Core Insights - The forum held on May 20 in Jinan focused on energy transformation, highlighting the advancements in energy management systems and the integration of renewable energy sources [1][6]. Group 1: Technological Advancements - The ESA261kWh energy storage system introduced by the company features a power output of 125kW and a capacity of 261kWh, with a size 30% smaller than competitors, showcasing its role as the "nerve center" of energy management [6]. - The AI algorithms integrated into the system can predict photovoltaic output and load fluctuations 15 minutes in advance, enabling coordinated dispatch of multiple storage units [6]. - The company emphasizes that it is not merely selling hardware but building the infrastructure for an energy internet [6]. Group 2: Market Dynamics - The energy storage sector is transitioning from "price speculation" to "value reconstruction," with data indicating a more than 25% decline in storage profitability following optimized time-of-use pricing in Jiangsu and Hubei [8]. - The company’s "光储直柔" system has increased the green electricity self-sufficiency rate from 20% to 75% in a food processing plant, reducing electricity costs by 40% [8]. - The path for photovoltaic companies to transition to energy storage is becoming clearer, with a proposed "three-step" strategy focusing on technology integration, scenario innovation, and data-driven ecological collaboration [8]. Group 3: Collaborative Ecosystem - Collaborations with financial and technological partners are reshaping the energy ecosystem, combining technical expertise, capital, and practical applications [9]. - The integration of resources from city investment companies, financial institutions, and the company is driving the transformation of industrial enterprises towards energy storage solutions [9]. - The company's WE platform has reached its 1000th commercial user, indicating the formation of a new energy ecosystem where users act as both consumers and regulators of energy [9]. Group 4: Future Directions - The company emphasizes the importance of building adaptive capabilities in response to market fluctuations, which is reflected in the design of its commercial energy storage systems and virtual power plant pricing models [10]. - The underlying logic of energy transition involves both technological innovation and ecological collaboration, aiming for a system that enhances efficiency, optimizes costs, and improves ecological outcomes [10][11].

证券代码：688390 证券简称：固德威 公告编号：2025-016 固德威技术股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 20 日 （二） 股东大会召开的地点：固德威智慧能源大厦二楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 76 | | --- | --- | | 普通股股东人数 | 76 | | 2、出席会议的股东所持有的表决权数量 | 86,302,460 | | 普通股股东所持有表决权数量 | 86,302,460 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 35.5759 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 35.5759 | （四） 表决方式是否符合《公司法》及公司章程的规定，大 ...

北京市天元律师事务所 关于固德威技术股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 284 号 致：固德威技术股份有限公司 固德威技术股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称 "本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 5 月 20 日在固德威智慧能源大厦二楼会议室召开。北京市天元律师事务所（以下简 称"本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议，并根据《中 华人民共和国公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《固德威技术股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、 召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事 项出具本法律意见。 为出具本法律意见，本所律师审查了《固德威技术股份有限公司第三届董事会 第三十一次会议决议》、《固德威技术股份有限公司第三届监事会第二十四次会议 决议公告》、《固德威技术股份有限公司关于召开 2024 年年度股东大会的通知》 （以下简称" ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 6.738 billion yuan for 2024, a decrease of 8% year-on-year, with a net profit attributable to the parent company of -62 million yuan, down 107% year-on-year. In Q4 2024, the revenue was 1.794 billion yuan, an increase of 5% year-on-year, with a net profit of -70 million yuan. For Q1 2025, the revenue reached 1.882 billion yuan, a significant increase of 67% year-on-year, with a net profit of -28 million yuan [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 600,000 inverters, including 548,000 grid-connected units (up 3% year-on-year) and 51,000 storage units (down 67%). The battery pack sales were 217 MWh, down 36%, contributing 470 million yuan to revenue. The domestic sales of inverters were 293,000 units, while overseas sales were 307,000 units. European revenue accounted for 49% of total overseas revenue, followed by Oceania at 23%, Asia at 14%, and others at 14% [10]. Profitability - The gross margin for grid-connected inverters in 2024 was 19.8%, a decrease of 9.7 percentage points year-on-year, primarily due to intensified domestic competition and a decline in the European market share. The gross margin for storage inverters was 49.7%, down 6.1 percentage points but still at a high level. The gross margin for storage batteries improved to 31.8%, up 6.8 percentage points, benefiting from economies of scale and declining raw material prices. The gross margin for household systems was 14.1%, an increase of 1.2 percentage points year-on-year [10]. Future Outlook - The company is expected to see a significant improvement in grid-connected inverter sales in Q1 2025, with stable gross margins across products. However, due to the high proportion of domestic sales and a relatively small total revenue base, the operating expenses of 360 million yuan will not be diluted, leading to continued pressure on the company's performance. After experiencing a low point in 2024, the company's operational performance is showing signs of recovery in 2025, with a record high contract liability of 441 million yuan at the end of Q1. The outlook remains positive with expectations of continued recovery in overseas demand and further market expansion [10]. Financial Projections - For 2025, the company is projected to achieve a net profit attributable to the parent company of approximately 350 million yuan, corresponding to a price-to-earnings ratio of about 29 times [10].

