Investment Rating - The report assigns an "Outperform" rating to Huabao New Energy (301327) [1] Core Views - Huabao New Energy is a leading player in the portable energy storage market, with a strong global brand presence and market share [4] - The company has achieved significant revenue and profit growth in H1 2024, with revenue reaching 1.142 billion yuan (+24.02% YoY) and net profit of 72.84 million yuan (+242.70% YoY) [4] - Gross margin improved to 46.39% (+8.13 pct YoY) and net margin reached 6.38% (+11.92 pct YoY) in H1 2024 [4] - The company has expanded its product portfolio and is focusing on the home energy storage market as a second growth curve [5] Financial Performance - Revenue is expected to grow from 3.026 billion yuan in 2024E to 4.743 billion yuan in 2026E, with a CAGR of 23.3% [6] - Net profit is forecasted to increase from 208 million yuan in 2024E to 419 million yuan in 2026E [6] - Gross margin is projected to improve from 40.0% in 2024E to 42.0% in 2026E [6] - ROE is expected to rise from 3.4% in 2024E to 6.0% in 2026E [6] Market Position and Strategy - Huabao New Energy operates two major brands, "Jackery" and "Geneverse", and has sold nearly 4 million units globally [4] - The company has established 21 brand websites worldwide and its products are available in over 10,000 retail channels [4] - In H1 2024, the company's independent website sales accounted for 27.15% of total sales [4] - The company is expanding its product line with new offerings such as the 1000Pro2 portable power station and Smile solar roof system [5] Geographic Expansion - US market revenue grew 38.17% YoY in H1 2024, while Japan market revenue increased 51.13% YoY [5] - The company plans to launch second-generation home energy storage products in the US market in H2 2024 [5] Valuation - The report values Huabao New Energy at 60-65x 2024E PE, implying a target price range of 100.04-108.37 yuan [5] - Comparable companies trade at an average 2024E PE of 41x [9]
华宝新能：公司研究报告：便携式储能龙头地位稳固，海外市场修复预期业绩持续改善