公司报告 | 首次覆盖报告 林洋能源（601222） 证券研究报告 投资建议 公司光伏产业链多环节布局，TOPcon 产能释放，助力光伏营收增长，储能 业务发展迅速放量可观，业绩有望保持稳健增长。我们预计公司 2024-2026 年实现归母净利润 12.30/14.58/17.42 亿元，当前市值对应 PE 分别为 13/11/9 倍。参考可比公司估值，给予 2025 年 11xPE，对应目标价 7.26 元， 首次覆盖，给予"持有"评级。 智能电表&储能出海开拓，光伏电站稳步前行 "智能、储能、新能源"三力托举，海内外市场加速布局 2024Q1-3 已实现营收 51.66 亿元，同比增长 8.76%，归母净利润 9.10 亿元， 同比增长 6.95%。整体业绩稳中有升，较为稳健。储能业务发展迅速。受 市场竞争与上游原材料价格大幅波动影响，光伏 EPC 转型为新能源电站销 售业务，改变营收颓势。预计随着储能市场需求的增长、海外销售收入提 升，公司销售额将迎来进一步提升。 智能电表稳定增长，全球布局成效显 2024 年，公司在国南网招标中市占率稳定。国际市场中，积极布局中东、 亚太、欧洲等地区。2024 年 1 ...

Investment Rating - The report assigns a "Hold" rating for the company with a target price of 7.26 CNY based on a 2025 PE of 11x [7]. Core Insights - The company has achieved a revenue of 5.166 billion CNY in Q1-Q3 2024, representing a year-on-year growth of 8.76%, and a net profit of 910 million CNY, up 6.95% year-on-year, indicating stable performance [1][12]. - The company is actively expanding its global presence in the smart meter and energy storage sectors, with significant growth in overseas sales and a strong order backlog [2][4]. - The company is well-positioned in the photovoltaic industry, with a multi-segment strategy that includes upstream and downstream collaborations, particularly in the TOPCon technology [3][5]. Summary by Sections Smart Meter Business - The company maintains a stable market share in the domestic smart meter sector, with a 13% year-on-year increase in cumulative exports by November 2024, particularly strong growth in the Asia-Pacific and African markets [2][48]. - The company has diversified its product line and increased R&D investment, leading to significant achievements in global market penetration [2][12]. Photovoltaic Industry - The company has strategically positioned itself across multiple segments of the photovoltaic industry, benefiting from favorable policies and a growing market [3][5]. - The TOPCon production line has been successfully launched, with the first phase of a 20GW project completed in September 2023 [3][5]. Energy Storage Sector - The energy storage industry is rapidly developing due to policy support, with the company establishing a comprehensive supply chain and accumulating over 6GWh of project resources [4][5]. - The company has implemented a "3 + 2" strategy to expand its overseas market presence, particularly in collaboration with partners in Saudi Arabia [4][5]. Financial Performance - The company forecasts net profits of 1.229 billion CNY, 1.458 billion CNY, and 1.742 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11.60, 9.79, and 8.19 [5][6]. - The company has shown a consistent ability to maintain high profitability and dividend payouts, with a dividend yield of 4.38% in 2024 [33][36].

Core Viewpoint - The electricity information collection system is a crucial component of smart grid construction, supporting the digitalization and automation of electricity usage, and plays a significant role in electricity monitoring, load management, line loss analysis, and automatic meter reading [1][16]. Industry Overview - The electricity information collection system is designed to collect, process, and analyze electricity usage data to improve the efficiency, reliability, and safety of power systems [2]. - The market for electricity information collection systems in China has been growing, driven by government policies and the expanding application range from industrial to residential users [1][16]. Market Demand and Growth - From 2021 to 2026, the construction of smart meters and electricity information collection systems is expected to generate over 200 billion yuan in market demand [1][16]. - The total electricity consumption in China is projected to grow from 68,449 billion kWh in 2018 to 98,521 billion kWh in 2024, indicating a stable demand for electricity information collection systems [9]. Industry Development Stages - The development of the electricity information collection system can be divided into four stages, starting from the late 1980s with load monitoring systems to the current comprehensive collection systems that cover all users [5][6][7]. Industry Chain - The upstream of the electricity information collection system industry includes suppliers of components and devices such as communication and electronic components, which are critical for the system's stability and accuracy [8]. - The downstream is closely related to the power industry, with major investments from State Grid Corporation and China Southern Power Grid driving future demand [8]. Competitive Landscape - Major companies in the electricity information collection system industry include Nanjing Xinjian Electronics, Jiangsu Linyang Energy, Hangzhou Haixing Electric, and Ningbo Jianan Intelligent Electric, among others [18][19]. - Nanjing Xinjian Electronics reported a revenue of 286 million yuan in the first half of 2024, a year-on-year increase of 29.37% [19]. - Jiangsu Linyang Energy achieved a revenue of 1.15 billion yuan in the first half of 2024, reflecting an 11.7% year-on-year growth [21]. Future Trends - The demand for electricity information collection systems is expected to grow due to increasing energy consumption and rising energy costs, alongside government support for energy management and environmental protection [23].

