资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：电力设备 | 公司点评报告 发布时间：2025-09-09 股票投资评级 | 最新收盘价（元） | 23.80 | | --- | --- | | 总股本/流通股本（亿股）11.32 | / 11.32 | | 总市值/流通市值（亿元）269 | / 269 | | 周内最高/最低价 52 | 23.80 / 12.13 | | 资产负债率(%) | 65.3% | | 市盈率 | 62.63 | | 第一大股东 | 珠海普瑞达投资有限公 | | 司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 珠海冠宇(688772) 技术驱动业绩增长，战略聚焦打开成长空间 l 事件 公司发布 2025 年半年度报告：2025H1 公司实现营收 60.98 亿 元，同比+14.03%；归母净利润 1.17 亿元，同比+14.77%。2025Q2 实现营收 35.99 亿元，同比+28.62%；归母净利润 1.41 亿元，同 比+53.09%。 l 投资要点 营收利润稳健增长，研发投 ...

每经AI快讯，9月8日，珠海冠宇(688772.SH)在投资者关系活动记录表中称，公司半固态电池已开始量 产出货，并陆续获得更多客户认可。同时，公司正积极与客户对接全固态电池的研发，以推动其未来量 产与商业化应用。在储能领域，公司精选优质客户和项目，把握高质量户储电池业务和国内大储系统业 务机会。公司储能业务在2025年上半年触底回升，订单同环比皆有所改善。 ...

2025.09.08 本文字数：670，阅读时长大约1分钟 作者 |一财阿驴 09:32创业板指跌幅扩大至1%，上证指数跌0.08%，深证成指跌0.05%。 09:28 固态电池概念股延续强势 丰元股份、红星发展2连板，誉辰智能、金银河涨超10%，天赐材料、华盛锂电、珠海冠宇等多股高 开。 09:26 A股开盘丨三大指数涨跌不一 沪指低开0.02%，深成指高开0.33%，创业板指高开0.21%，贵金属板块领涨，固态电池、光伏板块延续 涨势；旅游及酒店、零售、足球概念走低。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | NEW | 3811.67 c | -0.85 | -0.02% | | 399001 | 深证成指 | く | 12631.98c | 41.42 | 0.33% | | 399006 | 创业板指 | 5 | 2964.43c | 6.25 | 0.21% | | 板块名称 | 米幅 | 涨速 | | --- | --- | --- | | 贵金属 | +2. ...

珠海冠宇 20260906 摘要 珠海冠宇通过技术创新，如硅碳负极和钢壳电池，显著提升单机价值量， 预计 2026 年收入将达 170 亿元人民币，研发投入的增加将转化为收入 规模的提升。 公司业务结构转型，手机电池订单量快速增长，尤其是在北美市场，并 打破国内安卓系机型垄断，提升市场份额。浙江公司聚焦汽艇无人机和 小型储能领域，上半年收入达 10 亿，实现快速增长。 珠海冠宇在固态电池领域取得进展，通过高比例配套固态电解质，解决 了低温性能问题，提高了产品整体价值量，为未来市场空间拓展奠定基 础。 浙江公司扭亏为盈，聚焦汽艇无人机及小型储能领域，上半年实现 10 亿收入，汽艇业务同比增长超过一倍，无人机出货量同比增长超过 200%，为公司业绩增长提供支持。 消费电池领域技术创新加速，例如 15,000 毫安时电池和采用 100%硅 负极及固态电解质的样品机，解决了手机电池使用瓶颈问题，提升消费 者购买意愿。 Q&A 珠海冠宇近期在技术突破和市场空间方面有哪些进展？ 珠海冠宇近年来在技术突破方面取得了显著成就，尤其是在消费电池领域。过 去三年，公司在手机电池的技术迭代上取得了重要进展，例如从传统的软包工 艺转 ...

Group 1 - Hema Neighbors will cease operations on October 4, 2023, with a focus shifting to Hema "Fresh + NB" business model, planning to open nearly 100 new stores within the fiscal year, increasing total stores to over 500 [2] - Pop Mart has intercepted nearly 10 million counterfeit goods this year, with 1.83 million items intercepted by customs in China from January to mid-August, involving 237 batches destined for 61 countries [3] - Shenzhen government has optimized real estate policies, allowing residents to purchase unlimited properties in multiple districts and adjusting personal housing loan policies, effective from September 6, 2025 [4][5] Group 2 - China State Construction announced the acquisition of a 50.5% stake in a Shanghai real estate project for approximately 73.41 billion yuan, enhancing its market influence in Shanghai [6] - Muyuan Foods reported a 12.3% year-on-year decline in sales revenue from live pigs in August, totaling 11.85 billion yuan, with a sales volume of 7.001 million pigs [7] - Zhuhai Guanyu has begun mass production of semi-solid batteries and is actively engaging in solid-state battery development, gaining recognition from multiple clients [8] - Tencent has reduced its stake in China International Capital Corporation (CICC) to 6.96% after selling approximately 4.1 million H-shares [9] - Kweichow Moutai's controlling shareholder has secured a loan of up to 2.7 billion yuan to increase its stake in the company, with plans to buy back shares worth between 3 billion and 3.3 billion yuan [10] - The film "Wang Wang Mountain Little Monster" has surpassed 1.5 billion yuan in box office revenue as of September 5 [11] - Tianjin has adjusted its vehicle scrapping and renewal subsidy policy, allocating a monthly budget of 20 million yuan until the end of the year [13] - China Uranium Industry has successfully passed the IPO review for its main board listing [14]

