Great Power(300438) 民生证券·2024-08-29 13:14Investment Rating - The report maintains a "Recommend" rating for PengHui Energy (300438 SZ) [1][3] Core Views - PengHui Energy's H1 2024 revenue was 3 73 billion yuan, down 13 75% YoY, with net profit attributable to shareholders of 41 million yuan, down 83 41% YoY [1] - Q2 2024 revenue was 2 176 billion yuan, up 15 79% YoY and 38 49% QoQ, with net profit attributable to shareholders of 25 million yuan, down 63 21% YoY but up 54 81% QoQ [1] - The company's energy storage product shipments showed significant growth in H1 2024, with large-scale and communication energy storage shipments increasing substantially, while household energy storage shipments declined sharply [1] - PengHui Energy has strong R&D capabilities, launching new products such as the HOME-II series cylindrical battery, Great series commercial energy storage system, and POLAR series low-temperature household energy storage battery [1] - The company is actively expanding production capacity, with plans to build a 36GWh zero-carbon factory in Qingdao and two battery projects in Ulanqab, Inner Mongolia [1] Financial Performance - Q2 2024 gross margin was 15 93%, down 1 42 percentage points YoY but up 4 10 percentage points QoQ [1] - Q2 2024 net margin was 0 43%, down 3 21 percentage points YoY and 0 17 percentage points QoQ [1] - Q2 2024 operating expense ratio was 10 43%, up 0 57 percentage points YoY, with sales, management, R&D, and financial expense ratios of 2 09%, 3 46%, 4 54%, and 0 66% respectively [1] - Revenue is expected to grow 22 7% to 8 506 billion yuan in 2024, 23 4% to 10 499 billion yuan in 2025, and 10 6% to 11 616 billion yuan in 2026 [1][2] - Net profit attributable to shareholders is forecast to grow 273 4% to 161 million yuan in 2024, 164 1% to 425 million yuan in 2025, and 27 2% to 541 million yuan in 2026 [1][2] Production and R&D - PengHui Energy has eight modern production bases, demonstrating significant scale advantages [1] - The company is developing solid-state batteries and sodium-ion batteries, with a planned 1GWh semi-solid-state battery project in Ulanqab [1] - New product launches include the HOME-II series cylindrical battery with reduced internal resistance and improved cycle life, the Great series commercial energy storage system, and the POLAR series low-temperature household energy storage battery [1] Market and Customers - The company has strengthened cooperation with major clients such as China Energy, State Power Investment, Three Gorges Group, and China Resources Power in large-scale energy storage [1] - In household energy storage, PengHui Energy has deepened partnerships with leading companies like Sungrow, Deye, and SolaX Power [1] - For commercial and industrial energy storage, the company is actively developing customers such as CRRC, Intellifusion, and Xianhe Co [1]