Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The solid-state battery industry is accelerating its industrialization, and the potential for space photovoltaic technology is promising [1] - The energy storage sector is expected to see significant growth, with a projected increase of over 60% in 2026 due to rising demand and government support [3][6] - The report highlights the strong performance of various segments within the power equipment industry, including electric vehicles, lithium batteries, and photovoltaic technologies [3] Industry Trends - The electric equipment sector saw a 0.79% increase, outperforming the market, with lithium batteries rising by 1.5% and new energy vehicles by 1.29% [3] - The report notes that the global energy storage system shipments are expected to reach 498 GWh in 2025, a year-on-year increase of 99% [3] - The report emphasizes the importance of government investment in energy storage and new energy sectors, with significant projects underway in regions like Jiangxi [3] Company Performance - Companies like Keda and Zhenyu Technology are expected to see substantial profit growth, with Keda projecting a net profit increase of 52.21%-67.43% for 2025 [3] - The report mentions that major companies are entering strategic partnerships and expanding their production capacities, such as Ganfeng Lithium and CATL [3][4] - The report also highlights the expected losses for companies like Junda and Longi Green Energy, indicating challenges in the current market environment [3][4] Investment Strategy - The report suggests a strong outlook for energy storage, lithium batteries, and solid-state technologies, recommending investments in leading companies such as CATL, Sunpower, and Sanyuan Electric [3][4] - It emphasizes the potential for growth in the humanoid robotics sector, with Tesla leading the market and significant opportunities for component manufacturers [6] - The report advises investors to focus on companies with strong technological advantages and overseas market channels, particularly in the AIDC sector [6]

Group 1 - New stock subscriptions: Agricultural University Technology subscription code 920159, issue price 25 yuan/share, subscription limit 720,000 shares. Zhenstone Co. subscription code 780112, issue price 11.18 yuan/share, subscription limit 54,500 shares [6] - The China Securities Regulatory Commission (CSRC) held a system work meeting on January 15, 2026, emphasizing the need to maintain market stability and enhance monitoring and regulation to prevent market volatility [7] - The CSRC is investigating Rongbai Technology for misleading statements regarding a major contract, which the company estimated at a total of 120 billion yuan with CATL [9] Group 2 - Minexplosion Optoelectronics plans to acquire Xiamen Zhizhi Precision and Jiangxi Maida, both focusing on core consumables in PCB manufacturing [10] - Yanjing Co. intends to purchase 98.54% equity of Yongqiang Technology, expanding its business into high-end electronic interconnection materials for integrated circuits [11] - Qizhong Technology plans to invest 50 million yuan in a stake in He Xin Integrated, a company in the advanced packaging and testing field [12] Group 3 - Tianyuan Intelligent's actual controller and chairman, Wu Yizhong, has been detained [14] - Tian Tie Technology's actual controller, Xu Jiding, has had his compulsory measures changed to bail pending trial [15] - Guolian Minsheng expects a net profit increase of approximately 406% year-on-year for 2025 [16] Group 4 - Oke Yi anticipates a net profit increase of 67.53% to 91.96% year-on-year for 2025 [17] - I Love Home expects a net profit increase of 40.78% to 56.42% year-on-year for 2025 [17] - Longi Green Energy expects a net profit loss of 6 billion to 6.5 billion yuan for 2025 [17]

