Investment Rating - The report downgrades the investment rating of PengHui Energy to "Recommend" due to higher PE valuation compared to industry peers [1] Core Views - H1 2024 revenue was 3.773 billion yuan, down 13.75% YoY, with net profit attributable to parent company of 42 million yuan, down 83.41% YoY [1] - Inventory impairment of 115 million yuan significantly impacted H1 performance, mainly due to declining battery cell prices [1] - Energy storage battery shipments grew rapidly in H1 2024, driven by large-scale and communication energy storage, while household storage declined [1] - The company is actively developing new battery technologies, including solid-state and sodium-ion batteries [1] Financial Performance - Q2 2024 revenue was 2.176 billion yuan, up 36.25% QoQ and 15.79% YoY [1] - H1 2024 credit and asset impairment provisions totaled 145 million yuan [1] - 2024-2026 forecasted net profit attributable to parent company: 175/369/497 million yuan [1] - Current PE ratios for 2024-2026: 72/34/25 times [1] Market Position - The company has over 20 years of experience in battery industry with diversified layout in energy storage, communication, consumer, and power sectors [1] - Strong customer resources in large-scale, household, portable, and commercial energy storage sectors [1] Technology Development - Launched 20Ah and 2000mAh soft-pack all-solid-state batteries on August 28 [1] - Introduced low-temperature household storage battery and 590Ah large-capacity power storage cell [1] - Using oxide composite solid electrolyte to enhance battery safety and reduce costs [1] Financial Forecasts - 2024-2026 revenue forecast: 7.532/8.035/9.258 billion yuan [2] - 2024-2026 EPS forecast: 0.35/0.73/0.99 yuan [2] - 2024-2026 ROE forecast: 3.2%/6.8%/9.9% [5] Valuation Metrics - Current market cap: 12.508 billion yuan [3] - 12-month high/low price: 36.70/16.41 yuan [3] - PB ratio: 2.3 times [2] - EV/EBITDA: 25/17/14/13 times for 2023A-2026E [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has experienced significant short-term pressure on its performance due to industry supply-demand imbalances and intensified competition. However, there are signs of recovery in quarterly data, particularly in Q2 2024, where revenue increased by 15.8% year-on-year and 36.3% quarter-on-quarter [6][13][15]. - The company is focusing on innovation in solid-state battery technology, with plans for mass production by 2026. It has established a comprehensive production capacity of approximately 70 GWh, with ongoing expansions in various locations [6][18][26]. - The energy storage segment is a key focus area, with the company ranking among the top eight globally in energy storage market shipments. It has established strong partnerships with leading downstream clients, which is expected to drive further demand growth [6][26][30]. Summary by Sections Performance Overview - In the first half of 2024, the company reported revenue of 3.773 billion yuan, a year-on-year decrease of 13.8%, and a net profit of 42 million yuan, down 83.4% year-on-year. The gross margin was 14.2%, a decline of 4.6 percentage points [6][13]. - Q2 2024 showed a recovery with revenue of 2.176 billion yuan, a year-on-year increase of 15.8% and a quarter-on-quarter increase of 36.3%. The net profit for Q2 was 25 million yuan, down 63.2% year-on-year but up 54.8% quarter-on-quarter [6][15]. Focus on Energy Storage - The company has a well-rounded product matrix in the energy storage sector and has been recognized as a top player in the global market. It has successfully completed several large-scale projects, enhancing its market position [6][26][27]. - The energy storage business accounted for a significant portion of the company's revenue, with a compound annual growth rate (CAGR) of approximately 136% from 2020 to 2022 [29]. Technological Advancements - The company has made strides in solid-state battery technology, with the first generation of solid-state batteries set to be mass-produced by 2026. The energy density of these batteries is expected to reach 280 Wh/kg, with a production cost only 15% higher than conventional lithium batteries [6][18][22]. - The company has also invested heavily in research and development, with R&D expenses reaching 370 million yuan in the past year and a workforce of 1,366 dedicated to innovation [24]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 8.848 billion yuan, 10.152 billion yuan, and 12.595 billion yuan, respectively, with expected year-on-year growth rates of 27.6%, 14.7%, and 24.1% [7]. - The net profit forecasts for the same years are 192 million yuan, 468 million yuan, and 644 million yuan, indicating substantial growth potential [7]. Strategic Partnerships - The company has established deep ties with leading clients in the energy storage sector, which is expected to enhance demand and sales efficiency. Its marketing and channel management have kept sales expenses at a low level compared to industry standards [26][30].