Investment Rating - The report maintains a "Strong Buy" rating for the electric power equipment sector [8]. Core Insights - The global commercial and industrial (C&I) energy storage market is expected to see a growth rate exceeding 40% in 2025, with Europe leading the charge [2][3]. - The report highlights significant investment opportunities in leading C&I energy storage manufacturers such as DeYe Co., Airo Energy, GoodWe, Pylontech, and Shenghong Co. [7][58]. Summary by Sections Global Market Overview - In 2024, the global C&I energy storage capacity is projected to reach 4.4GW/10.9GWh, marking a year-on-year growth of 44.6%. By 2025, this is expected to increase to 6.1GW/15.26GWh, a 40% increase [2][14]. - Europe is anticipated to be the largest market for C&I energy storage in 2024, contributing approximately 2.6GWh, which accounts for about 24% of the global total [17][18]. European Market Dynamics - The European market is expected to add 3.6GWh of C&I energy storage in 2025, with a year-on-year growth rate exceeding 60%. Factors driving this growth include subsidies, tax incentives, and the promotion of dynamic pricing [3][23]. - The implementation of dynamic pricing is projected to enhance the internal rate of return (IRR) for C&I energy storage systems to over 15%, with payback periods reduced to 3-5 years [3][36]. U.S. Market Insights - The U.S. C&I energy storage market remains relatively small, with an expected addition of 370MWh in 2024, reflecting an 11% year-on-year growth. The NEM3.0 policy is anticipated to stimulate demand for self-consumption storage solutions [4][41]. - By 2028, the U.S. market is projected to reach 1.2GWh in new installations, driven by changes in net metering policies that favor self-consumption [41][43]. Asia, Africa, and Latin America - Frequent power outages and rising electricity prices in various Asian, African, and Latin American countries have increased the urgency for C&I energy storage solutions [5][44]. - Countries like South Africa and Nigeria are experiencing significant electricity price hikes, further driving the need for energy storage systems to ensure stable power supply [44][46]. Product Development and Market Trends - The report notes a proliferation of high-cost-performance C&I energy storage products, with major manufacturers launching competitive offerings tailored to different regional markets [6][50]. - The price of energy storage systems has significantly decreased, with competitive pricing strategies leading to increased market penetration [50][58]. Investment Recommendations - The report suggests focusing on leading C&I energy storage equipment suppliers, as the demand for energy storage solutions is expected to surge in the coming years [7][58].

Core Insights - The new energy storage industry, driven by the "dual carbon" strategy, is experiencing rapid growth, with the cumulative installed capacity of new energy storage projects in China expected to reach 73.76 million kilowatts by the end of 2024, representing a year-on-year increase of over 130% [1][13] - By 2030, the cumulative installed capacity of new energy storage in China is projected to exceed 220 GW, leading to a total industry output value of over 3 trillion yuan [1][15] - The energy storage converter and booster integrated cabin is expected to benefit significantly from this growth, with its market size projected to reach 200 billion yuan by 2030, maintaining a compound annual growth rate of over 30% [1][15] Industry Overview - The energy storage converter and booster integrated cabin is an integrated energy storage system solution that combines various components such as energy storage converters (PCS), booster transformers, battery management systems (BMS), and energy management systems (EMS) into a modular unit [1][2] - This system is designed for efficient energy conversion, intelligent management, and rapid deployment, making it suitable for various applications including power generation, grid connection, and user-side energy management [2][4] Competitive Landscape - The industry is characterized by a "leading head, multi-polar competition" structure, with top-tier companies like Sungrow and CATL leading the high-end market through comprehensive technology integration and global expansion [17][19] - Second-tier companies focus on differentiated competition in niche markets, while third-tier companies target customized solutions for commercial and industrial applications [17][19] Development Trends - The market is shifting from "scale expansion" to "value cultivation," with increasing differentiation in technology paths and market strategies among companies [22] - Key trends include accelerated technological innovation, continuous expansion of application scenarios, and the establishment of innovative market mechanisms and business models [22][23][25][26] - Leading companies are also accelerating their global expansion efforts, targeting markets in Southeast Asia, Africa, and Europe [27]

