has been tracking the third quarter results of the optical storage industry some time ago. Most of them are either in line with expectations or below expectations, and have not given too many surprises. Of course, there are also many surprises for them, such as Jinlang Technology and Deye Co., Ltd., as well as Pain Technology that we are going to track today.
2022 Paineng Technology Third Quarter Report Brief Analysis
In the first three quarters of 2022, Paineng achieved revenue of 3.57 billion yuan, increased by 176% year-on-year compared with , and net profit attributable to shareholders was 645 million yuan, increased by by 156% year-on-year, and net profit excluding non-operating items was 646 million yuan, a year-on-year increase of 167%. Among them, Q3's single-quarter revenue was 1.71 billion yuan, a year-on-year increase of 180%, and 's month-on-month increase of 65.06%. Net profit attributable to shareholders was RMB 381 million, an increase of 296% year-on-year and 135.19% month-on-month. The net profit excluding non-recurring items was RMB 380 million, a year-on-year increase of 306% and a month-on-month increase of 129%.
gross profit margin in the first three quarters was 32.2%, net profit margin was 18.1%. Q3 even rebounded significantly, with gross profit margin of 35.6%, an increase of 5.41 percentage points month-on-month, and net profit margin of 22.2%, an increase of 6.6 percentage points month-on-month. The performance of
is undoubtedly super impressive, greatly exceeding market expectations! The reason why
has achieved such impressive results is mainly analyzed: the revenue growth brought about by the gradual release of production capacity ; the price increase of products, and the increase in exchange income.
in the first three quarters, 2203MWh, 567MWh, 642MWh and 994MWh respectively, and Q1, Q2 and Q3 shipments increased by 54.8% month-on-month, which is a little worse than the month-on-month increase in revenue and net profit because of the price increase. The unit cost of in the first three quarters was 1.04/1.13/1.11 yuan/Wh, and the unit net profit was 0.18/0.25/0.38 yuan/Wh.
But in the final analysis, the company's previous accumulation in the field of household energy storage has encountered this wave of explosion in household storage.
household energy storage and large storage. Although the underlying technology is similar, the business logic is very different. Household storage is aimed at individual consumers. For end customers, it is similar to a household appliance. It has strong consumption attributes and has much stronger bargaining power to customers than large storage. The single W price can even be more than 10 times that of large storage.
This is why it is the leader in large reserves, especially the global leader in power battery . When the price of upstream raw materials has increased this year and cannot transfer costs to the downstream in time, its gross profit margin has dropped rapidly to single digits, while Pain is relatively stable.
household storage is more like a large electrical product. Customers attach great importance to installation and after-sales service. When the technology gap is not large, the key to corporate competition is brand and channel , and these two aspects are exactly the advantages of Paineng Technology.
company worked in the field of household energy storage relatively early. It started to invest in the household storage industry in 2009, and its products began to be launched into the European market in 2013, and later expanded to other markets. In more than ten years, it has established a relatively high brand awareness .
Moreover, since the energy storage industry involves safety issues, qualification certification is the entry threshold for many markets, especially in mature overseas markets. It is necessary to have the corresponding qualifications to obtain customer recognition. The certification cycle is also relatively long, with an average of 2 to 3 years. Deeply cultivating the industry's Pain Energy has also gained advantages in this regard.
's main products have passed the security certifications of international IEC, EU CE, European VDE, US UL, Australian CEC, Japanese JIS, UN38.3, etc., and comply with environmental protection directives such as REACH, RoHS and WEEE. It is one of the most fully qualified and certified energy storage manufacturers in the industry. The
channel is the advantage of Paineng. Paineng has a brother company, ZTE . As the world's leading communication equipment manufacturer, ZTE's business covers more than 160 countries and regions.
shares ZTE's global channel advantages, and Paineng Technology has also achieved a large leading advantage worldwide. At present, the company has established stable cooperative relationships with major well-known new energy equipment integrators abroad, such as Sonnen, the largest energy storage system integrator in Europe, Segen, the largest photovoltaic seller in the UK, and ENERGY SRL, the Italian energy storage system supplier giant.
relies on its advantages in qualifications, brands and channels to help Pai Renaissance firmly sit second in the global household storage market, second only to Tesla , and is still catching up. The company's independent brand household energy storage products market share in Italy, Spain, the United Kingdom, Austria, Czech , South Africa and other countries, firmly ranks as the market leader.
The accumulation of the previous decade has allowed the company to enjoy this wave of household storage explosion. The company's household energy storage sales have increased from 81.66MWh in 2017 to 1.54GWh in 2021, and to more than 3GW this year, it has doubled its growth in the past few years.
energy storage industry is still in its early stages of development, and the industry will continue to maintain rapid growth in the next few years. Whoever has enough production capacity and more channels can seize more market share in this wave of .
private placement opens new growth potential
pai has taken a certain advantage in brand and channel. Now we must try our best to expand production capacity in the sector and seize the market. In fact, Paineng's production capacity has been relatively tight before.
The company's sales have grown rapidly in the past few years. The core product energy storage battery system, sales revenue from 2019 to 2021 was 745 million, 1.045 billion and 1.988 billion, respectively, with a compound growth rate of 63.40% in the past three years. The company's soft-pack battery cell production capacity increased from 0.5GWh at the end of 2019 to 3.0GWh at the end of 2021, and the capacity utilization rate of reached 99.64%, 87.59% and 91.45%, respectively. In recent years, the new capacity has been rapidly digested, and the capacity utilization rate has been saturated for a long time.
Currently, the company has a battery cell and battery system production base in Yangzhou , and a battery system production base in Kunshan and Huangshi . The existing production capacity and regional dispersion have also restricted the company's rapid development to a certain extent.
Therefore, in June this year, the company released a plan for a private placement, intending to issue no more than 46 million shares (not exceeding 30% of the total share capital of
before issuance), and the private placement will raise no more than 5 billion yuan, which will be used for the 10GWh lithium battery R&D and manufacturing base project of Paineng Technology, the headquarters and industrialization base project of Paineng Technology and supplement working capital. The 10GWh project is planned to be built in two phases, with 5GWh battery cell and system assembly production lines and related supporting facilities being built in each phase.
Currently, the private placement has been approved by the exchange and needs to be approved by the China Securities Regulatory Commission. Normally, there is no big problem with passing.
Following the implementation of production capacity, the company's production capacity problem will be in a major link. Of course, with the subsequent explosion of the household storage market, production capacity must continue to be built.
's future growth is still worth looking forward to. Why doesn’t
rise?
Many friends may have questions: The performance is so good, why not increase? The core of
is still not in new energy recently. The current market is still in a state of stock game, and the structured market is very obvious. The mainstream direction of the market recently is the opportunities brought by the game of comprehensive FK, mainly medicine, and various real estate that force life-sustaining. New energy, which was previously at a relatively high level, has been continuously drawn from medicine and real estate.
plus, the market believes that its previous trend, or the trend of the entire new energy sector, has digested the positive effects of rapid performance growth in advance, and the current valuation level is just reasonable.
A-share has always had a clear sector style, but there are some basic factual certainty: new energy is still in the initial development stage, especially energy storage, which is still just a blue ocean market that is exploding. Whether it is the new energy industry or Paineng Technology itself, there is no problem, but some changes have occurred in the medium and short-term market expectations.
In the face of this situation, all we need to do is to persevere and wait for the wind to blow again.
