ChinaSouthernPowerGridTechnology(SH:688248) Tianfeng Securities·2024-07-01 01:00Investment Rating - The report indicates a strong growth potential for the company, particularly in the energy storage and smart grid sectors, with projected revenue growth rates of 130% for 2024, 75% for 2025, and 50% for 2026 in the energy storage system business [16]. Core Insights - The company is positioned to benefit from the increasing demand for new energy storage solutions, with significant support from regional government plans aiming for substantial installed capacity by 2025 [5]. - The company has a robust project pipeline, with over 700,000 kW of energy storage projects in reserve, and aims to accelerate production in 2024 and 2025 [5]. - The report highlights the company's focus on autonomous technology development, including smart distribution systems and drones, which are expected to enhance operational efficiency and market competitiveness [12][51]. Summary by Sections Energy Storage Systems - The company is expected to maintain rapid growth in its energy storage system business, with projected revenues of 167,016.89 million in 2024, reflecting a 130% year-over-year increase [18]. - The gross margin for this segment is anticipated to rise from 15.3% in 2024 to 16.2% by 2026 [16]. Robotics and Drones - The company forecasts a revenue growth of 60% in 2024, 50% in 2025, and 35% in 2026 for its robotics and drone segment, driven by increasing adoption in various operational scenarios [17]. - The gross margin for this segment is expected to improve steadily, reaching 35% by 2026 [17]. Smart Distribution Equipment - The smart distribution equipment segment is projected to grow at rates of 60% in 2024, 50% in 2025, and 30% in 2026, with a gross margin forecasted to remain high at around 36% [37]. - The company is actively promoting its smart distribution system, "丝路 InOS," which is currently in the scaling phase [37]. Testing and Commissioning Services - The testing and commissioning services segment is also expected to see significant growth, with revenues projected to reach 103,500 million in 2024, marking a 77.77% increase [18]. - The gross margin for this segment is expected to stabilize around 45% [18]. Market Trends and Policy Support - The report notes that national policies are increasingly supportive of the development of smart grids and energy storage technologies, creating a favorable environment for the company's growth [54]. - The virtual power plant market is projected to exceed 300 billion RMB by 2025, indicating a substantial opportunity for the company to expand its offerings in this area [35].