Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of better performance compared to the market [4]. Core Insights - The company has shown significant growth in its performance for the first half of 2024, with revenue reaching 12.469 billion yuan, a year-on-year increase of 1.4%, and a profit of 417 million yuan, up 56.6% year-on-year [4]. - The company is actively promoting technological innovation, enhancing its competitive edge with new product releases and advancements in battery technology [4][8]. - The report highlights the company's strong position in various sectors, including power batteries, energy storage, and marine applications, with substantial growth in installed capacity and product deliveries [4][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 12.469 billion yuan, with a profit margin of 15.62%, reflecting a 6.03 percentage point increase year-on-year [4]. - The projected net profits for 2024-2026 are estimated at 654 million yuan, 1.023 billion yuan, and 1.474 billion yuan respectively, indicating robust growth [5][6]. Business Segments - Power Battery: The company ranks second among third-party power battery manufacturers in China, with a 155% year-on-year increase in installed capacity for hybrid vehicles and a 125% increase for commercial vehicles [4]. - Energy Storage: The company has seen a significant increase in shipments, with the 314Ah cell product achieving large-scale stable deliveries and securing the largest global energy storage battery order [4][6]. - Marine Applications: The company is the first domestic battery manufacturer to receive DNV certification and has signed multiple international large ship projects [4]. Valuation and Forecast - The report estimates a price-to-earnings (PE) ratio of 38-40 for 2024, translating to a reasonable value range of 14.01-14.75 yuan, or 15.35-16.15 Hong Kong dollars [4][8]. - The company is projected to maintain a gross margin of 15.50% across its product lines, with significant growth in both power battery and energy storage revenues over the next few years [6][7].
中创新航：24H1业绩大幅增长，各领域高速发展