证券研究报告·公司点评报告·光伏设备 艾罗能源（688717） 2025 年三季报点评：汇兑影响致 25Q3 业绩 不及预期，26 年有望保持高增 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,473 | 3,073 | 4,101 | 5,391 | 6,896 | | 同比（%） | (3.01) | (31.30) | 33.46 | 31.47 | 27.90 | | 归母净利润（百万元） | 1,064.62 | 203.60 | 223.51 | 406.34 | 630.17 | | 同比（%） | (6.12) | (80.88) | 9.78 | 81.80 | 55.08 | | EPS-最新摊薄（元/股） | 6.65 | 1.27 | 1.40 | 2.54 | 3.94 | | P/E（现价&最新摊薄） | 11.19 | 58.51 | 53.29 | 29.32 | 18.90 ...

浙江证监局表示，艾罗能源董事长兼总经理李新富、董事会秘书盛建富、财务总监闫强未能勤勉尽责， 敦促上市公司规范使用募集资金并履行信息披露义务，决定对公司、李新富、盛建富、闫强分别采取出 具警示函的监督管理措施，并记入证券期货市场诚信档案。 二是变更项目实施地点披露不及时。"光储智慧能源研发中心建设项目"在招股说明书中披露项目建设地 点为浙江省杭州市富阳区银湖科技城。2025年7月1日，公司《关于变更部分募投项目实施内容实施主体 实施地点及募投项目延期暨向全资子公司增资并新设募集资金专户的公告》显示项目实施地点由杭州市 富阳区银湖科技城变更为杭州市西湖区紫金港。检查发现，该募投项目从开始实施即在杭州市西湖区， 公司未及时披露变更情况。 三是未披露募集资金账户被诉前保全情况。2024年9月公司农行募集账户被诉前保全冻结332万元，2024 年10月解除。公司未披露相关情况。 北京商报讯（记者 马换换 王蔓蕾）10月31日晚间，艾罗能源（688717）披露公告称，公司于近日收到 浙江证监局下发的《关于对浙江艾罗网络能源技术股份有限公司及相关人员采取出具警示函措施的决 定》。 经查，艾罗能源募集资金管理中存在违规问题。 ...

Core Viewpoint - Airo Energy (stock code: 688717) received a warning letter from the China Securities Regulatory Commission's Zhejiang Regulatory Bureau due to three violations in fundraising management, including inaccurate disclosure of project progress, untimely disclosure of changes in project implementation locations, and failure to disclose pre-litigation preservation of fundraising accounts [2] Company Overview - Airo Energy was established on March 2, 2012, with a registered capital of 160 million RMB. The legal representative is Li Xinf, and the registered address is in Tonglu County, Hangzhou, Zhejiang Province [2] - The company specializes in photovoltaic energy storage systems and products, providing photovoltaic storage inverters, storage batteries, and grid-connected inverters to overseas customers [2][3] - The current chairman is Li Xinf, with a total of 3,006 employees. The actual controllers are Li Xinf and Li Guomei [3] Financial Performance - The company's operating revenues for 2022, 2023, the first three quarters of 2024, and 2025 were 4.612 billion RMB, 4.473 billion RMB, 3.073 billion RMB, and 3.028 billion RMB, showing year-on-year growth rates of 453.86%, -3.01%, -31.30%, and 25.80% respectively [4] - The net profit attributable to the parent company for the same periods was 1.134 billion RMB, 1.065 billion RMB, 204 million RMB, and 150 million RMB, with year-on-year growth rates of 1703.61%, -6.12%, -80.88%, and -6.32% respectively [4] - The asset-liability ratios for the same periods were 60.27%, 18.95%, 28.31%, and 37.77% [4] Risk Information - The company has four internal risk alerts, 61 surrounding risk alerts, five historical risk alerts, and 177 warning risk alerts according to Tianyancha information [4]

