Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a favorable outlook for the stock price in the next 6-12 months [3]. Core Views - The company's performance in H1 2024 met expectations, with a significant quarter-on-quarter increase in shipments in Q2 [2][3]. - Despite a year-on-year revenue decline of 53.4% in H1, the company is increasing its R&D investments, which now account for 15% of revenue, up 11.5 percentage points year-on-year [2][3]. - The company is actively expanding into new markets, including Pakistan, Ukraine, and South Africa, and has established a robust distribution network [2][3]. Financial Performance - For H1 2024, the company reported revenue of 1.58 billion yuan, down 53.4% year-on-year, and a net profit of 100 million yuan, down 89.4% year-on-year [1][2]. - In Q2 2024, revenue was 900 million yuan, a decrease of 37% year-on-year but an increase of 31.4% quarter-on-quarter, with a net profit of 70 million yuan, down 85.4% year-on-year but up 103.3% quarter-on-quarter [1][2]. - The gross margin for H1 2024 was 38.3%, a decrease of 2.5 percentage points year-on-year, attributed to changes in product mix and increased sales in emerging markets [2]. Shipment and Production Data - In H1 2024, the company shipped approximately 327 MWh of energy storage batteries and around 60,000 energy storage inverters, with Q2 shipments showing significant growth [2]. - Q2 2024 saw a 69.1% quarter-on-quarter increase in energy storage inverter shipments and a 155.6% increase in grid-connected inverter shipments [2]. Market Position and Strategy - The company has a well-established distribution network and a rich customer base, selling products to over 80 countries and obtaining more than 1,100 domestic and international certifications [2]. - The company is focusing on commercial energy storage products and has successfully launched multiple new products [2]. Earnings Forecast - The projected EPS for 2024, 2025, and 2026 is 2.60 yuan, 4.44 yuan, and 5.27 yuan respectively, with corresponding net profits of 420 million yuan, 710 million yuan, and 843 million yuan [3][5]. - The P/E ratios for 2024, 2025, and 2026 are expected to be 20.8, 12.2, and 10.2 respectively, indicating a potential for growth in earnings [3][5].

Investment Rating - The report initiates coverage with a rating of "Buy" for Airo Energy, setting a target price of 72.94 CNY, compared to the current price of 58.48 CNY [4][5][15]. Core Insights - Airo Energy is a well-known international supplier of photovoltaic energy storage systems, primarily focusing on the European market. The company is diversifying its business by expanding into new products and non-European regions [5][17]. - The company has a strong advantage in the European household storage market, with a significant increase in revenue of 453.86% in 2022. The report anticipates a recovery in growth as the inventory destocking phase concludes in the second half of 2024 [5][23]. - Airo Energy's R&D expenses increased by 98.73% in the first half of 2024, indicating a commitment to innovation and market expansion [5][73]. Summary by Sections 1. Earnings Forecast and Valuation - The forecasted EPS for Airo Energy from 2024 to 2026 is 2.20 CNY, 4.38 CNY, and 5.64 CNY respectively, with a projected revenue of 40.04 billion CNY in 2024, increasing to 65.24 billion CNY by 2026 [9][13][14]. - The report uses a PE valuation method, applying a multiple of 16.7x for 2025, leading to a target price of 72.94 CNY [15]. 2. Company Overview - Airo Energy was established in 2012 and has become a significant player in the photovoltaic energy storage sector, with a focus on both energy storage inverters and batteries [17][18]. - The company has a stable shareholding structure, with the actual controllers being Li Xinfeng and Li Guomei, who hold a combined 35.06% of the shares [19][20]. 3. Energy Storage Sector - The energy storage market is expected to grow significantly, with Airo Energy focusing on small power storage products and expanding into new markets such as Pakistan, Ukraine, and India [5][31]. - The company has a competitive edge in the energy storage inverter market, ranking among the top ten in small power PCS shipments globally [42][46]. 4. Photovoltaic Inverter Market - The global photovoltaic inverter market is projected to grow, with string inverters dominating the market share. Airo Energy's products are positioned to benefit from this growth [62][63]. - The company’s inverters have shown superior performance metrics compared to competitors, maintaining a higher gross margin [66][67]. 5. R&D and Product Development - Airo Energy has significantly increased its R&D personnel, with a focus on continuous product innovation and market expansion. The R&D investment reached 2.75 billion CNY in 2023, reflecting a commitment to enhancing product offerings [73][75]. - The company has developed several core technologies that enhance the performance of its energy storage systems, including advanced MPPT control and seamless grid connection technology [75][76].

[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 | -- ...

