BVEA(600379) 海通证券·2024-09-22 03:40Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company is a leader in the vacuum interrupter industry and has diversified into energy storage and hydrogen energy sectors [5] - The company benefits from increased power grid investment and stricter environmental regulations, driving demand for vacuum interrupters [5] - The company has entered the energy storage frequency modulation and EPC business, with rapid revenue growth in its subsidiary, Baoguang Zhizhong [5][6] - The company is actively expanding into the hydrogen energy sector, with significant growth potential in electrolyzed water hydrogen production [6] Company Overview - The company is a leading manufacturer of vacuum interrupters with a market share exceeding 30% [5] - It has a strong technological and brand advantage, with over 50 years of experience in vacuum interrupter production [5] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology for the third time in 2024 [5] Financial Performance - The company's revenue and net profit have shown steady growth, with revenue increasing from 1.01 billion yuan in 2021 to 1.349 billion yuan in 2023 [5] - The company's gross margin for vacuum interrupters is higher than its peers, reaching 20.3% in 2023 [5] - The company's subsidiary, Baoguang Zhizhong, achieved revenue of 284 million yuan in 2023, a year-on-year increase of 65.85% [5] Industry Analysis - The global vacuum interrupter market is expected to grow from 3.64 billion in 2028, with a CAGR of 6.3% [5] - The energy storage market is rapidly expanding, with China's energy storage installations reaching 46GWh in 2023, a year-on-year increase of 182% [5] - The hydrogen energy industry is one of the fastest-growing sectors in the global energy field, with China's hydrogen production reaching 38.68 million tons in 2023 [6][62] Future Outlook - The company is expected to achieve net profits of 98 million yuan, 114 million yuan, and 130 million yuan in 2024, 2025, and 2026, respectively [6] - The company's EPS is projected to be 0.30 yuan, 0.34 yuan, and 0.39 yuan for 2024, 2025, and 2026, respectively [6] - The report values the company at a PE range of 36-40 times for 2024, corresponding to a reasonable value range of 10.70-11.89 yuan [6]