Core Insights - The global energy storage industry is experiencing rapid growth, with a projected shipment volume of 418.3 GWh in 2024, representing a year-on-year increase of 92.7%. The forecast for 2025 is set at 550 GWh [1]. Group 1: Market Overview - The top 30 companies in global energy storage system shipments for 2024 include Tesla, Sungrow, CRRC Zhuzhou Institute, CATL, Fluence, BYD, Envision Energy, Powin, Nextera, Guoxuan High-Tech, and others [4][5]. - The concentration ratio (CR10) for the global energy storage system integration market is 64%, indicating a relatively low level of market concentration. This is attributed to the high growth phase of the energy storage integration segment, which is a key battleground for new entrants from various sectors including solar, wind, batteries, and traditional energy [6]. Group 2: Industry Dynamics - The energy storage industry is characterized by intense competition, with numerous new entrants emerging as the market expands. This competitive landscape is expected to intensify in the future [6].

今日焦点中国中车：近期签订合计547.4亿元重大合同 中国中车公告称，公司及下属企业于近期（主要为2024年12月至2025年5月）签订了若干项重大合同， 合计金额约547.4亿元人民币。主要合同包括城市轨道车辆、设备销售及维保合同，动车组销售合同， 动车组高级修合同，风电设备销售合同和储能设备销售合同，机车销售合同以及货车修理合同。上述合 同总金额约占公司中国会计准则下2024年营业收入的22.2%。 阳光诺和：拟购买朗研生命100%股权，股票明日复牌 南方财经5月12日电，阳光诺和(688621.SH)公告称，公司拟通过发行股份及可转换公司债券购买资产并 募集配套资金，购买利虔、朗颐投资等38名朗研生命股东持有的朗研生命100%股权。并向不超过35名 特定投资者发行股份募集配套资金。朗研生命专注于高端化学药及原料药的研发、生产和销售，并对外 提供药品生产服务，在高端化学药、原料药等领域深耕多年，已经形成了较为成熟的医药生产体系。公 司股票将于5月13日开市起复牌。 沃尔核材：筹划发行H股股票并申请在香港联交所主板上市 沃尔核材公告称，公司拟发行H股股票并申请在香港联交所主板挂牌上市，以推进国际化战略，提升 ...

证券代码：002121 证券简称：科陆电子 公告编号：2025037 深圳市科陆电子科技股份有限公司 本公司及监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。 深圳市科陆电子科技股份有限公司（以下简称"公司"）第九届监事会第十五 次（临时）会议通知已于 2025 年 5 月 6 日以即时通讯工具、电子邮件或书面等方 式送达各位监事，会议于 2025 年 5 月 12 日以通讯表决方式召开。本次会议应参 加表决的监事 3 名，实际参加表决的监事 3 名。本次会议的召集、召开和表决程 序符合《中华人民共和国公司法》和《公司章程》等的有关规定。 与会监事经过讨论，审议通过了以下议案： 一、审议通过了《关于签订＜商标许可协议＞暨关联交易的议案》。 经审核，监事会认为：公司与控股股东美的集团股份有限公司签署《商标许 可协议》 ，是基于公司业务发展的需要，有利于提升公司产品的品牌形象，符合 公司和全体股东的利益。本次关联交易价格经双方友好协商确定，交易价格合理， 不存在损害公司、全体股东、特别是中小股东利益情形。 具体详见刊登在 2025 年 5 月 13 日《证券时报》、《中国证 ...

证券代码：002121 证券简称：科陆电子 公告编号：2025037 深圳市科陆电子科技股份有限公司 第九届监事会第十五次（临时）会议决议的公告 本公司及监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。 深圳市科陆电子科技股份有限公司（以下简称"公司"）第九届监事会第十五 次（临时）会议通知已于 2025 年 5 月 6 日以即时通讯工具、电子邮件或书面等方 式送达各位监事，会议于 2025 年 5 月 12 日以通讯表决方式召开。本次会议应参 加表决的监事 3 名，实际参加表决的监事 3 名。本次会议的召集、召开和表决程 序符合《中华人民共和国公司法》和《公司章程》等的有关规定。 与会监事经过讨论，审议通过了以下议案： 一、审议通过了《关于签订＜商标许可协议＞暨关联交易的议案》。 经审核，监事会认为：公司与控股股东美的集团股份有限公司签署《商标许 可协议》，是基于公司业务发展的需要，有利于提升公司产品的品牌形象，符合 公司和全体股东的利益。本次关联交易价格经双方友好协商确定，交易价格合理， 不存在损害公司、全体股东、特别是中小股东利益情形。 具体详见刊登在 2025 ...

