公司报告 | 半年报点评 利润翻倍，韧性和成长性兼备 财务数据 24 年 H1：收入 63.32 亿元，同比+12.93%，归母净利润 1.93 亿元，同比 +105.26%，扣非归母净利润 1.60 亿元，同比+173.71%。 24 年 Q2： 收入 37.63 亿元，同比+4%，环比+46%，毛利率 21.8%，同比 +1.3pct，环比+3.5pct。归母净利润 1.32 亿元，同比+78.3%，环比+114%； 扣非归母净利润 1.13 亿元，同比+113.2%，环比+139%。分析：毛利率提升 主要受益于特来电毛利率的大幅提升。归母净利润同比大幅提升，除毛利 的增量贡献外，公司的信用减值损失等损益类项目持续优化。 业务拆分 1、电力设备业务：24 年 H1 收入 36.74 亿元，同比+ 13.37%；归母净利 润 2.13 亿元，同比+ 44.64%。分行业来看，收入端电网增速最快。 1）新能源发电收入 12.93 亿元，同比+0.52%，毛利率 18.91%，同比+0.46pct； 中标额仍实现同比大幅增长。 2）电网收入 10.07 亿元，同比+70.05%，毛利率 25.92%，同比+1. ...

Investment Rating - Maintain "Buy" rating [6] Core Views - The company's charging business has seen both volume and profitability increase, with significant growth in revenue and net profit in the first half of 2024 [1] - The company is a leader in domestic charging pile manufacturing and operation, with a dominant market share in public charging [2] - The company is expanding its virtual power plant and new energy microgrid business, with significant progress in both areas [3] - The power equipment business is growing steadily, with increased bidding in the new energy power generation sector [4] Financial Performance - In the first half of 2024, the company achieved revenue of 6.332 billion yuan, a year-on-year increase of 12.93% [1] - Net profit attributable to the parent company was 193 million yuan, a year-on-year increase of 105.26% [1] - Gross margin was 20.37%, an increase of 1.65 percentage points year-on-year [1] - The company's charging business reduced losses by 33 million yuan, with a net profit of -20 million yuan in the first half of 2024 [2] Market Position - The company operates 595,000 public charging terminals, with a market share of 26% in public charging [2] - The company's charging volume exceeded 5.8 billion kWh, with a market share of 24% [2] - The company has established over 270 wholly-owned/joint ventures, with more than 160 involving state-owned platform enterprises [2] Business Expansion - The company has achieved online information interaction with 28 power grid, provincial, and municipal power dispatching centers, with a dispatchable resource capacity of over 4.7 million kW [3] - The company has expanded approximately 100 new energy microgrid projects in the first half of 2024, with a total of 600 microgrid stations covering over 140 cities [3] - The company's power equipment business achieved revenue of 3.674 billion yuan, a year-on-year increase of 13.37% [4] - The company has successfully delivered over 500 energy storage box transformers and expanded its international market to over 50 countries [4] Profit Forecast - The company's net profit attributable to the parent company is expected to be 713 million yuan in 2024, 960 million yuan in 2025, and 1.325 billion yuan in 2026 [4] - EPS is forecasted to be 0.68 yuan in 2024, 0.91 yuan in 2025, and 1.25 yuan in 2026 [4] - The current PE ratio is 26x for 2024, 19x for 2025, and 14x for 2026 [4] Financial Ratios - ROE is expected to be 8.73% in 2024, 10.43% in 2025, and 12.60% in 2026 [5] - The net profit margin is forecasted to be 4.49% in 2024, 4.95% in 2025, and 5.51% in 2026 [10] - The asset-liability ratio is expected to decrease from 66.12% in 2024 to 62.79% in 2026 [10]

青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）于近日接到控 股股东青岛德锐投资有限公司（以下简称"德锐投资"）的通知，获悉其将所持有公 司的部分股份办理了质押展期，现将有关情况说明如下： 一、股东股份质押的基本情况 | 1、本次股份质押展期基本情况 | | --- | 证券代码：300001 证券简称：特锐德 公告编号：2024-067 青岛特锐德电气股份有限公司 关于控股股东部分股份质押展期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特此公告。 青岛特锐德电气股份有限公司 | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否 | 是否 | | | | 展期后 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | | | | 为补 | 质押起 | 原质押 | | | | 质权 | 质押用 | | 名称 | 第一大股 | 押数量 | 持股份 | 总股本 | 为限 | ...

