Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned for growth in the renewable energy sector [28]. Core Views - The company is actively investing in product research and development, iterating existing products while launching new series such as centralized energy storage systems and micro-inverter systems [19]. - The company has achieved significant revenue growth in previous years, with a notable increase of 144.12% in 2022, although a decline is projected for 2023 and 2024 [7][24]. - The company is recognized as a leading supplier of photovoltaic inverters globally, focusing on residential and small commercial applications [18]. Summary by Sections Company Overview - The company specializes in the research, production, sales, and service of renewable energy power equipment, including string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries, and photovoltaic system accessories [6][10]. Financial Performance - The company reported revenues of 44.57 billion CNY in 2022, with a year-on-year growth of 144.12%, followed by projected revenues of 37.43 billion CNY in 2023 and 27.11 billion CNY in 2024, indicating a decline [7][24]. - The net profit attributable to the parent company was 8.49 billion CNY in 2022, with a significant year-on-year increase of 354.30%, but is expected to decrease in the following years [7][24]. Industry Situation - The photovoltaic inverter industry has experienced rapid growth, with global shipments increasing from 81.3 GW in 2016 to 536.0 GW in 2023, reflecting a compound annual growth rate of 30.92% [11]. - The company is positioned within a competitive landscape, with major players like Huawei and Sungrow holding significant market shares [11]. Company Highlights - The company has a strong technological capability, with inverter products achieving peak efficiency of 98.4%, ranking among the best in the industry [18]. - The company has established a global market presence with subsidiaries in various countries, enhancing its international customer base [18]. Investment Projects - The company plans to invest in four projects through its IPO, including the construction of energy storage systems, new product development, upgrading research centers, and expanding its marketing network [20][21][22]. Peer Comparison - Compared to its peers, the company’s revenue and gross margin are below the industry average, with peer companies averaging revenues of 170.98 billion CNY and a PE-TTM of 23.44X [24].
新股覆盖研究：首航新能
华金证券·2025-03-16 11:24