2025 年业绩预告点评：Q4 业绩基本符合预 期，产品结构多元化发展 买入（维持） 证券研究报告·公司点评报告·电池 派能科技（688063） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,299 | 2,005 | 3,727 | 8,148 | 11,602 | | 同比（%） | (45.13) | (39.24) | 85.89 | 118.63 | 42.39 | | 归母净利润（百万元） | 515.64 | 41.11 | 75.31 | 516.45 | 843.72 | | 同比（%） | (59.49) | (92.03) | 83.20 | 585.78 | 63.37 | | EPS-最新摊薄（元/股） | 2.10 | 0.17 | 0.31 | 2.10 | 3.44 | | P/E（现价&最新摊薄） | 30.63 | 384.21 | 209.72 | 30.58 | 18.72 | [ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q4 performance is in line with market expectations, with a projected net profit attributable to shareholders of 0.62 to 0.86 billion yuan, representing a year-on-year growth of 51% to 109% [9] - The company achieved a total shipment of approximately 4.1 GWh in 2025, a year-on-year increase of 170%, with significant growth in energy storage and breakthroughs in light-duty power businesses [9] - The unit profitability slightly decreased in Q4 due to rising raw material prices, but is expected to improve gradually as production capacity utilization increases [9] - The company forecasts net profits of 0.75 billion yuan in 2025, 5.2 billion yuan in 2026, and 8.4 billion yuan in 2027, with corresponding P/E ratios of 210x, 31x, and 19x [9] Financial Performance Summary - Total revenue for 2023 is projected at 3,299 million yuan, with a year-on-year decrease of 45.13% [1] - The net profit attributable to shareholders for 2023 is estimated at 515.64 million yuan, down 59.49% year-on-year [1] - The earnings per share (EPS) for 2023 is expected to be 2.10 yuan, with a significant drop in 2024 to 0.17 yuan [1] - The company anticipates a substantial increase in revenue and net profit in the following years, with revenue reaching 11,602 million yuan and net profit of 843.72 million yuan by 2027 [1]

Core Viewpoint - The company, Shanghai Pylon Energy Technology Co., Ltd., forecasts a significant increase in net profit for the year 2025, driven by growth in both international and domestic energy storage markets, as well as advancements in product development and sales strategies [2][6]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 62 million and 86 million yuan for 2025, representing an increase of 20.89 million to 44.89 million yuan compared to the previous year, which is a year-on-year increase of 50.82% to 109.21% [2][4]. - The forecasted net profit, excluding non-recurring gains and losses, is expected to be between -12 million and -8 million yuan [2]. Group 2: Previous Year Performance - In the previous year, the net profit attributable to shareholders of the parent company was 41.11 million yuan [4]. - The net profit, after excluding non-recurring gains and losses, was -28.13 million yuan [5]. Group 3: Reasons for Performance Change - The increase in performance is attributed to a recovery in international energy storage market demand, continuous growth in the domestic energy storage market, and rising demand for lithium-ion and sodium-ion batteries in the lightweight power market [6]. - The company has optimized resource allocation in sales and R&D, expanded its sales team, and increased market promotion efforts, leading to rapid growth in overseas commercial energy storage and home storage businesses [6]. - Improvements in internal transactions and the recognition of deferred tax assets related to deductible losses from subsidiaries have also contributed to the performance growth [6].

