证券研究报告·公司点评报告·风电设备 明阳智能（601615） 拟发行股份及现金支付收购德华芯片 100% 股权，太空光伏砷化镓/钙钛矿/HJT 三大技 术并驾齐驱 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 28,124 | 27,158 | 35,515 | 38,616 | 43,200 | | 同比（%） | (8.53) | (3.43) | 30.77 | 8.73 | 11.87 | | 归母净利润（百万元） | 376.72 | 346.11 | 772.71 | 2,099.69 | 3,172.53 | | 同比（%） | (89.06) | (8.12) | 123.25 | 171.73 | 51.10 | | EPS-最新摊薄（元/股） | 0.17 | 0.15 | 0.34 | 0.93 | 1.40 | | P/E（现价&最新摊薄） | 129.97 | 141.46 | 63 ...

收购完成后，砷化镓/钙钛矿/HJT 三大技术并驾齐驱：截至目前，公司拥有钙钛矿薄膜、异质结及叠层 电池等前沿光伏技术，形成了一系列具有自主知识产权的核心技术和专利成果，钙钛矿组件已实现效率 与稳定性双突破。据公司统计，1200mm*600mm 组件第三方认证效率高达22.4%，同时钙钛矿/HJT 两 端叠层电池实验室转换效率已突破34%，开始进入大尺寸验证阶段，钙钛矿/晶硅四端叠层组件也实现 27.6%转化效率。而德华芯片致力于光伏领域高端化合物半导体外延片、芯片、能源系统的研发和产业 化，具备提供电源系统整体解决方案的能力，产品覆盖从外延材料到电源系统全产业链研制能力。本次 交易完成后，双方可在能源管理系统等方向开展联合研发，推动更多场景的应用验证与商业化，提升公 司在光伏领域的综合竞争力。 事件：公司计划发行股份及支付现金购买德华芯片股东持有的100%的股权。 德华芯片是国内太空光伏电源第一梯队：中山德华芯片技术有限公司成立于2015 年8 月，隶属明阳智慧 能源集团，专注于高端化合物半导体外延片、芯片的研发与产业化，主营空间太阳能电池及半导体光电 器件产品。该公司通过国际航空航天AS9100D 质量体系 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue shares and cash to acquire 100% of Dehua Chip, which is a leading player in the domestic space photovoltaic power sector. This acquisition will enhance the company's capabilities in high-end compound semiconductor research and development [7] - The company has made significant advancements in photovoltaic technologies, including perovskite, heterojunction, and tandem solar cells, achieving notable efficiency breakthroughs [7] - The earnings forecast has been adjusted downwards for 2025-2027 due to the high proportion of performance from wind farm transfers, with expected net profits of 770 million, 2.1 billion, and 3.17 billion yuan respectively for those years [7] Financial Summary - Total revenue is projected to be 27.16 billion yuan in 2024, increasing to 43.2 billion yuan by 2027, with a compound annual growth rate of 11.87% [1][8] - The net profit attributable to the parent company is expected to recover significantly, with a forecast of 346 million yuan in 2024, rising to 3.17 billion yuan by 2027, reflecting a growth rate of 51.10% [1][8] - The latest diluted EPS is projected to increase from 0.15 yuan in 2024 to 1.40 yuan in 2027, indicating strong earnings growth potential [1][8]

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Core Viewpoint - Mingyang Smart Energy plans to acquire 100% equity of Zhongshan Dehua Chip Technology Co., Ltd. through a combination of share issuance and cash payment, while raising supporting funds from no more than 35 specific investors [1] Group 1: Investment Highlights - Dehua Chip is a leading player in satellite energy systems and has industry-leading flexible gallium arsenide solar wing technology [2] - Dehua Chip is the only private enterprise in China that provides a complete solution from epitaxial wafers to chips and power systems [2] - The company has achieved a space conversion efficiency of 33.5% with its triple-junction gallium arsenide batteries and plans to complete in-orbit verification of its fully flexible rollable solar wings by September 2025, significantly reducing weight and costs compared to traditional foldable solar wings [2] Group 2: Market Potential - The space photovoltaic market is expected to explode, with China projected to launch 92 rockets and 371 satellites in 2025, representing year-on-year growth of 35% and 40%, respectively [3] - Satellite energy systems account for 20%-30% of satellite costs, with solar wings making up over 60% of that [3] - As the leading domestic player, Dehua Chip is expected to see significant growth in both volume and profit due to the increasing demand for space photovoltaics [3] Group 3: Company Expansion and Valuation - Since 2025, Mingyang Smart Energy has been expanding its boundaries by accelerating its layout in emerging industries such as space photovoltaics and hydrogen ammonia, while also growing its core wind turbine business [4] - The acquisition of Dehua Chip is expected to lead to a revaluation of the company, as it enhances the profitability of its main business and accelerates its growth in the "two seas" sectors [4] - Revenue projections for Mingyang Smart Energy from 2025 to 2027 are estimated at 40.879 billion, 46.136 billion, and 51.360 billion yuan, with year-on-year growth rates of 51%, 13%, and 11%, respectively [4]

1月23日，风电龙头明阳智能（601615.SH）发布重组预案，拟通过发行股份及支付现金方式，收购中 山德华芯片技术有限公司（以下简称"德华芯片"）100%股权，并募集配套资金。 该公司股票当日复牌即一字涨停，总市值一度逼近500亿元。 然而，上交所当晚随即向明阳智能下发问询函，围绕标的公司亏损现状、关联交易合理性及股价异动等 问题提出问询。 据悉，标的公司德华芯片的实际控制人张超，同时担任明阳智能董事、副总裁，且为上市公司实控人张 传卫的近亲属；此外，标的公司监事易菱娜也在明阳智能担任高级管理人员。 财务数据显示，德华芯片近年来业绩持续波动。2023年至2025年1—9月净利润分别为215.55万 元、-4257.50万元和-2022.62万元，处于微利与亏损交替状态。截至2025年三季度末，该公司总资产为 4.11亿元，总负债为2.80亿元。 按照交易预案，德华芯片产品主要使用在光伏能源系统、卫星电源系统、特种能源系统等领域，但其客 户集中度较高的经营特征可能影响经营业绩。 上交所在问询函中向明阳智能方面提出三大问题：一是要求说明标的公司盈利模式、行业地位及竞争优 劣势，核实其是否具备持续盈利能力，以及客 ...

