>> 东吴证券(香港)-派能科技(688063)2022年业绩预增点评：全年出货预计翻倍增长，单位盈利环增超预期-230130
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2023/1/31 |
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东吴证券 |
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陈睿彬 |
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研究报告全文：EquityResearchCompanyResearchCellPylonTechnologies688063TableMain2022earningestimatequicktakePylonsproductTableAuthor30January2023shipmentsdoubledin2022andprofitperunitinResearchAnalystResearchAnalyst22Q4increasedrapidlyQoQRuibinChenXxxBuyMaintain8523982321285230000000chenrobindwzqcomhkXxxdwzqcomhkForecastValuation2021A2022E2023E2024ERevenueRMBmn206358861354719566PriceTablePicQuotMovementeGrowthYoY8418513044NetprofitRMBmn316125728013868PTCSI300GrowthYoY1529812338212188164EPSRMB2048121809249814011692PEX15050378516991230684420InvestmentThesis-4-2820220112202205132022091120230110nEventPylonreleasedits2022earningestimateon1212023Pylons2022estimatednetprofitisRmb118-131bnupby273-314YoY22Q4estimatednetprofitisTableBaseRmb535-665mnupby723-923YoYand40-75QoQhigherthanmarketMarketDataexpectationsClosingpriceRMB30730nPylonsproductshipmentsincreasedby20-30QoQandtheprofitperunit52-weekRangeRMB1124151169growthQoQexceededmarketexpectationin22Q4WeexpectthatPylonsproductPBX1302shipmentswillincreaseby20-30QoQto12-13gwhin22Q4duetocapacityexpansionof4gwhduringthequarterWeexpectthatPylonsproductshipmentswillFloatingMarketCap2550974increasebymorethan120YoYto34-35gwhin2022andmorethan100YoYtoRMBmnmorethan8gwhin2023ProfitperunitofPylonsproductwasabout045-05RmbwhBasicDatain22Q4duetotheincreaseofpriceperunittransmittheincreaseinthecostoflithiumcarbonatetothedownstreamandreductionoffreightandexchangecostsWeexpecttheBVPSdataRMB2360profitperunitwillmaintainatahighlevelin2023duetostablepriceperunitandcostLiabilitiesAssets4665reductionfromscalingTotalIssuedSharesmn15484nThefluctuationofEuropeanelectricitypricesdoesnotchangetheeconomyofSharesOutstandingmn8301residentialenergystorageofwhichthemarketdemandisverylikelytodoubleinboth2022and2023In2022theriseinenergycostsinEuropehaspromotedthehighTableRelatedReportreportsgrowthofresidentialPVsystemAlthoughtheEUhasrecentlyissuedapolicytorestrictthepriceofnon-gaselectricityunder180eurosMWhresultinginfluctuationsof234566880637202289electricitypricestheterminalelectricitypricestillremainsatmorethan40eurocentsat7ABCDEFwhichresidentialPVenergystoragesystemsarestilleconomicalWeexpectthattheGHIJKLMNOinstalledcapacityofresidentialenergystoragesystemwillincreaseby296105YoYto1123GWhin20222023inEuropeandwillincreaseby250127YoYto2022-10-201938GWhin20222023globallyConsideringchannelinventoryglobalresidential234566880637PQRSenergystoragesystemshipmentswillincreaseby339101YoYto3366GWhinTUVHWXFABCD20222023EOnEarningsForecastRatingWemaintainBuyratingwithTPat5427Rmb2022-08-26correspondingtoPEat30xin2023consideringrapidgrowthandintensifyingmarketcompetitionofenergystoragebusinessWereviseupPylonTechnologiesSoochowSecuritiesInternationalearningforecastandexpectthatitsnetprofitwillincreaseby29812338YoYtoBrokerageLimitedwouldliketoRmb125728013868bnpreviousvalueatRmb113127563865bninacknowledgethecontributionand202220232024respectivelywithcorrespondingPEat381712xrespectivelysupportprovidedbySoochowResearchInstituteandinparticularnRisksIntensifiedmarketcompetitionitsemployeesDuohongZengQiaoyanRuanYZandSiyaoYue16-01-688063TableMain2022-0TableAuthor202301301234567--89012Xxx8523982321285230000000chenrobindwzqcomhkXxxdwzqcomhk2021A2022E2023E2024E-01206358861354719566238418513044TablePicQuote456789-01316125728013868231529812338-AB-0120481218092498PE-CDAB115050378516991230a1nbc7deUf202288gDhdiFde20228jklH118-131mnFoh273-314pqrlH117-130mnFoh289-332FstjklHmnFohFuhpqrQ4535-665723-92340-75lH524-654mnFoh788-1008Fuh38-72FABCDEvnde22Q4wxuh20-30FyzHuhADEvDde22Q4BCTableBasewx12-13gwhFuh20-30FQ4h4gwh4hVF228wx34-35gwhFoh120F238Dwx8gwhFn30730LhvGHFdeQ4yDuhFH8A1124151169NFDMF22Q4yzqrlBlB1302H045-05nwhF035mFywhlH05nwhFuh25F228JyzGH039nwhFCDABEF2550974hv20238FDKFGnFFyzGHKzvHInPQF2022-20238BCRSDNhJln2360v2284XFPhFEwr180nMWhFKLB4665K400FPQvD22238PQMFG154841123GWhFoh296105F202220238PQ1938GWhFCDAFG8301ohFF8PQwxD25012722233366gwhFoh339101vQ4FFDdePQ0vTableNOPQReportnGHD7de228ADEFNde23456688063720228922-248jklH125728013868mnD7ABCDEFmnFohF11312756386529812338PEGHIJKLMNO381712xFPQ4BCF-23830xPEF05427nFK1234v2022-10-20234566880637PQRSn567879vTUVHWXFABCDEO2022-08-26RSTUVWPQXiYPQZ0KFsSaYZZbv26-01Table345678YemeiFTableFinance34569cDdKLdFGn2021A2022E2023E2024EHdFGn2021A2022E2023E2024EC317856301184218058e3206358861354719566fg1436139137866356he14433869920613686ij830238651877539ekglm7214768x687159025223750n3694176215soC225263347413p63132244293rC1088171424412893PU156368677880E001020c-13-61522q679120119102243hErs32676257tuv154254254354l891410wx24283746so14264143sorC231231230230yz0000M426673451428420950eH359143131844396CKL11393050743810583el-2-2-1-1Ej18548316051918HM356142931834395ij829222352887862hXk40171382527soCKL125344545803Tr0000rCKL157157157157jkdelH316125728013868Ej0000EBIT338140131974423sorCKL157157157157EBITDA401149234004701KL12963207759510740T0000-2021A2022E2023E2024EjkdeT29704137668810210Jn20481218092498KLZT426673451428420950Jln1918267243196594EFGHI155155155155ROIC984305442583757fgCVdFGn2021A2022E2023E2024EROE1065303941883788efgC-33047024703384HB3003342632053005fgC-1649-710-917-721nlHB1533213620681977fgC-25196832-102KLB3038436753185126fglh-2035-44238525603hB841418536130184443Zn6391203279lHhB151929759122833809-458-717-921-721PE150537851699123e-766-1060-837-1060PB1602115711466JKLMWindNOPQ-RS1TUVWXYZTNOPQ-RS136-0196--ABCDEFGHIJKLMNOPB78Q78RSRTK5UVWXYBCZRCLCK5aBCB78RSLPbcdK5efGghijQklmnonpqBCrstuvewxgykzjxgLQpkZjxgOLvAL-ykmnCQykmn78v-LrssykqLcdv-Cy-34Lv-Cy-34LvT34B3434yTB78R6lCBDv34yB78R-L34Lv34q7834hTuv3478L-q34Tuv9B78QJQB34knCB78Jv4CB78QCyB78ZvB78QyknB78LCLZGGQTOGGPcdvOHI6QOIQHI-GGGG0123yh4O567Tu890vB78-yvB78RS3UABz6LCBQDykVWEFGEOHIG0GJklKLQ-MVNOQpkB78RSLPQLRSTvB78kUVDWXHIYZvB78RxL3B78YZQyza46-0196-bvcdTeQB78RPfCUXxewxgQewxgkgxgzhvhkijkQzlmkinoGK5-pOqB78RS3G6kQ78v-R4zlmqnoQnorzlZB78stuvQykTwxgvCGCDyCzlzkino0VGki-pxqB783cdkQ6l01K5QB34Ti3cd78RTnv34QTB78R34LjQRO5zlqB78RK5ykQvB78RSUQCvB78RTQB34iQkDpIG-B78vB78Q-kh4pO78GGPvTB78RSCzlmnonPQLQRRSvzlh-VNOqB78RCLQzlTuCQTuCLkTuTstv1quCzlhuvB78RSK5JKEhQiB7856VzvB78RS6yZ-GGz78QX-MzQqu-MG43vnWB7889-Mv6VA346AAkjqZthDaAkjqZtqLoaEAkjqZtqLoaAkjqZtqLoaOAkjqZthDv56-0196-6AAkjQCqZtDaEAkjQCqZtqaAkjQCqZtDvT34gtAJLJ34LJLJ34A11166-01
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