工商业储能又一大项目并网！ 日前，由中车株洲所提供全套技术方案并参与建设的广东阳江翌川金属用户侧储能电站，在广东阳江金属产业园区实现125MW/250MWh全容量并网运行。 该项目作为广东省内首批落地的大型用户侧储能示范工程，也是全国冶炼行业单体规模最大的用户侧储能项目之一。 项目成功落地，不仅为冶炼等高耗能企业探索出绿色用能新路径，也全面展现了中车株洲所再储能领域的系统集成能力和工程落地能力，为"源网荷储协 同"发展提供可借鉴、可复制、可推广的样板。 ▋ 年能耗支出优化16.74%！节约电费超5800万 据了解，该储能项目 计划建设周期为6个月。 全站共配置了25个5MW/10MWh储能单元。 值得注意的是，该电站 搭载中车新一代EMS平台，具备日前、日内到实时的多时间尺度优化调度能力，可深度支持源网荷储协同运行。平台内嵌自研电力交 易与优化算法，在保障系统安全的前提下，实现运行收益的动态优化。 平台基于微服务架构构建，具备高并发处理能力与灵活扩展、易维护特性，支持多场站统一接入与聚合管理，提供秒级实时监测、智能能量调度、可视化运 维告警与精细化权限管理等全链路功能。 通过对BMS、PCS等多源数据深度融合 ...

Group 1 - The company has commenced mass production and shipment of its semi-solid-state batteries, receiving increasing recognition from customers [2] - The company is actively advancing research on solid-state batteries, with samples demonstrating good safety performance and cycle life, and has established a fully inert gas-protected experimental line for solid-state lithium batteries [2] - The company is engaging with clients for the development of solid-state batteries to promote future mass production and commercialization [2] Group 2 - In the humanoid robot sector, the company is involved in multiple projects and has provided samples to several leading manufacturers, with some already having deep cooperation in low-voltage lithium batteries for automotive applications [2] - The soft-pack battery, recognized for its advantages in energy density, discharge rate, and safety, is considered an important technical route for lithium batteries used in robotics [2] Group 3 - In the first half of the year, the company achieved operating revenue of 6.098 billion yuan, a year-on-year increase of 14.03% [2] - The net profit attributable to the parent company reached 117 million yuan, reflecting a year-on-year growth of 14.77% [2] - The net profit after deducting non-recurring gains and losses was 45.11 million yuan, showing a significant year-on-year increase of 73.55% [2]

格隆汇9月5日丨珠海冠宇(688772.SH)公布，目前，公司半固态电池已开始量产出货，并陆续获得更多 客户认可。与此同时，公司正积极与客户对接全固态电池的研发，以推动其未来量产与商业化应用。在 人形机器人领域，公司积极参与多个项目和方案的技术对接，并且已陆续给多家头部厂商送样，部分厂 商在汽车低压锂电池方面和公司已有深度合作。软包电池凭借能量密度、放电倍率、安全性等方面的优 势获得多家厂商的认可，是机器人用锂电池的重要技术路线之一。 ...

每经AI快讯，9月5日，珠海冠宇(688772.SH)发布投资者关系活动记录表公告称，目前，公司半固态电 池已开始量产出货，并陆续获得更多客户认可。与此同时，公司正积极与客户对接全固态电池的研发， 以推动其未来量产与商业化应用。在人形机器人领域，公司积极参与多个项目和方案的技术对接，并且 已陆续给多家头部厂商送样，部分厂商在汽车低压锂电池方面和公司已有深度合作。软包电池凭借能量 密度、放电倍率、安全性等方面的优势获得多家厂商的认可，是机器人用锂电池的重要技术路线之一。 ...

Group 1 - The Shanghai Composite Index surged past 3800 points, with low-altitude economy and military aviation sectors showing strong performance, particularly Aerospace Hongtu which rose by 16% [1] - Companies such as Nanfang Technology and Yingliu Co. saw increases of over 9%, while Zhuhai Guanyu rose by over 8% [1] - The General Aviation ETF Huabao (159231) experienced a 2.44% increase, potentially ending a four-day decline [1] Group 2 - The low-altitude economy is gaining traction, with significant capital inflow into general aviation, totaling 52.16 million yuan over the last 10 trading days for the ETF [2] - A recent conference highlighted the establishment of a low-altitude industry technology finance base in the Yangtze River Delta, aimed at enhancing regional resource collaboration [2] - The Civil Aviation Administration of China predicts that the market size of the low-altitude economy will reach 1.5 trillion yuan by 2025, growing to 2 trillion yuan by 2030 and 3.5 trillion yuan by 2035, indicating a significant industry opportunity [3] Group 3 - The General Aviation ETF Huabao (159231) and its associated funds cover 50 constituent stocks, with over 46% being state-owned enterprises and over 20% from the top ten military industrial groups, focusing on key areas like low-altitude economy and commercial aerospace [3] - The ETF is positioned as a strategic tool for investing in China's aviation industry, benefiting from both domestic demand and military trade [3]