Core Viewpoint - Midea Group's energy sector focuses on providing low-carbon, efficient, and intelligent energy solutions across the entire energy chain, with Kelu Electronics as a key player benefiting from Midea's resources and capabilities [1] Group 1: Company Performance and Projections - Kelu Electronics forecasts revenue between 6 billion to 6.5 billion yuan for 2025, driven by a significant increase in energy storage project deliveries [1] - The company aims to deepen its energy storage business and expand its customer base, focusing on strategic partnerships with state-owned enterprises in the domestic market and establishing localized teams in overseas markets [1] Group 2: Production and Capacity Expansion - Kelu Electronics' new generation containerized energy storage system, AquaC2.5, is set for large-scale delivery in 2025, marking its first commercial application [2] - The company has an annual production capacity of 10 GWh at its Yichun energy storage base and is constructing a new facility in Indonesia with an initial planned capacity of 3 GWh, expected to be operational by 2026 [2] Group 3: Financial Metrics and Challenges - The gross margin for Kelu Electronics' energy storage business is expected to decline in 2025 due to increased market competition and fluctuations in raw material prices, particularly affecting the domestic projects in the fourth quarter [2] - The overall gross margin for the company has decreased compared to the previous year, attributed to the rising proportion of energy storage business in total revenue [2] Group 4: Research and Development Efforts - Kelu Electronics has increased its R&D investment, with expenses reaching 279 million yuan in the first three quarters of 2025, a year-on-year increase of 7.51% [3] - The company has developed core control units for energy storage systems in-house, showcasing its technical expertise and project experience in the energy storage sector [3] Group 5: Strategic Partnerships and Supply Chain Optimization - By leveraging Midea Group's global supply chain resources and channel management, Kelu Electronics has optimized procurement costs and shortened product delivery cycles [3] - The company has implemented a dual-brand strategy for its industrial storage products, enhancing its service capabilities through Midea's support in manufacturing, R&D, and channel management [3]

Core Viewpoint - Company Kelu Electronics expects a revenue of 6.0 billion to 6.5 billion yuan for the year 2025, with a projected net loss of 115 million to 170 million yuan [1] Group 1: Company Performance - Kelu Electronics is focusing on the energy storage sector, anticipating a significant increase in project delivery volume in 2025, which will drive revenue growth [1] - The company is enhancing its core competitiveness in the energy storage industry amid a rapidly expanding market demand [1] Group 2: Industry Context - The global energy structure is undergoing a transformation, with energy storage being a key support for new power systems, indicating a broad long-term development potential for the industry [1] - The company is strategically positioning itself in the energy storage market, capitalizing on industry opportunities [2] Group 3: Market Strategy - Kelu Electronics is building a dual-market strategy, focusing on core strategic customers domestically and pursuing differentiated development paths internationally [2] - The company has successfully expanded into new markets such as Greece, Czech Republic, and Poland, enhancing its market influence and brand competitiveness [2]

在储能行业高速发展、市场需求持续扩容的背景下，公司紧抓行业战略机遇，持续深化储能业务布局， 本报告期内储能项目交付量显著提升，带动公司营业收入同比增长。 受市场竞争加剧、原材料价格波动等多重因素影响，公司储能业务毛利率较上年同期有所下降，其中， 第四季度确认收入的国内储能项目毛利率相对较低，进一步影响了该业务的整体毛利率水平。同时，由 于储能业务在公司整体营业收入中的占比较上年同期显著提升，导致公司综合毛利率较上年同期有所下 降。 格隆汇1月30日丨科陆电子(002121.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损1.15亿元—1.70亿元，上年同期亏损4.64亿元；扣除非经常性损益后的净利润为亏损1.25亿元— 1.80亿元，上年同期亏损4.77亿元。 ...

每经AI快讯，科陆电子1月30日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损1.15 亿元~1.7亿元。上年同期归属于上市公司股东的净利润亏损约4.64亿元。 （记者 张明双） 每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 ...

证券代码：002121 证券简称：科陆电子 公告编号：2026008 深圳市科陆电子科技股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日—2025 年 12 月 31 日 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 利润总额 | 盈利：8,500.00 万元–12,500.00 万元 | 亏损：45,567.95 万元 | | | 比上年同期增长：118.65% –127.43% | | | 净利润 | 亏损：13,000.00 万元–8,000.00 万元 | 亏损：49,128.31 万元 | | | 比上年同期增长：73.54% –83.72% | | | 归属于上市公司 | 亏损：17,000.00 万元–11,500.00 万元 | 万元 亏损：46,390.27 | | 股东的净利润 | 比上年同期增长：63.35% –75.21% | | | 扣除非经常性损 | 万元 亏损：18,000.00 万元 ...

