Core Viewpoint - Linyang Energy has shown steady growth in its electric meter sales, despite facing challenges from credit impairment and fair value changes impacting profits, leading to a maintained buy rating from analysts [1][2]. Financial Performance Summary - In 2024, Linyang Energy reported a revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27.00% year-on-year. The adjusted net profit was 763 million yuan, reflecting a 12.00% decline [3]. - The fourth quarter of 2024 saw a significant loss of 157 million yuan, a decrease of 187.19% year-on-year and 150.48% quarter-on-quarter. The overall gross margin for 2024 was 29.54%, an increase of 1.11 percentage points, while the net margin was 11.42%, down 3.84 percentage points [3]. - For the first quarter of 2025, the company reported a revenue of 1.124 billion yuan, a decrease of 27.69% year-on-year, and a net profit of 124 million yuan, down 43.26% year-on-year, but showing a recovery from a loss in the previous quarter. The adjusted net profit was 122 million yuan, down 38.62% year-on-year [3]. - The gross margin for Q1 2025 was 27.58%, a decrease of 2.43 percentage points year-on-year, but an increase of 7.66 percentage points quarter-on-quarter. The net margin was 10.67%, down 3.21 percentage points year-on-year [3]. Business Segment Performance - The electric meter business achieved a revenue of 2.704 billion yuan in 2024, representing an 18.94% year-on-year growth, with a corresponding gross margin of 36.12%, up 1.19 percentage points [4]. - The demand for smart electric meters is expected to remain strong, driven by the upgrade of aging equipment in North America and the replacement and technological iteration in mature markets [4]. Valuation and Forecast - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.41, 0.47, and 0.53 yuan, respectively, with corresponding price-to-earnings ratios of 13.6, 12.1, and 10.6 times. The buy rating is maintained due to the stability of the electric meter business [5].

公用事业 | 证券研究报告 — 调整盈利预测 2025 年 5 月 19 日 601222.SH 买入 原评级：买入 市场价格:人民币 5.61 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (18.6) (8.5) (16.6) (16.8) 相对上证综指 (22.2) (11.9) (17.7) (25.1) (13%) (7%) 0% 7% 14% 21% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 林洋能源 上证综指 | 发行股数 (百万) | 2,060.17 | | --- | --- | | 流通股 (百万) | 2,060.17 | | 总市值 (人民币 百万) | 11,557.55 | | 3 个月日均交易额 (人民币 百万) | 153.81 | | 主要股东 | | | 启东市华虹电子有限公司 | 35.10% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 15 日收市价为标准 相关研究报告 《 ...

Meeting Information - The annual general meeting for 2024 will be held on June 6, 2025, at 14:30 [2] - The meeting will be conducted using a combination of on-site and online voting methods [2] - The physical location for the meeting is at the multifunctional conference room on the first floor of the company at 666 Linyang Road, Qidong City, Jiangsu [2][13] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [3] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] - All proposals will be subject to separate voting for small and medium investors [6] Meeting Agenda - The meeting will review proposals that have been previously approved by the board and supervisory committee [6] - Special resolutions include proposals 7 and 14.01 [6] - Related shareholders must abstain from voting on proposals 8 and 12 [6] Attendance and Registration - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting [9] - Registration can be done on-site or via fax, with specific documentation required for both individual and corporate shareholders [10][11] - Registration will take place on June 5, 2025, from 9:30 to 16:30 [12] Additional Services - The company will provide a reminder service for small and medium investors to ensure they can participate in the voting process [7] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [8]

证券代码：601222 证券简称：林洋能源 公告编号：2025-29 江苏林洋能源股份有限公司 关于召开2024年年度股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 6 日 14 点 30 分 召开地点：江苏启东市林洋路 666 号公司一楼多功能会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年6月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 6 日 至2025 年 6 月 6 日 无 二、 会议审议事项 | 本次股东大会审议议案及投票股东类型 | | --- | | 序号 | ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-28 江苏林洋能源股份有限公司 关于召开 2024 年度业绩说明会的公告 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： 江苏林洋能源股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发 布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 5 月 23 日（星期五）15:00-16:00 举行 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 三、参加人员 董事长兼总经理：陆永华先生 四、投资者参加方式 （一）投资者可在 2025 年 5 月 23 日（星期五）15:00-16:00，通过互联网登 录上证路演中心（https://roadshow.sseinfo.com/），在线 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-28 江苏林洋能源股份有限公司 关于召开 2024 年度业绩说明会的公告 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： 江苏林洋能源股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发 布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 5 月 23 日（星期五）15:00-16:00 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 1 会议召开时间：2025 年 5 月 23 日（星期五）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow. ...