证券代码：300001 证券简称：特锐德 公告编号：2024-066 1、中国证券登记结算有限责任公司出具的持股变化明细； 一、本次股份解除质押的基本情况 股东 名称 是否为第一大股 东或第一大股东 及一致行动人 本次解除质押股 份数量（股） 占其所持 股份比例 占公司总 股本比例 起始日 解除日 质权人 德锐 投资 是 14,000,000 4.20% 1.33% 2023 年 8 月 31 日 2024 年 9 月 9 日 渤海国际信托股 份有限公司 | 二、控股股东股份累计质押情况 | | --- | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 情况 | | 情况 | | | 股东 | | | 累计质押股 | 占其所 | 占公司 | 已质押 | | 未质押 | | | 名称 | 持股数量 | 持股比例 | 份数量 | 持股份 | 总股本 | | 占已质 | | 占未质 | | | | | | | | 股份限 | | 股份限 | | ...

证券代码：300001 证券简称：特锐德 公告编号：2024-065 青岛特锐德电气股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）于近日接到控 股股东青岛德锐投资有限公司（以下简称"德锐投资"）将其持有的公司部分股份办 理了质押业务的通知，现将有关情况说明如下： 一、股东股份质押的基本情况 1、本次股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充质 | 质押起 | | 质押到期 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 量（股） | | | | | 始日 | | 日 | | 用途 | | | 一致行动人 | | 比例 | 比例 | 售股 | 押 | | | | | | | 德锐 | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company focuses on power generation, grid, and user-side operations, achieving significant profit growth in H1 2024 with revenue of 6.332 billion yuan, a year-on-year increase of 13%, and a net profit of 193 million yuan, up 105.26% [5] - The charging pile market is vast, with the domestic charging operation market expected to reach 55.285 billion yuan by 2026, benefiting from the rapid development of new energy vehicles [5] - The company's smart manufacturing and system integration business achieved revenue of 3.673 billion yuan in H1 2024, a year-on-year increase of 13.37%, driven by strong demand in both domestic and international markets [5] - The company is expected to achieve net profits of 680 million yuan, 980 million yuan, and 1.344 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 28, 19, and 14 times [5] Summary by Sections Business Overview - The company has two main business segments: "Smart Manufacturing + Integrated Services" and Electric Vehicle Charging Network, with a leading position in the domestic charging operation industry and high-end box transformer products [11][21] - The company has maintained its industry-leading position in the number of DC charging terminals, charging stations, and charging volume as of H1 2024 [11][43] Charging Pile Market - The charging operation industry has a high concentration, with the top 15 operators accounting for 87.8% of the total number of charging piles as of June 2024 [30] - The company has a significant market share in the charging operation sector, with a focus on expanding its charging network across 360 cities [43] Financial Performance - The company achieved a revenue of 14.602 billion yuan in 2023, a year-on-year increase of 25.6%, and a net profit of 491 million yuan, up 80.4% [6][23] - The revenue for H1 2024 was 6.332 billion yuan, with a net profit of 193 million yuan, indicating strong growth potential [5][23] Future Outlook - The company is expected to benefit from the increasing penetration of new energy vehicles, with the domestic new energy vehicle ownership reaching 24.72 million units by mid-2024 [38] - The charging operation market is projected to grow significantly, with estimates of 28.3 billion yuan, 40.7 billion yuan, and 55.3 billion yuan for the years 2024, 2025, and 2026, respectively [40][41]

Investment Rating - The report maintains a "Buy" rating for the company [3][12]. Core Views - In the first half of 2024, the company achieved total revenue of 6.332 billion yuan, a year-on-year increase of 12.93%, and a net profit attributable to shareholders of 193 million yuan, up 105.26% year-on-year [2]. - The company's revenue from the "smart manufacturing + integrated services" business reached 3.674 billion yuan, a year-on-year increase of 13.37%, with a net profit of 213 million yuan, up 44.64% year-on-year [2]. - The electric vehicle charging network business generated revenue of 2.658 billion yuan, with a year-on-year increase of 12.32%, while reducing losses compared to the previous year [2]. Revenue and Profit Forecast - The company is expected to achieve revenues of 18.473 