Core Viewpoint - The company, Kelu Electronics, anticipates a net profit loss of 170 million to 115 million yuan for the fiscal year 2025, an improvement from a loss of 464 million yuan in the same period last year [1] Group 1: Financial Performance - The expected net profit loss for 2025 is significantly lower than the previous year's loss, indicating a potential recovery trend [1] - The company's overall gross margin has decreased compared to the same period last year due to increased competition and fluctuations in raw material prices [1] Group 2: Business Segment Analysis - The gross margin of the energy storage business has declined compared to the previous year, particularly in the fourth quarter where domestic energy storage project revenues were recognized at a lower margin [1] - The energy storage business has seen a significant increase in its proportion of the company's total operating revenue compared to the previous year, contributing to the overall decline in gross margin [1]

Core Viewpoint - Kelu Electronics expects to achieve revenue of 6 billion to 6.5 billion yuan in 2025, driven by significant growth in energy storage project deliveries and strategic market expansion [1][2]. Group 1: Business Strategy and Market Focus - Kelu Electronics is focusing on strategic opportunities in the energy sector, particularly in energy storage, and aims to deepen its market presence by expanding its customer base [1]. - The company is targeting state-owned enterprises and central enterprises in the domestic market while pursuing differentiated strategies in overseas markets, particularly in the Americas and Europe [1]. - Kelu Electronics plans to establish localized teams to enhance customer engagement and project implementation, while also targeting the Asia-Pacific and Middle East markets through regional marketing teams and local partnerships [1]. Group 2: Production Capacity and Development - The company's Yichun energy storage base currently has an annual production capacity of 10 GWh, with a new energy storage production base under construction in Indonesia, initially planned for 3 GWh capacity [2]. - The Indonesian project is expected to commence production in 2026, which will further enhance the company's overseas delivery capabilities and revenue growth [2]. - Kelu Electronics has a strong technical foundation in energy storage system integration and has developed core control units in-house, enabling comprehensive solution services [2]. Group 3: Financial Performance and R&D Investment - The company anticipates a decline in gross margin for its energy storage business in 2025 due to intensified market competition and fluctuations in raw material prices [2]. - The overall gross margin is expected to decrease as the share of energy storage in total revenue increases compared to the previous year [2]. - Kelu Electronics has increased its R&D investment, with R&D expenses reaching 279 million yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.51% [2]. Group 4: Integration with Midea Group - In 2025, Midea Energy will be officially established, focusing on a comprehensive energy ecosystem, and Kelu Electronics will benefit from Midea Group's resources in R&D, manufacturing, supply chain, and branding [3]. - The company is implementing a dual-brand strategy with "Midea + Kelu" for its industrial storage products, leveraging Midea's strengths to optimize procurement costs and shorten delivery cycles [3].

需求端：资本开支延续高增态势。1)海外：2025年三季度海外大厂资本开支延续高增态势，总和达 996.17亿美元，同比增80.39%，环比升9.54%。2)国内：2025年第三季度阿里、腾讯资本开支均显放 缓。2025年第三季度，阿里资本开支315亿元，同比增80.10%但环比降18.55%。公司在2025年三季度业 绩会上重申三年3800亿元投资框架，不排除进一步增投。腾讯资本开支130亿元，同比降24.05%、环比 降32.05%，下调全年指引，开支低于年初预期。 爱建证券近日发布数据中心供配电设备行业跟踪：海外：2025年三季度海外大厂资本开支延续高增态 势，总和达996.17亿美元，同比增80.39%，环比升9.54%。国内：2025年第三季度阿里、腾讯资本开支 均显放缓。2025年第三季度，阿里资本开支315亿元，同比增80.10%但环比降18.55%。公司在2025年三 季度业绩会上重申三年3800亿元投资框架，不排除进一步增投。腾讯资本开支130亿元，同比降 24.05%、环比降32.05%，下调全年指引，开支低于年初预期。 以下为研究报告摘要： 投资要点： 数据中心已成为电力设备行业核心增量应 ...

智能电表产业链全景梳理：下游市场繁多 中国智能电表产业的上游主要为芯片与PCB、继电器与结构件、其他元器件等生产商;中游包括智能电 表生产等环节;下游则主要是个人家庭、充电桩、分布式能源等领域。 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院智能电表研究小组发布的《中国智能电表行业发展前景与投资战 略规划分析报告》 行业主要上市公司：新天科技(300259)、科陆电子(002121)、林洋能源(601222)、迦南智能(300880)、万 胜智能(300882)、西力科技(688616)、煜邦电力(688597)等 本文核心数据：企业产能;企业产量 表产业链区域热力地图：广东省分布最集中 智能电 从企查猫以"智能电表"为关键词进行精确搜索，得到智能电表企业区域分布。从企业地区分布上来看， 目前中国智能电表企业主要分布在广东省。截至2025年12月，广东共有相关智能电表企业数500余家。 从智能电表行业上中下游产业链参与企业来看，上游企业包括力合微、复旦微电等硬件设计制造企业; 智能电表中游的企业则由科陆电子、新天科技、林洋能源等企业构成。 注：企查猫数据截止到2025年12月9日。 从代表性企业分布 ...

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].