Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 68.64 CNY per share based on a 18x PE valuation for 2024 [4][63]. Core Insights - The company is a well-known manufacturer in the household solar storage market, focusing on the European market. In 2023, it achieved revenue of 4.473 billion CNY, a decrease of 3.01% year-on-year, and a net profit of 1.065 billion CNY, down 6.12% year-on-year [2][18]. - The European market is the largest for the company, with significant revenue contributions from grid-connected inverters, storage inverters, and storage batteries [2][22]. - New products are being developed to meet the needs of commercial storage, with emerging markets expected to bring additional business growth [2][10]. - The company has a strong brand recognition and channel strength, with a significant number of distributors in Europe [2][23]. Summary by Sections 1. Market Position and Product Development - The company has established a strong presence in the European household solar storage market and is recognized as one of the early entrants in this field [10]. - Its product matrix includes solar storage inverters, storage batteries, and grid-connected inverters, with ongoing improvements to adapt to new market demands [14][15]. 2. Financial Performance and Forecast - The company forecasts EPS of 3.81, 5.45, and 5.76 CNY for 2024, 2025, and 2026 respectively, with expected revenue of 4.278 billion CNY in 2024, a decrease of 4.4% year-on-year, followed by growth in subsequent years [3][59]. - The gross margin for 2023 was reported at 39.90%, with an increase in operating expenses due to market investments and personnel costs [19][20]. 3. Inventory and Supply Chain Management - The company is nearing the end of its inventory destocking phase, with a focus on improving brand recognition and channel capabilities [2][23]. - The report highlights a significant reduction in inventory levels, indicating improved operational efficiency [28]. 4. Growth Opportunities - The report identifies potential growth in the commercial storage sector, driven by new product launches and favorable market conditions in emerging markets [2][31]. - The company is actively developing high-power storage inverters and large-capacity storage batteries to cater to commercial needs [2][47]. 5. Competitive Landscape - The company faces competition from both domestic and international players in the solar storage market, necessitating continuous innovation and market adaptation [2][68]. - The report notes the importance of maintaining competitive pricing and product differentiation to sustain market share [30][31].

Investment Rating - The report initiates coverage on the company with a "Buy" rating, highlighting the potential for significant profit elasticity in the household storage segment and expected contributions from new business in industrial storage [5]. Core Insights - The global energy storage market is experiencing high demand, particularly in Europe, where household storage inventory is nearing depletion. The company is positioned as a pioneer in the European household storage market, benefiting from brand recognition and a strong market share [5]. - The company has ample cash reserves and is actively investing in new business areas, with a significant increase in R&D expenditure, indicating a strategic focus on expanding its industrial storage offerings [5]. - Revenue projections for the company are optimistic, with expected revenues of 4.372 billion, 6.023 billion, and 7.154 billion yuan for 2024, 2025, and 2026 respectively, alongside corresponding net profits [5]. Summary by Sections Company Overview - The company is one of the few in the industry with integrated R&D capabilities for energy storage inverters and batteries, having launched its first storage inverter in 2013 and its storage battery in 2018 [9][11]. - The company has established subsidiaries in multiple countries, enhancing its global presence and market reach [12][21]. Household Storage - The European household storage market is expected to see demand improvements as inventory levels decrease. The company is well-positioned to capitalize on this trend due to its established market presence [43][50]. - In 2023, global household storage installations reached 16 GWh, doubling year-on-year, with Germany and Italy leading the market [50][53]. Industrial Storage - The report anticipates a doubling of global industrial storage installations in 2024, driven by supportive policies and decreasing costs [81][83]. - The company is actively expanding its industrial storage business, which is expected to contribute significantly to future revenue growth [5][81]. Financial Analysis - The company reported a slight revenue decline in 2023, attributed to high inventory levels and falling electricity prices in Europe, but remains optimistic about future growth [32][36]. - R&D expenses have significantly increased, indicating a commitment to innovation and market expansion [36][39]. Market Outlook - The report forecasts a 20.5% and 37.1% year-on-year growth in global household storage installations for 2024 and 2025, respectively, reflecting a positive market outlook [76][78].