billion yuan, 22.713 billion yuan, and 28.004 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.5%, 23.0%, and 23.3% [3][4]. - The net profit attributable to shareholders is forecasted to be 712 million yuan, 893 million yuan, and 1.389 billion yuan for the same years, with year-on-year growth rates of 44.9%, 25.5%, and 55.5% [3][4]. Market Position - As of June 2024, the company operated 595,000 public charging terminals, maintaining the industry’s leading position, with a market share of 18.95% as of July 2024 [2][5]. - The company has successfully delivered products to over 50 countries globally, indicating strong international market penetration [2]. Financial Metrics - The company's earnings per share (EPS) are projected to be 0.67 yuan, 0.85 yuan, and 1.32 yuan for 2024, 2025, and 2026, respectively [4]. - The price-to-earnings (P/E) ratios are expected to be 25, 20, and 13 for the same years [3][4]. Business Segments Performance - The revenue from the new energy generation sector was 1.293 billion yuan, with a gross margin of 18.91%, while the grid sector revenue was 1.007 billion yuan, with a gross margin of 25.92% [2]. - The strategic emerging industries generated revenue of 1.373 billion yuan, with a gross margin of 21.06% [2]. Cash Flow and Assets - The operating cash flow for 2024 is projected to be 830 million yuan, with a net profit of 789 million yuan [8]. - The total assets are expected to grow from 23.877 billion yuan in 2023 to 36.017 billion yuan by 2026 [8]. Summary of Financial Ratios - The return on equity (ROE) is projected to increase from 7.3% in 2023 to 14.3% in 2026 [4][9]. - The debt-to-equity ratio is expected to remain stable around 67.8% to 69.3% over the forecast period [9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 6.332 billion yuan in H1 2024, representing a year-on-year increase of 12.93%, and a net profit attributable to shareholders of 193 million yuan, up 105.26% year-on-year [4] - The company's "Smart Manufacturing + Integrated Services" business generated revenue of 3.674 billion yuan in H1 2024, a 13.37% increase year-on-year, with a net profit of 213 million yuan, up 44.64% year-on-year [4] - The electric vehicle charging network business reported revenue of 2.658 billion yuan in H1 2024, with a reduction in losses, operating 595,000 public charging terminals, the highest in the industry [4] Summary by Sections Financial Performance - In Q2 2024, the company recorded revenue of 3.763 billion yuan, a 3.67% increase year-on-year and a 46.49% increase quarter-on-quarter, with a net profit of 132 million yuan, up 78.29% year-on-year [4] - The company expects revenues of 18.75 billion yuan, 23.33 billion yuan, and 28.88 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28.41%, 24.42%, and 23.81% [5] Business Expansion - The company has successfully expanded its overseas market, winning large-scale projects in Zimbabwe and Indonesia, and its products are now present in over 50 countries [4] - The company is actively participating in the electric vehicle charging network and has developed a virtual power plant with a dispatchable capacity of over 4.7 million kW [4] Investment Recommendations - The report suggests that the company, as a leading national charging operator, has advantages in funding and technology, and anticipates a peak in the delivery of power equipment products in the second half of the year [5] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.75 yuan, 1.11 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23x, 15x, and 13x [5]

