Policy - The National Development and Reform Commission and the National Energy Administration of China issued the "Implementation Plan for the New Generation of Coal Power Upgrade Special Action (2025-2027)", aiming to upgrade existing coal power units and establish new ones with rapid load adjustment capabilities by 2027 [2] - The Ministry of Ecology and Environment of China announced the annual development of a list of key emission units for the national carbon emissions trading market, targeting industries like power generation, steel, cement, and aluminum smelting with direct emissions of 26,000 tons of CO2 equivalent [3] Events - Major players in the Chinese photovoltaic industry, including CATL and Sungrow, held a closed-door meeting to discuss preventing "involution" or excessive competition in the inverter and energy storage sectors, following previous initiatives to promote healthy industry development [6] - Tesla's Shanghai Gigafactory commenced the bulk export of the refreshed Model Y to international markets, with nearly 3,500 electric vehicles shipped, marking the first large-scale export of this model [7] International Developments - The U.S. Department of Energy is considering cutting nearly $10 billion in clean energy funding, which may halt funding for projects related to hydrogen, carbon capture, and energy storage, potentially leading to significant job losses [4] - The Trump administration granted exemptions to 66 coal-fired power plants from regulations on mercury and toxic air pollutants, aiming to circumvent stricter environmental standards set by the Biden administration [5] - Vietnam's government approved a revised power development plan aiming to significantly increase wind and solar power capacity, with a target to cease coal-fired power generation by 2050 [6]

Core Viewpoint - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) has commenced in Beijing, showcasing hundreds of energy storage companies and their innovative products. Group 1: Product Highlights - Jingkong Energy showcased the liquid-cooled OmniCube-L261 and OmniCube-L418 energy storage systems, featuring modular design that saves 30% in footprint [3] - Ronghe Yuanshu presented the "AI+" intelligent trading and VPP operation platform, enhancing operational efficiency through automated market predictions and strategy adjustments [9] - New Energy An launched the UniC AG300-150 commercial energy storage system, achieving 15,000 cycles at 25°C with a SOH ≥ 70% [12][14] - Nandu Power introduced the CENTERLMAX 8.338MWh liquid-cooled energy storage system, supporting flexible configurations and achieving 96% efficiency [17] - Faraday Power displayed the 530Ah energy cell, capable of over 1.6 kWh per cell with a cycle life of 12,000 times [21] - Haichen Energy unveiled the ∞Cell 587Ah battery with 94.5% efficiency and over 10,000 cycles [22] - Chuangneng New Energy presented the new generation 472Ah energy cell and CORNEX M6 energy storage system, with a nominal energy exceeding 1510.4Wh [26] Group 2: Industry Trends - The trend towards larger capacity energy cells (500Ah+) is evident, with companies focusing on high power and efficiency to match these cells [4] - AI-driven solutions and intelligent trading capabilities are becoming focal points for commercial energy storage products [4] - The introduction of integrated solar-storage solutions is on the rise, indicating a shift towards comprehensive energy management systems [4] Group 3: Technological Innovations - Companies are increasingly adopting modular designs and advanced cooling technologies to enhance system efficiency and safety [3][8] - The use of AI and data analytics in energy management systems is being emphasized to optimize operational performance and reduce costs [9][49] - New safety features and predictive maintenance capabilities are being integrated into energy storage systems to enhance reliability and lifespan [86][89]

Group 1 - The core point of the news is that GoodWe Technology Co., Ltd. has applied for a patent related to off-grid inverter parallel control methods and systems, indicating innovation in photovoltaic inverter technology [1] - The patent application, published as CN 119696015 A, was filed on October 2024, showcasing the company's commitment to advancing technology in the renewable energy sector [1] - The proposed method addresses issues in traditional control schemes by implementing a semi-master-slave control approach, ensuring consistent output from the system without the need for additional parameter adjustments [1] Group 2 - GoodWe Technology Co., Ltd. was established in 2010 and is located in Suzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of approximately 2.43 billion RMB and a paid-in capital of about 1.73 billion RMB, reflecting its financial stability [2] - GoodWe has invested in 28 companies and participated in 484 bidding projects, indicating its active role in the industry and potential for growth [2]