证券代码：002121 证券简称：科陆电子 公告编号：2025038 深圳市科陆电子科技股份有限公司 关于签订《商标许可协议》暨关联交易的公告 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、关联交易概述 公司类型：股份有限公司（上市、自然人投资或控股） 注册资本：人民币765,567.3083万元 成立日期：2000年4月7日 深圳市科陆电子科技股份有限公司（以下简称"公司"）拟与控股股东美的 集团股份有限公司（以下简称"美的集团"）签订《商标许可协议》，美的集团 允许公司的被许可产品在被许可地域使用美的集团的被许可商标，许可期限三年， 公司按被许可产品在被许可区域内的（不含税）销售收入的0.6%向美的集团支付 许可费。 美的集团为公司控股股东，根据《深圳证券交易所股票上市规则》的相关规 定，美的集团为公司关联方，本次交易构成关联交易。 公司独立董事专门会议 2025 年第三次会议审议通过了《关于签订＜商标许可 协议＞暨关联交易的议案》，全体独立董事一致同意将该议案提交董事会审议。 公司于 2025 年 5 月 12 日召开的第九届董事会第十八次（临时） ...

一、审议通过了《关于签订＜商标许可协议＞暨关联交易的议案》。 证券代码：002121 证券简称：科陆电子 公告编号：2025036 深圳市科陆电子科技股份有限公司 第九届董事会第十八次（临时）会议决议的公告 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。 深圳市科陆电子科技股份有限公司（以下简称"公司"）第九届董事会第十 八次（临时）会议通知已于 2025 年 4 月 30 日以即时通讯工具、电子邮件及书面 等方式送达各位董事，会议于 2025 年 5 月 12 日以通讯表决方式召开。本次会议 应参加表决的董事 9 名，实际参加表决的董事 9 名。本次会议的召集、召开和表 决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 与会董事经过讨论，审议通过了以下议案： 董事会 二〇二五年五月十二日 本议案已经公司独立董事专门会议 2025 年第三次会议审议，全体独立董事 同意将该议案提交董事会审议。 具体详见刊登在 2025 年 5 月 13 日《证券时报》、《中国证券报》、《证券日 报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上 ...

Core Viewpoint - Kelu Electronics has shown significant improvement in its financial performance, achieving its best quarterly net profit in three years, driven by non-recurring gains such as government subsidies and the reversal of impairment provisions [1] Financial Performance - In Q1 2025, Kelu Electronics reported total revenue of 1.214 billion yuan, a year-on-year increase of 16.20%, and a net profit attributable to shareholders of 67.45 million yuan, up 857.45% year-on-year, primarily due to non-recurring gains [1] - For 2024, the company recorded total revenue of 4.431 billion yuan, a year-on-year growth of 5.50%, with Q4 revenue reaching 1.53 billion yuan, up 78.5% year-on-year [2] - Despite revenue growth, the company reported a net loss of 464 million yuan for 2024, attributed to depreciation expenses and foreign exchange losses [3] Historical Challenges and Restructuring - Kelu Electronics faced significant challenges from aggressive expansion between 2018-2019, leading to substantial losses, but received support from Shenzhen Capital Group in 2020 [2] - The company has been actively divesting non-core assets, reducing the number of subsidiaries from 107 in 2018 to 48 currently, to alleviate historical burdens [4] Business Segments - The smart grid segment remains a cornerstone of Kelu Electronics, generating 2.865 billion yuan in revenue for 2024, a 10.61% increase, and accounting for 64.65% of total revenue with a gross margin of 32.27% [5] - The company has faced setbacks due to being blacklisted by Southern Power Grid for 18 months, impacting its operations [6] Growth Opportunities - Kelu Electronics is pivoting towards the energy storage business, securing new projects with a total capacity of approximately 2.4 GWh in 2024, and expanding its presence in international markets [7] - The company is leveraging Midea Group's supply chain advantages to enhance its commercial energy storage business, with a notable increase in inventory to 1.078 billion yuan due to strategic stockpiling for contract fulfillment [8] Management Changes and Future Goals - Following Midea Group's acquisition, Kelu Electronics has undergone management changes, with the appointment of a new chairman focused on profitability targets [8] - The company has set ambitious performance targets for 2025-2027, aiming for revenue growth of no less than 43%, 90%, and 150% respectively, and net profit targets of 20 million yuan, 110 million yuan, and 370 million yuan [8]

