Investment Rating - The investment rating for Linyang Energy (601222) is not explicitly stated in the report [1]. Core Views - The company experienced a decline in total operating revenue and net profit in 2024, with total revenue at 6.742 billion yuan, down 1.89% year-on-year, and net profit at 753 million yuan, down 27% year-on-year [2]. - The first quarter of 2025 showed a significant decrease in revenue and net profit, with total revenue at 1.124 billion yuan, down 27.69% year-on-year, and net profit at 124 million yuan, down 43.26% year-on-year [2]. - The company is actively expanding its overseas market presence, particularly in the smart meter sector, with successful bids totaling approximately 6.31 billion yuan in the State Grid and 6.01 billion yuan in the Southern Grid [4]. - The company has a strong foothold in the smart meter export market, covering over 50 countries, and is focusing on increasing market share in Western Europe and the Asia-Pacific region [4]. - The renewable energy sector is progressing steadily, with over 1,245 MW of projects under construction and a signed operation and maintenance capacity exceeding 18 GW, reflecting a 50% year-on-year growth [4]. - The energy storage segment has seen a robust increase in delivery scale, with cumulative deliveries exceeding 4.5 GWh and a project reserve of over 10 GWh [5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total operating revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [2][6]. - The projected revenues for 2025-2027 are 7.601 billion yuan, 8.656 billion yuan, and 9.546 billion yuan, with growth rates of 12.7%, 13.9%, and 10.3% respectively [7]. Market Position and Strategy - The company is the largest smart meter exporter in China and is expanding its market share in Europe and Asia through partnerships and local strategies [4]. - The smart meter segment is expected to benefit from increasing demand in emerging markets, with a projected revenue of 28.3 billion yuan in 2024, up 14.28% year-on-year [4]. Operational Highlights - The company has made significant progress in renewable energy projects, with a total installed capacity of 1.36 GW and a generation of 1.45 billion kWh in 2024 [4]. - The energy storage segment is actively developing overseas markets, with a focus on Europe, the Middle East, and Southeast Asia, and has completed multiple projects in China [5].

Investment Rating - The investment rating for Linyang Energy (601222) is not explicitly stated in the report [1]. Core Views - The company experienced a decline in total operating revenue and net profit in 2024, with total revenue at 6.742 billion yuan, down 1.89% year-on-year, and net profit at 753 million yuan, down 27% year-on-year [2]. - The company is actively expanding its overseas market presence, particularly in the smart meter sector, with significant contracts won in both domestic and international tenders [4]. - The renewable energy sector is progressing steadily, with a total installed capacity of 1.36 GW and a generation of 1.45 billion kWh in 2024 [5]. - The energy storage segment is also growing, with cumulative deliveries exceeding 4.5 GWh and a focus on international markets [5]. Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [2][6]. - The first quarter of 2025 showed a further decline, with total revenue at 1.124 billion yuan, down 27.69% year-on-year, and net profit at 124 million yuan, down 43.26% year-on-year [2]. Market Position and Strategy - The company has secured contracts worth approximately 6.31 billion yuan in State Grid's 2024 electric meter procurement and 6.01 billion yuan in Southern Grid's framework tender [4]. - Linyang Energy is the largest smart meter exporter in China, with products covering over 50 countries and regions, and is expanding its market share in Western Europe and Asia-Pacific [4]. Renewable Energy Development - The company has over 1,245 MW of projects under construction and has successfully connected 350 MW of wind power projects to the grid [5]. - In 2024, the revenue from the photovoltaic sector was 2.901 billion yuan, a year-on-year increase of 3.48% [5]. Energy Storage Growth - The energy storage segment reported revenue of 919 million yuan in 2024, a decrease of 38.97% year-on-year, but with a gross margin improvement to 17.64% [5]. - The company is focusing on overseas markets, particularly in Europe, the Middle East, and Southeast Asia, with significant project deliveries and partnerships established [5].