Investment Rating - The investment rating for the company is upgraded to "Buy" [7][10]. Core Insights - The company reported a revenue of 6.332 billion yuan for the first half of 2024, representing a year-on-year increase of 12.93%. The net profit attributable to shareholders was approximately 193 million yuan, up 105.26% year-on-year, while the net profit excluding non-recurring items reached 160 million yuan, a significant increase of 173.71% [10][11]. - The charging business continues to grow rapidly, with the company achieving a charging volume of over 5.8 billion kWh in the first half of 2024, a year-on-year increase of 42%. The revenue from the electric vehicle charging network business was 2.658 billion yuan, up 12.32% year-on-year, with a gross margin of 18.6%, an increase of 4.8 percentage points year-on-year [10][11]. - The traditional power equipment business is steadily growing, with revenue from the "smart manufacturing + integrated services" segment reaching 3.674 billion yuan, a year-on-year increase of 13.37%, and a net profit attributable to shareholders of 213 million yuan, up 44.64% year-on-year [10][11]. Financial Performance - For Q2 2024, the company achieved a revenue of 3.763 billion yuan, a year-on-year increase of 3.67% and a quarter-on-quarter increase of 46.49%. The net profit attributable to shareholders was 132 million yuan, up 78.29% year-on-year and 113.55% quarter-on-quarter [10][11]. - The company expects revenues for 2024-2026 to be 18.51 billion, 23.27 billion, and 28.11 billion yuan, respectively, with year-on-year growth rates of 26.8%, 25.7%, and 20.7% [10][11]. Market Position and Outlook - The company is recognized as a leading player in the domestic charging operation sector, with a strong development trajectory in its traditional business and ongoing expansion into international markets [10][11]. - The company has successfully established its power equipment in over 50 countries globally, indicating a robust international presence and growth potential [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.12 yuan [7] Core Views - The company's "Smart Manufacturing + System Integration" business is leading in the industry, with significant profit growth in the first half of 2024 [2] - The charging network business is improving, with a reduction in losses and a potential turnaround in profitability expected in the second half of 2024 [2] - The company has a strong position in the EV charging market, with 595,000 public charging terminals and leading industry metrics in charging volume and station count [2] - The company is expanding its microgrid and virtual power plant capabilities, with over 470,000 kW of dispatchable resources and participation in grid interaction services [2] Financial Performance - In Q2 2024, the company reported revenue of 3.763 billion yuan, a YoY increase of 3.67%, and a QoQ increase of 46.49% [2] - Net profit attributable to shareholders in Q2 2024 was 132 million yuan, a YoY increase of 78.29%, and a QoQ increase of 113.55% [2] - For H1 2024, the company achieved revenue of 6.332 billion yuan, a YoY increase of 12.93%, and net profit attributable to shareholders of 193 million yuan, a YoY increase of 105.26% [3] Business Segments - The "Smart Manufacturing + Integration Services" business generated revenue of 3.674 billion yuan in H1 2024, a YoY increase of 13.37%, with net profit attributable to shareholders of 213 million yuan, a YoY increase of 44.64% [2] - The EV charging network business achieved revenue of 2.658 billion yuan in H1 2024, a YoY increase of 12.32%, with a net loss of 20 million yuan, a YoY reduction of 33 million yuan [2] Future Projections - The report forecasts net profit attributable to shareholders for 2024-2026 at 681 million yuan, 1.002 billion yuan, and 1.329 billion yuan, respectively, with corresponding P/E ratios of 27x, 18x, and 14x [3] - Revenue is expected to grow from 18.061 billion yuan in 2024E to 26.850 billion yuan in 2026E, with a CAGR of 21.18% [4] Market Position - The company has a strong market position in the EV charging sector, with a cumulative charging volume exceeding 30 billion kWh and leading industry metrics in charging terminal count and charging station numbers [2] - The company has secured significant overseas orders, including projects in Zimbabwe and Indonesia, and has developed international products such as 33kV ring main units and medium-voltage eco-friendly gas cabinets [2]