产业玩家的疯狂涌入，价格竞争与凶猛博弈，加速了国内工商储江湖产业大洗牌进程。 据此前阳光电源发布的《工商业储能解决方案白皮书》显示，2023年工商业储能相关企业新增5 万家，平均每天新增150家。另据华福证券统计，2024年大量不同类型企业涌入工商业储能市 场，已并网/开工/启动或完成采招/备案的工商业储能项目涉及的开发商就超过1000家。 而寻熵研究院的统计数据显示，2024年国内新增并网工商业储能规模3.9GW/8.8GWh，约占全年 新增并网储能规模 (44.60GW/111.63GWh) 的8% （GWh占比） 。 如此细分的领域却涌入如此多的玩家，也就不难理解为何工商业储能产品价格持续出现大退潮现 象与趋势了。 在2023年年中时，头部厂商如奇点能源的工商业储能柜报价曾高达1.55元/Wh，同年12月厂商明 美新能源宣布液冷一体柜最低价为0.88元/Wh；到了2024年7月30日中车株洲所发布工商业储能系 列产品渠道价格政策，其中，1500V工商业一体柜418kWh方案集成单柜价格为0.75元/Wh，大于 30台可以享受95折，折合单价0.7125元/Wh，还免费赠送价格高达45000元/台的并网柜 ...

Group 1: Company Overview and Financial Performance - The main business of the company is smart grid and energy storage, achieving a revenue of 4.431 billion CNY in 2024, a year-on-year increase of 5.5% [1] - Revenue breakdown: smart grid business contributed 2.865 billion CNY, while energy storage business contributed 1.456 billion CNY; domestic market revenue was 2.946 billion CNY and international market revenue was 1.485 billion CNY [1] Group 2: International Market Expansion - The company has secured energy storage orders in North America, South America, Africa, and Europe, actively expanding its overseas business [2] - Notable contracts include an 800MWh containerized battery storage system in North America and a large-scale system integration project in South America, marking a significant transition from equipment supplier to system integrator [2] - In 2024, the total capacity of newly signed energy storage projects is approximately 2.4GWh [2] Group 3: Product Advantages and Innovations - The company has extensive experience in large-scale commercial projects, with successful deliveries such as the Hai Feng project, which was the largest energy storage frequency modulation project in China at the time [3] - The Aqua-E series products utilize AI cell holographic management technology for real-time monitoring and intelligent early warning, helping users reduce initial investment costs [4][5] - The Aqua-C2.5 series features a 5.015MWh capacity, with a four-level defense system for safety, reducing investment costs through integrated design, and enhancing operational efficiency [6][7] Group 4: Market Demand and Future Goals - The overseas commercial energy storage market is driven by rising electricity prices and diverse application scenarios, with significant demand in Europe and the U.S., and growth potential in emerging markets like Africa and Southeast Asia [8] - The company's asset-liability ratio was 92.11% at the end of 2022, reduced to 85.41% by June 2023 after a private placement, but remains high due to negative net profits in 2023 and 2024 [8] - Future performance targets include revenue growth of no less than 43%, 90%, and 150% from 2023 to 2025-2027, with net profit targets of 0.2 billion CNY, 1.1 billion CNY, and 3.7 billion CNY respectively [8]