Core Viewpoint - LinYong Energy (601222) has announced a preliminary bid win for the first batch of metering equipment framework tender projects from Southern Power Grid Company for 2025, with an estimated total bid amount of approximately 244 million yuan [1] Company Summary - The company is expected to secure a total bid amount of around 244 million yuan based on the preliminary bid pricing [1]

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-52 江苏林洋能源股份有限公司 关于重大经营合同预中标的提示性公告 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。 中国南方电网有限责任公司于 2025 年 9 月 1 日在中国南方电网供应链统一服 务平台公告了"南方电网公司 2025 年计量设备第一批框架招标项目中标公示"， 江苏林洋能源股份有限公司（以下简称"公司"）为本次评标委员会推荐的中标候 选人，现将相关预中标情况提示如下： 1 二、预中标项目对公司业绩的影响 根据预中标报价测算，预计公司此次合计中标金额约24,407.76万元。本次中 标预计对公司2025年及2026年经营业绩有积极影响，其合同的履行不影响公司经 营的独立性。 三、预中标项目风险提示 一、预中标项目的主要内容 公司本次预中标项目为南方电网公司 2025 年计量设备第一批框架招标项目 （招标编号：CG2700022002051852），该项目由中国南方电网有限责任公司委托 南方电网供应链集团有限公司作为招标代理机构采用公开招标方式进 ...

Group 1 - The company Lin Yang Energy (601222.SH) announced a pre-bid win for the first batch of metering equipment framework tender project for 2025 by China Southern Power Grid [1] - The project includes six categories of products: A-level single-phase smart electric meters, B-level three-phase smart electric meters, A-level single-phase smart gateway electric meters, smart measurement terminals (public transformer type), broadband dual-mode communication modules, and smart distribution area terminals [1] - Based on the pre-bid pricing estimates, the project is expected to contribute significantly to the company's revenue [1]

Core Viewpoint - LinYong Energy (601222.SH) has been recommended as a winning candidate for the first batch of framework bidding projects for metering equipment by China Southern Power Grid, with an estimated total bid amount of approximately 244 million yuan [1] Group 1 - The company is expected to have a positive impact on its operating performance for 2025 and 2026 due to this successful bid [1] - The execution of the contract will not affect the company's operational independence [1]

Core Viewpoint - LinYong Energy reported significant growth in both revenue and net profit for the first half of 2025, with a strategic focus on expanding its overseas market presence and enhancing its core business areas of intelligence, energy storage, and renewable energy [1] Group 1: Financial Performance - In the first half of 2025, LinYong Energy achieved revenue of 2.481 billion yuan and a net profit of 324 million yuan, with the second quarter showing a revenue of 1.357 billion yuan, a quarter-on-quarter increase of 20.73%, and a net profit of 200 million yuan, a quarter-on-quarter increase of 61.29% [1] - The company's overseas revenue reached 693 million yuan in the first half of 2025, marking a substantial year-on-year growth of 61.73% [1] Group 2: Smart Sector - The smart sector maintained steady domestic growth while significantly enhancing its overseas localization efforts, with overseas sales revenue increasing by nearly 50% year-on-year [3] - The company secured contracts worth approximately 165 million yuan in the 2025 State Grid electric meter procurement and 35 million yuan in the 2025 Mengxi power grid equipment procurement [2] Group 3: Renewable Energy Sector - LinYong Energy focused on developing renewable energy projects domestically while gradually expanding into overseas markets, holding over 1.3 GW of various renewable energy projects and more than 1,225 MW under construction by the end of the reporting period [4] - The company rebranded its operation and maintenance business to "LinYong Zhiwei," enhancing service offerings to include intelligent operation and maintenance across wind, solar, and storage stations [5] Group 4: Energy Storage Business - The energy storage business made significant strides in international markets, with new contracts exceeding 50 million yuan and a total bid amount of over 229 million yuan [7] - By the end of June 2025, LinYong's energy storage systems had delivered and connected over 5 GWh, with a project reserve scale of 10 GWh [8]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 7.46 CNY for the next six months [5][10][18]. Core Insights - The company reported a total revenue of 2.481 billion CNY for H1 2025, a year-on-year decrease of 28.35%, and a net profit of 324 million CNY, down 45.88% year-on-year. However, overseas revenue increased significantly by 61.73% to 693 million CNY [1]. - The smart meter segment achieved revenue of 1.427 billion CNY in H1 2025, reflecting a growth of 24.15% year-on-year, with substantial domestic and international market wins [2]. - The company is expanding its operations in the renewable energy sector, particularly in smart operation and maintenance services, with a signed operational capacity exceeding 20 GW and a 40% year-on-year growth in operational capacity [3]. - The energy storage segment has delivered over 5 GWh and has a project reserve of 10 GWh, with significant progress in both domestic and international markets [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 7.345 billion CNY, 8.115 billion CNY, and 8.971 billion CNY, respectively, with growth rates of 8.94%, 10.48%, and 10.55% [10][13][18]. - Net profit estimates for the same years are 768 million CNY, 861 million CNY, and 959 million CNY, with growth rates of 2.1%, 12.1%, and 11.3% [10][13][18]. - The gross margin is expected to improve from 28.19% in 2025 to 30.02% in 2027 [15]. Business Segments - The smart energy meter and system products are projected to generate revenues of 3.245 billion CNY, 3.894 billion CNY, and 4.478 billion CNY from 2025 to 2027, with a gross margin of around 35% [13][14]. - The energy storage and energy-saving business is expected to achieve revenues of 1.057 billion CNY, 1.216 billion CNY, and 1.337 billion CNY, maintaining a gross margin of 17% [14]. - The photovoltaic power generation segment is projected to generate revenues of 925 million CNY, 972 million CNY, and 1.020 billion CNY, with a gross margin of approximately 62% [14].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.8 billion, 9.0 billion, and 10.8 billion respectively, corresponding to PE ratios of 16, 14, and 12 [4]. Core Insights - The company reported a revenue of 2.48 billion yuan for the first half of 2025, a year-on-year decline of 28.4%, and a net profit attributable to shareholders of 320 million yuan, down 45.9% year-on-year [2]. - The electric meter business showed steady growth with a revenue of 1.43 billion yuan, up 24.2% year-on-year, although the gross margin decreased by 4.00 percentage points to 34.9% [3]. - The sales of power stations experienced a significant decline, with revenue dropping 91.3% to 83 million yuan, primarily due to the slowdown in project transfers following the implementation of policy "136" [4]. - The company is accelerating its storage planning and development, with a total planned capacity exceeding 3.7 GWh, and has made significant progress in overseas markets, achieving contract amounts exceeding 500 million yuan [4]. Summary by Sections Performance Review - In Q2, the company achieved a revenue of 1.36 billion yuan, a year-on-year decline of 28.9%, but a quarter-on-quarter increase of 20.8% [2]. - The net profit for Q2 was 200 million yuan, down 47.4% year-on-year, but up 62.1% quarter-on-quarter [2]. Operational Analysis - The electric meter segment's overseas sales increased significantly, with a nearly 50% year-on-year growth, driven by partnerships with leading global companies [3]. - The company is expanding its market share in Western Europe and the Asia-Pacific region, with a focus on emerging markets like Romania [3]. Sales and Project Development - The company has over 1,225 MW of projects under construction and has initiated projects exceeding 495 MW, with a grid-connected capacity of over 200 MW [4]. - The company expects a gradual recovery in power station transfer business in the second half of the year as policy details are implemented [4]. Profit Forecast and Valuation - The projected net profits for the company are expected to grow from 7.8 billion in 2025 to 10.8 billion in 2027, with corresponding PE ratios decreasing over the years [4].

