Group 1 - The core viewpoint of the news is that the company, Aters (688472.SH), is currently experiencing a decline in stock price and is in a state of underperformance since its IPO [1] - Aters was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 9, 2023, with an initial offering price of 11.10 yuan per share [1] - The total market capitalization of Aters is reported to be 33.341 billion yuan, with a current stock price of 9.04 yuan, reflecting a decline of 3.32% [1] Group 2 - The company raised a total of 600.57529 million yuan before the full exercise of the over-allotment option, and 690.66123 million yuan after full exercise [2] - The net amount raised after deducting issuance costs was 572.78243 million yuan before the over-allotment option and 662.84546 million yuan after full exercise [2] - Aters' actual controllers are Xiaohua Qu and his spouse Han Bing Zhang, both of whom hold Canadian nationality [2]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company has experienced a decline in revenue and net profit for 2024, with revenue at 46.17 billion yuan, down 10.0% year-on-year, and net profit at 2.25 billion yuan, down 22.6% year-on-year [3]. - The energy storage business shows strong growth, with revenue reaching 9.74 billion yuan in 2024, up 420.8% year-on-year, and a gross margin of 30.8% [5]. - The photovoltaic module business saw a revenue decline to 31.48 billion yuan in 2024, down 25.6% year-on-year, with a gross margin of 12.8% [6]. Financial Performance - In Q1 2025, the company reported revenue of 8.59 billion yuan, down 10.5% year-on-year and 28.4% quarter-on-quarter, with a net profit of 47 million yuan, down 91.8% year-on-year and 83.8% quarter-on-quarter [3]. - The company expects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.61, 0.82, and 1.15 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16.5, 12.1, and 8.7 [7]. Market Position - The company maintains a leading position in module delivery, with a total shipment of 31.1 GW in 2024, including a record 8.2 GW in Q4 [6]. - The company is expanding its overseas production capacity, with 5 GW of module capacity in the U.S. expected to ramp up in the second half of 2025 [6]. Future Outlook - The company anticipates a significant increase in energy storage shipments, projecting a total of 11-13 GWh for 2025, supported by a backlog of potential orders of approximately 79 GWh [5]. - The report highlights the competitive nature of the solar industry and the uncertainties in international trade and policies [7].

Investment Rating - The report maintains a "Buy-A" rating for the company [3][7]. Core Views - The company reported a revenue of 461.7 billion yuan in 2024, a decrease of 10.0% year-on-year, with a net profit of 22.5 billion yuan, down 22.6% year-on-year [4]. - In Q1 2025, the company achieved a revenue of 85.9 billion yuan, a decline of 10.5% year-on-year and 28.4% quarter-on-quarter, with a net profit of 0.47 billion yuan, down 91.8% year-on-year and 83.8% quarter-on-quarter [4]. - The energy storage business showed strong growth, with a revenue of 97.4 billion yuan in 2024, up 420.8% year-on-year, and a gross margin of 30.8%, an increase of 13.7 percentage points [5]. - The company expects its energy storage business shipment scale to increase to 11-13 GWh in 2025, maintaining high growth [5]. - The photovoltaic module business generated a revenue of 314.8 billion yuan in 2024, down 25.6% year-on-year, with a gross margin of 12.8%, a decrease of 3.0 percentage points [6]. - The company is steadily advancing its overseas production capacity, with 5 GW of module capacity in the U.S. expected to ramp up in the second half of 2025 [6]. Financial Data Summary - The company’s projected EPS for 2025-2027 is 0.61, 0.82, and 1.15 respectively, with corresponding PE ratios of 16.5, 12.1, and 8.7 [7]. - The revenue forecast for 2025 is 51.6 billion yuan, with a net profit of 2.2 billion yuan, reflecting a slight decrease of 0.5% year-on-year [11]. - The gross margin is expected to be 13.8% in 2025, with a net margin of 4.3% [11]. - The company’s total assets are projected to reach 73.6 billion yuan by 2025, with total liabilities of 48.4 billion yuan [12].