Core Viewpoint - Nantong, as a key growth pole in Jiangsu's coastal economic belt, is leveraging its strategic position in the Yangtze River Delta to develop a modern industrial system centered around the "616" framework, which includes six trillion-level industrial clusters and sixteen advantageous industrial chains [1][12]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driver, moving away from traditional economic growth models, characterized by high-tech, high-efficiency, and high-quality features [2]. - This concept is crucial for promoting high-quality economic development and is a key support for building a modern industrial system [2]. Group 2: Economic Performance of Nantong - Nantong's GDP is projected to exceed 1.24 trillion yuan (approximately 1242.19 billion yuan) in 2024, with a year-on-year growth rate of 6.2%, leading the province [3]. - The three industries are showing collaborative growth: the primary industry added value is 53.21 billion yuan (2.7% growth), the secondary industry 590.68 billion yuan (6.9% growth), and the tertiary industry 598.30 billion yuan (5.7% growth) [3]. Group 3: Industrial Growth and Key Sectors - Nantong's industrial economy is experiencing robust growth, with an increase of 9.3% in industrial added value, ranking among the top in the province [5]. - Key sectors such as specialized equipment, chemical fibers, and electrical machinery have shown significant growth rates of 14.4%, 14.1%, and 11.7% respectively [5]. - The six trillion-level industrial clusters continue to expand, with an annual output growth of 8.5%, contributing 5.3 percentage points to the industrial growth [5]. Group 4: Policy Framework for New Quality Productive Forces - The central economic work conference in 2024 emphasized the importance of technological innovation in leading the development of new quality productive forces [10]. - Nantong has implemented a series of targeted policies to foster new quality productive forces, including action plans for low-altitude economy, artificial intelligence, and technology innovation parks [10][11]. Group 5: Modern Industrial System Development - Nantong is integrating new quality productive forces into the national strategic framework, focusing on six trillion-level industrial clusters and sixteen advantageous industrial chains [12][13]. - The city aims to build a modern industrial system with advanced manufacturing at its core, emphasizing industrial upgrades and the development of strategic emerging industries [15]. Group 6: Spatial Layout and Industrial Clusters - Nantong is constructing a new spatial layout characterized by "one main, one deputy, two belts, and four groups," enhancing its economic and innovation capabilities [17]. - The city has established six key industrial chains, including new energy, shipbuilding, high-end equipment, new materials, biomedicine, and new generation information technology, with leading companies like Tongfu Microelectronics and Lin Yang Energy [21][22]. Group 7: Future Development Trends - Nantong is focusing on forward-looking layouts for future industries, emphasizing low-altitude economy, deep-sea equipment, and new energy storage [25][26]. - The city aims to enhance green and intelligent transformation, targeting the establishment of over 100 provincial-level smart factories by 2027 [28]. - Nantong is deepening regional collaborative innovation, integrating into the Yangtze River Delta's development, and establishing a collaborative model for research and development [29].