Great Power(SZ:300438) Guolian Securities·2024-08-29 01:02Investment 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].