Core Viewpoint - The company, GoodWe, has experienced significant revenue growth since 2019 but faced a decline in 2024, with a notable loss in net profit attributed to high inventory levels in the European market and increased operational costs [1][2][3]. Group 1: Financial Performance - In 2019, GoodWe's revenue was less than 1 billion yuan, but by 2023, it had expanded to nearly 7.4 billion yuan, a growth of over 700% [1]. - For 2024, GoodWe reported a revenue of 6.738 billion yuan, a year-on-year decrease of 8.36%, and a net loss of 62 million yuan, a decline of 107.25% compared to the previous year [1][2]. - The company's European sales revenue dropped by 2.4 billion yuan in 2024, directly impacting overall performance [2][3]. Group 2: Market Dynamics - GoodWe's inverters are primarily targeted at residential and commercial sectors, with 91.45% of shipments being grid-tied inverters and 8.55% being storage inverters [2]. - The European market is crucial for GoodWe, contributing significantly to its revenue, with a sales revenue of 937 million yuan in 2024 and a gross margin of 42.13% [3]. - Despite the overall industry pressure, other inverter companies like Sungrow and Enphase have shown robust performance, contrasting with GoodWe's struggles [8]. Group 3: Strategic Outlook - The company plans to enhance R&D investment and technology innovation while expanding its domestic and international market presence to counteract adverse impacts [1][8]. - GoodWe's contract liabilities increased to 441 million yuan by the end of the first quarter, reflecting a 27.83% year-on-year growth, indicating ongoing demand despite current challenges [8].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

Core Viewpoint - Gotion High-Tech (688390) reported a significant increase in revenue for Q1 2025, with total operating income reaching 1.882 billion yuan, a year-on-year increase of 67.13%, while the net profit attributable to shareholders narrowed to -28.03 million yuan, reflecting a 2.75% improvement year-on-year [1] Financial Performance - Total operating revenue for Q1 2025 was 1.882 billion yuan, up 67.13% from 1.126 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders for Q1 2025 was -28.03 million yuan, compared to -28.82 million yuan in Q1 2024, showing a 2.75% improvement [1] - Gross margin decreased to 19.41%, down 29.33% year-on-year, while net margin improved to -0.57%, a 66.62% increase year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 221 million yuan, accounting for 11.72% of revenue, a decrease of 31.57% year-on-year [1] - Earnings per share remained at -0.12 yuan, with operating cash flow per share improving to -1.04 yuan, a 74.68% increase year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 1.112 billion yuan, a 22.58% rise from 907 million yuan [1] - Accounts receivable rose significantly to 1.117 billion yuan, up 75.19% from 637 million yuan [1] - Interest-bearing debt surged to 1.5 billion yuan, a substantial increase of 240.29% from 441 million yuan [1] - Net asset value per share decreased to 11.25 yuan, down 34.40% year-on-year from 17.15 yuan [1] Market Position and Investor Sentiment - The company has a low return on invested capital (ROIC) of 0.72%, indicating weak capital returns in recent years [1] - Analysts project a revenue of 324 million yuan for 2025, with an average earnings per share estimate of 1.33 yuan [2] - Several funds have increased their holdings in Gotion High-Tech, with HSBC Jintrust Low Carbon Pioneer Stock A being the largest holder, managing 3.853 billion yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.05 CNY [5]. Core Views - The company's profitability is under short-term pressure, but with the deepening of its global layout and accelerated inventory destocking of overseas inverters, the report is optimistic about the company's continued recovery in profitability. The heat pump business is expected to provide new growth momentum [3][4]. - In Q1 2025, the company demonstrated significant improvement in cost control capabilities, with sales, management, R&D, and financial expense ratios decreasing by 1.02, 0.16, 1.43, and 0.49 percentage points respectively. This led to a notable improvement in profitability, with gross margin and net margin increasing by 4.11 and 2.80 percentage points respectively [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 6.738 billion CNY, a year-on-year decrease of 8.36%. The net profit attributable to the parent company was -0.62 billion CNY, with a non-recurring net profit of -1.94 billion CNY, indicating a shift from profit to loss. In Q4 2024, the company reported operating revenue of 1.794 billion CNY, a year-on-year increase of 5.41% [1][4]. - For Q1 2025, the company achieved operating revenue of 1.882 billion CNY, a year-on-year increase of 67.13% and a quarter-on-quarter increase of 4.88%. The net profit attributable to the parent company was -0.28 billion CNY, with a non-recurring net profit of -0.63 billion CNY, showing a narrowing of losses [1][2]. Product and Market Development - The company's products are sold globally, with significant shipments in 2024, including 599,500 inverters, of which 548,300 were grid-connected inverters and 51,200 were storage inverters. The overseas shipment ratio was approximately 51.13% [2]. - The company has expanded its product offerings with the launch of the latest SDTG3 series photovoltaic inverters, increasing the power range to 40kW, and achieving a maximum efficiency of 98.7% [2]. Future Projections - The company is projected to achieve revenues of 8.602 billion CNY, 10.447 billion CNY, and 12.431 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 439 million CNY, 560 million CNY, and 716 million CNY [4][10]. - The report anticipates a significant recovery in profitability, with projected PE ratios of 23x, 18x, and 14x for the years 2025, 2026, and 2027 respectively [3][4].