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 6.742 billion yuan in 2024, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 753 million yuan, down 27% year-on-year [2][6] - In Q4 2024, the company achieved a revenue of 1.576 billion yuan, a decline of 26% year-on-year, with a net profit of -157 million yuan [2][6] - For Q1 2025, the company reported a revenue of 1.124 billion yuan, down 28% year-on-year, and a net profit of 124 million yuan, a decrease of 43% year-on-year [2][6] Summary by Sections Smart Metering Segment - The company strengthened its domestic market share and expanded its overseas presence, winning contracts worth approximately 631 million yuan from State Grid and 601 million yuan from Southern Grid in 2024 [12] - Revenue from smart meters and terminals reached 2.704 billion yuan, an increase of 18.9% year-on-year, with a gross margin of 36.12%, up 1.19 percentage points [12] New Energy Segment - The company is steadily advancing its power station construction and expanding its intelligent operation and maintenance scale, with over 1,245 MW of projects under construction and over 545 MW of projects started in 2024 [12] - Revenue from power station sales was 1.186 billion yuan, down 8.5% year-on-year, with a gross margin of 25.94%, up 14.46 percentage points [12] Energy Storage Segment - The company has delivered over 4.5 GWh of energy storage systems and has over 10 GWh of projects in reserve, maintaining a stable gross margin during a period of declining industry prices [12] - Revenue from the energy storage business was 919 million yuan, with a gross margin of 17.64%, up 1.55 percentage points year-on-year [12] - The company anticipates significant growth in its overseas energy storage business in 2025, with overall revenue expected to enter a high growth phase [12]

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-27 江苏林洋能源股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1 现金管理受托方：中国工商银行股份有限公司启东支行 本次现金管理金额：24,000 万元 现金管理产品名称：中国工商银行挂钩汇率区间累计型法人人民币结构性存 款产品—专户型 2025 年第 168 期 F 款 现金管理期限：94 天 履行的审议程序：江苏林洋能源股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第五届董事会第十八次会议和第五届监事会第十六次会议， 分别审议通过了《关于使用闲置募集资金进行现金管理的议案》，同意公司 （含子公司）在确保不影响募集资金投资项目正常实施进度情况下，对公开 发行可转债部分闲置募集资金进行现金管理，用于购买低风险理财产品。本 次公开发行可转债募集资金使用额度不超过人民币 2.5 亿元，在该额度内可 循环滚动使用，期限为自董事会审议通过之日起不超过 12 个月，授权 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][21]. Core Views - The company's performance is under pressure in the short term, but its deepening overseas layout is expected to contribute to incremental growth [2][3]. - The company has established a strong market presence in Poland, with an anticipated market share exceeding 30% in 2024, and is actively expanding in the Middle East [8][4]. - The company has a robust pipeline of energy storage projects, with cumulative deliveries and grid connections exceeding 4.5 GWh and project reserves over 10 GWh as of the end of 2024 [8][4]. Financial Summary - Total revenue for 2024 is projected at 67.42 billion, a year-on-year decrease of 1.89%, with a net profit of 7.53 billion, down 27.00% year-on-year [4][8]. - The company expects revenue growth of 14.3% in 2025, reaching 77.06 billion, and a net profit of 8.18 billion, reflecting an 8.6% increase [4][8]. - The earnings per share (EPS) is forecasted to increase from 0.37 yuan in 2024 to 0.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 14 times for 2025 [4][8]. Market Position and Strategy - The company is collaborating with global leaders in metering technology to enhance its overseas market presence, particularly in Europe and the Middle East [8][4]. - The establishment of a new overseas base in Saudi Arabia, with a capacity of approximately 1 GWh, is expected to commence production within the year, further expanding its market reach [8][4]. - The report highlights the importance of operational efficiency and cost management, noting a 20% increase in operating expenses in 2024, which has impacted profitability [8][4].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏林洋能源股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日披露 了《江苏林洋能源股份有限公司关于会计政策和会计估计变更的公告》（公告编 号：临 2025-14）。现公司就本次会计估计变更相关事项补充说明如下： 一、本次会计估计概述 鉴于目前可再生能源补贴电费发放周期较长，为更加合理反映应收电费款未 来预期信用损失情况，为投资者提供更可靠、更准确的会计信息，结合最新行业 政策及公司补贴电费款实际回收情况，拟对光伏发电应收补贴组合的坏账准备计 提方式进行会计估计变更，以使公司的财务报表能更加客观公允地反映公司的财 务状况和经营成果。 | 项目 | 组合类别 | 确定依据 | | --- | --- | --- | | 应收账款 | | 已进入国家补贴目录的款项几乎没有信用风险，不计提 | | | 光伏发电应收 | 坏账准备；少量暂时未进入国家补贴目录的款项，信用 | | | 补贴组合 | 风险仍然较低，按照一定的预期信用损失率计提坏账准 | | | | 备。 | ...

