Desay Battery(000049) 光大证券·2024-10-28 01:11Investment Rating - The report maintains a "Buy" rating for Desay Battery (000049 SZ) [2] Core Views - Desay Battery is positioned around the lithium battery industry chain, focusing on power management systems, energy storage cells, and SIP packaging integration [1] - The company's energy storage business achieved sales of RMB 986 million in H1 2024, a 313 68% YoY increase [1] - Desay Battery has a leading market share in consumer batteries and is expanding into energy storage cell production with a 6GWh capacity phase 1 operational since 2023 [1] - The company is advancing next-generation battery technologies, including sodium-ion batteries with small-scale production and solid-state batteries in the lab verification stage [1] Financial Performance - H1 2024 revenue reached RMB 8 93 billion, a 1 52% YoY increase, while net profit attributable to shareholders declined 38 70% to RMB 108 million [1] - The company's SIP business achieved sales of RMB 847 million (including internal sales), a 16 08% YoY increase [1] - Smart hardware assembly business sales grew 119 96% YoY to RMB 703 million [1] Project Progress - The IoT power high-end intelligent manufacturing project in Huizhou reached 53 02% completion by H1 2024 [1] - The energy storage cell project progress stood at 21 42% [1] - The Desay SIP packaging industrial project achieved 62 84% completion, with phase 1 fixed assets already in place [1] Valuation and Forecast - 2024-2025 net profit forecasts were revised downward to RMB 266 million and RMB 377 million respectively [2] - The 2026 net profit forecast is RMB 447 million [2] - Current PE valuations are 38x, 27x, and 23x for 2024-2026 respectively [2] Market Data - Current share price: RMB 26 15 [4] - Total market capitalization: RMB 10 058 billion [4] - 52-week price range: RMB 16 86 - RMB 31 11 [4] - 3-month turnover rate: 154 45% [4]