[Table_Title] 评级：增持（维持） 市场价格：27.81 元 153.08 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_Profit] 基本状况 总股本（百万股） 503 流通股本（百万股） 404 市价（元） 27.81 市值（百万元） 13,998 流通市值（百万元） 11,240 24Q2 盈利环比改善，大储产品出货高增 鹏辉能源(300438.SZ)/电力 设备 证券研究报告/公司点评 2024 年 9 月 4 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------------|-------|-------|-------|--------------------------|-------| | [Tabl ...

Investment Rating - The report maintains a "Recommend" rating for PengHui Energy (300438 SZ) [1][3] Core Views - PengHui Energy's H1 2024 revenue was 3 73 billion yuan, down 13 75% YoY, with net profit attributable to shareholders of 41 million yuan, down 83 41% YoY [1] - Q2 2024 revenue was 2 176 billion yuan, up 15 79% YoY and 38 49% QoQ, with net profit attributable to shareholders of 25 million yuan, down 63 21% YoY but up 54 81% QoQ [1] - The company's energy storage product shipments showed significant growth in H1 2024, with large-scale and communication energy storage shipments increasing substantially, while household energy storage shipments declined sharply [1] - PengHui Energy has strong R&D capabilities, launching new products such as the HOME-II series cylindrical battery, Great series commercial energy storage system, and POLAR series low-temperature household energy storage battery [1] - The company is actively expanding production capacity, with plans to build a 36GWh zero-carbon factory in Qingdao and two battery projects in Ulanqab, Inner Mongolia [1] Financial Performance - Q2 2024 gross margin was 15 93%, down 1 42 percentage points YoY but up 4 10 percentage points QoQ [1] - Q2 2024 net margin was 0 43%, down 3 21 percentage points YoY and 0 17 percentage points QoQ [1] - Q2 2024 operating expense ratio was 10 43%, up 0 57 percentage points YoY, with sales, management, R&D, and financial expense ratios of 2 09%, 3 46%, 4 54%, and 0 66% respectively [1] - Revenue is expected to grow 22 7% to 8 506 billion yuan in 2024, 23 4% to 10 499 billion yuan in 2025, and 10 6% to 11 616 billion yuan in 2026 [1][2] - Net profit attributable to shareholders is forecast to grow 273 4% to 161 million yuan in 2024, 164 1% to 425 million yuan in 2025, and 27 2% to 541 million yuan in 2026 [1][2] Production and R&D - PengHui Energy has eight modern production bases, demonstrating significant scale advantages [1] - The company is developing solid-state batteries and sodium-ion batteries, with a planned 1GWh semi-solid-state battery project in Ulanqab [1] - New product launches include the HOME-II series cylindrical battery with reduced internal resistance and improved cycle life, the Great series commercial energy storage system, and the POLAR series low-temperature household energy storage battery [1] Market and Customers - The company has strengthened cooperation with major clients such as China Energy, State Power Investment, Three Gorges Group, and China Resources Power in large-scale energy storage [1] - In household energy storage, PengHui Energy has deepened partnerships with leading companies like Sungrow, Deye, and SolaX Power [1] - For commercial and industrial energy storage, the company is actively developing customers such as CRRC, Intellifusion, and Xianhe Co [1]

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests a focus on continuous monitoring and potential investment opportunities based on future performance [4][7]. Core Viewpoints - The company reported a revenue of 3.773 billion yuan for H1 2024, a decrease of 13.75% year-on-year, and a net profit of 42 million yuan, down 83.41% year-on-year. However, Q2 2024 showed a revenue increase of 15.79% year-on-year and a 36.25% quarter-on-quarter increase [2][6]. - The decline in revenue is attributed to significant price drops in energy storage products and asset impairment losses amounting to 125 million yuan, which impacted net profit [6]. - Positive trends in large-scale energy storage demand, particularly in the U.S. and Australia, are expected to support future growth for the company [6]. - The introduction of new technologies and products, such as the HOME-II series and POLAR series batteries, is anticipated to drive long-term development and market acceptance [6]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 14.20%, down 4.64 percentage points year-on-year, and a net margin of 0.50%, down 5.92 percentage points year-on-year [6]. - The company forecasts revenues of 7.056 billion yuan, 7.823 billion yuan, and 8.844 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.8%, 10.9%, and 13.1% [7][8]. - The projected net profits for the same years are 106 million yuan, 162 million yuan, and 230 million yuan, with significant growth rates of 146.4%, 52.2%, and 42.2% respectively [7][8]. Market Trends and Future Outlook - The report highlights a substantial increase in large-scale energy storage installations in the U.S., with a year-on-year growth of 126% in capacity [6]. - The Australian market also shows a significant increase in large-scale storage projects, with a 218% year-on-year growth [6]. - The company is expected to benefit from these trends, with a strong outlook for overseas demand driving revenue growth [6].

