Recently, Kstar Company announced that the company is expected to achieve operating income of 4.4 billion yuan in 2022, an increase of 57% over the same period last year; the net profit attributable to shareholders of the listed company is expected to be 600 million to 700 million yuan. The energy storage business is the highlight of the company's growth, and the photovoltaic business has gradually recovered as the pressure from the overseas epidemic has eased. Benefiting from the strong demand for optical storage, the company's annual revenue and profits maintained rapid growth, mainly due to the strong market demand for new energy business.
From a full-year perspective, orders and shipments of photovoltaics and energy storage have increased significantly, which is the main driving force for performance growth. The company will realize a comprehensive layout of the energy storage pack production line in 2021, and has the product capabilities of household storage PCS, PACK, BMS and other products. Through cooperation with Ningde, it established the Times Kstar subsidiary to ensure the brand and supply of battery cells and seize the opportunity in 2022. It has seized the opportunity of the outbreak of household savings in Europe under the energy crisis, and has continued to expand its regional brands, accumulating strong channel resources in many places, and further laying the foundation for high growth in the future.
It is reported that Kstar is one of the earliest manufacturers in China to enter the production of photovoltaic inverters. As the cost of photovoltaic components decreases, the installed photovoltaic capacity is expected to increase in 2022. In terms of channels, the company's overseas on-site construction is expected to gradually return to normal, and on the other hand, it will increase customer reach through more complete channel construction. The impairment losses related to the company's photovoltaic products have been basically accrued. The company's photovoltaic product line has reached an inflection point, and the bottom has reversed. In addition, the shipment volume of the charging pile business has further increased.
The company's data center and critical infrastructure products maintained steady growth. The company focuses on the high-end medium and high-power UPS market, further expands the market share of high-end products, and continuously consolidates channel business capabilities. The sales of UPS and supporting battery products and modular data center products rank among the top in the global industry. The pressure on the cost side is reduced, and profit margins are expected to improve slightly. Calculated based on the median profit forecast of RMB 650 million, the company's full-year net profit margin is approximately 14.8%, a slight increase year-on-year, mainly due to the easing of cost-end pressures such as commodities.