Core Viewpoint - The article analyzes the 2024 annual reports of 15 companies involved in electrolysis water hydrogen production equipment, highlighting the performance and challenges faced by both traditional energy companies and those primarily focused on hydrogen energy [2][5]. Group 1: Traditional Energy Companies - 11 companies from traditional sectors such as energy equipment, photovoltaics, and automotive components have entered the hydrogen sector, leveraging their existing manufacturing capabilities and resources [2][4]. - Despite decent revenue figures, many of these companies reported their worst net profits in recent years due to industry supply-demand imbalances and declining prices in photovoltaic products [2][4]. - Notable companies include China CRRC, Sunshine Power, and Shanghai Electric, with China CRRC achieving a revenue of 2464.57 billion and a net profit of 123.88 billion, reflecting a year-on-year growth of 5.21% and 5.77% respectively [6][7]. Group 2: Hydrogen-Focused Companies - Four companies primarily focused on hydrogen energy—Guofu Hydrogen Energy, Guohong Hydrogen Energy, Yihua Tong, and Reshape Energy—reported losses in 2024 due to several factors, including immature market demand and high R&D costs [5][6]. - Guofu Hydrogen Energy reported a revenue of 4.59 billion with a net loss of 2.09 billion, while Guohong Hydrogen Energy had a revenue of 4.42 billion and a net loss of 4.072 billion [6][18]. - The hydrogen industry is still in its early commercial stage, with significant reliance on policy subsidies and a lack of robust market growth, making profitability challenging for pure hydrogen companies [5][6]. Group 3: Performance Summary of Key Companies - China CRRC: Revenue of 2464.57 billion, net profit of 123.88 billion, both showing positive growth [6][7]. - Sunshine Power: Revenue of approximately 778.57 billion, net profit of about 110.36 billion, with a year-on-year increase of 7.76% and 16.92% respectively [7][8]. - Shanghai Electric: Revenue of 1161.86 billion, net profit of 7.52 billion, with a slight decline in profit [10][11]. - Guofu Hydrogen Energy: Revenue of 4.59 billion, net loss of 2.09 billion, indicating a significant increase in losses compared to the previous year [18]. - Guohong Hydrogen Energy: Revenue of 4.42 billion, net loss of 4.072 billion, with losses slightly reduced year-on-year [18].

Core Viewpoint - The concept of "shared energy storage" was first proposed in Qinghai Province in 2018, representing a new commercial model for grid-side energy storage, which is increasingly recognized as a vital approach for renewable energy consumption and stability in the power grid [1][2][4][16]. Industry Overview - "Shared energy storage" refers to independent energy storage stations located at key nodes of the power grid, serving all market participants in the region. These stations are typically built by third-party investors and provide services to other renewable energy plants while participating in electricity trading [1][2]. - In 2023, approximately 54% of new installations in the new energy storage sector were grid-side independent storage, with this market share expected to increase in 2024 [1][16]. Market Status - As of the end of 2024, the cumulative installed capacity of new energy storage projects in China reached 73.76 GW/168 GWh, marking a 130% increase compared to the end of 2023 [7]. - Lithium-ion batteries dominate the market, accounting for 97.1% of the installed capacity, although the share has slightly decreased due to the introduction of several large-scale long-duration storage projects [9]. Policy Environment - The shared energy storage model was first recognized in national policy in 2021, encouraging its development and market participation [11][12]. - Local governments, including those in Guangdong, Qinghai, and Shandong, have implemented supportive policies to promote shared energy storage, with specific requirements for capacity leasing agreements [13][14]. Business Models - Shared energy storage operates through four main business models: leasing storage capacity to renewable energy plants, participating in auxiliary services, engaging in electricity spot market trading for profit, and capacity compensation. Leasing fees are currently the primary revenue source for most independent shared storage stations [20]. Development Trends - Shared energy storage is one of the most active business models in the storage sector, driven by the demand for energy storage and grid stability. The sector is transitioning from pilot projects to large-scale, systematic, and industrialized development [22]. - The integration of AI, big data, and IoT technologies is expected to enhance the intelligence and operational efficiency of shared energy storage stations [22].

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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].