20240130_兴业证券_电气设备行业：充电桩出海历经蛰伏将迎高增_30页.pdf

请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion(investSuggestionChange relatedReport 20230319 emailAuthor S0190521110001 assAuthor summary 2022 Q4 2023 2 2025 900 2023 2025 64%89%Tesla Evgo Chargepoint(1 CE UL(2 3 4(title createTime1 2024 1 30 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-1.1.-4-1.2.-6-1.3.-6-1.4.-7-2.-8-2.1.-8-2.2.-9-2.3.-10-2.4.-11-2.5.-12-2.6 ChargePoint.-13-2.7 Evgo.-14-2.8 Kempower.-14-3.-15-3.1 2025 642.-15-3.2 2025 293.-16-4.-17-4.1“”.-17-4.2“”.-18-4.3“”.-19-4.4“”.-20-5.-21-5.1:.-21-5.2.-24-5.3.-25-5.4 ABB.-26-5.5.-27-6.-28-7.-28-1/.-7-2 ChargePoint CP6000.-11-3 Tritium DCFC PKM150.-11-4 Milence.-11-5 10 Tritium.-12-6 ChargePoint Express Plus.-13-7 MaxiCharger DC HiPower.-13-8 2020 ChargePoint.-13-9 2023 ChargePoint.-13-10 EVgo.-14-11 Kempower 2019.-15-12 Kempower 2019.-15-0YBYwPnQmPqRtNsRnQoRqRaQaO9PtRnNtRrNeRoOnMfQoNmN6MoOxOxNoPyRMYtRqM 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-13.-18-14 ABB NEVI.-19-15 Tritium 98%.-19-16 OCPP.-20-17.-20-18.-22-19 2023 10.-22-20.-23-21.-24-22 35%.-24-23 2022 2023 11.-26-24 2023 11.-26-25.-27-26.-28-27.-28-1.-4-2 NEVI.-5-3.-6-4.-7-5.-8-6.-9-7.-10-8.-15-9.-16-10.-17-11.-21-12.-25-13.-26-14.-28-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 1.1 2023 7 25 AFIR AFIR 2024 4 13 AFIR 2025 1 2025 TEN-T 60km 150kW 2 2025 TEN-T 60km 350kW TEN-T 100km ACEA 6 1 17 5 5 10 2025 ACEA 2030 680 2023 9 30 61.33 2023 6.7 2030 1 2019-2024 30,000 2019-2024 300 15,000 2024 600 OCPP 900 1 2022 4 1 50%2700 960 50%1160 2020-2022 45,000 2020-2022 900 500 2021 12 3,000 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-()220 50%(2000)2021 50 30%50 55%45%35%2021 5,000 70%5,000 80%2015 50%2015 50%15,000 75%75%350 2022 4 30 EVBOX(BIL)(IRA)BIL 75 50 25 Alternative Fuel Corridors AFC AFC IRA 30%10 30%1000 2 NEVI AFC 4 DCFC 4 DCFC AC Level 2 4 DCFC CCS1 AC Level 2 J1772 NACS DCFC 150kW 250-920V 150kW AC 6kW 6kW AFC 24 97%uptime build America,buy America 2024 7 1 55%请 务必阅读 正文之 后的信 息披露 和重要声 明-6-1.2 2023 1-11 133.1 49.8%9.2%81%2024 2023 12 2023 2.42 0.99 40.9%NEVI 1 2 3 3 2021 2022 2023 114,451 136,513 160,703 18,261 22,062 24,190 YOY%20.8%9.6%21,782 27,807 37,696 4,415 6,025 9,889 YOY 36.5%64.1%24.2%27.3%40.9%YOY(pct)3.1 13.6 AFDC 1.3 2023 1-11 262.72 22.8%17.1%70%2022+8pcts 2024 2023Q3 6.7 102.69%1.13 62.11%16.91%请 务必阅读 正文之 后的信 息披露 和重要声 明-7-4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 321046 357945 391017 447099 498500 546279 613314 17868 36899 33072 56082 51401 47779 67035 YoY 187.67%29.49%102.69%26285 30306 37297 46186 54106 62479 73812 2945 4021 6991 8889 7920 8373 11333 YoY 168.93%108.23%62.11%QoQ 20.70%36.54%73.86%27.15%-10.90%5.72%35.35%8.19%8.47%9.54%10.33%10.85%11.44%12.03%16.48%10.90%21.14%15.85%15.41%17.52%16.91%AFIR 1.4 2022 7.3 14.6 22.4 1/IEA EVCIPA AFDC 05101520252017 2018 2019 2020 2021 2022 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-2 2.1 Tesla ChargePoint Blink EVgo Electrify America EV Connect Blink ChargePoint Tritium DCFC EVgo Chargepoint Blink Evgo4.0%17.3%1.0%5 Wallbox N.V 2023 5 ABB Tritium DCFC 30%Volta Clipper Creek Freewire Autel CPO Tesla,2021 2024 ChargePoint 4.0%2023 22.5 app 46.5 Blink Charging Co 17.3%7.7%2.9%CPO