]yrtsudnI_elbaT[ [Table_Title] 艾罗能源（688717）2024年中报点评 艾罗能源 沪深300 Q2净利环比+103%，开拓新市场新品类 2024 年 09 月 12 日 [【投资要点】 Table_Summary] 艾罗能源发布 2024 年半年报。24H1 营收 15.8 亿元，同比-53.41%， Q2 环比+31.43%；归属于上市公司股东的净利润 10300 万元，同比 -89.44%，Q2 环比+103.31%。公司综合毛利率为 38.26%，较上期下降 1.34pct。 欧洲市场：公司产品主要销往捷克、德国、英国等欧洲地区，6 月份 销售额相较于 4、5 月有明显提升，7-8 月有假期影响，目前在正常 的恢复中。针对欧洲市场，公司一方面挖掘新的市场，比如乌克兰、 匈牙利等，另一方面是发掘欧洲市场的新的应用场景（工商业储能）。 美国、日本市场：公司与松下电器、夏普能源等国际知名企业合作顺 利，实现产品销售。 新兴市场：公司在巴基斯坦、乌克兰、印度等地区加大了产品和渠道 的投入，2024 年上半年均成功实现销售。 新品类：上半年推出了户用低压单相储能逆变器、低压储能电 ...

%% %% 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 | | ...

公司代码：688717 公司简称：艾罗能源 2024 年半年度报告 浙江艾罗网络能源技术股份有限公司 2024 年半年度报告 1 / 221 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，具体内容详见本报告第三节"管理层讨论 与分析"之"五、风险因素"相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人李新富、主管会计工作负责人闫强及会计机构负责人（会计主管人员）吴耀东声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 ...

户储赛道具备高成长性，公司加速开拓新市场 艾罗能源（688717.SH）/电力 设备 证券研究报告/公司深度报告 2024 年 08 月 19 日 [Table_Title] 评级：买入（首次） 市场价格：70.83 元 分析师：曾彪 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：朱柏睿 执业证书编号：S0740522080002 Email：zhubr@zts.com.cn [Table_Finance1] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,612 | 4,473 | 4,557 | 5,648 | 7,095 | | 增长率 yoy% | 454% | -3% | 2% | 24% | 26% | | 净利润（百万元） | 1,134 | ...

市场风格迎高低切换，这家位于底部区域的次新储能细分龙头关注度逐步提升，当前受益欧洲市场去库 尾声以及新兴市场需求高增，下半年开始业绩有望重回高成长轨道，分析师近期首次覆盖。 艾罗能源（688717）精要： ①欧洲逆变器库存去化进度或接近尾声，出口数据、企业出货情况持续呈现明显改善，渠道库存或将于 下半年去化完毕； ②公司欧洲地区收入占比超过85%，且储能逆变器、储能电池等占比76.8%，欧美渠道优势明显，有望 随欧洲市场恢复有望快速放量； ③公司积极市场转型，销售区域已覆盖亚洲、澳洲、非洲、拉美等新兴市场地区，增长势头良好，未来 有望进一步贡献业绩增量； ④长江证券邬博华预计公司2024-2025年实现归母净利润分别为4.6、7.3亿元，对应PE为23、15倍，首 次覆盖； ⑤风险提示：库存去化进度不及预期风险等。 市场风格迎来高低切换，分析师新覆盖一家"高成长+预期反转"的储能细分龙头，受益欧洲市场去库尾 声及新兴市场需求高增 近期本栏目多次分享逆变器的投资逻辑，当前亚非拉市场占比高出海空间广阔，且欧洲市场去库存结 束，行业有望恢复高成长。 除了率先布局新兴市场的德业股份之外，长江证券电新邬博华最新覆盖储能 ...

Investment Rating - Buy rating, first coverage [4] Core Views - Aerosun Energy is a leading inverter company with a strong focus on the energy storage sector, particularly in residential energy storage systems [4] - The company has a significant presence in Europe, with over 85% of its revenue coming from the region in 2023 [4] - Aerosun Energy's revenue in 2022 surged by 454% to 4.612 billion yuan, driven by the explosive demand for residential energy storage in Europe, but declined by 3% in 2023 due to inventory pressures [4] - The company's gross margin remains stable, but net profit margin fluctuates significantly due to the negative correlation between operating expenses and revenue scale [4] European Market Dynamics - European residential energy storage demand remains strong, with policies continuing to support growth [5] - Inventory destocking in Europe is nearing its end, with expectations of a 30% year-on-year increase in installations to 12.3GWh in 2024, and a compound annual growth rate (CAGR) of over 35% from 2023 to 2025 [5] - The competitive landscape in Europe is fragmented, with Chinese companies having significant room to increase their market share [5] Global Market Expansion - Aerosun Energy has a strong presence in Europe and the US, with a well-established brand and extensive trade network [6] - The company is actively expanding into emerging markets in Asia, Australia, Africa, and Latin America, with promising growth momentum [6] - Aerosun Energy's ODM business, particularly with Hanwha, provides a stable revenue stream and potential for further growth in the US market [6] Financial Projections - Aerosun Energy is expected to achieve net profits of 460 million yuan and 730 million yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 23x and 15x [6] Product and Technology - Aerosun Energy is one of the earliest companies to develop integrated inverter and battery systems, with a strong focus on R&D and technological innovation [42][43] - The company has a robust portfolio of products with over 1,100 certifications, enabling it to meet diverse market requirements [35][36] Sales and Marketing - Aerosun Energy's sales expenses are higher than industry averages due to its rapid expansion and international focus, but these expenses are expected to decrease as sales volumes increase [50] - The company is leveraging its trade network and ODM partnerships to enhance its market presence and brand reputation [34][38]

[Table_Page] 公司深度研究|电力设备 证券研究报告 [艾Table_罗Title] 能源（688717.SH） [公Tab司le_I评nves级t] 买入 当前价格 62.26元 重估区域壁垒，拐点渐行渐进 合理价值 68.64元 报告日期 2024-06-14 [ 核Tabl 心e_Su 观mm 点ary] ： 基[Ta本ble数_B据ase Info]  户用光储知名厂商，深耕欧洲市场。公司主要产品包括光伏储能电池、 总股本/流通股本（百万股） 160.00/18.56 储能逆变器、并网逆变器、配件等。2023年，实现营收44.73亿元， 总市值/流通市值（百万元） 9961.60/1155.51 同比减少3.01%；归母净利润 10.65亿元，同比减少6.12%。欧洲是 一年内最高/最低（元） 121.73/56.00 公司最大的销售市场，2023 年并网逆变器/储能逆变器/储能电池欧洲 30日日均成交量/成交额（百万） 1.35/82.62 营收5.13/9.77/21.31亿元，毛利率39.52%/52.94%/34.54%。 近3个月/6个月涨跌幅（%） -21.55/-29.19 ...