江苏林洋能源股份有限公司 关于修订《公司章程》的补充公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏林洋能源股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第五届董事会第十八次会议，会议审议并通过了《关于修订<公司章程>及部分治 理制度的议案》，具体内容详见公司于 2025 年 4 月 26 日披露的《江苏林洋能源 股份有限公司关于修订<公司章程>及部分治理制度的公告》（公告编号：临 2025-21）。 根据《中华人民共和国公司法》《上市公司章程指引（2025 年修订）》《上海 证券交易所股票上市规则》等法律、法规和规范性文件的最新修订情况，上市公 司将不再设置监事会或监事，监事会的职权由董事会审计委员会行使。公司结合 实际情况对《公司章程》进行修订，主要修订内容为完善股东、股东会相关制度、 完善董事、董事会及专门委员会的要求、删除监事会专章等。为了方便广大投资 者更好地了解公司章程修订的情况，现将具体修订内容补充披露如下： 证券代码：601222 证券简称：林洋能源 公告编号：临 2025- ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company experienced short-term performance pressure but is actively expanding its overseas market, which is expected to create new growth points in the electric meter and energy storage businesses [2][3] - In 2024, the company achieved an operating income of 6.742 billion RMB, a year-on-year decrease of 1.89%, and a net profit attributable to shareholders of 753 million RMB, down 27% year-on-year [2][8] - The overseas revenue reached 1.126 billion RMB in 2024, marking a 34% year-on-year increase, indicating successful market expansion efforts [3] Summary by Sections Performance Overview - In 2024, the company reported an operating income of 6.742 billion RMB, a decrease of 1.89% from the previous year, and a net profit of 753 million RMB, down 27% year-on-year [2][8] - The first quarter of 2025 saw an operating income of 1.124 billion RMB, a 27% decline year-on-year, with a net profit of 124 million RMB, down 43% [2] Business Analysis - The company is focusing on overseas market expansion, with a significant partnership with global meter leader Landis+Gyr to increase market share in Western Europe and Asia-Pacific [3] - The energy storage segment generated 920 million RMB in revenue in 2024, a 39% decline, but maintained a gross margin of 17.64%, an increase of 1.55 percentage points year-on-year [3] - The company’s power station construction is progressing steadily, with power station revenue of 1.19 billion RMB in 2024, down 8%, but with a gross margin of 25.94%, up 14.46 percentage points year-on-year [3] Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 850 million RMB, 970 million RMB, and 1.1 billion RMB, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [4][8]

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company experienced short-term performance pressure but is actively expanding its overseas market, which is expected to create new growth points in the electric meter and energy storage businesses [2][3]. - In 2024, the company achieved an operating income of 6.742 billion RMB, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 753 million RMB, down 27% year-on-year [2]. - The company reported a significant increase in overseas revenue, reaching 1.126 billion RMB in 2024, a growth of 34% year-on-year [3]. Summary by Relevant Sections Performance Overview - In Q1 2025, the company reported an operating income of 1.124 billion RMB, a decrease of 27% year-on-year, and a net profit of 124 million RMB, down 43% year-on-year [2]. Business Analysis - The company is focusing on expanding its overseas market, with a partnership with global meter leader Landis+Gyr to increase market share in Western Europe and Asia-Pacific [3]. - The energy storage business generated 920 million RMB in revenue in 2024, a decline of 39%, but maintained a gross margin of 17.64%, an increase of 1.55 percentage points year-on-year [3]. - The company’s power station construction is progressing steadily, with power station revenue of 1.19 billion RMB in 2024, down 8% year-on-year, but with a gross margin of 25.94%, an increase of 14.46 percentage points year-on-year [3]. Profit Forecast and Valuation - The company’s net profit is projected to be 850 million RMB in 2025, 970 million RMB in 2026, and 1.1 billion RMB in 2027, with corresponding P/E ratios of 15, 13, and 12 times [4].