Macro News - The State Council, led by Premier Li Qiang, held a meeting on January 16 to discuss measures to boost consumption, emphasizing the need to cultivate new growth points in service consumption and enhance the quality of service supply [1] - The China Securities Regulatory Commission (CSRC) held a meeting on January 15 to summarize 2025's work and plan for 2026, stressing the importance of maintaining market stability and enhancing monitoring and regulation [2] - The Ministry of Commerce announced that Canada will impose a 100% additional tax on Chinese electric vehicles in 2024, significantly impacting exports from China, although a quota of 49,000 vehicles per year will be allowed at a reduced tariff rate [3] Industry News - Beijing ChuanYueZhe Space Technology Co., Ltd. successfully completed a verification test for its CYZ1 manned spacecraft's landing buffer system on January 18, marking a significant milestone in China's commercial space sector [4] - The Ministry of Industry and Information Technology revised the management measures for cultivating high-quality small and medium-sized enterprises, now including technology-based SMEs in the cultivation scope [5] - The National Energy Administration announced that China's total electricity consumption will exceed 10 trillion kilowatt-hours by 2025, reaching 10.4 trillion kilowatt-hours, a historic first for a single country [6] Company News - The CSRC has launched an investigation into Rongbai Technology for allegedly misleading statements regarding a major contract announcement [7] - Rongbai Technology clarified that the "120 billion yuan total contract amount" with CATL is an estimate and that actual sales remain uncertain [8] - Minexplosion Optoelectronics announced plans to acquire 100% stakes in Xiazhi Precision and Jiangxi Maida, both focused on PCB manufacturing core materials [9] - Tongwei Co. expects a net loss of approximately 9 billion to 10 billion yuan for 2025 [10] - Longi Green Energy anticipates a net loss of 6 billion to 6.5 billion yuan for 2025 [11] - The Shenzhen Stock Exchange noted abnormal trading behavior in "*ST Chengchang," leading to regulatory measures against certain investors [12] - Clandestine Communications announced that its board member received a notice from the CSRC regarding an investigation for suspected insider trading [13] - The company "Lianqi Technology" is expected to see a net profit increase of approximately 52% to 66% in 2025 due to a significant rise in interconnect chip shipments [14]

Group 1 - Fenglong Co., Ltd. has completed its suspension review and will resume trading on the 19th [1][2] - Rongbai Technology is under investigation by the Securities Regulatory Commission for misleading statements regarding a major contract [3] - Rongbai Technology estimates a total contract amount of 120 billion yuan with CATL [3] Group 2 - Minbao Optoelectronics is planning to acquire Xiazhi Precision and Jiangxi Maida, both of which focus on core consumables in PCB manufacturing [3] - Yanjing Co., Ltd. intends to purchase 98.54% equity of Yongqiang Technology to expand into high-end electronic interconnection materials in integrated circuits [3] - Tianyuan Intelligent's actual controller and CEO, Wu Yizhong, has been detained [3] Group 3 - Guolian Minsheng expects a net profit increase of approximately 406% for 2025 [4] - Oke Yi anticipates a net profit increase of 67.53% to 91.96% for 2025 [4] Group 4 - Tiandi Source forecasts a net loss of 900 million to 1.35 billion yuan for 2025 [5] - Guiguan Network expects a net loss of 1.07 billion to 1.35 billion yuan for 2025 [5] - Aisheng Co., Ltd. anticipates a net loss of 1.2 billion to 1.9 billion yuan for 2025 [5] - Longi Green Energy projects a net loss of 6 billion to 6.5 billion yuan for 2025 [5] - Tongwei Co., Ltd. expects a net loss of 9 billion to 10 billion yuan for 2025 [5] Group 5 - Weisi Medical's actual controller and a concerted actor plan to reduce their holdings by no more than 3% [5] - Chuhuan Technology's pre-IPO employee stock ownership platform plans to reduce its holdings by no more than 3% [5] - Sandam Membrane's Qingyuan China intends to reduce its holdings by no more than 3% [5]

Core Viewpoint - Several leading photovoltaic companies have announced significant expected losses for 2025, indicating ongoing challenges in the industry due to supply-demand imbalances and rising raw material costs [1][2][3]. Company Summaries - Tongwei Co., Ltd. (通威股份) expects a net loss of 9 billion to 10 billion yuan for 2025, citing unresolved supply-demand issues and rising prices of core raw materials [1]. - Longi Green Energy (隆基绿能) anticipates a net loss of 6 billion to 6.5 billion yuan for 2025, highlighting ongoing low operating rates and increased costs due to rising prices of silver paste and silicon materials [1]. - Aiko Solar Energy (爱旭股份) projects a net loss of 1.2 billion to 1.9 billion yuan for 2025, attributing this to structural overcapacity and sustained low product prices [1]. - TCL Zhonghuan (TCL中环) expects a net loss of 8.2 billion to 9.6 billion yuan for 2025 [2]. - JA Solar Technology (晶澳科技) forecasts a net loss of 4.5 billion to 4.8 billion yuan for 2025, contributing to a total expected loss of over 28.9 billion yuan for these five leading companies [3]. Industry Overview - The photovoltaic industry has faced significant price fluctuations since 2025, leading to widespread losses among companies [4]. - The Chinese government plans to strengthen capacity regulation and manage photovoltaic manufacturing projects to address the ongoing challenges in the industry [4]. - Experts suggest that merely relying on government initiatives may not be sufficient, and additional measures may be necessary to stabilize the industry [4][5]. - The industry has experienced a continuous loss trend for eight quarters, with a 33% reduction in workforce in 2024, and an increase in average interest-bearing debt ratio from 23% to 31% [5].

