格隆匯發佈能鏈智電(NAAS.US)首次覆蓋報告
格隆匯中概研究院發佈能鏈智電(NAAS.US)首次覆蓋報告《NaaS on the Rise: Powering China’s EV Charging Revolution》。能鏈智電是中國領先的新能源汽車充電服務平臺。截至2024年第三季度,公司平臺的交易用戶已突破1,370萬,已累計覆蓋充電場站9.6萬座,充電槍數量達到115萬個。2023年全年,通過能鏈智電網絡實現的充電量達到50億度,佔中國電動汽車總充電量的7%以及公用充電樁充電量的13%。相比之下,2023年海外充電類企業的充電量僅爲4-5億度。從充電量的角度來看,能鏈智電在全球同行中處於領先地位。自2024年7月以來,新能源乘用車的國內月度零售銷量滲透率首次超過傳統燃油車,並且這一趨勢已持續四個月突破50%。這意味着新能源車逐漸成爲主流,而燃油車正在成爲“少數派”,也暗示着充電運營服務行業的盈利拐點可能即將到來。與同行相比,能鏈智電憑藉其可持續的增長軌跡脫穎而出。目前,公司市值約爲1800萬美元,格隆匯預估公司2025財年全年收入爲3200萬美元,同比增長19%,對應0.6倍市銷率(P/S),而同類公司整體的市銷率水平約爲2.2倍。報告全文可從格隆匯官網及App、彭博終端、S&P Capital IQ、LSEG Refinitiv、FactSet、Morningstar、AlphaSense等渠道獲取。

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