Investment Rating - The report maintains a "Recommend" rating for Airo Energy (688717) with a target price of 66.08 CNY [1] Core Views - Airo Energy's profitability remains strong, with new business expansion expected to contribute incremental growth [1] - The company's revenue for Q1-Q3 2024 was 2.407 billion CNY, a year-on-year decrease of 39.93%, while net profit attributable to shareholders was 160 million CNY, down 84.24% year-on-year [1] - In Q3 2024, revenue was 823 million CNY, up 35.39% year-on-year but down 8.45% quarter-on-quarter, with net profit attributable to shareholders at 57 million CNY, up 33.96% year-on-year but down 16.77% quarter-on-quarter [1] - The company's gross margin for Q1-Q3 2024 was 37.26%, down 3.92 percentage points year-on-year, while the net margin attributable to shareholders was 6.67%, down 18.74 percentage points year-on-year [1] Financial Performance - Revenue for 2024E is projected at 3.41 billion CNY, a year-on-year decrease of 23.8%, with net profit attributable to shareholders expected to be 268 million CNY, down 74.8% year-on-year [3] - For 2025E, revenue is forecasted to grow by 14.6% to 3.908 billion CNY, with net profit attributable to shareholders increasing by 97.2% to 529 million CNY [3] - In 2026E, revenue is expected to reach 4.805 billion CNY, a year-on-year increase of 22.9%, with net profit attributable to shareholders projected at 665 million CNY, up 25.8% year-on-year [3] Business Expansion - Airo Energy is actively expanding its new business, with large-scale energy storage products entering the R&D investment phase [2] - The company plans to invest at least 1.05 billion CNY in the construction of a "Large-scale Energy Storage System and Smart Energy System R&D and Production Project" [2] - New products such as micro-inverters, commercial and industrial storage, and charging piles are expected to contribute to future revenue growth [2] Market Development - Airo Energy has obtained over 1,100 domestic and international certifications for its products, enabling market access in different countries and enhancing brand recognition [2] - The company's sales network covers more than 80 countries and regions, with subsidiaries established in developed markets such as the UK, US, Netherlands, Japan, and Germany [2] Valuation - The current market value of Airo Energy is 9.21 billion CNY, with a circulating market value of 1.842 billion CNY [4] - The company's P/E ratio for 2024E is 34x, expected to decrease to 17x in 2025E and 14x in 2026E [3] - The target price of 66.08 CNY is based on a 20x P/E ratio for 2025E [2]

Financial Performance - The company's operating revenue for Q3 2024 was ¥823,312,610.17, representing a year-on-year increase of 35.39%[2] - The net profit attributable to shareholders for Q3 2024 was ¥57,464,957.12, reflecting a year-on-year increase of 33.96%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥63,162,292.46, showing a year-on-year increase of 51.74%[2] - The basic earnings per share for Q3 2024 was ¥0.36, with a year-to-date decrease of 88.22%[2] - The weighted average return on net assets for Q3 2024 was 1.28%, a decrease of 0.60 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 2,406,929,187.10, a decrease of 40% compared to CNY 4,007,174,319.08 in the same period of 2023[14] - The net profit for the first three quarters of 2024 reached ¥160,471,686.86, a significant decrease from ¥1,018,221,036.49 in the same period of 2023, representing a decline of approximately 84.3%[15] - The total profit for the first three quarters was ¥149,701,459.39, a significant drop from ¥1,168,596,291.90 in the same period of 2023, reflecting a decline of about 87.2%[15] Research and Development - Research and development expenses totaled ¥146,086,660.24 for Q3 2024, an increase of 74.76% compared to the same period last year[3] - The ratio of R&D expenses to operating revenue was 17.74%, an increase of 4.00 percentage points year-on-year[3] - Research and development expenses increased significantly to CNY 383,947,240.53, compared to CNY 203,280,795.66 in the previous year, indicating a focus on innovation[14] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥6,493,985,692.61, a 21.27% increase from the end of the previous year[3] - Current liabilities totaled CNY 1,809,402,845.78, a significant increase from CNY 833,875,403.60 in the previous year, indicating potential liquidity challenges[13] - The total equity attributable to shareholders increased to CNY 4,503,739,352.27 from CNY 4,340,453,396.59, reflecting a positive trend in shareholder value[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,157[8] - The largest shareholder, Li Xinf, holds 31,043,160 shares, representing 19.40% of the total shares[9] - The total number of shares held by the top ten shareholders is significant, with the top shareholder alone holding nearly 20% of the total shares[9] - The company reported no significant changes in the shareholder structure compared to the previous period[11] Cash Flow and Expenses - The company's cash and cash equivalents as of September 30, 2024, amount to approximately RMB 3.56 billion, an increase from RMB 3.04 billion at the end of 2023[11] - The net cash flow from operating activities improved to ¥686,815,008.88 compared to ¥617,303,797.56 in the same period last year, showing an increase of approximately 11.5%[18] - The company reported a tax expense of ¥10,770,227.47, a decrease from ¥150,375,255.41 in the same period last year, indicating a reduction of approximately 92.8%[15] - The company incurred credit impairment losses of ¥14,023,420.75, compared to ¥5,668,309.54 in the previous year, indicating an increase of approximately 147%[15] Inventory and Receivables - Accounts receivable increased to RMB 606.62 million from RMB 357.44 million year-over-year, indicating a growth of approximately 69.7%[11] - Inventory as of September 30, 2024, is RMB 1.22 billion, up from RMB 1.03 billion, reflecting a growth of about 18.0%[11] - The company reported a significant increase in prepayments, rising to RMB 27.43 million from RMB 11.72 million, a growth of approximately 134.5%[11] Future Outlook - The company emphasizes the importance of monitoring its operational performance and financial health in the upcoming quarters[11] - Future outlook includes continued investment in R&D and potential market expansion strategies, although specific figures are not provided in the report[14]