爱旭股份 预计2025年年度实现归属于母公司所有者的净利润亏损为 12—19亿元 。公司表示， 受行业结构性产能过剩影响，供需失衡状况仍未显著改善，主要产品价格持续处于相对低位， 公司全年经营承压。 此前，已有多家光伏企业公告预亏。 记者丨刘雪莹 冉黎黎 编辑丨曾静娇 昨夜，多家光伏龙头公告业绩预亏。 1月18日晚， 通威股份 业绩预告显示，预计2025年度实现归属于母公司所有者的 净利润亏损 90亿元至100亿元 。 通威股份表示，光伏行业阶段性供需矛盾问题尚未缓解，产业链各环节 开工率下行，白银等部分核心原材料价格持续上涨，产品价格同比继续下跌，行业经营压力仍 然显著。 同日， 隆基绿能 公告， 预计2025年度实现归属于上市公司股东的 净亏损为 60亿元到65亿元 。公司指出，2025年光伏行业供需错配、低价内卷式竞争持续，开工率维持低位，同时国内电 力市场化改革不断深入，海外贸易壁垒持续加剧，光伏企业经营环境严峻复杂。四季度银浆、 硅料成本大幅上涨，显著推升了硅片、电池及组件产品成本，企业经营进一步承压。 据《中国能源报》报道，根据中国光伏行业协会的数据，2025年以来，光伏供应链价格波动明 显， 电 ...

Core Viewpoint - The annual report disclosure season is approaching, with several companies releasing their performance forecasts for 2025, showing mixed results in terms of profit expectations. Group 1: Companies with Profit Increases - Iola Home is expected to achieve a net profit of approximately 171 million to 190 million yuan, representing a growth of 40.78% to 56.42% [2] - Guolian Minsheng anticipates a net profit of about 2.008 billion yuan, with a significant increase of 406% [4] - Okoyi expects a net profit of around 96 million to 110 million yuan, reflecting a growth of 67.53% to 91.96% [5] - Rui Ming Technology forecasts a net profit of approximately 37 million to 40 million yuan, indicating a growth of 27.58% to 37.92% [2] - Iola Home's strategic focus on mid-to-high-end brand differentiation and channel optimization has led to improved operational efficiency and steady growth in performance [6] Group 2: Companies with Continued Losses - Longi Green Energy predicts a net loss of 6 billion to 6.5 billion yuan, citing ongoing challenges in the photovoltaic industry, including supply-demand mismatches and rising costs [2][3] - Tongwei Co. expects a net loss of approximately 9 billion to 10 billion yuan, with losses exacerbated by low market prices and increased costs in its industrial silicon and battery businesses [3] - Tiandi Source anticipates a net loss of 900 million to 1.35 billion yuan, impacted by the overall real estate market conditions and inventory impairment [4] - The company has indicated that its revenue and gross profit contributions are decreasing due to reduced sales and project completions [4] - Longi Green Energy's operational challenges are attributed to low operating rates and increased costs from raw materials, leading to sustained losses in 2025 [2]