EVgo 7.0%1.0%2023 950 Electrify America 2023 850 3700 EV Connect 7000 Yahoo finance 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-Shell BP Engie 2021 Ubitricity 2017 Engie EV-Box IONITY 2022 11 600 1900 430 ABB 2021 Kempower 200%6 ABB Siemens Schneider Electric SA Kempower 200%2023 2 CPO IONITY 2022 600 2025 1500 7000 Tesla,2024 2023 5 CPO Shell 50 E.ON 3000 175KW EVbox Engie 55 Allego 2013 Allamo EV Cloud 16 3.5 Pod Point 2023 6 9200 marketscreener insideevs 2.2 120KW 120KW 46.4 3-5 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-7 KW A V 9.6-11.52 48 200-240 700-2000 2000-5000 16-19.2 80 200-240 1800-5000+3000-8000 48 100 480 30000-40000 10000-20000 96 200 480 55000-65000 30000-48000 120 250 480 65000-75000 30000-50000 Wattlogic 2022 3 ChargePoint ChargePoint ChargePoint ChargePoint 2.3 1 Wallbox Pulsar Plus 240V 3035 myWallbox Wifi 2 ChargePoint CP6000 3.722KW NFC ChargePoint APP 3 Tritium DCFC PKM150 150KW 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-2 ChargePoint CP6000 3 Tritium DCFC PKM150 2.4 3045 350KW ACEA 350kw 2022 TRATON GROUP Milence 800V 400V 800V e-tron GT Taycan Lucid Air IONIQ5 EV6 800V 200 20 800V Automotive News 2025 800V 800V 4 Milence Milence 请 务必阅读 正文之 后的信 息披露 和重要声 明-12-2.5 Tritium DCFC 37%ABB 350KW Terra HP ChargePoint Express Plus 5 10 Tritium Tritium DCFC Kempower Power Unit 13 600KW 14 50KW ChargePoint Express Plus 500KW MaxiCharger DC HiPower 640KW 480KW 8 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-6 ChargePoint Express Plus 7 MaxiCharger DC HiPower 2.6 ChargePoint ChargePoint ChargePoint 2007 2023 ChargePoint 22.5 App 46.5 2022 4.68 94.2%2023 6.056.3 32%2023 70%ChargePoint 2022 2023 18.22%22.25%8 2020 ChargePoint 9 2023 ChargePoint 0%20%40%60%80%100%0102030405060702020 2021 2022 2023E YoY%73.40%22.25%4.35%请 务必阅读 正文之 后的信 息披露 和重要声 明-14-2.7 Evgo EVgo 2023 950 29%208%App 410 2023 1.34 144.69%2021 50%EVgo EVgo EVgo 2025 2700 4 350kW EVgo 30%10 EVgo 2.8 Kempower Kempower Kempower2019 2020 200%50%2021 CPO OEM 2023 ETL Q3 Kempower CPO Milence Kempower 400KW 500A Kempower 600KW-50%0%50%100%150%200%02468101214162019 2020 2021 2022 2023 YoY%请 务必阅读 正文之 后的信 息披露 和重要声 明-15-14 50KW 18 11 Kempower 2019 12 Kempower 2019 3 3.1 2025 642 IEA 2022 14.5:1 12%2022-2025 CAGR 64%2025 642 8 2022 2023E 2024E 2025E(253.3 292.0 350.4 420.5 YoY 12%15%20%20%(780.0 1033.0 1331.8 1685.6 YoY 42%32%29%27%65%63%61%60%-14.5 13 12 11.5 53.8 79.5 111.0 146.6 21.1 25.7 31.5 35.6 YoY 52%22%23%13%12%14%16%18%164.6 184.0 213.7 252.3 60kw 40%30%10%5%0%100%200%300%400%500%600%700%800%900%1000%0501001502002502019 2020 2021 2022 2023 YoY%30%35%40%45%50%55%60%2019 2020 2021 2022 2023 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-80kw 30%25%25%15%120kw 20%25%30%30%150kw 10%15%25%35%360kw 0%5%10%15%87 108.5 135.5 157.5(/kw 1600 1520 1444 1372/3000 2850 2708 2572 145.56 242.19 412.47 642.45 IEA 3.2 2025 293 IEA 2022 22:1 20%IRA 2022-2025 CAGR 89%2025 293 9 2022 2023E 2024E 2025E(99.2 153.0 206.6 268.5 YoY 49%54%35%30%(300.0 423.0 608.4 846.5 YoY 36%41%44%39%90%80%70%65%-22 22 20 18 13.6 19.2 30.4 47.0 2.2 5.6 11.2 16.6 YoY 150%100%48%20%40%44%47%89.3 122.4 144.6 174.5 60kw 5%0%0%0%80kw 10%5%0%0%120kw 45%30%15%5%150kw 35%60%75%70%360kw 