您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[中泰证券]:24年半年报点评:充电桩业务收入高增,储能业务静待改善 - 发现报告
当前位置:首页/公司研究/报告详情/

24年半年报点评:充电桩业务收入高增,储能业务静待改善

2024-09-05曾彪、吴鹏中泰证券见***
24年半年报点评:充电桩业务收入高增,储能业务静待改善

JK.L(300693.SZ)/P] ^_ JK.L24MNM;Iƒ#OPQ2RS%TUVWX2RYZ[\ `abc;</=>Iƒ2024M9d5e ƒ"#$%&'()=>?@ABCDE !"ffi$%20.12& 23 2022A 2023A 2024E 2025E 2026E '()%*+ n-opq78&r 1,503 2,651 3,596 4,833 6,004 stuyoy% 47% 76% 36% 34% 24% ,-./01%S0740522020001 vwxq78&r 224 403 494 684 843 Email%zengbiao@zts.com.cn stuyoy% 97% 80% 23% 38% 23% y5ozq&r 0.72 1.29 1.59 2.20 2.71 y5[|9] 0.65 1.41 1.27 1.94 2.41 '()%23 v~*ozu 21% 28% 28% 29% 28% ,-./01%S0740522040004 P/E 28.0 15.5 12.7 9.1 7.4 P/B 5.9 4.3 3.6 2.7 2.1 Email%wupeng@zts.com.cn ÄÅ%y5ÇÉÑÖÜá56àâäffiŠTçé5ffièê2024]9ë4íoìffi FGHI *+,- ./012-3456fi8 !"#$%&300 10% 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 0% -10% -20% -30% -40% -50% 9:;< 1DEFGHIJK5L%MNOPQRSTU-VWXYZ[ 2DEFG\IJK5L23]F^ _%-`abcdTef+ghi-j ?klmf[ 456789:2024;<;=>2024;1<;@ABC14.31D>EF+29.8%>GHIJK1.81D>EF+0.0%>LJM39.6%>EF-2.0pctN24Q2@ABC8.32D>EF+27.1%>OF+38.8%>GHIJK1.15D>EF-3.1%>OF+73. 456(785) 311 9:56(785) 253  !ffi(&) 20.12 !;(78&) 6,259 9:!;(78&) 5,100 6%>LJM39.6%>EF-1.3pct>OF+0.0pctP 2024;1<;QRS"CTUV>LJMWXYZP20241<;QRS"CT4. 6D[>EF+20%NLJM30.0%>EF-6pct>\,]^_J*`aCTbFc defgh_JRiXjYZP1<;klmnoJM^pqr>stQuvWwxy>z[)dkl|]~çXÄÅ]stQuvUV>Ç]78ÉJOFÑÖP oÜeáàâäãBåSçéèê>20241<;ä]ëíàäìîS"ïñUVP ffiòä]ëíôàäöõìúuvUV>àäùmnûü†°¢fi§P2024;ä ]ëíàä•S"CT5.6D[>EF+38%>LJM38.1%>EF-1pctP¶ß®> 78[©™24;´800kW§¨M0<Æàäù*öõ1ØM1MWàäù>@AMW±àä<ŠPmn®>L¥µzb»4ô^ß‚¶ß>78ªºl∆æø ¿¡¬>¿Dƒí†Tºl∆æ+l«»t… *àäùÀÃ>ÕŒXÄcdœ– `aUÉP sS—Şä”ôä‘’÷ôX¿ìîCTRcŸ^UñP20241<;sS—Şä”CT2.5D[>EF+17%>LJM54.7%>EF+1pct>⁄<Rc78´¤ZäR‚É‹°›0fifl*fi‡·pP20241<;ä‘’÷ôX¿ìîCT1.3D[>EF+35%>LJM49.0%>EF+3pctP)d78‚„‰ÂÊÁSÊmnËÈÍ •Î*ÏÌ>RcS"⁄<ÓÔUV _Jz÷ªçéfi±6ÒÚ`aÛklÙstQuvıÖŸˆ4ôl˜QRmn ¯˘˙˚>¸˝eÑ78S˛>z[7824-26;@AGHIJK0ˇD4.9/6.8/8.4D[Û!z÷"5.7/7.5/9.2DÙ>EF+23%/+38%/+23%>#!$ffi&»PE 0ˇD13/9/7'>(c)*T+fi±P ,-./6uv0ôz1N¯˘˙˚N234ffi56]N`aÏÌ0ôz1ËP _Jz÷7 !"#$% ®©:™7£ &'% ®©:™7£ ()*+ 2023 2024E 2025E 2026E ()*+ 2023 2024E 2025E 2026E ,-!. 542 719 967 1,266 /012 2,651 3,596 4,833 6,004 3145 132 179 241 299 /067 1,564 2,154 2,899 3,623 3189 786 1,067 1,434 1,781 :.;<= 19 18 24 29 >?89 19 26 35 44 @ABC 331 449 591 727 D, 727 1,001 1,347 1,683 EFBC 94 128 168 207 GH!" 21 28 38 47 IJBC 231 313 413 508 KLMN!" 410 462 531 595 OPBC -11 16 15 9 MN!"G) 2,616 3,455 4,554 5,670 QCRSTU -8 -10 -11 -10 KLVWX! 3 4 5 7 !"RSTU -24 -16 -17 -19 VWYZX! 1 1 1 1 [\]S^N1_ 5 5 5 5 `a!" 402 466 535 608 X!1_ 0 0 1 0 bcde 71 151 221 281 KL1_ 59 46 52 49 fg!" 80 71 63 56 /0&' 457 543 753 929 KLhMN!" 