证券代码：688472 证券简称：阿特斯 阿特斯阳光电力集团股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 目录 | 阿特斯阳光电力集团股份有限公司 | | 2024 年年度股东大会会议议程 | 3 | | --- | --- | --- | --- | | 阿特斯阳光电力集团股份有限公司 | | 2024 年年度股东大会会议须知 | 4 | | 议案一：关于《公司 2024 | | 年度董事会工作报告》的议案 | 6 | | 附件：2024 年度董事会工作报告 | | 7 | | | 议案二：17 2024 | 关于《公司 | 年度监事会工作报告》的议案 | 17 | | 附件：2024 年度监事会工作报告 | | 18 | | | 议案三：关于《公司 2024 | | 年度财务决算报告》的议案 | 20 | | 附件：公司 年度财务决算报告 | 2024 | | 21 | | 议案四：关于《公司 2024 | | 年度报告及其摘要》的议案 | 23 | | 议案五：关于 年度利润分配方案的议案 | 2024 | | 24 | | 议案六：关于公司 | 2025 | 年度非独立董事、高级管理 ...

电力设备及新能源 行业周报（20250512-20250518） 同步大市-A(维持) 电力设备及新能源行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】智元发布 AI 智能助行外 骨 骼机 器人 ， 光伏 产 业链 价格 下 行 2025.5.7 华为与优必选正式签署全面合作协议： 5 月 12 日，华为与优必选正式 签署全面合作协议。双方将围绕具身智能和人形机器人领域，在产品技术研 发、场景应用及产业体系等开展创新合作。据介绍，通过发挥华为昇腾、鲲 鹏、华为云及大模型等技术创新能力和华为在研发、生产供应等经验，结合 优必选全栈式人形机器人技术优势，双方将 ...

一季度，阿特斯营收占CSIQ的比例超过90%（未经审计），是其主要生产经营主体。因此虽然公告披 露的是控股股东经营情况，但其实也是衡量阿特斯业绩的重要参考信息。 凭借储能系统产品维持增长，CSIQ预计二季度实现营收至少为136.4亿元，环比增长超六成，毛利率预 计由11.7%环比增长至23%~25%，主要因储能系统产品出货延续高增态势，成为组件跌价与需求下滑之 际的业绩第二增长点。 近日，光伏龙头阿特斯（688472.SZ）发布了控股股东阿特斯集团Canadian Solar Inc.（下称"CSIQ"） 2025年第一季度业绩以及第二季度、2025年度经营展望的公告。 CSIQ披露的全年光伏制造环节产能计划显示，预计拉棒、硅片、电池片和组件的二季度到四季度合计 增长约4%，其中拉棒和组件产能没有扩产，可见在行业供需依然严峻的背景下，光伏制造商正大幅放 缓投建产能的落地速度。 预计二季度收入环比增六成，全年组件出货或同比微降 CSIQ的生产经营主体是阿特斯，根据公告，CSIQ一季度的营业收入为12亿美元（折合人民币86.2亿 元）。而根据财报，一季度阿特斯实现营收85.85亿元，两者相差不到0.4亿元。对比可 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The reduction of tariffs between China and the US is expected to benefit new energy exports, with optimistic growth in photovoltaic demand from the US and emerging economies [1]. - The report emphasizes the importance of cost reduction and efficiency improvement in photovoltaic manufacturing, focusing on the optimization of leading companies in silicon materials and battery cells [1]. - The wind power sector is anticipated to see steady progress in domestic and overseas demand, with a positive outlook for profitability recovery in the complete machine and component segments by 2025 [1]. - The government’s push for smart connected new energy vehicles is expected to sustain high sales growth throughout the year, driving demand for batteries and materials [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment [1]. - Continuous promotion of hydrogen energy development is noted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.39% this week, outperforming the Shanghai Composite Index, which increased by 0.76% [10]. - The photovoltaic sector saw a significant increase of 2.96%, while the wind power sector experienced a decline of 0.58% [13]. Key Industry Information - In April 2025, China's new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, accounting for 47.3% of total new car sales [24]. - The battery alliance reported a total of 54.1 GWh of power batteries installed in April, with a month-on-month decrease of 4.3% [24]. - The US-China trade talks resulted in a significant reduction in bilateral tariffs, which is expected to positively impact exports in photovoltaic, lithium battery, and energy storage sectors [24]. Company Developments - CATL has set the final price for its H-share issuance at HKD 263 per share, with plans for listing on May 20, 2025 [27]. - Canadian Solar has adjusted its 2025 component shipment target to 25-30 GW, down from the previous estimate of 30-35 GW [27]. - Several companies, including Sanyuan Electric and Igor, are engaging in stock repurchase plans and other strategic financial maneuvers [27].