【RSM】容诚 关于浙江艾罗网络能源技术股份有限公司 以自筹资金预先投入募集资金投资项目及 支付发行费用的鉴证报告 浙江艾罗网络能源技术股份有限公司 容诚专字|2024|200Z0332 号 容诚会计师事务所(特殊普通合伙 骑 缝 章 (3) 容诚会计师事务所(特殊普通合伙) 中国 · 北京 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | | 以自筹资金预先投入募集资金投资项目及支付发 | | 1-3 | | | 行费用鉴证报告 | | | | 2 | 以自筹资金预先投入募集资金投资项目及支付发 | | 4-6 | | | 行费用专项说明 | | | 关于浙江艾罗网络能源技术股份有限公司以自筹资金 预先投入募集资金投资项目及支付发行费用的鉴证报告 容诚专字[2024]200Z0332 号 浙江艾罗网络能源技术股份有限公司全体股东: 我们审核了后附的浙江艾罗网络能源技术股份有限公司(以下简称"艾罗能 源")管理层编制的《关于以自筹资金预先投入募集资金投资项目及支付发行费用 的专项说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供艾罗能源为用募集资金 ...

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 使用募集资金置换预先投入募投项目及 已支付发行费用的自筹资金核查意见 招商证券股份有限公司（以下简称"招商证券"或"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"）首次公开发 行股票并在科创板上市持续督导阶段的保荐人，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》《上海证券交易所科创板上市公 司自律监管规则适用指引第 1 号—规范运作》《上市公司监管指引第 2 号—上市 公司募集资金管理和使用的监管要求》等有关规定，对艾罗能源使用募集资金置 换预先投入募投项目及已支付发行费用的自筹资金事项进行了核查，核查情况及 核查意见如下： 一、募集资金的基本情况 根据中国证券监督管理委员会于 2023 年 5 月 16 日印发的《关于同意浙江艾 罗网络能源技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 1094 号）的决定，公司获准向社会公开发行人民币普通股 A 股 40,000,000 股， 发行价格为人民币 55.66 元/股，募集资金总额为人民币 222,640.00 万元 ...

根据中国证券监督管理委员会于2023年5月16日印发的《关于同意浙江艾罗 网络能源技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 1094号）的决定，公司获准向社会公开发行人民币普通股A股40,000,000股，发 行价格为人民币55.66元/股，募集资金总额为人民币222,640.00万元，扣除发 行费用（不含增值税）人民币23,832.55万元后，募集资金净额为人民币 198,807.45万元（数值出现总数与各分项数值之和尾数不符的情况，系由四舍 五入造成，以下同）。上述资金已全部到位，容诚会计师事务所（特殊普通合伙） 已对前述资金到位情况进行了审验，并于2023年12月28日出具了《验资报告》 （[2023]200Z0046号）。 1 募集资金到账后，已全部存放于经公司董事会批准开设的募集资金专项账 户内，公司已与保荐机构、存放募集资金的商业银行签署了募集资金三方监管 协议。 证券代码：688717 证券简称：艾罗能源 公告编号：2024-030 浙江艾罗网络能源技术股份有限公司 关于使用募集资金置换预先投入募投项目及已支付发行费 用的自筹资金的公告 本公司董事会及全体董事保证本公告 ...

证券代码： 688717 证券简称：艾罗能源 公告编号：2024-031 公司监事会认为：公司本次使用募集资金置换预先投入募投项目及已支付发 行费用的自筹资金，将有利于加快公司运营管理效率，提高募集资金使用效率， 保障募投项目的顺利推进。符合公司《首次公开发行股票并在科创板上市招股说 明书》披露的募集资金计划用途，不存在变相改变募集资金投向和损害股东利益 的情况。该事项的审议符合《上市公司监管指引第2号—上市公司募集资金管理 和使用的监管要求》《上海证券交易所科创板上市公司自律监管指引第1号—规 范运作》等法律法规和规范性文件的规定。 第二届监事会第四次会议决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）第二届监事会第 四次会议于2024年6月3日在浙江省杭州市桐庐县城南街道石珠路278号公司会议 室以现场与通讯结合方式召开。本次会议的通知于2024年5月31日送达全体监事。 本次会议应出席监事3名，实际出席监事3名。本次会议由监事会主 ...