Core Viewpoint - The recent policy changes in the photovoltaic industry, particularly the "Notice on Deepening the Market-oriented Reform of New Energy Grid-connected Electricity Prices" (Document No. 136), indicate a shift towards market participation for new energy sources, suggesting that photovoltaic energy is moving towards becoming a mainstay in the energy sector [3][6]. Group 1: Policy Impact - The new policy encourages photovoltaic energy to participate in market transactions, which is a significant step as traditional thermal power has not fully engaged in market trading [3][6]. - The establishment of a "sustainable price settlement mechanism" for new energy indicates a structured approach to pricing, which could enhance the profitability of photovoltaic projects [3][6]. Group 2: Integration of Storage and Photovoltaics - The combination of distributed photovoltaic systems with energy storage is becoming essential due to the intermittent nature of solar power generation [5][6]. - Energy storage can stabilize power supply by storing energy during peak sunlight and releasing it during low sunlight periods, thus increasing energy self-sufficiency and reliability [5][6]. Group 3: Market Dynamics and Cost Management - The market-oriented trading of photovoltaic electricity is expected to lead to a decline in electricity price revenues, necessitating cost reduction strategies within the industry [10][11]. - The industry faces challenges such as high development costs and excessive intermediary channels, which need to be addressed to enhance competitiveness and efficiency [10][11]. Group 4: Technological Development and Innovation - Continuous improvement in inverter efficiency and long-term reliability is crucial for reducing the levelized cost of electricity [11][15]. - The industry is urged to focus on original technological innovations rather than incremental improvements, as true revolutionary advancements are currently scarce [15]. Group 5: Future Directions - The future development of the energy sector should focus on an integrated approach involving "source-network-load-storage-intelligence" [12][13]. - Companies like GoodWe are already positioning themselves in this integrated solution space, with significant achievements in distributed inverter shipments and energy management platforms [13].

Financial Performance - The total operating revenue for 2024 was RMB 6.74 billion, a decrease of 8.36% compared to the previous year[4] - The net profit attributable to the parent company was -RMB 0.63 billion, down 107.41% year-on-year[6] - The basic earnings per share were -RMB 0.26, reflecting a decline of 107.37% compared to the previous year[6] Assets and Equity - Total assets at the end of the reporting period were RMB 79.46 billion, an increase of 11.74% from the beginning of the year[6] - The equity attributable to the parent company was RMB 27.49 billion, a decrease of 7.85% from the beginning of the year[6] - The net asset value per share attributable to the parent company decreased by 34.32% due to the decline in net profit and the distribution of cash dividends[8] Sales and Profitability - The company's gross profit decreased significantly due to a decline in overseas sales of high-margin inverters and batteries, despite an increase in domestic sales of lower-margin household photovoltaic systems[7] Capital and Investment - The company's capital stock increased by 40.31% due to the conversion of capital reserves into share capital[8] - The company continues to invest in research and development to enhance product competitiveness amid changing market conditions[6] Financial Reporting - The financial data presented are preliminary and unaudited, with final results to be disclosed in the audited annual report[9]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 固德威 摘要 • 顾德威 2024 年整体业绩承压，并网逆变器出货量同比下降约 30%，储能逆 变器大幅下滑，主要受欧洲需求疲软和亚非拉市场初期不利影响。但电池、 户用分布式开发和智慧能源等新业务取得进展，电池销量达 50-80 兆瓦时， 户用分布式开发装机 1.2 吉瓦，智慧能源平台运营 6 吉瓦。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 Q&A 请介绍一下顾德威公司在 2025 年第一季度的经营情况及未来展望。 2025 年第一季度，顾德威 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -65 million and -52 million yuan, a decrease of 90.41 million to 91.71 million yuan compared to the same period last year, representing a year-on-year decline of 106.10% to 107.63%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -191 million and -178 million yuan, a decrease of 98.43 million to 99.73 million yuan compared to the same period last year, representing a year-on-year decline of 122.08% to 123.69%[4] - The total profit for the same period last year was 1,003.77 million yuan, with a net profit attributable to shareholders of the parent company of 852.10 million yuan[6] Sales and Market Performance - The company experienced a significant decline in overseas sales of high-margin inverters and batteries, while domestic sales of lower-margin household photovoltaic systems increased significantly, leading to a substantial overall decrease in gross profit[8] Research and Development - The company has increased R&D investment to enhance product competitiveness, resulting in a year-on-year increase in R&D expenses[8] Financial Expenses and Management - Financial expenses increased year-on-year due to foreign exchange gains and losses from overseas operations[8] - Sales and management expenses increased year-on-year as the company introduced talented sales and management personnel to strengthen market development capabilities and improve management levels[8] Caution for Investors - The performance forecast is based on preliminary calculations by the company's financial department and has not been audited by registered accountants[9] - Investors are advised to pay attention to investment risks as the forecast data is preliminary and the accurate financial data will be disclosed in the audited 2024 annual report[10]

