未知机构：东吴电新Fluence新签订单持续高增指引25年收入增速50-20241204

Company and Industry Summary Company: Fluence Financial Performance - For fiscal year 2024, Fluence reported revenue of $2.7 billion, representing a year-over-year increase of 22% [1] - Gross profit reached $348 million, up 138% year-over-year, with a gross margin of 12.9%, an increase of 1.3 percentage points [1] - EBITDA was $78 million, exceeding expectations by 30%, marking a turnaround with a year-over-year increase of 228%, achieving its first annual profit [1] - In Q4, revenue was $1.23 billion (3.6 GWh), showing a quarter-over-quarter increase of 82% and a year-over-year increase of 154% [1] - Q4 gross profit was $159 million, with a quarter-over-quarter increase of 104% and a year-over-year increase of 87%, resulting in a gross margin of 13% [1] - Q4 EBITDA was $87 million, reflecting a quarter-over-quarter increase of 335% and a year-over-year increase of 458% [1] Order Book and Guidance - In Q4, new orders totaled $1.2 billion, with a quarter-over-quarter increase of 82% but a decrease of 8% year-over-year, including 4.6 GWh of energy storage systems, 3.2 GWh of after-sales service, and 4.5 GW of digital software [2] - The backlog of orders grew to $4.5 billion, remaining flat year-over-year but increasing by 55% quarter-over-quarter [2] - Potential orders reached $20.9 billion, with a quarter-over-quarter increase of 3% and a year-over-year increase of 61% [2] - The revenue guidance for fiscal year 2025 is set at a midpoint of $4 billion, reflecting a 50% increase year-over-year, with a gross margin forecast of 10-15% [2] - 65% of the expected revenue for fiscal year 2025 is already secured by the current backlog, maintaining the same coverage rate as the previous year [2] - The expected EBITDA midpoint for fiscal year 2025 is $180 million, representing a 130% increase [2] Production and Strategic Developments - In September, Fluence's Utah factory began producing the first batch of domestically manufactured battery modules, equipped with advanced automation technology [2] - A partnership with AESC has led to the trial production of 305 Ah batteries at the first line in Tennessee, with plans to increase production by year-end, while the second line will strategically upgrade to produce 530 Ah batteries, with exclusive rights for Fluence until 2029 [2] Industry Outlook - The outlook for the energy storage industry remains positive, with expectations of sustained growth over the next 5-10 years, particularly in the U.S. and China, while Europe and emerging markets are also expected to show growth [3] - Key players in the industry include CATL and Sungrow, which are recommended for investment [3]