Core Viewpoint - The company expects a significant net loss for the year 2025, with projected losses between 90 billion to 100 billion yuan, indicating a worsening financial situation compared to the previous year [2][4]. Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The estimated net profit attributable to the parent company is projected to be approximately -90 billion to -100 billion yuan [2][4]. Previous Year Performance - In the same period last year, the net profit attributable to the parent company was -70.39 billion yuan, and the net profit after deducting non-recurring gains and losses was -70.57 billion yuan [5]. Reasons for Expected Loss - The primary reasons for the expected loss include: - The overall growth in new photovoltaic installations has slowed significantly in the second half of the year, leading to a temporary oversupply in the industry [7]. - The company's operational losses attributable to the parent company are estimated to be around 75-80 billion yuan, an increase of 12-17 billion yuan compared to the previous year [7]. - The industrial silicon business faced challenges due to production ramp-up and low market prices, contributing to a worsening loss of approximately 9 billion yuan [7]. - The polysilicon business, despite a decline in sales volume and average selling price, managed to reduce losses by about 6 billion yuan through operational optimizations [7]. - The battery and module business experienced further price declines, exacerbating losses by approximately 12 billion yuan [7]. Asset Impairment - The company has recognized long-term asset impairments totaling approximately 15-20 billion yuan, an increase of 7-12 billion yuan year-on-year, primarily due to technological changes and market demand fluctuations [8]. Industry Outlook - Despite being at the bottom of the industry cycle, the company remains optimistic about the photovoltaic sector's growth potential and continues to focus on technological research and cost reduction [9]. - The company maintains strong core competencies in technology, cost management, and operations, with sufficient cash reserves to navigate market fluctuations [9].

Core Viewpoint - The photovoltaic industry is facing significant losses, with major companies like Longi Green Energy, Tongwei Co., and Aiko Solar all forecasting substantial net losses for 2025, indicating a challenging market environment driven by overcapacity and rising raw material costs [1][2]. Group 1: Company Performance - Longi Green Energy expects a net loss of approximately 60 billion to 65 billion yuan for 2025, citing increased costs of silver paste and silicon materials as key factors [1]. - Tongwei Co. is projected to incur a net loss of 82 billion to 96 billion yuan for 2025, with product prices remaining low and insufficient cost transmission impacting profitability [1]. - Aiko Solar anticipates a net loss of 45 billion to 48 billion yuan for 2025, while TCL Zhonghuan expects a loss of 12 billion to 19 billion yuan, both companies highlighting the impact of structural overcapacity on their operations [2]. Group 2: Industry Trends - The photovoltaic sector has experienced nine consecutive quarters of losses since Q4 2023, with ongoing supply-demand imbalances exacerbating the situation [2]. - Industry experts emphasize the need for capacity clearing and structural optimization, suggesting that companies must move beyond simple production cuts to enhance competitive advantages through technology and product differentiation [2]. - TCL Zhonghuan's acquisition of Yida Energy marks a significant step towards industry consolidation, aiming to optimize resources and foster collaboration, which could help the sector transition from low-level competition to value co-creation [2].

Core Viewpoint - The photovoltaic industry is experiencing widespread losses, with major companies like Longi Green Energy and Tongwei Co. both forecasting significant net losses for 2025, indicating ongoing challenges in the sector [1][2][6]. Group 1: Company Performance - Longi Green Energy expects a net loss of 60 to 65 billion yuan for 2025, with a projected loss of 68 to 74 billion yuan after excluding non-recurring items [2][5]. - Tongwei Co. anticipates a net loss of approximately 90 to 100 billion yuan for 2025, compared to a loss of 70.39 billion yuan in 2024 [6]. - Aiko Solar predicts a net loss of 12 to 19 billion yuan for 2025, citing structural overcapacity and ongoing price pressures [7]. Group 2: Industry Challenges - The photovoltaic industry is facing a deep adjustment phase, with supply-demand mismatches and intense price competition leading to sustained low operating rates [5][8]. - Rising costs of raw materials, such as silver and silicon, have further pressured profit margins, contributing to the overall losses in the sector [5][6]. - The industry is expected to undergo a reshaping process in 2026 as "anti-involution" measures take effect, potentially restoring supply-demand balance and improving pricing [1][10]. Group 3: Price Trends - Recent data indicates an increase in photovoltaic component prices, with TOPCon and BC components seeing price adjustments due to changes in export tax policies and rising silver prices [1][10]. - The average transaction price for distributed photovoltaic components has reached between 0.67 yuan/watt and 0.8 yuan/watt, with an average of 0.72 yuan/watt [10]. Group 4: Future Outlook - Analysts suggest that policy adjustments may accelerate industry consolidation and capacity elimination, with leading Chinese battery companies likely to enhance their global competitiveness in the long term [11].