第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； 固德威技术股份有限公司 （四）其他涉及上市公司信息披露且可能对上市公司股票及其衍生品种交易 价格产生较大影响的事件信息。 舆情管理制度 第一章 总则 第一条 为了提升固德威技术股份有限公司（以下简称"公司"）应对各类舆情 的能力，建立快速反应和应急处置机制，充分发挥互联网互动优势，正确把握和引 导网络舆论导向，及时、妥善处理各类舆情对公司股价、商业信誉及正常经营活动 造成的影响，切实保护投资者合法权益，根据《上海证券交易所科创板股票上市规 则》及相关法律法规和《固德威技术股份有限公司章程》（以下简称"《公司章 程》"）等相关规定，结合公司实际情况，制订本制度。 第三条 本制度舆情类型包括： （一）重大舆情：传播范围较广，严重影响公司公众形象或正常经营活动，使 公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变动的 舆情； （二）一般舆情：除重大舆情外的其他舆情。 第二章 舆情管理 ...

固德威技术股份有限公司 市值管理制度 第一章 总则 第一条 为加强固德威技术股份有限公司（以下简称"公司"）市值管理，切实推 动公司投资价值提升，增强投资者回报，维护投资者利益，根据《中华人民共和国 公司法》、《中华人民共和国证券法》、《上市公司信息披露管理办法》、《上市 公司监管指引第10号——市值管理》、《上海证券交易所科创板股票市规则》等 法律法规、规范性文件和《固德威股份有限公司章程》等规定，结合公司实际情 况，制定本制度。 第二条 本制度所称市值管理，是指公司以提高上市公司质量为基础，为提升 投资者回报能力和水平而实施的战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小投资 者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的培育和运用， 推动经营水平和发展质量提升，并在此基础上做好投资者关系管理，增强信息披露质 量和透明度，必要时积极采取措施提振投资者信心，推动公司投资价值合理反映公司 质量。 第四条 市值管理的基本原则包括： （一）合规性原则：公司应当在严格遵守相关法律法规、规范性文件、自律监 管规则以及《公司章程》等内部规章制度的前提下开展市值管理工作 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.943 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.51%, with a net profit attributable to the parent company of 0.09 billion yuan, down 99.03% year-on-year. In Q3 2024, revenue was 1.796 billion yuan, a year-on-year decline of 2.2% and a quarter-on-quarter decline of 11.17%. The net profit for Q3 was 0.32 billion yuan, down 78.64% year-on-year but up 550.84% quarter-on-quarter, which met expectations [4][5]. Summary by Sections Financial Performance - The company's Q3 inverter business saw a slight quarter-on-quarter decline, with a significant year-on-year drop due to overseas inventory factors. However, gross margins improved significantly compared to Q2, with overseas revenue expected to account for over half, particularly in the Asia-Pacific and Latin American markets. The average price of energy storage inverters in Q3 is expected to be higher, with an increased share from commercial applications, maintaining good gross margins [4][5]. Market Outlook - Short-term demand appears subdued, primarily due to the lack of improvement in terminal demand in the European market. However, the long-term growth trend for household and energy storage inverters remains clear. Demand in Europe is expected to improve significantly in 2025 following inventory depletion and interest rate cuts. The company is also expected to achieve significant breakthroughs in non-European overseas markets, indicating potential for volume and profit elasticity [5]. Incentive Plans - The company announced a draft for a restricted stock incentive plan, proposing to grant 1.76 million shares, accounting for 0.7% of the total share capital, to 187 individuals. This stock incentive is seen as a means to consolidate the core team and demonstrate the company's commitment to long-term development [5]. Future Profit Projections - The company is projected to achieve a profit of 640 million yuan in 2025, corresponding to a price-to-earnings ratio of 20 times [5].