Group 1: Financial Overview - In the first half of 2024, the company achieved operating revenue of 158,361.66 million yuan, a decrease of 53.41% year-on-year, but a quarter-on-quarter increase of 31.43% in Q2 [2] - The net profit attributable to shareholders was 10,300.67 million yuan, down 89.44% year-on-year, yet increased by 103.31% from Q1 to Q2 [2] - The overall gross profit margin was 38.26%, a decline of 1.34 percentage points compared to the previous period [2] Group 2: Market Expansion - The company has successfully expanded its market presence in emerging regions such as Pakistan, Ukraine, and India, while consolidating its existing markets in Germany, Czech Republic, and Italy [2] - Collaborations with international companies like Panasonic and Sharp in the US and Japan have been fruitful, leading to successful product sales [3] Group 3: Product Sales and Development - In the first half of 2024, the company sold approximately 330 MWh of energy storage batteries, generating sales revenue of 631 million yuan [3] - The sales volume of energy storage inverters was about 62,000 units, with a revenue of 496 million yuan, while grid-connected inverters sold approximately 170,200 units, generating 319 million yuan [4] - The company launched several new products in the first half of 2024, including the AELIO and TRENE series commercial energy storage products, low-voltage single-phase inverters, and micro-inverters [3]

证券代码：688717 证券简称：艾罗能源 公告编号：2024-039 附件： 特此公告。 浙江艾罗网络能源技术股份有限公司 关于变更保荐代表人的公告 浙江艾罗网络能源技术股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024年10月23日 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）于2024年10月 22日收到招商证券股份有限公司（以下简称"招商证券"）《关于浙江艾罗网 络能源技术股份有限公司首次公开发行股票并在科创板上市持续督导保荐代表 人变更的函》。招商证券作为公司首次公开发行股票并在科创板上市项目（以 下简称"首发上市"）的保荐机构，原委派刘奇先生、宁博先生担任公司首发 上市持续督导期的保荐代表人。现因宁博先生工作变动原因，不再负责公司的 持续督导工作，为方便日后持续督导工作的开展，招商证券决定委派张钰源先 生（简历详见附件）接替宁博先生继续履行持续督导工作。本次保荐代表人变 更后，公司首次公开发行股票并在科创板上市的持续督导保荐代表人为刘奇先 生和张钰源先生，持续督导期至中国证券监 ...

浙江艾罗网络能源技术股份有限公司 证券代码：688717 证券简称：艾罗能源 公告编号：2024-038 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 18 日（星期五）至 10 月 24 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@solaxpower.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 25 日上午 10:00-11:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进 ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-037 浙江艾罗网络能源技术股份有限公司 关于对外投资暨签订投资协议书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资项目内容：浙江艾罗网络能源技术股份有限公司（以下简称"公司"） 拟在浙江省桐庐经济开发区投资建设"大型储能系统及智慧能源系统研发生产项 目"（以下简称"本项目"），并与桐庐经济开发区管理委员会签署《投资协议 书》。 投资金额：项目总投资不低于 10.5 亿元人民币，其中项目固定资产总投 资不低于 7.55 亿元人民币。（最终投资金额以项目建设实际投入为准） 相关风险提示： 一、 对外投资概述 （一） 对外投资的基本情况 根据公司的发展战略规划，为进一步完善公司产业布局，公司拟在桐庐经济 开发区购买土地使用权用于投资建设大型储能系统及智慧能源系统研发生产项 目，并就本项目与桐庐经济开发区管理委员会签订《投资协议书》。本项目公司 计划总投资不低于 10.5 亿元人民币，其中项目固定资产总投资不低于 7.55 亿元 人民币（最 ...

