Gelonghui, May 13丨Nanwang Technology (688248.SH) disclosed investor relations activity records showing that the company's energy storage business revenue in 2023 was 726 million yuan, up 123% year-on-year, with a gross profit margin of 14.69%; in the first quarter of 2024, energy storage business revenue was 178 million yuan, with a gross profit margin of 17.18%. It is expected that business revenue and profit contributions will continue to grow rapidly this year, mainly for the following reasons.
First, the company's energy storage business has sufficient orders in hand. By the end of 2023, the volume of active orders for the energy storage business exceeded 800 million yuan, and most of these orders will be fulfilled this year.
Second, investment in the energy storage industry continues to be booming. According to public reports and industry forecast information, in the first quarter of 2024, the filing scale, and the scale of new domestic energy storage will continue to grow rapidly. The overall share of the energy storage business market will continue to expand, and the company will make every effort to seize industry development opportunities and continuously expand its business scale.
Third, the gross margin of the energy storage business is expected to remain at a reasonable level. The company's profit management and control strategy for energy storage projects has been effective, and relevant control measures will continue to be consolidated this year. Taking into account industry development and competitive trends, in the future, the company will use consolidation of advantages, orderly expansion, and quality priority as its business operation strategy to ensure that gross margin is maintained at a reasonable level by strengthening risk assessment and economic estimation before undertaking the business; and continue to enhance the safety and system performance of energy storage products to provide customers with high-quality products and services, and continuously enhance the market competitiveness of the industry.