艾罗能源：2024年中报点评：Q2净利环比+103%，开拓新市场新品类

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [3]. Core Insights - The company reported a revenue of 1.58 billion yuan for the first half of 2024, a year-on-year decrease of 53.41%, but a quarter-on-quarter increase of 31.43%. The net profit attributable to shareholders was 103 million yuan, down 89.44% year-on-year, but up 103.31% quarter-on-quarter. The overall gross margin was 38.26%, a decrease of 1.34 percentage points from the previous period [3][6]. - The company is actively expanding into new markets and product categories, particularly in Europe, the US, and emerging markets like Pakistan and India. It has launched new products such as household low-voltage single-phase storage inverters and low-voltage storage batteries [3][6]. - The company has maintained high R&D investment, with R&D expenses reaching 238 million yuan in the first half of 2024, a year-on-year increase of 98.73% [3][6]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 1.58 billion yuan, with a year-on-year decline of 53.41% and a quarter-on-quarter increase of 31.43%. The net profit attributable to shareholders was 103 million yuan, down 89.44% year-on-year but up 103.31% quarter-on-quarter. The gross margin was 38.26%, down 1.34 percentage points [3][6]. - The projected net profits for 2024-2026 are estimated at 370 million, 660 million, and 930 million yuan, respectively, with corresponding EPS of 2.3, 4.1, and 5.8 yuan per share [6][7]. Market Expansion - The company has seen significant sales growth in the European market, particularly in countries like the Czech Republic, Germany, and the UK. It is also exploring new markets such as Ukraine and Hungary, and new application scenarios in commercial and industrial energy storage [3][6]. - Collaborations with international companies like Panasonic and Sharp Energy have been successful in the US and Japan, contributing to product sales [3][6]. Product Development - The company has launched new product lines, including household low-voltage single-phase storage inverters and low-voltage storage batteries, to diversify its offerings [3][6]. - The company is focusing on commercial energy storage products, with successful sales of the AELIO and TRENE series, and anticipates a significant sales scale starting in Q3 2024 [3][6].