证券研究报告 储能 艾罗能源（688717.SH） 买入-B(首次) 业绩符合预期，Q2 单季度出货环比大增 事件描述 2024 年 9 月 25 日 公司研究/公司快报 公司上市以来股价表现 8 月 31 日，艾罗能源发布半年报，H1 实现营业收入 15.8 亿元，同比 -53.4%，实现归母净利润 1.0 亿元，同比-89.4%；24Q2 实现营收 9.0 亿元， 同比-37.0%，环比+31.4%，实现归母净利润 0.7 亿元，同比-85.4%，环比 +103.3%。 事件点评 业绩符合预期，毛利率小幅下降。受到渠道库存积压和同行业竞争影响， H1 营收同比-53.4%；由于公司规模和研发投入增加，营收同比下降，因此 市场数据：2024 年 9 月 24 日 净利润同比-89.4%；公司持续加大研发投入，开发新产品、技术创新、引进 收盘价（元）： 54.00 研发人才，同时营业收入同比减少，研发投入占营收比例 15.0%，同比 年内最高/最低（元）： 125.00/40.00 +11.5pct；H1 销售费用同比+21.4%，系公司新市场拓展、加大投入。公司上 流通A股/总股本（亿）： 0.32/1.6 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for Airo Energy, setting a target price of 72.94 CNY, compared to the current price of 58.48 CNY [4][5][15]. Core Insights - Airo Energy is a well-known international supplier of photovoltaic energy storage systems, primarily focusing on the European market. The company is diversifying its business by expanding into new products and non-European regions [5][17]. - The company has a strong advantage in the European household storage market, with a significant increase in revenue of 453.86% in 2022. The report anticipates a recovery in growth as the inventory destocking phase concludes in the second half of 2024 [5][23]. - Airo Energy's R&D expenses increased by 98.73% in the first half of 2024, indicating a commitment to innovation and market expansion [5][73]. Summary by Sections 1. Earnings Forecast and Valuation - The forecasted EPS for Airo Energy from 2024 to 2026 is 2.20 CNY, 4.38 CNY, and 5.64 CNY respectively, with a projected revenue of 40.04 billion CNY in 2024, increasing to 65.24 billion CNY by 2026 [9][13][14]. - The report uses a PE valuation method, applying a multiple of 16.7x for 2025, leading to a target price of 72.94 CNY [15]. 2. Company Overview - Airo Energy was established in 2012 and has become a significant player in the photovoltaic energy storage sector, with a focus on both energy storage inverters and batteries [17][18]. - The company has a stable shareholding structure, with the actual controllers being Li Xinfeng and Li Guomei, who hold a combined 35.06% of the shares [19][20]. 3. Energy Storage Sector - The energy storage market is expected to grow significantly, with Airo Energy focusing on small power storage products and expanding into new markets such as Pakistan, Ukraine, and India [5][31]. - The company has a competitive edge in the energy storage inverter market, ranking among the top ten in small power PCS shipments globally [42][46]. 4. Photovoltaic Inverter Market - The global photovoltaic inverter market is projected to grow, with string inverters dominating the market share. Airo Energy's products are positioned to benefit from this growth [62][63]. - The company’s inverters have shown superior performance metrics compared to competitors, maintaining a higher gross margin [66][67]. 5. R&D and Product Development - Airo Energy has significantly increased its R&D personnel, with a focus on continuous product innovation and market expansion. The R&D investment reached 2.75 billion CNY in 2023, reflecting a commitment to enhancing product offerings [73][75]. - The company has developed several core technologies that enhance the performance of its energy storage systems, including advanced MPPT control and seamless grid connection technology [75][76].

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 艾罗能源（688717）公司研究报告 2024 年 09 月 18 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | --- | --- | |---------------------------------------------------|--------------| | | | | 09 [ Table_StockInfo 月 18 日收盘价（元） ] | 61.87 | | 52 周股价波动（元） | 40.00-125.00 | | 总股本 / 流通 A 股（百万股） | 160/32 | | 总市值 / 流通市值（百万元） | 9899/1980 | 《澳洋顺昌（002245）季报点评：基 市场表现 价跌、部分销售收入内部化导致 3 季 度收入同比下降 22%》2012.10.29 [Table_QuoteInfo] -54.20% -35.20% -16.20% 2.80% 21.80% 2023/9 2023/12 2024/3 2024/6 艾罗能源 海通综指 | -- ...

招商证券股份有限公司 关于浙江艾罗网络能源技术股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，招商证券股份有限公司（以下简称"保荐机构"） 作为浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"、"公司"）持 续督导工作的保荐机构，负责艾罗能源上市后的持续督导工作，并出具本持续督 导半年度跟踪报告。 一、重大风险的结论性意见 公司 2024 年上半年归属于上市公司股东的净利润与归属于上市公司股东的 扣除非经常性损益的净利润分别为 10,300.67 万元和 6,576.27 万元，同比 2023 年 上半年分别减少 89.44%和 93.18%，主要原因系：2024 年上半年，受欧洲地区渠 道库存积压影响，市场竞争不断加剧导致主营业务收入规模下降；此外，为了保 持竞争力，公司持续加大研发投入，使得研发费用较上年同期增加了 11,817.19 万元，同比增长了 98.73%；公司规模持续扩大，人员增多，使得管理费用较上年 同期增加了 2,405.87 万元，同比增长了 54.21%。公司的主营业务、核心竞争力 ...