四不可能 证 券 研 究 报 告 2024年08月28日 电力设备及新能源 鹏辉能源(300438.SZ) 聚焦储能发力，营收环比改善 推荐 ( 维持) 事项： 公司发布2024年半年度报告。上半年，公司实现营业收入37.73亿元，同比减 少13.8%；实现归母净利润0.42亿元，同比减少83.4%。第二季度，公司实现 单季营收21.76亿元，同比/环比分别增长15.8%/36.3%；实现归母净利润0.25 亿元，同比/环比分别-63.2%/+54.8%。 平安观点： ■ 公司上半年营收和毛利率略承压，二季度环比改善。1）收入端：公司 2024年上半年实现营收37.73亿元，同比减少13.8%，主要由于户储电池 出货量和售价呈现较大幅度下跌，储能电池业务板块收入同比下降。第 二 季 度 ， 公 司 实 现 单 季 营 收 21.76 亿 元 ， 同 比 / 环 比 分 别 增 长 15.8%/36.3%，收入环比已呈现改善。收入地域分布来看，公司上半年 境内/海外收入占比分别为86.4%/13.6%，地域分布与2023年上半年 （86.8%/13.2%）相比无明显变化。2）毛利率：公司上半年销售毛利率 14. ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2024-039 广州鹏辉能源科技股份有限公司 广州鹏辉能源科技股份有限公司（以下简称"公司"）第五届监事会第七次会议通 知于 2024 年 8 月 20 日以通讯、邮件等方式向公司监事发出。会议于 2024 年 8 月 26 日 下午在公司六楼会议室以现场投票与通讯表决相结合方式举行，应出席监事 3 人，实际 出席监事 3 人，参与表决的监事 3 人。本次会议由监事会主席刘小国主持，会议的通知、 召集、召开和表决程序符合《公司法》《公司章程》的规定，会议经过认真讨论审议， 全体监事一致通过决议如下： 二、会议审议情况 1、会议以赞成三人，反对零人，弃权零人，赞成人数占出席会议有表决权监事人 数的 100%，审议通过《关于公司 2024 年半年度报告全文及其摘要的议案》 监事会认为：公司 2024 年半年度报告符合法律、行政法规、中国证监会和深圳证 券交易所的相关规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任 何虚假记载、误导性陈述或者重大遗漏。 具 体 内 容 详 见 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 巨 ...

广州鹏辉能源科技股份有限公司 2024 年 8 月 27 日 | | | | 上市公司核 | 2024 年 | 2024 年半年度 | 2024 年半年 | 2024 年 | 2024 年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 算的会计科 | 期初占用 | 度占用累计发 生金额（不含 | 度占用资金 的利息（如 | 半年度偿 还累计发 | 半年度期 末占用资 | 占用原因 | 占用 性质 | | | | | 目 | 资金余额 | 利息） | 有） | 生金额 | 金余额 | | | | 现大股东及其 | - | - | - | - | - | - | - | - | - | - | | 附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前大股东及其 | - | - | - | - | - | - | - | - | - ...

广州鹏辉能源科技股份有限公司董事会 经中国证券监督管理委员会（以下简称"中国证监会"）《关于公司 2022 年度向 特定对象发行 A 股股票方案的议案》（证监许可［2023］525 号）核准公司向特定对象 发行新股。按照中国证监会对公司本次向特定对象发行新股的要求和股东大会的授权， 在履行必要的发行程序后，公司和主承销商中信证券股份有限公司（以下简称"中信证 券"）根据询价情况，最终确定的发行价格为 36.04 元/股，最终发行数量为 42,201,438 股。本次发行募集资金总额为 1,520,939,825.52 元，扣除发行费用 16,487,099.94 元 后，实际募集资金净额为 1,504,452,725.58 元。 关于募集资金 2024 年半年度存放与使用情况的 华兴会计师事务所（特殊普通合伙）已于 2023 年 8 月 28 日对鹏辉能源向特定对象 发行新股的募集资金到位情况进行了审验，并出具了"华兴验字[2023]23000270249 号" 《验资报告》。公司对该项募集资金进行了专户存储。 单位：人民币元 | 募集资金净额 | 累计利息收入扣除 | 以前年 | 本期使用金额 | | 募集 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥3.77 billion, representing a decrease of 13.75% compared to the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥41.68 million, down 83.41% year-on-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥11.65 million, a decline of 95.05% compared to the previous year[11]. - The net cash flow from operating activities was negative at approximately -¥284.73 million, a significant decrease of 428.02% year-on-year[11]. - Basic and diluted earnings per share for the first half of 2024 were both ¥0.0828, down 84.67% from the same period last year[11]. - The total assets at the end of the reporting period were approximately ¥15.89 billion, an increase of 1.42% compared to the end of the previous year[11]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥5.40 billion, a slight decrease of 0.04% from the previous year[11]. Dividend and Shareholder Communication - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company emphasizes the importance of information disclosure, ensuring it is accurate, complete, and timely[63]. - The company aims to improve corporate governance and internal control systems to protect shareholder rights[63]. - The company is committed to increasing cash dividend frequency and optimizing the dividend schedule to reward investors[63]. - The annual general meeting had a participation rate of 31.83% on May 17, 2024[59]. - The company plans to enhance investor communication through various channels, including performance briefings and investor interaction platforms[63]. Risk Management and Compliance - The company has acknowledged potential risk factors and corresponding countermeasures in its report, which investors are encouraged to review[2]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[64]. - The company actively engages in social responsibility initiatives, including tax compliance and support for charitable activities[65]. - There are no significant issues or other circumstances regarding the use and disclosure of raised funds[44]. - The company has not reported any significant litigation or arbitration