CHINT ELECTRICS(601877) 光大证券·2024-09-04 23:37Investment Rating - The report maintains a "Buy" rating for the company, with an expected net profit of 44.13 billion, 50.50 billion, and 53.81 billion for the years 2024 to 2026 respectively, indicating a current price-to-earnings (P/E) ratio of 9 times for 2024 [2]. Core Insights - The low-voltage electrical business is steadily growing, while the sales of energy storage and inverters continue to gain momentum. The company has optimized its distribution channels in key domestic markets and expanded its presence in emerging markets [1][3]. - The photovoltaic segment, particularly the household solar business, is expected to further increase its market share, contributing to overall revenue growth [2]. - The company has achieved significant growth in its installed photovoltaic capacity, reaching 19.70 GW, a year-on-year increase of 50.93%, with household stations accounting for 17.38 GW, up 55.33% [1]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 289.88 billion, a year-on-year increase of 4.08%, and a net profit of 19.22 billion, up 0.97%. In Q2 2024, revenue reached 130.71 billion, growing by 7.94%, with net profit increasing by 19.85% to 8.41 billion [1]. - The low-voltage electrical products generated revenue of 114.87 billion in H1 2024, with a gross margin increase of 2.28 percentage points to 29.41% [1]. Business Segments - The subsidiary focusing on household photovoltaic systems, Zhengtai Aneng, achieved revenue of 128.03 billion in H1 2024, with a net profit of 12.69 billion, reflecting a growth of 5.57% [1]. - The energy storage and inverter sales business generated revenue of 6.95 billion in H1 2024, marking a year-on-year increase of 17.96%, with a gross margin improvement of 4.14 percentage points to 39.39% [1]. Market Position - The company has successfully added over 30 new distributors and wholesalers in overseas markets, enhancing its market share in emerging markets and entering the shortlist of over 10 leading new energy developers [1]. - The report highlights the ongoing high demand in the photovoltaic industry, with expectations for continued growth in the inverter and energy storage sectors, driven by the carbon neutrality initiative [2].