Bloom Energy(BE) 海通国际·2024-08-09 05:31Investment Rating - Bloom Energy maintains an Outperform rating with a target price of 335.8 million, surpassing the consensus estimate of 1.4-1.6 billion, representing a 5-20% year-over-year growth, with a non-GAAP gross margin target of 28% [2] - Bloom Energy highlighted its strong execution capabilities and expects a larger share of business in the second half of 2024 [2] Financial Performance - Adjusted net loss for Q2 2024 was 16.5 million [2] - Non-GAAP gross margin improved to 21.8% in Q2 2024, up from 17.5% in Q1 2024, though still below the full-year target of 28% [3] - Product segment gross margin increased significantly from 25.7% in Q1 2024 to 29.8% in Q2 2024 [3] - Adjusted EBITDA for Q2 2024 was 13.1 million [3] Market and Operational Highlights - Bloom Energy has signed and deployed over 300MW of data center-related power capacity agreements, with future transactions expected to range from 1MW to 100MW [2] - The company secured approval from Silicon Valley Power to use its fuel cells for a 20MW AWS data center in California [3] - Bloom Energy emphasized its leadership in hydrogen fuel cell technology, achieving 60% electrical efficiency and 90% thermal efficiency when using 100% hydrogen [3] - The company expects strong demand growth driven by global electrification trends across industries, particularly as utilities struggle to expand grid connectivity [3] Geographic and Segment Focus - Domestic sales accounted for 83% of Q2 2024 revenue, a significant shift from 40% in Q1 2024, indicating a stronger focus on the US market [3] - Bloom Energy continues to build its customer base across the data center value chain, including its recent transaction with Quanta [3] Future Outlook - The company anticipates announcing greenfield AI data center deals by the end of 2024, with an initial opportunity estimated at 0.5GW [3] - Bloom Energy expects robust business performance in the second half of 2024, with positive CFO anticipated [2]