5%5%10%25%请 务必阅读 正文之 后的信 息披露 和重要声 明-17-135.5 148 166.5 201(/kw 1760.0 1672.0 1588.4 1509.0/3600 3420 3249 3087 43.5 98.3 179.3 293.3 IEA 4 4.1 CE UL CE UL ULCE CE TUV NF 10 CE UL TUV TUV 2-3 7 30-50 100 TUV 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-UL CE CE UL 4.2 5%58%top5 36%13 iFinD 2022 0.8-3.26 2021 00.511.522.5ChargePoint Evgo Blink Charging Tritium DCFC Wallbox2023H1 2022 2021 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-4.3 J.D.Power 2023 Q1 21.6%126 27%NEVI 97%ABB 24+BMS+100+AI 14 ABB NEVI 15 Tritium 98%ABB Tritium Open Charge Point Protocol OCPP OCPP OCPP OCPP OCPP OCPP 104 104 2022 6 AFIR 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-16 OCPP OCCP NEVI 2024 7 1 55%2021 500 2023 10 2023 12 17 4.4 请 务必阅读 正文之 后的信 息披露 和重要声 明-21-150KW 150KW/175KW 300KW/350KW 11 1 33.50%33.50%2 33%33.5%5 5.1:2021 2022 CE UL 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-18 iFinD 70 Costco CPO C 2021 B 19 2023 10 thebuzzevnews 2023 10 MaxiCharger 180-240kw 5000 MaxiCharger180-240kw NEVI Insideevs 5 Autel MaxiCharger 40AMP 549 25 3 88 2021.9 2021 Maxi charger 2022.7 UL CSA CE UKCA MID 2022.6 16 2022.7 CSA 2022.9 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-20 Insideevs AC Ultra AC Lite AC Elite CTEP&AC Ultra CTEP DC Fast PTB 1 1.480kW 2.DSP BG 3.320kW 640kW EMS 2 1.2.AI 3.3 1.BMS+AI+2.97%100+AI 4 99%Hubject OCPP/OICP/OCPI/PNC API V2X 请 务必阅读 正文之 后的信 息披露 和重要声 明-24-21 iFinD 5.2 210+40+70+60+ETL TUV CE SAA UL 2011 50 6 60 2022 4.26 117%2023 3.84 196%22 35%iFinD 32.00%34.00%36.00%38.00%40.00%42.00%2023Q1-Q32022 2021 2020 2019 请 务必阅读 正文之 后的信 息披露 和重要声 明-25-2020 Interstellar(BP)2023 H1 25.7%2022 6.2pcts 12 BP 5.3 2023 11 30 250 3000 49.48 29.42 25.79%2022 59 28%200 100 70+9 110 20 1100 1200 10 2023 9 6 2000-4000 1200-1500 10 18 Astana Motors 10 24 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-23 2022 2023 11 24 2023 11 EVCIPA EVCIPA 5.4 ABB 2015 15KW 20KW 30KW 40KW 2023 6 30 162 43.67%17 31 10 32 1 1 40KW 96%60W/in3 300V 1000V IP20 13%2022 ABB 27,501.92 27.84%19,303.44 19.54%BTC POWER 6,680.68 6.76%4,093.89 4.14%Daeyoung 3,754.07 3.80%2021 116186.2 37.59%0200004000060000800001000001 2 3 4 5 6 7 8 9 10 11 12 2022 2023 0100000200000300000400000500000600000 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-5288.12 12.28%ABB 4581.89 10.64%Daeyoung 2095.63 4.87%1829.42 4.25%iFinD ABB ABB 2018 2020 2020 2021 7.8%20KW 30KW 40KW CE 30KW UL ABB BTC POWER Daeyoung BUCOMEC 2019 2023 14.29%61.25%25 iFinD 5.5&20 2007 2023 1.89 57.32%2022 2024 CE 2023 2024 2025 0%20%40%60%80%100%2019 2020 2021 2022 2023E 请 务必阅读 正文之 后的信 息披露 和重要声 明-28-26 27 iFinD iFinD 6(14 2024 1 25()EPS PE 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 688208.SH 20.16 0.23 0.82 1.22 1.66 139.72 24.47 16.57 12.11 300693.SZ 31.81 1.09 1.26 1.79 2.45 49.84 25.31 17.76 13.01 300001.SZ 18.11 0.26 0.36 0.55 0.80 58.15 49.95 33.14 22.66 300491.SZ 19.96 0.26 0.58 0.96 1.49 54.07 34.61 20.88 13.36 Wind 7 1 2 3 0%10%20%30%40%50%60%70%00.511.522.533.523H1 2022 2021 2020 2019 0.00%5.00%10.00%15.00%20.00%25.00%30.00%2019 2020 2021 2022 2023H1 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-4 请 务必阅读 正文之 后的信 息披露 和重要声 明-30-12 300 50 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035