111 相关研究 [Table_Title2] 多因素影响 Q3 收入确认，明年量利弹性可期 公司研究丨点评报告 [Table_Summary2] 事件描述 艾罗能源发布 2024 年三季报，2024 前三季度实现收入 24.07 亿元，同比下降 39.93%；归母 净利 1.6 亿元，同比下降 84.24%；其中，2024Q3 实现收入 8.23 亿元，同比增长 35.39%，环 比下降 8.45%；归母净利 0.57 亿元，同比增长 33.96%，环比下降 16.77%。 事件评论 公司 Q3 收入环比小幅下降，原因 ...

Investment Rating - The report maintains a "Recommend" rating for Airo Energy (688717) with a target price of 66.08 CNY [1] Core Views - Airo Energy's profitability remains strong, with new business expansion expected to contribute incremental growth [1] - The company's revenue for Q1-Q3 2024 was 2.407 billion CNY, a year-on-year decrease of 39.93%, while net profit attributable to shareholders was 160 million CNY, down 84.24% year-on-year [1] - In Q3 2024, revenue was 823 million CNY, up 35.39% year-on-year but down 8.45% quarter-on-quarter, with net profit attributable to shareholders at 57 million CNY, up 33.96% year-on-year but down 16.77% quarter-on-quarter [1] - The company's gross margin for Q1-Q3 2024 was 37.26%, down 3.92 percentage points year-on-year, while the net margin attributable to shareholders was 6.67%, down 18.74 percentage points year-on-year [1] Financial Performance - Revenue for 2024E is projected at 3.41 billion CNY, a year-on-year decrease of 23.8%, with net profit attributable to shareholders expected to be 268 million CNY, down 74.8% year-on-year [3] - For 2025E, revenue is forecasted to grow by 14.6% to 3.908 billion CNY, with net profit attributable to shareholders increasing by 97.2% to 529 million CNY [3] - In 2026E, revenue is expected to reach 4.805 billion CNY, a year-on-year increase of 22.9%, with net profit attributable to shareholders projected at 665 million CNY, up 25.8% year-on-year [3] Business Expansion - Airo Energy is actively expanding its new business, with large-scale energy storage products entering the R&D investment phase [2] - The company plans to invest at least 1.05 billion CNY in the construction of a "Large-scale Energy Storage System and Smart Energy System R&D and Production Project" [2] - New products such as micro-inverters, commercial and industrial storage, and charging piles are expected to contribute to future revenue growth [2] Market Development - Airo Energy has obtained over 1,100 domestic and international certifications for its products, enabling market access in different countries and enhancing brand recognition [2] - The company's sales network covers more than 80 countries and regions, with subsidiaries established in developed markets such as the UK, US, Netherlands, Japan, and Germany [2] Valuation - The current market value of Airo Energy is 9.21 billion CNY, with a circulating market value of 1.842 billion CNY [4] - The company's P/E ratio for 2024E is 34x, expected to decrease to 17x in 2025E and 14x in 2026E [3] - The target price of 66.08 CNY is based on a 20x P/E ratio for 2025E [2]

浙江艾罗网络能源技术股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 14 证券代码：688717 证券简称：艾罗能源 浙江艾罗网络能源技术股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------------|---------------------------------------|--------------- ...

证券代码：688717 证券简称：艾罗能源 浙江艾罗网络能源技术股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |--------------|----------------------------------------|---------------------------------| | | | | | | £ | 特定对象调研 □分析师会议 | | | □ 媒体采访 ☑业绩说明会 | | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | £ 现场参观 □电话会议 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 通过上海证券交易所上证路演中心参与公司 | 2024 年半年度 | | 及人员姓名 | 业绩说明会的投资者 | | | 时间 | 2024 年 10 月 25 | 日（星期五） 上午 10:00-11:00 | | | 上海证券交易所上证路演中心 | | | 地点 | （网址： https://roadshow.sseinfo.com | ） | | | 董事长、总经理：李新富先生 ...

证券研究报告 储能 艾罗能源（688717.SH） 买入-B(首次) 业绩符合预期，Q2 单季度出货环比大增 事件描述 2024 年 9 月 25 日 公司研究/公司快报 公司上市以来股价表现 8 月 31 日，艾罗能源发布半年报，H1 实现营业收入 15.8 亿元，同比 -53.4%，实现归母净利润 1.0 亿元，同比-89.4%；24Q2 实现营收 9.0 亿元， 同比-37.0%，环比+31.4%，实现归母净利润 0.7 亿元，同比-85.4%，环比 +103.3%。 事件点评 业绩符合预期，毛利率小幅下降。受到渠道库存积压和同行业竞争影响， H1 营收同比-53.4%；由于公司规模和研发投入增加，营收同比下降，因此 市场数据：2024 年 9 月 24 日 净利润同比-89.4%；公司持续加大研发投入，开发新产品、技术创新、引进 收盘价（元）： 54.00 研发人才，同时营业收入同比减少，研发投入占营收比例 15.0%，同比 年内最高/最低（元）： 125.00/40.00 +11.5pct；H1 销售费用同比+21.4%，系公司新市场拓展、加大投入。公司上 流通A股/总股本（亿）： 0.32/1.6 ...

股 票 研 究 证 券 研 究 报 告 [Table_Report] 股票研究 /[Table_Date] 2024.09.23 ——艾罗能源首次覆盖报告 从单一欧洲户储走向业务全面开花 艾罗能源(688717) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | |----------|-------------------------------------|------------------------|------------------------| | | | | | | | [table_Authors] 庞钧文 ( 分析师 ) | 周淼顺 ( 分析师 ) | 朱攀 ( 分析师 ) | | | 021-38674703 | 021-38038264 | 021-38031724 | | | pangjunwen@gtjas.com | zhoumiaoshun@gtjas.com | zhupan027597@gtjas.com | | 登记编号 | S0880517120001 | S0880521040003 | S088052309000 ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 艾罗能源（688717）公司研究报告 2024 年 09 月 18 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | --- | --- | |---------------------------------------------------|--------------| | | | | 09 [ Table_StockInfo 月 18 日收盘价（元） ] | 61.87 | | 52 周股价波动（元） | 40.00-125.00 | | 总股本 / 流通 A 股（百万股） | 160/32 | | 总市值 / 流通市值（百万元） | 9899/1980 | 《澳洋顺昌（002245）季报点评：基 市场表现 价跌、部分销售收入内部化导致 3 季 度收入同比下降 22%》2012.10.29 [Table_QuoteInfo] -54.20% -35.20% -16.20% 2.80% 21.80% 2023/9 2023/12 2024/3 2024/6 艾罗能源 海通综指 | -- ...