浙江艾罗网络能源技术股份有限公司、李新富、盛建富、闫强: 证券代码：688717 证券简称：艾罗能源 公告编号：2025-047 浙江艾罗网络能源技术股份有限公司 关于收到浙江证监局警示函的公告 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、准确性和完整性依法承担法律责任。 浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"或"公司"） 于近日收到中国证券监督管理委员会浙江监管局下发的《关于对浙江艾罗网络能 源技术股份有限公司及相关人员采取出具警示函措施的决定》（〔2025〕234 号）， 现将具体内容公告如下： 一、《警示函》主要内容 经查，浙江艾罗网络能源技术股份有限公司(以下简称公司)募集资金管理中 存在以下违规问题: 一是部分募投项目进展披露不准确。"储能电池及逆变器扩产项目"实际于 2023 年 12 月投入使用并产生收益，但公司 2024 年半年报、2024 年年报等信披 文件中均披露该项目达到预定可使用状态日期为 2022 年 6 月。 二是变更项目实施地点披露不及时。"光储智慧能源研发中心建设项目"在 招股说明书中披露项目建设地点为浙 ...

证券代码：688717 证券简称：艾罗能源 公告编号：2025-048 浙江艾罗网络能源技术股份有限公司 关于全资子公司开立募集资金专项账户 并签署四方监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2023]1094 号《关于同意浙江艾罗网 络能源技术股份有限公司首次公开发行股票注册的批复》同意注册，浙江艾罗 网络能源技术股份有限公司（以下简称"公司"或者"艾罗能源"）于 2023 年 12 月向社会公开发行人民币普通股（A 股）4,000 万股，每股发行价为 55.66 元， 应募集资金总额为人民币 2,226,400,000.00 元，扣除不含增值税券商承销费用 和 保 荐 费 用 合 计 206,624,800.00 元 ， 公 司 实 际 收 到 募 集 资 金 2,019,775,200.00 元。另减除其他不含增值税发行费用 31,700,658.00 元（包 括审计费 15,925,700.00 元、律师费 9,551,400.00 元以及 ...

Core Viewpoint - Airo Energy (688717.SH) has received a warning letter from the China Securities Regulatory Commission's Zhejiang Regulatory Bureau regarding violations in the management of raised funds [1] Summary by Relevant Categories Fund Management Violations - The company has been found to have inaccuracies in the disclosure of the progress of certain fundraising projects [1] - There was a failure to timely disclose changes in the implementation locations of projects [1] - The company did not disclose the pre-litigation preservation situation of the raised funds account [1]

Core Viewpoint - Airo Energy (688717.SH) has received a warning letter from the China Securities Regulatory Commission regarding violations in fundraising management [1] Group 1: Violations Identified - The company disclosed inaccuracies in the progress of certain fundraising projects [1] - There was a delay in disclosing changes to project implementation locations [1] - The company failed to disclose the pre-litigation preservation situation of the fundraising account [1]

Core Viewpoint - Airo Energy has received a warning letter from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission due to violations in fundraising management [1] Group 1: Regulatory Issues - The company was found to have inaccuracies in the disclosure of the progress of certain fundraising projects [1] - There were delays in disclosing changes to the implementation locations of projects [1] - The company failed to disclose the situation regarding the pre-litigation preservation of fundraising accounts [1] Group 2: Company Response - The company and responsible individuals will take the matter seriously, reflect deeply, and implement strict rectifications [1] - There is a commitment to enhance operational standards and improve the quality of information disclosure [1]

