西典新能(603312)：传统主业保持稳增 储能受益下游放量

Core Insights - The company reported a revenue of approximately 2.165 billion yuan for 2024, representing a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 228 million yuan, up 14.99% year-on-year [1] - In Q1 2025, the company achieved a revenue of about 707 million yuan, a significant year-on-year increase of 80.25%, with a net profit of 72 million yuan, up 44.81% year-on-year [1] - The growth in revenue and net profit is primarily driven by increased demand from existing customers and the continuous expansion into new markets and clients [1] Revenue Breakdown - The battery connection system business showed stable growth, generating revenue of 1.669 billion yuan, a year-on-year increase of 14.07% [1] - The sales volume of battery connection system products reached 6.1274 million units, reflecting a growth of 13.96% compared to the same period last year, driven by the sustained demand in the new energy vehicle and electrochemical energy storage sectors [1] Business Segment Performance - The electric control busbar business achieved revenue of 248 million yuan, up 20.58% year-on-year, while the industrial electrical busbar generated revenue of 173 million yuan, increasing by 21.98% year-on-year [2] - The sales volume of electric control busbars reached 5.9486 million units, a significant increase of 67.57% year-on-year, benefiting from the strong demand in the hybrid and pure electric vehicle controller busbar market [2] - The sales volume of industrial electrical busbars was 423,100 units, up 45.90% year-on-year, primarily due to increased demand in the rail transit and industrial frequency conversion busbar markets [2] Market Trends - The global demand for energy storage is increasing, with a reported 301 GWh of global energy storage battery shipments in 2024, marking a year-on-year growth of 62.7% [2] - The rapid development of smart applications and the acceleration of new data center construction are becoming new drivers for the energy storage market [2] - The electrochemical energy storage sector is transitioning from the early commercialization phase to large-scale application, indicating significant future market potential [2] Technological Advancements - The company has made significant progress in new technologies and projects, achieving mass production of self-developed flexible production lines for battery connection systems [3] - Key breakthroughs have been made in film, direct welding, and FCC sampling technologies, which are now being applied to stabilize supply for certain vehicle models [3] - The expansion of the Suzhou factory has led to a gradual increase in battery connection system production capacity, while a new factory in Chengdu is expected to complete construction by the end of 2025 [3] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 302 million yuan, 406 million yuan, and 576 million yuan for the years 2025 to 2027, with corresponding EPS of 1.87, 2.52, and 3.56 yuan [3] - The price-to-earnings (PE) ratios are expected to be 21.52, 15.97, and 11.27 for the same period [3]