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-06 江苏林洋能源股份有限公司 关于对外担保的进展公告 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： 一、担保情况概述 （一）担保基本情况 为满足子公司生产经营业务发展需要，江苏林洋能源股份有限公司（以下简 称"公司"）为子公司提供担保，具体内容如下： 1、公司全资下属公司林洋电力服务向交通银行股份有限公司江苏省分行申 1 被担保人名称：江苏林洋电力服务有限公司（以下简称"林洋电力服务"）、 江苏林洋储能技术有限公司（以下简称"林洋储能"）、新加坡林洋能源科 技有限公司（以下简称"新加坡林洋"） 本次担保金额：为林洋电力服务合计担保人民币 28,000 万元，公司已实际 为林洋电力服务提供的担保余额为 20,797.60 万元；为林洋储能担保人民币 15,000 万元，公司已实际为林洋储能提供的担保余额为 31,404.60 万元；为 新加坡林洋担保 3,000 万美元或其他等值货币、1,100 万美元、10,000 万元 人民币，公司已实际 ...

Core Viewpoint - South Africa is experiencing a significant energy transition, with a threefold increase in energy storage demand driven by distributed energy solutions, particularly in residential and commercial microgrids [1][3]. Group 1: Market Potential and Demand - The renewable energy development potential in Africa has surpassed 1000 GW, with South Africa having an annual sunlight duration of 2500 hours, yet the photovoltaic resource development rate is below 3% [3]. - The South African government plans to add 8.4 GW of renewable energy capacity from 2025 to 2030, with a corresponding 300% increase in energy storage needs [3]. Group 2: Policy Support and Market Opportunities - South Africa's energy storage support policies, including tax reductions and project subsidies, combined with the African Free Trade Area agreement, create significant market opportunities for Chinese exports of photovoltaic storage systems and smart microgrid equipment [5]. Group 3: Company Innovations and Solutions - Trina Storage launched the Elementa 2 Pro 5MWh system, optimized for South Africa's extreme climate and complex grid environment, featuring advanced cooling technology and a lifecycle cost reduction of 30% [9]. - Trelleborg showcased commercial and mining energy storage solutions, addressing the need for stable and reliable energy in Africa [11][13]. - LinYang Energy presented a range of smart energy products, including liquid-cooled storage solutions, aimed at enhancing energy management for various applications [19]. - Far East Battery introduced three core products, including the Power X 3 PLUS, designed for commercial applications with modular architecture for quick deployment [25]. Group 4: Industry Trends and Developments - The South African energy storage market is witnessing a surge in innovative solutions from various companies, with a focus on modular designs and flexible configurations to meet diverse energy needs [28][31]. - The emphasis on reducing operational costs and carbon emissions is driving the development of energy storage systems tailored for commercial and industrial applications [13][22].