Core Insights - The renewable energy market in Shandong is attracting major energy players, with LinYong Energy (601222.SH) expanding its operations in the region [1] Financial Performance - LinYong Energy reported a revenue of 2.481 billion yuan for the first half of 2025, a year-on-year decrease of 28.35% [2] - The net profit attributable to shareholders was 324 million yuan, down 45.88% year-on-year, while the net profit after deducting non-recurring items was 318 million yuan, a decline of 43.85% [2] Business Expansion - The company has established its electricity trading and new energy hydrogen production equipment businesses in Shandong [2] - LinYong Energy's trading business has expanded to provinces including Jiangsu, Shandong, Anhui, Hunan, and Inner Mongolia [2] Hydrogen Energy Initiatives - LinYong Energy won a project with Huawang (Qingdao) Energy Technology Co., providing modular alkaline electrolysis hydrogen production systems [3] - The project will support the operation of 400 hydrogen-powered two-wheelers, marking Shandong's first town-level hydrogen mobility demonstration project [3] Strategic Development - Huawang Qingdao Energy aims to build a comprehensive hydrogen industry platform, focusing on the entire value chain from production to application [7] - The company plans to establish a hydrogen refueling station with a daily capacity of 10 tons and innovate terminal applications, such as hydrogen-sharing bicycles [8] Technological Advancements - The hydrogen-sharing bicycle operating cloud platform has successfully deployed 1,000 units in Qingdao, becoming the largest application case for hydrogen two-wheelers in the country [10] - The bicycles utilize solid-state hydrogen storage technology, achieving a range of 100 kilometers and a hydrogen refueling cost of 0.85 yuan per tank, significantly more economical than traditional lithium battery solutions [10]

Core Viewpoint - Linyang Energy's stock price has experienced a decline, reflecting market fluctuations, while the company shows strong growth in its overseas revenue and operational capacity in the renewable energy sector [1]. Financial Performance - As of August 27, 2025, Linyang Energy's stock price is reported at 6.08 yuan, down by 0.14 yuan from the previous trading day [1]. - The company achieved a revenue of 2.481 billion yuan in the first half of 2025, with overseas revenue reaching 693 million yuan, marking a year-on-year growth of 61.73% [1]. Operational Highlights - Linyang Energy's total operational capacity for its renewable energy power stations has surpassed 20 GW [1]. - The cumulative delivery and grid connection scale of the company's energy storage systems has exceeded 5 GWh [1].

Core Points - The board of Jiangsu Linyang Energy Co., Ltd. held its second meeting of the sixth session on August 27, 2025, where all seven directors participated and unanimously agreed to waive the notice period for the meeting [1][2][3] - The board approved the 2025 semi-annual report and its summary, which had been reviewed by the audit committee [1][2] - The board also approved a special report on the use of raised funds from January to June 2025, which was also reviewed by the audit committee [2] - The board evaluated the "Quality Improvement and Efficiency Enhancement" action plan for 2024 and approved the action plan for 2025 [2][3] - The board passed a resolution to formulate and revise certain governance systems to enhance operational standards and improve the corporate governance structure [3]