2025年，临近"十四五"收官，南方电网一口气在广州成立了三家全资子公司：11月，南网产融集团揭牌 成立；12月，南网电碳公司、南网产业发展集团相继揭牌。此外12月，南方电网综合能源（广东）有限 公司还与广州科学城集团旗下环保集团签约，拟设立合资公司协同打造智慧能源项目。 2026年1月，招商拜访马不停蹄：广东投促局、广州企业及相关部门组队赴京，与央企代表开展产业交 流对接；佛山明确提出深入开展央国企招商攻坚，并落地了中旅国际文旅合作；珠海迎来中农集团项目 签约……央地合作热潮涌动，在经济第一大省尤为活跃。 央企项目或新公司落地，往往意味其资金、技术、人才、管理经验等资源的导入，对地方经济产生重要 影响。一直以来，央企都将广东作为长期布局的战略要地，大批高质量项目落户转化为经济社会的有力 支撑。近年来，央企更是加强产业投资、科技合作、金融赋能等力度和广度，持续加码广东。 相比于项目合作，设立实体公司是更具长期性、战略性之举，意味着将此地作为长期发展、独立的增长 极来培育。中央企业正以这种方式在大湾区扩大布局，据不完全统计，仅2025年一年，至少有25家央企 （含子公司）在广东设立了新公司。进入2026年，节奏 ...

风电整机商明阳智能（以下简称"明阳智能"或"公司"）拟购中山德华芯片技术有限公司（以下简称"德华芯片"或"标的公司"）一事引发了市场极大关注。 1月23日晚间，明阳智慧能源集团股份公司发布关于收到上海证券交易所《关于对明阳智慧能源集团股份公司发行股份及支付现金购买资产预案信息披露 的问询函》的公告。 据悉，明阳智能于1月23日披露重组预案并复牌，当日股票开盘一字涨停，收报21.65元/股，最新总市值达489.61亿元。该公司本次拟收购的中山德华芯片 技术有限公司业绩持续承压，近三年处于微利或亏损状态，且构成关联交易，其实际控制人系明阳智能董事、副总裁及实控人近亲属。上交所重点围绕标 的公司亏损成因与持续盈利能力、关联收购的必要性与合理性、停牌前股价异动及内幕交易嫌疑三大核心问题，要求明阳智能十个交易日内书面回复并修 改预案，独立财务顾问需核查并发表意见。 2.关于交易背景及目的。本次交易构成关联交易，标的公司实际控制人张超担任上市公司董事、副总裁，同时为上市公司实际控制人的近亲属，标的公司 股东包含较多财务投资者。根据预案披露，标的公司与上市公司主营业务具有协同效应，在市场开拓过程中存在不及预期及竞争加剧的风 ...

德华主要研发航天航空芯片，产品应用在空间太阳电池等部件，正处于风口。其研制的 GaInP/GaAs/GaInAs三结电池，经测试认证，转换效 率达到36.6%。 产能上，标的配备近万平米超净车间及厂务系统，多条半导体 MOCVD 外延产线与芯片工艺产线协同运作，具备 4/6 英寸 GaAs 外延规模化 生产能力，外延片、芯片量产效率达 32%；拥有完整柔性砷化镓太阳电池产线。 1月23日，明阳智能复牌，收获一个涨停，市值升至490亿元。 一天前，其实控人张传卫，主持董事会议，并购德华芯片议案，获全票通过。 张传卫长女张超，为德华芯片实控人，兼任明阳智能董事。其子张瑞，同为明阳智能董事。 由于涉及关联交易，三人回避表决。 这场并购落地迅速，十日内，张传卫团队完成从公告并购到发布交易预案的全流程。管理层熟悉德华芯片业务，双方业务往来密切。 "开辟面向未来的第二增长曲线。" 对德华芯片，张传卫团队寄予厚望。公告称，此次交易，将拓展在能源赛道上的战略发展空间，强化产业链协同，增强抗周期能力与长期盈 利水平。 同一年，张超担任德华芯片董事长，引入技术大牛杨文奕，担任总经理。杨出任过蓝箭航天高级副总裁，经验丰富，进入德华 ...

Group 1 - The core point of the article is that Mingyang Smart Energy (601615) is planning to acquire Zhongshan Dehua Chip Technology Co., Ltd. to enter the space photovoltaic sector, which has attracted significant market attention [2] - The acquisition involves purchasing 100% equity of Dehua Company and raising matching funds, constituting a related party transaction due to the actual controller of Dehua being a close relative of the company's actual controller [2] - The Shanghai Stock Exchange has issued an inquiry letter to Mingyang Smart Energy regarding the acquisition, requesting additional disclosures about the synergy between the two companies in terms of products, technology, and channels, as well as the risks associated with the integration [2] Group 2 - The inquiry also addresses concerns about the losses of the target company and the significant increase in the stock price of the listed company prior to the announcement of the acquisition [3]