衍生品研究 芯能转债投资价值分析 收入稳定、毛利率高的低价转债 2025 年 12 月 5 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 芯能转债（113679.SH）： AA-级，债券余额 8.80 亿元，占发行总额 99.99%，剩余期限 3.90 年。12 月 3 日收盘价 122.22 元，转股溢价率 69.01%，YTM -0.59%。 正股：芯能科技（603105.SH）： 以自持分布式光伏电站投资运营为主业、覆盖光伏 EPC、储能与充电桩，专 注在浙江、江苏、广东等经济发达地区布局"自发自用、余电上网"模式的 工商业分布式光伏项目。2025.1-3Q 营收 5.86 亿元、yoy+3.60%；归母净利 1.86 亿元，yoy+0.07%。最新总市值 46.10 亿元，PE TTM 23.6x。 芯能转债主要看点： 聚焦工商业分布式光伏电站，发电收入稳定且毛利率领先。公司以自持 分布式光伏电站投资运营为核心主业，H125 光伏发电收入占比 87.41%， 2025.1-3Q 毛利率 60.17%，高于行业平均水平，且连续五年持续提升，体现 了公司在项目选址、运维效率与成本控制方面的显著 ...

Core Viewpoint - The stock of Chip Energy Technology has shown fluctuations with a recent increase of 2.08%, reflecting a total market value of 4.655 billion yuan and a year-to-date price increase of 5.68% [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Chip Energy Technology achieved a revenue of 586 million yuan, representing a year-on-year growth of 3.60% [2]. - The net profit attributable to the parent company for the same period was 186 million yuan, with a slight increase of 0.07% year-on-year [2]. - Cumulatively, the company has distributed a total of 345 million yuan in dividends since its A-share listing, with 235 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Chip Energy Technology was 41,500, a decrease of 6.51% from the previous period [2]. - The average number of circulating shares per shareholder increased by 6.96% to 12,034 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which is a new shareholder holding 6.8021 million shares [3]. Group 3: Business Overview - Chip Energy Technology, established on July 9, 2008, and listed on July 9, 2018, primarily focuses on distributed photovoltaic power station investment and operation, project development, and related services [1]. - The revenue composition of the company indicates that 87.79% comes from electricity generation of distributed photovoltaic power stations, while project-related services contribute 6.43%, and product sales account for 4.99% [1]. - The company operates within the public utility sector, specifically in the photovoltaic power generation industry, and is associated with concepts such as virtual power plants and solar energy [1].

Core Viewpoint - The stock of Chip Energy Technology has shown a mixed performance in recent trading sessions, with a year-to-date increase of 4.65% but a notable decline of 8.71% over the last five trading days [2]. Company Overview - Chip Energy Technology, established on July 9, 2008, and listed on July 9, 2018, is primarily engaged in the investment and operation of distributed photovoltaic power stations, project development, and the production and sale of photovoltaic products [2]. - The company's revenue composition includes 87.79% from distributed photovoltaic power generation, 6.43% from related services, 4.99% from product sales, and 0.79% from charging services and other sales [2]. Financial Performance - For the period from January to September 2025, Chip Energy Technology reported a revenue of 586 million yuan, reflecting a year-on-year growth of 3.60%, while the net profit attributable to shareholders was 186 million yuan, with a slight increase of 0.07% [2]. - The company has distributed a total of 345 million yuan in dividends since its A-share listing, with 235 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chip Energy Technology was 41,500, a decrease of 6.51% from the previous period, with an average of 12,034 circulating shares per shareholder, which increased by 6.96% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest, holding 6.8021 million shares as a new shareholder [3]. Market Activity - On November 25, the stock price of Chip Energy Technology increased by 2.10%, reaching 9.22 yuan per share, with a trading volume of 44.36 million yuan and a turnover rate of 0.97% [1]. - The net inflow of main funds was 275,600 yuan, with large orders accounting for 20.52% of purchases and 19.90% of sales [1].