招商证券股份有限公司 关于浙江艾罗网络能源技术股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，招商证券股份有限公司（以下简称"保荐机构"） 作为浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"、"公司"）持 续督导工作的保荐机构，负责艾罗能源上市后的持续督导工作，并出具本持续督 导半年度跟踪报告。 一、重大风险的结论性意见 公司 2024 年上半年归属于上市公司股东的净利润与归属于上市公司股东的 扣除非经常性损益的净利润分别为 10,300.67 万元和 6,576.27 万元，同比 2023 年 上半年分别减少 89.44%和 93.18%，主要原因系：2024 年上半年，受欧洲地区渠 道库存积压影响，市场竞争不断加剧导致主营业务收入规模下降；此外，为了保 持竞争力，公司持续加大研发投入，使得研发费用较上年同期增加了 11,817.19 万元，同比增长了 98.73%；公司规模持续扩大，人员增多，使得管理费用较上年 同期增加了 2,405.87 万元，同比增长了 54.21%。公司的主营业务、核心竞争力 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3]. Core Insights - The company reported a revenue of 1.58 billion yuan for the first half of 2024, a year-on-year decrease of 53.41%, but a quarter-on-quarter increase of 31.43%. The net profit attributable to shareholders was 103 million yuan, down 89.44% year-on-year, but up 103.31% quarter-on-quarter. The overall gross margin was 38.26%, a decrease of 1.34 percentage points from the previous period [3][6]. - The company is actively expanding into new markets and product categories, particularly in Europe, the US, and emerging markets like Pakistan and India. It has launched new products such as household low-voltage single-phase storage inverters and low-voltage storage batteries [3][6]. - The company has maintained high R&D investment, with R&D expenses reaching 238 million yuan in the first half of 2024, a year-on-year increase of 98.73% [3][6]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 1.58 billion yuan, with a year-on-year decline of 53.41% and a quarter-on-quarter increase of 31.43%. The net profit attributable to shareholders was 103 million yuan, down 89.44% year-on-year but up 103.31% quarter-on-quarter. The gross margin was 38.26%, down 1.34 percentage points [3][6]. - The projected net profits for 2024-2026 are estimated at 370 million, 660 million, and 930 million yuan, respectively, with corresponding EPS of 2.3, 4.1, and 5.8 yuan per share [6][7]. Market Expansion - The company has seen significant sales growth in the European market, particularly in countries like the Czech Republic, Germany, and the UK. It is also exploring new markets such as Ukraine and Hungary, and new application scenarios in commercial and industrial energy storage [3][6]. - Collaborations with international companies like Panasonic and Sharp Energy have been successful in the US and Japan, contributing to product sales [3][6]. Product Development - The company has launched new product lines, including household low-voltage single-phase storage inverters and low-voltage storage batteries, to diversify its offerings [3][6]. - The company is focusing on commercial energy storage products, with successful sales of the AELIO and TRENE series, and anticipates a significant sales scale starting in Q3 2024 [3][6].

%% %% 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] Q2 出货环比增长，多点开花值得期待 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 艾罗能源发布 2024 年半年报， 2024H1 公司实现收入 15.84 亿元，同比下降 53.41% ；归母净 | | 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 2024-09-04 [Table_Rank]投资评级 买入丨维持 相关研究 [Table_Title2] Q2 出货环比增长，多点开花值得期待 公司研 ...