175 189 200 209 /0i12 1 2 2 1 hMN!"G) 732 883 1,026 1,162 /0ijk 2 2 2 2 !"G) 3,348 4,338 5,581 6,832 &'lm 456 543 753 928 nWo9 77 166 134 0 pq: 55 49 69 85 3?45 210 284 374 458 r&' 401 494 684 843 3?89 908 1,226 1,616 1,979 stYuT_ -2 0 0 0 >19v 0 0 0 0 wxy[zr&' 403 494 684 843 GH#$ 284 385 518 643 NOPLAT 391 509 698 850 KL3?9 11 11 11 11 EPS[|]~Y7ŠÅ1.291.592.202.71 Ç*ÉÑWÖhMN#$ 11 11 11 11 KLMN#$ 258 265 356 441 ÜáOPàâ MN#$G) 1,758 2,347 3,020 3,543 ()*+20232024E2025E2026E VWo9 102 102 102 102 6Väã 3?$å 0 0 0 0 /012çVâ 76.4% 35.6% 34.4% 24.2% KLhMN#$ 32 132 132 132 EBITçVâ 82.0% 25.6% 37.4% 22.0% hMN#$G) 134 234 234 234 wy[zr&'çVâ 80.2% 22.7% 38.4% 23.2% #$G) 1,892 2,582 3,255 3,777 é&äã wxy[zpèêZ_ 1,452 1,753 2,323 3,052 ë&â 41.0% 40.1% 40.0% 39.7% stYuZ_ 3 3 3 3 r&â 15.1% 13.7% 14.2% 14.0% pèêZ_G) 1,455 1,756 2,326 3,055 ROE 27.7% 28.1% 29.4% 27.6% #$íYuZ_3,3484,3385,5816,832 ROIC 35.1% 31.8% 33.5% 32.4% ì$äã î.Mï%®©:™7£ !"#$â 56.5% 59.5% 58.3% 55.3% ()*+20232024E2025E2026E $PZ_à 15.3% 23.4% 16.3% 8.0% ñ/óNî.M 439 394 602 751 MNàâ 1.5 1.5 1.5 1.6 î.1_ 422 559 756 916 òNàâ 1.1 1.0 1.1 1.1 D,ôö -244 -274 -346 -336 /õäã ñ/ú31ôö -264 -319 -420 -396 l!"ùûâ 0.8 0.8 0.9 0.9 ñ/ú3?ôö 470 391 481 447 3189ùûüt 91 93 93 96 KLôö 55 37 131 120 3?89ùûüt 164 178 176 179 X!óNî.M -239 -195 -194 -195 D,ùûüt 139 144 146 151 !7jk -142 -185 -188 -190 †Y°¢[£Å YZX! 0 0 0 0 †Y1_ 1.29 1.59 2.20 2.71 KLVW!"^§ -97 -10 -6 -5 †Yñ/î.M 1.42 1.27 1.95 2.43 •!óNî.M -36 -21 -161 -256 †Yr!" 4.70 5.67 7.51 9.87 o9ç= 11 89 -32 -134 ¶Sàâ Y&;&ßj? -49 -85 -115 -135 P/E 15.5 12.7 9.1 7.4 Yu•! 38 0 0 0 P/B 4.3 3.6 2.7 2.1 KLôö -36 -25 -14 13 EV/EBITDA 98 76 56 46 !"#Wind$%&'()*+ FGƒ"fg# fi± 9. $:fi± *T z1ÕŒ6~12;<˜=&E1ö>2?@A´15%41 Uc z1ÕŒ6~12;<˜=&E1ö>2?@A´5%~15%(B cX z1ÕŒ6~12;<˜=&E1ö>2?@A´-10%~+5%(B Cc z1ÕŒ6~12;<˜=&E1ö>2?DA´10%41 ÁSfi± Uc z1ÕŒ6~12;<˜&E1ö>2?@A´10%41 +E z1ÕŒ6~12;<˜&E1ö>2?@A´-10%~+10%(B Cc z1ÕŒ6~12;<˜&E1ö>2?DA´10%41 îF6fi±3>D=G9:H)*6~12;<˜78$ffiÛIÁS2?Ù=&E1ö>2?*=&mn7APJ+A$mn4KL3002?Dö>NMNOmn4NO¿2ÛP&QRST3*ÙINOUm2?ÛP&UmST3*ÙDö>NVWmn4XYZ[J+l2?Dö>>k$mn43\5002?I]^ø_`¡2?Dö>ÛaX9.*baÙP Ø"ø$% +cde$ûXf78Û4egh)i78+ÙjX+ldeklmnopÎqr*deçéstS"é5P i=Gu«i78*vwgxPi780ÎyzC[C|i=G]~JDvwP i=Gö™i78ôJ†Ä[pÅDrÇ*7Éé4I@·Ñ†é4>ÖÜá¬à*†Äâ8>iväãÊvâå7&>çé0oèêëNí*ìîIqrPi78ivï0Rd‹ñÇç*>óEåò⁄E>ôi=G+*é4ÊîöÊz÷õÖÜ=Gúù7É9:û*ü†>rRÎffiûÑ⁄Pi78&i=Gj°Ççr ´09M¢£*§•eUMѶ>çéà»#ßÁ®F=»*©MIѶPi=Gj™*é4ÊsjÊîöÊÇçôØ÷´.«¨vw¬FÒ(x>0Æ¿èêçéÊØdÊÎ[I±"*ÅØ¥¬µR>i780[=G+*˜Y&ÅØ¥¬µRUMèêlRPi=G+j2*çéôÉ"rR0”¡;ˇvw>0Æ¿vwª [stµRP mnX,->çéuºiP´èê§æe>i780&èê[ygxi=G+*èê˜Yjfl¿*èê