Core Viewpoint - The announcement from Canadian Solar (688472.SH) indicates a significant revenue increase driven primarily by its energy storage business rather than its photovoltaic (PV) segment, suggesting a cautious outlook for the PV industry overall [2][5][6]. Group 1: Company Performance - Canadian Solar's parent company reported a Q1 2025 revenue of $1.2 billion (approximately ¥8.62 billion) with a gross margin of 11.7% [5]. - The company anticipates Q2 2025 revenue between $1.9 billion and $2.1 billion (approximately ¥13.64 billion to ¥15.08 billion) with a projected gross margin of 23% to 25% [5]. - The expected revenue growth of 60% and a doubling of gross margin are primarily attributed to the energy storage business, which has a higher gross margin compared to the PV business [2][6]. Group 2: Industry Outlook - The overall PV industry remains cautious, with stakeholders indicating only a slight improvement in the market environment [3][7]. - Despite a minor increase in PV module shipments, the industry has not experienced a transformative change, with Q1 shipments at 6.9 GW and Q2 expected to be between 7.5 GW and 8.0 GW [5][6]. - Industry experts express uncertainty regarding the timing of a market turning point, citing challenges such as fluctuating demand and complex regulatory environments in key markets like the U.S. [7][8].

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

Core Insights - The company reported a 9.8% year-over-year decline in revenue for Q1 2025, totaling $1.2 billion, which was $100 million above market expectations. However, the non-GAAP EPS loss of $1.07 fell short of market forecasts [1] - Following the earnings announcement, the company's stock price increased by 4.35% in pre-market trading [1] Revenue and Shipment Performance - For Q1 2025, the company experienced a 21.3% quarter-over-quarter and 9.8% year-over-year decline in revenue, primarily due to decreased sales of battery storage systems and solar modules [1] - The total shipment of components recognized as revenue was 6.9 GW, reflecting a 16.0% quarter-over-quarter decline but a 9.4% year-over-year increase, exceeding expectations [1] - Of the total shipments, 413 MW were delivered to the company's own utility-scale solar projects [1] Future Guidance - The company anticipates total revenue for Q2 2025 to be between $1.9 billion and $2.1 billion, surpassing the market expectation of $1.76 billion. The gross margin is expected to range from 23% to 25% [1] - The total shipment of components recognized as revenue for Q2 2025 is projected to be between 7.5 GW and 8.0 GW, including approximately 500 MW for the company's own projects [1] - The company expects total battery storage shipments for Q2 2025 to be between 2.4 GWh and 2.6 GWh [1] Annual Projections - For the full year of 2025, the company forecasts total revenue between $6.1 billion and $7.1 billion, compared to market expectations of $7.04 billion [2] - The total component shipment for CSI Solar is expected to be between 25 GW and 30 GW, including about 1 GW for the company's projects [2] - The company projects total battery storage shipments for the year to be between 7 GWh and 9 GWh, including approximately 1 GWh for its own projects [2]