证券研究报告·公司深度研究·光伏设备 艾罗能源（688717） 光储为基，拓界前行 2024年 05月 21日 买入（首次） 证券分析师 曾朵红 [Table_EPS] 执业证书：S0600516080001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 4612 4473 3979 5632 8282 zengdh@dwzq.com.cn 同比（%） 453.86 (3.01) (11.05) 41.56 47.04 证券分析师 郭亚男 归母净利润（百万元） 1,134.01 1,064.62 448.33 683.23 931.81 执业证书：S0600523070003 同比（%） 1,703.61 (6.12) (57.89) 52.40 36.38 guoyn@dwzq.com.cn EPS-最新摊薄（元/股） 7.09 6.65 2.80 4.27 5.82 股价走势 P/E（现价&最新摊薄） 8.24 8.78 20.85 13.68 10.03 [ [TT aab bl le e_ _T Sa ug m] mary] ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-029 公司名称：浙江艾罗网络能源技术股份有限公司 统一社会信用代码：91330122589883343W 类型：其他股份有限公司（上市） 法定代表人：李新富 注册资本：壹亿陆仟万元整 浙江艾罗网络能源技术股份有限公司 关于完成公司经营范围变更并换发营业执照的公告 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、准确性和完整性依法承担法律责任。 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）于2024年5月13 日召开了2023年年度股东大会，审议通过了《关于变更经营范围及修订<公司章 程>并办理工商变更登记的议案》，同意变更公司经营范围、修订《浙江艾罗网 络能源技术股份有限公司章程》并办理工商变更登记。具体内容详见公司分别 于2024年4月30日、2024年5月14日披露于上海证券交易所网站 （www.sse.com.cn）的《浙江艾罗网络能源技术股份有限公司关于变更经营范 围及修订<公司章程>并办理工商变更登记的公告》（公告编号：2024-027）、 《浙江艾罗网络能源技术股份有限公 ...

Investment Rating - The report gives a "Recommended" rating for the company with a target price of 80.91 CNY based on a 26x PE for 2024 [1][3][7]. Core Insights - The company is a well-known player in the energy storage sector, focusing on the European household storage market, with approximately 88% of its 2023 revenue coming from Europe [1][6]. - The energy storage products are the main revenue contributors, with energy storage batteries generating 2.347 billion CNY in 2023, accounting for 53% of total revenue, despite a 6% year-on-year decline [1][30]. - The company is expected to benefit from the recovery of inventory depletion in Europe, which is anticipated to contribute significantly to its performance [1][6]. Summary by Sections Company Overview - The company specializes in photovoltaic energy storage systems and products, offering a range of products including energy storage inverters and batteries, and has a strong focus on technology development [12][29]. - The company has a stable shareholding structure, with the actual controllers holding 35.06% of the shares, and has implemented employee stock ownership plans to enhance management stability [15][16]. Business Performance - The company experienced a compound annual growth rate (CAGR) of 84.19% in revenue from 2019 to 2023, with total revenue of 4.473 billion CNY in 2023, a slight decline of 3.01% year-on-year [18][20]. - The energy storage business, which includes energy storage inverters and batteries, accounted for about 80% of total revenue, with energy storage inverters contributing 24% and batteries 53% in 2023 [20][30]. Market Potential - The energy storage market in Europe is expected to grow significantly, with estimates suggesting that the market for photovoltaic inverters, energy storage inverters, and energy storage batteries could reach 4.748 trillion CNY by 2025 and 9.342 trillion CNY by 2030 [6][11]. - The company has a market share of approximately 7% globally and around 10% in Europe for household energy storage batteries, indicating substantial room for growth [6][11]. Product Development and Market Expansion - The company is actively expanding its product line and entering new markets, with plans to launch commercial energy storage inverters and other products in 2024 [1][6]. - The company is also making strides in markets outside Europe, including Japan, where it has established a sales agreement with Sharp Energy [1][6].

Group 1: Financial Performance - In 2023, the company achieved a revenue of 447,296.00 million, a decrease of 3.01% year-on-year [3] - The net profit attributable to shareholders was 106,461.74 million, down 6.12% year-on-year [3] - In Q1 2024, the company reported a revenue of 68,428.24 million and a net profit of 3,396.06 million [4] Group 2: Market Conditions - The demand in the household energy storage market decreased due to factors such as insufficient installation workers in European countries and falling electricity prices [3] - The company is actively expanding into markets in South Africa, North America, and Asia while developing domestic household energy storage applications [4][5] Group 3: Product Development and R&D - The gross margin for grid-connected inverters was 36.23%, while for energy storage inverters it was 52.62% [3] - R&D expenditure in Q1 2024 was 105,042,625.49, an increase of 83.52% year-on-year, primarily for personnel costs [5] - The company is focusing on developing high-power energy storage inverters (above 50kW) and large-capacity energy storage batteries (over 100 kWh) [6] Group 4: Operational Insights - The company has stable orders and is helping channels to reduce inventory, with Q1 2024 revenue showing a 46.9% increase compared to Q4 2023 [6] - As of December 31, 2023, the company had 802 R&D personnel [7] - The company is actively participating in the formulation of industry standards and promoting the integration of solar energy storage products in the domestic market [7][8]