Core Viewpoint - LinYuan Energy has signed a supply contract for smart meters with Landis&Gyr Pty Ltd, which is expected to contribute approximately 5.69% to the company's audited revenue for 2024 [1] Group 1: Contract Details - The contract involves the supply of single and three-phase smart meter products over a delivery period of five years [1] - The total contract value is approximately $54 million, equivalent to about 383 million RMB [1] Group 2: Company Overview - LinYuan Energy primarily operates in three sectors: smart grid, new energy, and energy storage [1] - The company is a leading provider of smart power distribution products and system solutions, including smart meters and advanced metering infrastructure (AMI) solutions [1] Group 3: Market Strategy - The company aims to expand its domestic market vertically and its international market horizontally, participating in tenders from various power companies [2] - LinYuan Energy has sold products to over 50 countries and regions, leveraging strategic partnerships and acquisitions to secure overseas orders [2] Group 4: Financial Performance - In the first half of 2025, LinYuan Energy reported a revenue of 2.481 billion RMB, a year-on-year decrease of 28.35%, and a net profit of 324 million RMB, down 45.88% [2] Group 5: Global Expansion Efforts - The company is enhancing its global presence by deepening its strategic market engagement and localizing operations [3] - LinYuan Energy has established a joint venture in the Middle East and is expanding its market share in Central and Eastern Europe, particularly in Poland [3] - The company has delivered over one million smart meters in Asia and is establishing a regional headquarters and manufacturing base in Indonesia to support its expansion in Southeast Asia [3]

Core Viewpoint - LinYong Energy has signed a supply contract for smart meters with Landis & Gyr Pty Ltd, amounting to approximately $54 million, which represents 5.69% of the company's audited revenue for the fiscal year 2024 [2] Group 1 - The total contract value is approximately $54 million [2] - The equivalent amount in Chinese Yuan is about 383.4 million Yuan [2] - The contract accounts for 5.69% of the company's audited revenue for 2024 [2]

林洋能源（601222）(601222.SH)发布公告，近日，公司与Landis&Gyr PtyLtd(简称"澳洲兰吉尔")签署了 智能电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约5400万美元，约合 3.83亿元人民币。 本次签订的合同金额占公司2024年度经审计的营业总收入的5.69%。合同的履行预计将对公司2025年及 以后年度经营工作和经营业绩产生积极的影响，但对公司业务、经营的独立性不产生影响。 ...

本次签订的合同金额占公司2024年度经审计的营业总收入的5.69%。合同的履行预计将对公司2025年及 以后年度经营工作和经营业绩产生积极的影响，但对公司业务、经营的独立性不产生影响。 智通财经APP讯，林洋能源(601222.SH)发布公告，近日，公司与Landis&Gyr PtyLtd(简称"澳洲兰吉尔") 签署了智能电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约5400万美 元，约合3.83亿元人民币。 ...

人民财讯9月8日电，林洋能源（601222）9月8日晚间公告，近日，公司与Landis&GyrPty Ltd(简称"澳洲 兰吉尔")签署了智能电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约 5400万美元，约合3.83亿元人民币，占公司2024年度经审计的营业总收入的5.69%。合同的履行预计将 对公司2025年及以后年度经营工作和经营业绩产生积极的影响。 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2025-54 江苏林洋能源股份有限公司 关于签订海外经营合同的公告 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： 一、交易概述 近日，江苏林洋能源股份有限公司（以下简称"公司"）与 Landis&Gyr Pty Ltd （以下简称"澳洲兰吉尔"）签署了智能电表的供货合同，由公司提供智能电表产 品。根据合同报价测算，合同总金额约 5,400 万美元，约合 38,340 万元人民币。 二、合同对方情况介绍 1、公司名称：Landis&Gyr Pty Ltd 2、成立日期：2000 年 2 月 3、经营范围：智能电表、气表、水表等设备，配电自动化，AMI 解决方案等 4、兰吉尔是全球领先的综合能源管理解决方案提供商，通过测量和分析能源 使用情况，为智能电网和基础设施管理提供赋能分析，帮助公用事业公司和消费 者降低能耗，澳洲兰吉尔为其全资子公司。 5、是否与公司存在关联关系：公司及子公司与兰吉尔、澳洲兰吉尔不存在关 联关系。 合同类型：销售合同 合同金额：根 ...

