>> 招银国际-Unity Group (1539 HK) A diversified new energy play-230310
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研究报告全文：10Mar2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateUnityGroup1539HKNOTRATEDAdiversifiednewenergyplayCurrentPriceHK0146CompanybackgroundFoundedin2008andlistedonHKEXin2016UnityGroupformerlySynergyGroupisanintegratedenergysavingandmanagementsolutionsproviderbasedinHongKongUnityhasfourmajorChinaNewEnergybusinesslines1lightingcoolingsystems2renewableenergy3Vanadiumredoxflowbatteryand4greenpropertyUnitymainlyoperateslightingandrenewableenergyprojectsundertheEnergyManagementResearchTeamContractEMCbusinessmodelresearchcmbicomhkLightingsystemslarge-scaleprojectpipelineaheadUnityspecializesinStockDatathedesignandproductionofenergy-efficientLEDlightingdeviceandsystemMktCapHKmn348InMar2022Unityundertookalarge-scaleenergy-savingprojectofMalaysianAvg3mthstoHKmn060stategovernmenttargetingtoinstall6mnunitsofLEDlightsinMalaysiaAs52wHighLowHK068011TotalIssuedSharesmn238567of30Sep2022Unitycompletedtheinstallationof10kunitsTheprojectwillSourceBloombergfurtherextendtootherfiveregionsofMalaysiawithanadditionalinstallationof10mnunitstotalLEDinstallationpipelineinMalaysia16mnunitsShareholdingStructureWongManFai5305RenewableenergysolutionsUnityprovidesone-stopPVpowergenerationOthers4695projectsincludingrooftopsystemsandsolarfarmsinHongKongMainlandSourceHKExChinaMalaysiaandAfricaetcInDec2022UnityestablishedastrategicSharePerformancecooperationrelationshipwithasubsidiaryofPowerChina601669CHtoco-AbsoluteRelativedeveloprenewableenergyprojectsinMainlandChinaTherenewableenergy1-mth333415systemsprojectpipelineoftotalcapacityisexpectedtoreach26GW3-mth-149-1756-mth-731-747estimatedcontractamountofRMB57bnforsurveydesignequipmentSourceBloombergprocurementconstructionservices12-mthPricePerformanceTapintoenergystorageindustryVanadiumredoxflowbatteryVFBisoneHK1539HKHSIrebasedoftheenergystoragetechnologiesAccordingtoEVTankChinasnewly07installedcapacityofVFBisexpectedtodeliveraCAGRof48in2021-2030E0605andChinaVFBmarketsizeisexpectedtoreachRMB405bnin2030EIn042018Unitystrategicallyexpandedtotheindustrybyacquiring236equity03interestinInVinityEnergyGroupwhichisprincipallyengagedininvestingin0201miningandprocessingassetsincludingexplorationminingandextractionas00wellasproductionofbatterygradevanadiumelectrolyte98and997532022620229202212202232023vanadiumpentoxideV2O5InVinityGroupownsamineinHunanProvinceSourceBloombergwhichcontains34468tonsofhigh-gradeV2O5akeycompoundofvanadiumelectrolyteinreserveInVinityGroupalsohasaprocessingplantwithannualAuditorBDOproductioncapacityof3000tonsofV2O5EarningsSummaryYEMar31FY17AFY18AFY19AFY20AFY21AFY22ARevenueHKDmn2572782481285480ChangeYoY97284-108-485-579496NetIncomeHKDmn7412540110285392EPSHKD015023007020046023ChangeYoY10954-68nananaPEx100620nananaPBx040202031415ROE004005001003015036Netgearing5277445295562765424SourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk10Mar2023GreenpropertyUnityextendedtogreenpropertyfieldinMay2022GreenpropertysolutionscoveraseriesofapplicationsofgreenbuildingmaterialsgreenfacadessolarenergydeviceswindairflowandrainwaterrecyclingsystemMeanwhileUnityacquiredapropertyinKwaiChungtotalarea3ksqmwhichisplannedtoberedevelopedintoagreendigitaldatacentertosupportthegreenpropertybusinessCarboncreditsSinceearly2022Unityhasbeengrantedcarboncreditsthroughvariousenergy-savingprojectsAsatendJuly2022Unityobtainedcarboncreditsof50ktonsofcarbonemissionsonly7ofUnitystotalgreenhousegasesGHGemissioninventorybyCMATestingandCertificationLabCMATestingandCentreTestingInternationalCTIFigure1UnityscorebusinessrevenueFigure2RevenuebreakdownbysegmentSourceCompanydataCMBIGMSourceCompanydataCMBIGMVanadiumredoxflowbatteryVanadiumredoxflowbatteryVFBatypeofrechargeableflowbatteryisoneoftheenergystoragetechnologiesVFBemploysthenatureofdifferentoxidationstatesofvanadiumionsintheelectrolytetostorechemicalenergyandgenerateelectricitythrougharedoxreactionKeyadvantagesofVFBsincludedurableandrecyclinglonglifespanoperationalsafetyandalowenvironmentalimpactinmanufacturingAccordingtoGuidehouseInsightsglobalannualVFBinstallationisexpectedtoreach328GWhin2031E41CAGRAsiaPacificisexpectedtoreach145GWhin2031EwhichismainlycontributedbyChinaAccordingtoEVTankChinasnewlyinstalledcapacityisexpectedtodeliveraCAGRof48in2021-2030EandChinaVFBmarketsizeisexpectedtoreachRMB405bnin2030EVanadiumelectrolyteisoneofthemajorcomponentsofVFBsaccountingfor30-55oftotalcostofVFBsVanadiumpentoxideV2O5isacompoundofelectrolyteforVFBswhichdirectlyaffectthepurityoftheelectrolyteThepurityofthevanadiumelectrolyteisvitaltothelifetimeofVFBsthereforebatterygradereferstotheoneswithV2O5levelof98oraboveItisexpectedthattherapidincreaseinVFBinstallationwilldrivethedemandforvanadiumelectrolyteasakeymaterialforVFBsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE10Mar2023Figure3GlobalnewlyinstalledcapacityofVFBFigure4MarketsizeofglobalVFBmarketbyregionSourceGuidehouseInsightsCMBIGMSourceGuidehouseInsightsCMBIGMFigure5ChinasproductionvolumeofvanadiumFigure6MarketpricetrendofV2O5SourceWindCMBIGMSourceWindCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE10Mar2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE4
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