Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company is a leading global lithium battery manufacturer, with expected capacity release and product matrix improvement, leading to sustained growth in power and energy storage batteries. The long-term development potential and performance improvement are promising, with projected net profits of 592 million, 966 million, and 1.25 billion RMB for 2024-2026, representing year-on-year growth of 101.3%, 63.1%, and 29.4% respectively [3][4]. Market Data - As of September 13, 2024, the company's closing price is 11.68 HKD, with a total market capitalization of 20.7 billion HKD and total assets of 111.26 billion RMB [2][3]. Financial Performance - In H1 2024, the company's revenue increased by 1% year-on-year to 12.47 billion RMB, with significant growth in energy storage revenue by 43% [3]. - The gross profit for H1 2024 rose by 65% year-on-year to 1.95 billion RMB, with a gross margin of 15.6%, up 6 percentage points year-on-year [3]. - The net profit for H1 2024 increased by 57% year-on-year to 420 million RMB, driven by gross profit growth and reduced inventory impairment provisions [3][4]. Product and Market Position - The company ranks among the top three in domestic power battery installations, with a global market share of 4.7% as of mid-2023, and a domestic market share of 6.99% as of August 2024 [3]. - The customer base is diversified, including partnerships with major automotive manufacturers for both electric and hybrid vehicles, as well as commercial vehicle collaborations [3]. Technological Advancements - The company is at the forefront of technology upgrades in high-nickel, fast-charging, and energy density improvements, with a comprehensive product matrix that includes various battery types [3][4]. Future Outlook - The company anticipates continued growth in energy storage, with a 43% increase in revenue in H1 2024, and has established strategic partnerships with major power groups for future projects [3].
中创新航：动力、储能双开花，业绩弹性可期