NARADA(300068) 华福证券·2024-04-26 01:30Investment Rating - The report maintains a "Buy" rating for the company, with an expected price target of 18.75 CNY, indicating a potential upside of over 20% in the next six months [21][18]. Core Insights - The company is expected to benefit from the expansion of its large-scale energy storage business and deepening overseas market presence, which is projected to enhance profitability in the future [3][10]. - In 2023, the company reported a revenue of 14.666 billion CNY, a year-on-year increase of 25%, but faced a significant decline in net profit, down 89% to 36 million CNY due to losses in the recycled lead business and asset impairments [10][11]. - The company launched a new 690Ah ultra-large energy storage battery, which is expected to start shipping in September 2024, marking a significant advancement in its product offerings [12]. Financial Summary - For 2023, the company achieved a revenue of 14.666 billion CNY, with a net profit of 36 million CNY, and a non-recurring net profit of 45 million CNY, reflecting a 6% increase year-on-year [10]. - The financial forecast for 2024 estimates revenues of 17.78 billion CNY, with a projected net profit of 1.092 billion CNY, indicating a substantial recovery and growth trajectory [13]. - The company anticipates a compound annual growth rate (CAGR) of 25.53% for net profit from 2024 to 2026, driven by the scaling of its large-scale storage business and high-margin overseas markets [12]. Market Position and Strategy - The company is focusing on expanding its presence in high-profit markets in Australia, the United States, and Europe, with a current backlog of orders amounting to 0.5 GWh, which is expected to contribute significantly to revenue in 2024 [11][12]. - The energy storage segment is projected to contribute approximately 0.8 million CNY in net profit in Q1 2024, with a sales volume of around 0.8 GWh [11]. Future Outlook - The company is expected to enjoy high profitability from its large-scale energy storage business and overseas expansion, with a gross margin projected to exceed 30% [11][12]. - The financial outlook for 2024-2026 includes net profits of 1.092 billion CNY, 1.345 billion CNY, and 1.721 billion CNY respectively, reflecting a strong recovery from previous losses [13].