Group 1 - JunDa Co., Ltd. announced that the comprehensive cost-effectiveness of perovskite photovoltaic technology in extreme space environments remains to be verified [2][5] - The company has invested 30 million yuan to acquire a 16.67% stake in Starwing Chip Energy, but no formal business agreement has been signed for space photovoltaic projects [2][5] - The technology shows potential advantages in lightweight, low cost, and high radiation resistance, but long-term reliability and cost-effectiveness in space are still uncertain [2][5] Group 2 - Aotewei stated that the "space photovoltaic" sector is still in the early exploration and research phase, with significant uncertainties in the industrialization process [3] - The company emphasized that product development to commercial application requires a considerable period, and the impact of related positive expectations on actual operating performance is highly uncertain [3] Group 3 - Tongyu Communications announced its participation in the A1 round financing of Beijing Blue Arrow Hongqing Technology, investing 30 million yuan for a 1.8293% stake [3] - The company will transition from direct to indirect ownership of Hongqing Technology through a partnership agreement [3] Group 4 - Huajin Technology received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 101,573,100 shares [4] - Trina Solar announced a change in the use of remaining raised funds, reallocating 1.7 billion yuan to a new project for distributed smart photovoltaic power station construction [4][5] Group 5 - Yunnan City Investment plans to publicly transfer a 10.5% stake in Qicai Company with a base price of 293 million yuan [6] - Zijin Mining announced the completion of the second phase of the Giant Dragon Copper Mine, increasing production capacity to 350,000 tons per day [6] Group 6 - Shuaifeng Electric expects a net profit loss of 43 million to 62 million yuan in 2025, with potential delisting risk warnings for its stock [7] - Anqi Yeast plans to invest 222 million yuan in a green manufacturing project for yeast products with an annual output of 12,000 tons [7] Group 7 - Zhengzhou Coal and Electricity announced the cessation of production at the Chaohua Coal Mine due to resource depletion and safety risks, expecting a 311 million yuan impairment loss [8] - Oujing Technology announced partial production line shutdowns at its subsidiaries to reduce losses and operating costs [8] Group 8 - North Car Blue Valley plans to invest in the construction of a high-end platform model industrialization and digital upgrade project with a total investment of 1.991 billion yuan [9] - Jingzhida signed a significant contract worth 1.311 billion yuan for semiconductor testing equipment [9] Group 9 - Yanghe Co. announced a cash dividend plan for 2025-2027, committing to distribute no less than 100% of net profit each year [10] - Yanghe Co. also projected a net profit decline of 62.18% to 68.30% for 2025 due to market adjustments and increased channel inventory [10] Group 10 - Huitong Energy expects a net profit decrease of 69.51% to 75.82% for 2025, primarily due to the absence of non-recurring income from property relocation rewards [11] - Dahua Co. reported a net profit increase of 32.65% for 2025, driven by business optimization and cost control [12] Group 11 - Hangzhou Bank reported a net profit increase of 12.05% for 2025, maintaining a stable non-performing loan ratio [12] - Aotejia expects a net profit increase of 41.85% to 79.67% for 2025, supported by sales growth and cost control measures [12] Group 12 - Shenke Co. anticipates a net profit increase of 65.75% to 98.9% for 2025, benefiting from overseas strategy and revenue growth [13] - Pioneering Technology expects a net profit increase of 50.82% to 109.21% for 2025, driven by product technology iterations and market expansion [13] Group 13 - Shanchuang Technology expects a net profit increase of 81.77% to 134.78% for 2025, fueled by demand for enterprise-level storage products [14] - Anshuo Information anticipates a net profit increase of 52.44% to 98.83% for 2025, with government subsidies contributing to the growth [14] Group 14 - Zhongwei Company expects a net profit increase of 28.74% to 34.93% for 2025, driven by increased customer recognition of its plasma etching equipment [15] - Jingfang Technology anticipates a net profit increase of 44.41% to 52.32% for 2025, benefiting from the automotive industry's growth [16] Group 15 - Fuda Alloy expects a net profit increase of 119.14% to 219.95% for 2025, driven by strong demand in emerging applications [17] - Feirongda anticipates a net profit increase of 57.23% to 83.43% for 2025, supported by stable growth in communication and cooling business [17] Group 16 - Licheng Performing Arts expects a net profit decrease of 12.75% to 32.21% for 2025, impacted by regional travel environment fluctuations [22] - Lisheng Pharmaceutical anticipates a net profit increase of 116.77% to 138.44% for 2025, driven by market expansion and product sales [23] Group 17 - JMC reported a net profit decrease of 22.71% for 2025, despite a 2.07% increase in total revenue [27] - Daoshi Technology expects a net profit increase of 206.01% to 269.76% for 2025, driven by overseas business expansion [28] Group 18 - Jin Kai New Energy plans to repurchase shares worth 500 million to 600 million yuan, with a maximum repurchase price of 7.5 yuan per share [29] - Longyun Co. announced a stock suspension due to plans to acquire a 58% stake in Yuheng Film Industry [30]