Investment Rating - The report maintains a "Recommend" rating for Airo Energy (688717) with a target price of 75.42 yuan [1][4] Core Views - Airo Energy's Q2 2024 performance showed sequential improvement, with emerging markets contributing to new growth [1] - The company's H1 2024 revenue was 1.584 billion yuan, down 53.41% YoY, while net profit attributable to shareholders was 103 million yuan, down 89.44% YoY [1] - Q2 2024 revenue was 899 million yuan, down 36.96% YoY but up 31.43% QoQ, with net profit attributable to shareholders at 69.05 million yuan, down 85.37% YoY but up 103.31% QoQ [1] - The company's gross margin in H1 2024 was 38.26%, down 1.34 percentage points YoY, while net margin was 6.50%, down 22.19 percentage points YoY [1] - Emerging markets helped improve shipments in Q2 2024, with energy storage battery sales reaching 327MWh and energy storage inverter shipments exceeding 60,000 units in H1 2024 [2] - The company's gross margin decline was attributed to lower margins in emerging markets compared to Europe, with a shift in sales mix impacting overall profitability [2] - Airo Energy has introduced new products such as microinverters and commercial energy storage systems, which have already secured orders [2] - The company's European business share has decreased from over 90% to over 70%, with rapid growth in new markets like Southeast Asia [2] - The report forecasts net profit attributable to shareholders of 498 million yuan, 804 million yuan, and 963 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19x, 12x, and 10x [2] Financial Performance - H1 2024 operating income was 1.584 billion yuan, down 53.41% YoY, with net profit attributable to shareholders at 103 million yuan, down 89.44% YoY [1] - Q2 2024 operating income was 899 million yuan, down 36.96% YoY but up 31.43% QoQ, with net profit attributable to shareholders at 69.05 million yuan, down 85.37% YoY but up 103.31% QoQ [1] - The company's gross margin in H1 2024 was 38.26%, down 1.34 percentage points YoY, while net margin was 6.50%, down 22.19 percentage points YoY [1] - Q2 2024 gross margin was 36.89%, down 2.09 percentage points YoY and 3.16 percentage points QoQ, while net margin was 7.68%, down 25.40 percentage points YoY but up 2.72 percentage points QoQ [1] - The company's operating expenses in H1 2024 were 513 million yuan, up 323 million yuan YoY, with an operating expense ratio of 32.40%, up 26.80 percentage points YoY [2] - Sales expenses increased by 21.36% YoY, management expenses by 54.21% YoY, and R&D expenses by 98.73% YoY, while financial expenses turned positive [2] - The company's R&D team has over 900 employees, accounting for more than 30% of the total workforce [2] Market and Product Development - Airo Energy's shipments improved in Q2 2024 due to emerging market growth, with energy storage battery sales reaching 327MWh and energy storage inverter shipments exceeding 60,000 units in H1 2024 [2] - The company has introduced new products such as microinverters and commercial energy storage systems, which have already secured orders [2] - Airo Energy has actively expanded into new markets like Southeast Asia, reducing its European business share from over 90% to over 70% [2] - The company expects continued improvement in shipments as European demand recovers and emerging markets continue to grow [2] Financial Forecasts - The report forecasts operating income of 3.901 billion yuan, 4.934 billion yuan, and 6.117 billion yuan for 2024, 2025, and 2026, respectively [3] - Net profit attributable to shareholders is expected to be 498 million yuan, 804 million yuan, and 963 million yuan for 2024, 2025, and 2026, respectively [3] - EPS is projected to be 3.11 yuan, 5.03 yuan, and 6.02 yuan for 2024, 2025, and 2026, respectively [3] - The company's PE ratio is expected to be 19x, 12x, and 10x for 2024, 2025, and 2026, respectively [3]

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 艾罗能源（688717.SH） 逆变器修复显著，新兴市场实现开拓 | --- | --- | --- | --- | --- | --- | |----------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,612 | 4,473 | 4,033 | 5,265 | 6,274 | | 增长率 yoy （ % ） | 453.9 | -3.0 | -9.8 | 30.6 | 19.2 | | 归母净利润（百万元） | 1,134 | 1,065 | 460 | 715 | 914 | | 增长率 yoy （ % ） | 1703.6 | -6.1 | -56.8 | 55.3 | 27.9 | | ROE （ % ） | 88.4 | 24.5 | 9.6 | 13.0 | 14.2 | | EP ...

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：2024-003 | --- | --- | --- | |----------------|----------------------------------|------------------------------------------------------| | | | | | | □ 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 | □ 新闻发布会 □路演活动 | | | 类别 | □ 现场参观 R | 电话会议 | | | □ | 其他 （请文字说明其他活动内容） | | | | 招商证券、鹏华基金、博时基金、富国基金、嘉合基金、长 | | 参与单位名称 | | 江证券、财通证券、华创证券、德邦证券、中信建投证券等 | | | 约 100 家机构代表 | | | 时间 | 2024 年 8 月 31 日 | | | 地点 | 电话形式 | | | 上市公司接待 | | | | 人员姓名 | 董事会秘书 盛建富、财务总监 闫强 | | ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-036 浙江艾罗网络能源技术股份有限公司 关于会计政策变更的公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会计政策变更是根据财政部发布的最新企业会计准则及相关通知等要 求进行的合理变更，不会对浙江艾罗网络能源技术股份有限公司（以下简称"公 司"）损益、总资产、净资产等产生重大影响。 一、本次会计政策变更概述 1、会计政策变更的原因及日期 1 具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规 定。 本次变更后，公司将按照《解释 17 号》《应用指南 2024》相关要求执行。 其他未变更部分，仍按照财政部前期颁布的《企业会计准则——基本准则》和各 项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关 规定执行。 二、 本次会计政策变更对公司财务状况的影响 财政部于 2024 年 3 月发布了《应用指南 2024》，规定保证类质保费用应计 入营业成本。公司执行该规定的主要影响如下： 2023年10月25 ...