Group 1 - The core viewpoint of the report is that Zhongchuang Innovation (03931) maintains a positive profit forecast and a "Buy" rating, with an increased target price of HKD 29.50 per share, driven by economies of scale and cost reduction [1] - The company has raised its shipment forecast for next year, with strong support from new projects in power batteries and demand for energy storage batteries, which are currently in short supply [1][3] - In the first half of the fiscal year 2025, Zhongchuang Innovation's revenue increased by 31.7% year-on-year to RMB 16.42 billion, with power battery sales rising by 9.7% to RMB 10.66 billion, and energy system products and other sales growing by 109.7% to RMB 5.76 billion [1] Group 2 - In the first seven months, China's power battery installation volume increased by 45.1% year-on-year to 355.4 GWh, with Zhongchuang Innovation achieving a strong growth of 21.8 GWh in the first half of the year, surpassing the market estimate of 19.5 GWh [2] - The average selling price of the company's power batteries fell by approximately 10.6%, yet the gross margin increased to 17.5%, driven by significant sales volume growth [2] - The company achieved a remarkable performance in the commercial vehicle sector, with a 310% year-on-year increase in domestic commercial vehicle installations in the first half of 2025, and the annual sales volume is likely to exceed the initial target of 10 GWh [2] Group 3 - In the energy storage sector, Zhongchuang Innovation experienced strong growth in the first half of the fiscal year, securing new orders in Europe alongside a diversified domestic customer base [3] - The energy storage business is expected to maintain a high growth rate, with a target of 45 GWh in total shipments for the year and approximately 70 GWh next year, while profit margins are also expected to improve [3]
西牛证券：维持中创新航(03931)“买入”评级 目标价升至29.5港元