Group 1: Strategic Collaborations - Zhejiang Hunan Energy and Beijing Huaxia Jiaye signed a strategic cooperation agreement for a 1GWh energy storage system, including a 100MWh sodium-ion battery system, expected to be operational by June 30 [1] - LinYong Energy's president met with Thailand's Deputy Prime Minister to discuss cooperation opportunities in smart grids, renewable energy, and energy storage, highlighting the company's commitment to the Southeast Asian market [2] - Jiangsu LinYong Storage Technology and China Energy Construction (Shanghai) signed a strategic cooperation agreement to transition towards a comprehensive service provider in the "transportation + energy" sector [3] Group 2: Project Developments - The first hybrid grid-type energy storage project in China, combining lithium-ion batteries and supercapacitors, successfully went online, focusing on low-cost sodium-ion battery integration and mixed storage technology [4] - A 100MWh energy storage system by Duofluor was successfully commissioned in Jiaozuo, Henan, with a total investment of approximately 90 million yuan [5] - Gansu Qingyang government signed a strategic cooperation framework with Tongli Risheng and Tianqi Hongyuan for a 20 billion yuan investment in energy storage equipment manufacturing and a 1GWh lithium iron phosphate energy storage station [6] Group 3: Industry Events - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) is set to feature over 800 leading enterprises and 500 new product launches, attracting more than 200,000 professional visitors [8] - ESIE 2025 will include over 40 thematic forums and invite more than 400 core policymakers and industry experts to discuss new opportunities in energy storage [8]

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：23,000 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 077 期 J 款 现金管理期限：45 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 2024 年 4 月 26 日召开第五届董事会第十三次会议和第五届监事会第十二次会议， 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，授权公司 董事长或财务负责人或董事长授权人行使该项投资决策权并签署相关合同 文件，由财务部负责组织实施和管理。公司监事会、保荐机构已发表明确同 意意见。 特别风险提示：公司本次购买的理财产品为保本型银行理财产品，属于低风 险投资产品，仍可能存在市场风险、流动性风险、信用风险及其他 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-04 江苏林洋能源股份有限公司 关于对外担保的进展公告 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： 一、担保情况概述 （一）担保基本情况 为满足子公司生产经营业务发展需要，江苏林洋能源股份有限公司（以下简 称"公司"）为子公司提供担保，具体内容如下： 1、公司控股子公司林洋储能向南京银行股份有限公司南京分行申请综合授 1 被担保人名称：江苏林洋储能技术有限公司（以下简称"林洋储能"）、江 苏林洋能源装备有限公司（以下简称"林洋装备"）、江苏林洋光伏运维有 限公司（以下简称"光伏运维"） 本次担保金额：为林洋储能合计担保人民币 48,000 万元，其中新增担保金 额为 13,000 万元，公司已实际为林洋储能提供的担保余额为 26,354 万元； 为林洋装备合计担保人民币 41,500 万元，其中新增担保金额为 40,500 万元， 公司已实际为林洋装备提供的担保余额为 240 万元；为光伏运维担保人民币 2,500 万元，其中新增担保金额为 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-03 江苏林洋能源股份有限公司 关于 2022 年员工持股计划第三个锁定期届满 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。 江苏林洋能源股份有限公司（以下简称"公司"）于 2022 年 1 月 10 日召开 第四届董事会第二十九次会议和第四届监事会第十六次会议，于 2022 年 1 月 26 日召开 2022 年第一次临时股东大会，审议通过了《关于<江苏林洋能源股份有限 公司 2022 年员工持股计划（草案）>及其摘要的议案》及相关议案，同意实施公 司 2022 年员工持股计划。具体内容详见公司于 2022 年 1 月 11 日、2022 年 1 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。根据中国证监 会《关于上市公司实施员工持股计划试点的指导意见》、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》及《江苏林洋能源股份有限公司 2022 年 员工持股计划管理办法》等相关规定，公司 2022 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于江苏林洋能源股份有限公司 实施差异化权益分派之 法律意见书 致：江苏林洋能源股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受江苏林洋能源股份有限 公司（以下简称"林洋能源"或"公司"）的委托，就公司 2024 年前三季度实 施差异化权益分派（以下简称"本次差异化分派"）事项，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，开展核查工作，出具本法律意见书。 第一节 引言 本所律师依据本法律意见书出具日以前已发生或存在的事实和中国现行法 律、法规和中国证券监督管理委员会的有关规定发表法律意见，并声明如下： （一）本所及本所律师依据《中华人民共和国证券法》《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定 及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚 假记载、误导性陈述或者重大遗漏，并承担相应法律责任； （二）公司保证：其已经向本所律 ...