Core Viewpoint - Several companies are projected to experience significant increases in net profit for 2025, with some showing growth rates exceeding 200% [1] Group 1: Company Projections - 永创智能 is expected to see a net profit increase of 721.57% to 894.86% in 2025 [1] - 福达合金 anticipates a net profit growth of 119.14% to 219.95% for 2025 [1] - 西菱动力 projects a net profit increase of 77.82% to 117.33% in 2025 [1] - 昊志机电 expects a net profit growth of 54.4% to 99.03% for 2025 [1] - 神工股份 forecasts a net profit increase of 119% to 167% in 2025 [1] - 联创光电 anticipates a net profit growth of 80.36% to 120.57% for 2025 [1] - 道氏技术 projects a substantial net profit increase of 206.01% to 269.76% in 2025 [1] - 香农芯创 expects a net profit growth of 82% to 135% for 2025 [1] - 奥特佳 anticipates a net profit increase of 41.85% to 79.67% in 2025 [1] - 双一科技 projects a net profit growth of 80% to 100% for 2025 [1] - 飞荣达 expects a net profit increase of 57.23% to 83.43% in 2025 [1] - 晶方科技 anticipates a net profit growth of 44.41% to 52.32% for 2025 [1] - 中微公司 projects a net profit increase of 28.74% to 34.93% in 2025 [1] - 派能科技 expects a net profit growth of 50.82% to 109.21% for 2025 [1]

证券日报网讯1月23日，派能科技发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 为6200万元到8600万元，与上年同期相比将增加2089.27万元到4489.27万元，同比增加50.82%到 109.21%；预计归属于母公司所有者的扣除非经常性损益的净利润为-1200.00万元到-800.00万元。 ...

Core Viewpoint - The company, Pylon Technologies (688063), forecasts a net profit attributable to shareholders of 62 million to 86 million yuan for 2025, representing a year-on-year increase of 50.82% to 109.21% [1] Group 1: Financial Performance - The expected net profit for 2025 is projected to be between 62 million and 86 million yuan [1] - This represents a significant year-on-year growth of 50.82% to 109.21% [1] Group 2: Business Growth Drivers - The company has accelerated product technology iteration and increased the pace of new product launches [1] - There has been rapid growth in overseas commercial and industrial energy storage as well as home energy storage businesses [1] - Breakthroughs have been achieved in domestic commercial energy storage, shared battery swapping, and sodium-ion battery sectors, contributing to significant increases in production, sales volume, and revenue scale [1]

Core Viewpoint - The company expects a significant increase in net profit for 2025, driven by growth in both international and domestic energy storage markets, as well as advancements in battery technology [1] Financial Performance - The company projects a net profit attributable to shareholders of 62 million to 86 million yuan for 2025, representing a year-on-year increase of 50.82% to 109.21% [1] - The expected net profit after deducting non-recurring gains and losses is estimated to be between -12 million to -8 million yuan for the same period [1] Market Dynamics - The company benefits from a recovery in international energy storage demand and sustained growth in the domestic energy storage market [1] - There is a rising demand for lithium-ion and sodium-ion batteries in the lightweight power market, contributing to the company's growth [1] Strategic Initiatives - The company has optimized resource allocation in sales and R&D, expanding its sales team and enhancing market promotion efforts [1] - R&D efforts have focused on improving product quality and accelerating the pace of new product launches, leading to rapid growth in overseas commercial energy storage and home storage businesses [1] Operational Achievements - The company has achieved significant growth in production and sales volume, as well as revenue scale, due to breakthroughs in domestic commercial energy storage, shared battery swapping, and sodium-ion battery businesses [1] - The increase in deferred tax assets related to unrecognized profits from internal transactions and deductible losses from certain subsidiaries has also contributed to the performance growth [1]

格隆汇1月23日｜派能科技(688063.SH)公告称，预计2025年归属于上市公司股东的净利润为6,200万元到 8,600万元，同比增加50.82%到109.21%。业绩变动原因：国际与国内储能市场需求回暖增长，轻型动力 市场锂电、钠电需求攀升，公司优化资源配置，推动海外家储/工商业储能及国内共享换电、钠电等业 务快速增长，产销规模提升，叠加递延所得税资产确认增加。 ...

上海派能能源科技股份有限公司 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1.经上海派能能源科技股份有限公司（以下简称"公司"）财务部门初步测 算，预计 2025 年年度实现归属于母公司所有者的净利润为 6,200 万元到 8,600 万元，与上年同期（法定披露数据）相比，将增加 2,089.27 万元到 4,489.27 万元，同比增加 50.82%到 109.21%。 2.预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利润 为-1,200.00 万元到-800.00 万元。 证券代码：688063 证券简称：派能科技 公告编号：2026-002 2025 年年度业绩预告 报告期内，受益于国际储能市场需求回暖、国内储能市场需求持续增长，以 及轻型动力市场锂离子、钠离子电池需求攀升驱动，公司优化销售端和研发端资 源配置，一方面扩充销售团队、加大市场推广力度；另一方面通过研 ...