Core Viewpoint - The company, Zhejiang Xinneng Photovoltaic Technology Co., Ltd., is set to hold a Q3 2025 performance briefing on November 27, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 27, 2025, from 15:00 to 16:00 [4]. - The meeting will be conducted via the Shanghai Stock Exchange Roadshow Center, allowing for online interaction [3][4]. - Investors can submit questions from November 20 to November 26, 2025, through the Roadshow Center or via the company's email [2][5]. Group 2: Participants - Key participants in the meeting will include the Chairman, Zhang Lizhong, and the General Manager, Zhang Zhenhao, along with independent directors and the CFO [4][5]. Group 3: Investor Engagement - The company aims to address common investor concerns during the briefing, ensuring transparency and engagement [3][5]. - After the meeting, investors can access the main content and details of the briefing through the Roadshow Center [5].

| 证券代码：603105 | 证券简称：芯能科技 | 公告编号：临 2025-065 | | --- | --- | --- | | 债券代码：113679 | 债券简称：芯能转债 | | 浙江芯能光伏科技股份有限公司 关于召开 2025 年第三季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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日(星期四)至 11 月 26 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xnkj@sunorensolar.com 向公司提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 浙江芯能光伏科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 ...

Core Viewpoint - The stock of Chip Energy Technology has experienced fluctuations, with a recent decline of 2.08% and a total market capitalization of 4.945 billion yuan, reflecting mixed investor sentiment and market activity [1]. Company Overview - Chip Energy Technology, established on July 9, 2008, and listed on July 9, 2018, is primarily engaged in the investment and operation of distributed photovoltaic power stations, project development, and related services, as well as the production and sales of photovoltaic products and charging station operations [1]. - The company's revenue composition includes 87.79% from distributed photovoltaic power generation, 6.43% from project-related services, 4.99% from product sales, and 0.79% from charging services and other sales [1]. Financial Performance - For the period from January to September 2025, Chip Energy Technology reported a revenue of 586 million yuan, representing a year-on-year growth of 3.60%, and a net profit attributable to shareholders of 186 million yuan, with a slight increase of 0.07% [2]. - Since its A-share listing, the company has distributed a total of 345 million yuan in dividends, with 235 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chip Energy Technology was 41,500, a decrease of 6.51% from the previous period, with an average of 12,034 circulating shares per shareholder, an increase of 6.96% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest, holding 6.8021 million shares as a new shareholder [3]. Market Activity - The stock price has increased by 12.26% year-to-date, but has seen a decline of 7.40% over the last five trading days, with a 6.92% increase over the last 20 days and a 15.94% increase over the last 60 days [1]. - The trading volume on the recent date was 104 million yuan, with a turnover rate of 2.08% [1].

近日，公司收到天健会计师事务所（特殊普通合伙）（以下简称"天健"）出具的 《关于变更签字注册会计师的函》，现就相关情况公告如下： 一、签字注册会计师的变更情况 | 证券代码：603105 | 证券简称：芯能科技 | 公告编号：临 2025-064 | | --- | --- | --- | | 转债代码：113679 | 转债简称：芯能转债 | | 浙江芯能光伏科技股份有限公司 关于变更签字注册会计师的公告 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。 浙江芯能光伏科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日和 2025 年 5 月 15 日分别召开了第五届董事会第七次会议和 2024 年年度股东大会，审议通过了 《关于续聘会计师事务所的议案》，同意续聘天健会计师事务所（特殊普通合伙）为公 司 2025 年度的财务报表审计机构和内部控制审计机构。具体内容详见公司于 2025 年 4 月 25 日在上交所网站（www.sse.com.cn）披露的《浙江芯能光伏科技股份有限公司关 于续聘会计师事务所的公 ...