格隆汇9月8日丨林洋能源(601222.SH)公布，公司与Landis&GyrPtyLtd（简称"澳洲兰吉尔"）签署了智能 电表的供货合同，由公司提供智能电表产品。根据合同报价测算，合同总金额约5,400万美元，约合 38,340万元人民币。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for H1 2025 was 2.481 billion yuan, a year-on-year decrease of 28.35%, with a net profit of 324 million yuan, down 45.88% [1] - The smart meter business showed stable growth with a revenue of 1.427 billion yuan in H1 2025, up 24.15% year-on-year, despite a decline in gross margin [2] - The energy storage business faced challenges with a revenue drop of 72.01% to 207 million yuan in H1 2025, but significant progress was made in overseas markets [2] - The renewable energy business experienced a substantial revenue decline of 91.27% to 83 million yuan in H1 2025, although operational capacity in renewable energy maintenance increased [3] - The company is expected to achieve net profits of 787 million yuan, 860 million yuan, and 974 million yuan for 2025, 2026, and 2027 respectively, with a downward adjustment in profit forecasts for 2025-2026 [3] Summary by Sections Financial Performance - H1 2025 revenue was 2.481 billion yuan, down 28.35% year-on-year; net profit was 324 million yuan, down 45.88% [1] - Q2 2025 revenue was 1.358 billion yuan, down 28.89%; net profit was 200 million yuan, down 47.37% [1] Smart Meter Business - Revenue for smart meters in H1 2025 was 1.427 billion yuan, up 24.15% year-on-year; gross margin was 34.90%, down 4 percentage points [2] - The company won contracts worth approximately 165 million yuan in domestic tenders [2] - The overseas market expansion is ongoing, with significant partnerships and market share growth in regions like Poland [2] Energy Storage Business - Revenue for energy storage in H1 2025 was 207 million yuan, down 72.01%; gross margin was 8.99%, down 11.08 percentage points [2] - The company is developing multiple projects in China with a planned capacity of over 3.7 GWh for the second half of 2025 [2] - Breakthroughs in overseas markets include contracts exceeding 50 million yuan and significant equipment deliveries [2] Renewable Energy Business - Revenue from renewable energy sales in H1 2025 was 83 million yuan, down 91.27%; gross margin increased to 54.53%, up 38.15 percentage points [3] - The company has over 1,225 MW of projects under construction and has successfully connected wind projects to the grid [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 787 million yuan, 860 million yuan, and 974 million yuan respectively, reflecting a downward adjustment of 43% and 47% for 2025 and 2026 [3] - The current stock price corresponds to a PE ratio of 16, 15, and 13 for 2025, 2026, and 2027 respectively [3]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Core Insights - The photovoltaic operation and maintenance (O&M) sector is crucial in the solar energy industry, directly impacting the safety and profitability of power plants [1][10] - The rapid growth of the photovoltaic industry has led to an increasing demand for O&M services, resulting in a steady market expansion [1][10] Photovoltaic O&M Industry Overview - Photovoltaic O&M refers to the daily monitoring, maintenance, and management of solar power systems to ensure optimal energy output [2] - Key tasks in O&M include daily inspections, fault handling, data monitoring, and equipment maintenance and upgrades [2][10] Market Size and Growth - The Chinese photovoltaic O&M market is projected to reach approximately 36.65 billion yuan in 2024, representing a year-on-year growth of 42% [1][10] - The centralized O&M market is expected to be 19.41 billion yuan, while the distributed O&M market is estimated at 17.24 billion yuan [1][10] O&M Cost Trends - The O&M costs for distributed photovoltaic systems are projected to be 0.046 yuan/(W·year), while centralized ground stations are expected to be 0.038 yuan/(W·year) in 2024 [10][11] O&M Operational Models - The main operational models for photovoltaic O&M include asset entrustment, full-service O&M entrustment, and labor entrustment for O&M [10] Market Competition and Landscape - The O&M service market is characterized by a highly fragmented landscape, with numerous players competing for market share [1][12] - Leading companies in the industry include Yangguang Zhihui, Linyang O&M, Xianlin Smart O&M, and Zhengtai Zhihui, among others [1][12] Bidding and Tendering Situation - The demand for photovoltaic O&M services is robust, with an estimated bidding scale of approximately 116.47 GW in 2024, reflecting a year-on-year increase of around 76% [12] - Over 70% of the bids are for routine maintenance, with component cleaning services accounting for 18.74% and weeding services for 5.3% [12] Technological Trends in O&M - Future trends in photovoltaic O&M include the establishment of a full lifecycle data loop, interconnected maintenance devices, and the integration of AI for predictive maintenance and self-healing capabilities [12][14]