matters during the reporting period[68]. Research and Development - The company's R&D investment decreased by 24.71% to ¥166,103,295.76 compared to the previous year[30]. - The company plans to enhance its R&D efforts and product differentiation to maintain market competitiveness amid increasing competition and price pressures[54]. - The company has introduced sodium battery industrialization technology and achieved breakthroughs in several cutting-edge technologies, maintaining industry leadership in multiple performance metrics[56]. - The company has launched new products and technologies, including gel electrolyte technology and innovative cathode materials, to improve battery performance across safety, lifespan, and efficiency[56]. Market and Product Development - The company aims to strengthen its energy storage business and capture new market opportunities in the energy storage sector[18]. - The company plans to enhance its customer structure and improve operational efficiency in the consumer battery market[18]. - The company is focusing on the electric two-wheeler, electric forklift, and electric vehicle markets to enhance its product offerings[18]. - The company is actively expanding its presence in the electric two-wheeler battery market, capitalizing on the increasing adoption driven by environmental policies and urban mobility needs[21]. - The company launched the second generation of large cylindrical batteries, the HOME-II series, with capacities ranging from 6Ah to 50Ah, achieving significant shipment volumes in the first half of 2024[23]. Financial Position and Assets - The company's cash and cash equivalents decreased to 1,457,281,054.17 yuan, which is 9.17% of total assets, down from 14.31% in the previous year[35]. - Accounts receivable increased to 2,468,192,274.12 yuan, making up 15.53% of total assets, up from 10.55% last year[35]. - The company has a total of 1,043,015,480.73 yuan in assets that are subject to restrictions, including cash and fixed assets[38]. - The company’s short-term borrowings increased to 1,255,517,099.95 yuan, representing 7.90% of total assets, up from 5.72% last year[35]. - The company’s long-term borrowings decreased to 1,530,696,045.03 yuan, accounting for 9.63% of total assets, down from 10.34% last year[36]. Share Repurchase and Capital Management - The company repurchased 2,406,700 shares, accounting for 0.48% of the total share capital, with a total transaction amount of approximately ¥59.97 million[58]. - The highest transaction price during the share repurchase was ¥27.17 per share, while the lowest was ¥20.28 per share[58]. - The company has completed the repurchase of shares as of February 1, 2024, with relevant announcements made on January 2 and February 1[81]. - The company plans to repurchase shares using its own funds, with a total repurchase amount not less than RMB 50 million and not exceeding RMB 60 million, at a maximum price of RMB 50 per share[85]. Financial Reporting and Accounting Policies - The company follows the accounting standards for business enterprises, ensuring the financial statements reflect true and complete financial conditions[134]. - The financial report for the half-year period has not been audited, which may affect the reliability of the financial data presented[99]. - The company recognizes revenue when the company fulfills its performance obligations, which occurs when the customer obtains control of the related goods[191]. - The company recognizes lease liabilities at the present value of unpaid lease payments at the lease commencement date[198]. Investment and Growth Strategy - The company plans to invest in two battery projects in Ulanqab, Inner Mongolia, with an annual production capacity of 10GWh for energy storage cells and systems, and 1GWh for semi-solid batteries[24]. - The company has established eight modern production bases globally, covering over 1.6 million square meters, enhancing its manufacturing capabilities and scale advantages[24]. - The company has established five overseas offices in the US, Germany, Japan, Indonesia, and Singapore, facilitating product sales to over 50 countries and regions[24].