Market Overview - The electricity sector experienced a slight decline of 0.04% on the previous trading day, with Leshan Electric Power leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the electricity sector included: - Zhaoxin Co., Ltd. (002256) with a closing price of 3.39, up 3.99% on a trading volume of 2.02 million shares and a transaction value of 685 million yuan [1] - Luxiao Technology (002617) closed at 9.06, up 3.07% with a transaction value of 148.9 million yuan [1] - Chuaneng Power (000155) closed at 12.67, up 2.76% with a transaction value of 892 million yuan [1] - Conversely, Leshan Electric Power (600644) saw a significant decline of 5.20%, closing at 11.85 with a transaction value of 954 million yuan [2] - Other notable decliners included: - Huami Environmental Energy (600475) down 4.49% [2] - Haoling Power (600452) down 2.54% [2] Capital Flow - The electricity sector experienced a net outflow of 1.461 billion yuan from main funds, while retail investors contributed a net inflow of 1.5 billion yuan [2] - Key stocks with significant capital flow included: - Luxiao Technology (002617) with a net inflow of 77.42 million yuan from main funds [3] - Zhaoxin Co., Ltd. (002256) with a net inflow of 69.06 million yuan [3] - Jiaze New Energy (601619) with a net inflow of 57.21 million yuan [3]

Core Insights - The electricity sector experienced a rise of 0.58% on the trading day, with Xineng Technology leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Xineng Technology (603105) closed at 10.52, with a gain of 10.04% and a trading volume of 451,000 shares, amounting to a transaction value of 457 million yuan [1] - Mindong Electric Power (000993) also saw a significant increase, closing at 12.84 with a 10.03% rise and a trading volume of 653,700 shares, totaling 793 million yuan [1] - Other notable performers included Hengsheng Energy (605580) with a 7.12% increase, Jiuzhou Group (300040) with a 5.52% increase, and Huaguang Huaneng (600475) with a 5.16% increase [1] Capital Flow - The electricity sector saw a net inflow of 708 million yuan from institutional investors, while retail investors experienced a net outflow of 36.82 million yuan [2] - The main stocks with significant net inflows included Huadian New Energy (600930) with 345 million yuan and Xineng Technology (603105) with 127 million yuan [3] - Conversely, retail investors showed a net outflow from stocks like Xineng Technology and Mindong Electric Power, indicating a shift in investor sentiment [3]

Core Viewpoint - The renewable energy sector, including solar, energy storage, and lithium battery industries, is experiencing a strong market performance, indicating a potential reversal in supply and demand dynamics after years of adjustment [1][2]. Group 1: Renewable Energy Sector Performance - The renewable energy sector has shown significant rebound since late October 2025, with prices and profitability at low levels, and signs of price increases across the supply chain [1]. - The solar energy collaboration between China and ASEAN has intensified, with cross-border electricity cooperation exceeding 750 billion kilowatt-hours, over 90% of which is green electricity [1]. - By the end of 2024, investments in hydro, wind, and solar projects between China and ASEAN are expected to grow more than fivefold compared to 2014, with installed capacity increasing 15 times [1]. Group 2: Solar Industry Insights - The solar industry is witnessing positive effects from the "anti-involution" policy, with upstream segments expected to significantly reduce losses in Q3 [1]. - The energy storage sector is experiencing robust demand both domestically and internationally, with a continuous increase in battery prices and a strong supply chain capable of price transmission [1][2]. Group 3: Lithium Battery Market Trends - Lithium hexafluorophosphate production is projected to increase by approximately 13.8% month-on-month in October 2025, with a further expected growth of 3.7% in November [2]. - The demand for lithium battery materials is supported by favorable conditions, with significant price increases anticipated for phosphoric iron lithium enterprises due to high operating rates and long-term contracts [2]. Group 4: ETF Performance - The photovoltaic ETF tracking the China Photovoltaic Leader 30 Index rose by 4.61%, with notable increases in constituent stocks such as Aters and TBEA [2]. - The carbon neutrality ETF increased by 1.67%, with significant gains in stocks like Aters and Hongfa [3]. - The energy storage battery ETF saw a strong rise of 4.10%, with constituent stocks like Jinpan Technology and Nandu Power experiencing substantial increases [3]. Group 5: Future Outlook - Traditional silicon battery efficiency is nearing theoretical limits, leading to a price war, while perovskite solar cells show potential for significant efficiency improvements and cost reductions, indicating a shift towards technological innovation in the solar industry [3].