Performance Review - Company reported 1-3Q25 performance: revenue of 3.028 billion yuan, a year-on-year increase of 25.8%; net profit attributable to shareholders of 150 million yuan, a year-on-year decrease of 6.3% [1] - In 3Q25, revenue reached 1.221 billion yuan, a year-on-year increase of 48.3% and a quarter-on-quarter increase of 21.1%; net profit attributable to shareholders was 9 million yuan, a year-on-year decrease of 85.1% and a quarter-on-quarter decrease of 91.1%, indicating a decline in profitability and performance below expectations [1] Development Trends - Demand for household storage continues to grow, with rapid growth in Australia; since 2Q25, driven by terminal demand, company’s European market shipments have gradually increased quarter-on-quarter [2] - The Australian market introduced high subsidies in July 2025, with excellent economics for household storage (payback period of 5-6 years), leading to expectations of rapid market demand growth; company’s long-term layout in Australia is expected to benefit from high growth demand [2] - Company is focusing on industrial and commercial storage, opening a second growth curve; the European industrial and commercial storage market is expected to accelerate development post-2025 due to enhanced economics from increased subsidies and dynamic pricing [2] - Company launched an industrial and commercial storage system in 2024, offering storage capacities from 100 kWh to 261 kWh; expected industrial and commercial storage revenue in 2025 is projected to reach 700 million yuan, which may become the company’s second growth curve [2] - Gross margin decreased quarter-on-quarter to 30.5%, down 6.0 percentage points, primarily due to increased sales from low-margin regions; net profit margin in 3Q25 was 0.7%, down 8.8 percentage points quarter-on-quarter [2] Profit Forecast and Valuation - Due to the decline in profitability, company has lowered net profit expectations for 2025 and 2026 by 35% and 32% to 260 million yuan and 440 million yuan, respectively [3] - Current stock price corresponds to a price-to-earnings ratio of 43.2 times for 2025 and 25.8 times for 2026; maintaining an outperform rating with a target price of 80.0 yuan, corresponding to 48.5 times 2025 P/E and 29.0 times 2026 P/E, indicating a potential upside of 12.5% from the current stock price [3]

Core Viewpoint - Airo Energy, a leading domestic supplier of photovoltaic energy storage inverters, is set to be listed on the Shanghai Stock Exchange in January 2024, showcasing its strong market position and technological advantages in the industry [1]. Group 1: Company Overview - Airo Energy was established on March 2, 2012, and is headquartered in Hangzhou, Zhejiang Province [1]. - The company primarily serves overseas customers with photovoltaic energy storage inverters, storage batteries, and grid-connected inverters, focusing on distributed photovoltaic storage and grid-connected applications [1]. - It operates within the power equipment sector, specifically in photovoltaic equipment and inverters, and is associated with several concept sectors including mid-cap, photovoltaic glass, charging piles, nuclear fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - For Q3 2025, Airo Energy reported a revenue of 3.028 billion yuan, ranking 6th among 9 companies in the industry, with the top company, Sungrow Power, generating 66.402 billion yuan [2]. - The company's net profit for the same period was 150 million yuan, placing it 5th in the industry, while the leading company reported a net profit of 11.954 billion yuan [2]. - The main business segments include household energy storage systems (1.092 billion yuan, 60.42%), grid-connected inverters (375 million yuan, 20.74%), and commercial energy storage systems (246 million yuan, 13.63%) [2]. Group 3: Financial Ratios - Airo Energy's debt-to-asset ratio as of Q3 2025 was 37.77%, an increase from 30.65% year-on-year, but still below the industry average of 47.62% [3]. - The gross profit margin for Q3 2025 was 32.32%, down from 37.26% year-on-year, yet higher than the industry average of 30.29% [3]. Group 4: Management and Shareholder Information - The chairman and general manager, Li Xinf, received a salary of 1.8001 million yuan in 2024, a decrease of 100,200 yuan from 2023 [4]. - As of September 30, 2025, the number of A-shares shareholders increased by 36.02% to 10,600 [5]. - The average number of circulating A-shares held per shareholder decreased by 25.94% to 9,190.12 [5]. Group 5: Market Outlook - Longjiang Securities forecasts that Airo Energy will achieve net profits of 450 million and 670 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 30 and 20 times [5]. - The company is expected to benefit significantly from supportive policies in multiple countries and strong growth in its commercial storage segment [5].