ZHIGUANG(SZ:002169) Zheng Quan Shi Bao Wang·2025-04-25 06:26Core Viewpoint - The company, Zhiguang Electric (002169), reported a slight decline in revenue for 2024 but showed positive growth in cash flow and first-quarter performance for 2025, indicating potential recovery and growth in its core business, particularly in energy storage systems [1][2][3] Financial Performance - In 2024, Zhiguang Electric achieved operating revenue of 2.596 billion yuan, a year-on-year decrease of approximately 5%, with a net profit attributable to shareholders of -326 million yuan and a net operating cash flow of 110 million yuan, an increase of 61.22% year-on-year [1] - The first quarter of 2025 saw revenue of 657 million yuan, a year-on-year increase of 24.76%, with a non-recurring net profit of -35.83 million yuan, up 23.81% year-on-year, indicating improving performance metrics [1] Business Segments - The energy storage equipment sales and system integration business generated revenue of 1.063 billion yuan in 2024, a year-on-year increase of approximately 15%, with the energy storage segment accounting for 40.96% of total revenue, up about 7 percentage points [1] - The company anticipates that the shipment volume of energy storage systems will increase by over 200% in 2024, despite a nearly 50% decrease in unit prices [1] Strategic Developments - Zhiguang Electric has established a new energy storage manufacturing base in Guangzhou with a capacity of 3GWh, and the second phase of the base has been completed in the first quarter of 2025 [2] - The company has successfully delivered large-scale energy storage projects and is set to initiate further independent energy storage projects by the end of 2024, utilizing its self-developed liquid-cooled cascade high-voltage direct-connected energy storage system [2] Industry Context - Since 2022, the company has focused on energy storage as a strategic priority, leading to rapid growth in this sector while simultaneously divesting from non-core businesses [2] - Financial challenges have arisen due to impairments from divested non-core businesses and increased financial costs from investments in energy storage capacity and independent projects [3] - The company is positioned to benefit from national policies promoting high-quality development in the new energy storage manufacturing industry, particularly in high-voltage applications [3]