Core Viewpoint - The announcement from Zhiguang Electric (002169) indicates that the issuance of Document No. 136 has removed the mandatory storage requirements, leading market customers to focus more on system performance and economic indicators [1] Group 1 - Zhiguang Electric emphasizes its high-voltage cascade technology route, which offers advantages in efficiency, economic viability, safety, and network performance [1]

证券日报网讯智光电气（002169）7月31日发布公告，在公司回答调研者提问时表示，公司生产储能系 统产品，除了电芯、集装箱等是外购的，其他主要核心部件如PCS、BMS、EMS、电池pack、消防系统 等都是智光自行研发及生产的。 ...

证券日报网讯智光电气（002169）7月31日发布公告，在公司回答调研者提问时表示，目前清远二期、 三期包括梅州平远独立储能电站主要的工程建设已经基本完成，还在进行后期的调试等收尾阶段，公司 的目标是努力争取在年内并网投运。 ...

（编辑 王雪儿） 证券日报网讯 智光电气7月31日发布公告，在公司回答调研者提问时表示，减亏、扭亏是公司年初就确 定的重点目标，从上半年情况来看，取得了一定的成效。公司全体将继续努力，争取更好的经营成果， 最终结果还是以会计师审计的结果为准。 ...

Core Viewpoint - The company is currently focusing on participating in the frequency regulation service market with its independent energy storage station in Qingyuan, while also considering additional revenue sources in the future [1] Group 1 - The independent energy storage station primarily engages in frequency regulation services [1] - There has been a small amount of capacity leasing previously [1] - The company has a subsidiary with a power sales license, indicating its interest in the electricity spot market [1] Group 2 - The company is monitoring the electricity spot market and may consider increasing revenue sources at the independent energy storage station when appropriate [1]

Core Viewpoint - The company aims to reduce losses and achieve a turning point in performance, with positive results observed in the first half of the year [2] Group 1: Company Performance and Goals - The company has set a key goal of reducing losses and turning around its performance, with some success noted in the first half of the year [2] - The company reported a main revenue of 657 million yuan, a year-on-year increase of 24.76%, and a net profit attributable to shareholders of -37.04 million yuan, a year-on-year increase of 39.81% [8] Group 2: Independent Energy Storage Projects - The first phase of the Qingyuan independent energy storage station is operational, with the second and third phases expected to be commissioned within the year [3] - The company has invested in multiple independent energy storage stations and holds a significant regional scale advantage, being the largest in the province [4] Group 3: Product Development and Production - The company produces energy storage system products, with core components like PCS, BMS, EMS, and battery packs developed in-house, while some components like cells and containers are sourced externally [5] Group 4: Revenue Sources and Market Strategy - The main revenue from the Qingyuan independent energy storage station comes from frequency regulation services, with potential plans to explore additional revenue sources in the future [6] - Following the issuance of Document No. 136, the market policies are favorable for the company, allowing for a focus on system performance and economic indicators [7] Group 5: International Expansion - The company established an international division in 2023, focusing on markets in Europe and Africa, with a representative office set up in Italy and products certified to European standards [8]

Group 1: Financial Performance - The company aims to reduce losses and achieve profitability, with initial results showing progress in the first half of the year [1] - The company’s performance will ultimately be validated by the auditor's results [1] Group 2: Project Updates - The first phase of the Qingyuan independent energy storage station is operational, with the second and third phases expected to be commissioned within the year [1] - The company has invested in multiple independent energy storage stations, making it the largest in the province by installed capacity [1] Group 3: Investment Strategy - The company will cautiously consider new investments in large independent energy storage stations due to new provincial policies limiting the number of such projects in a 220kV supply area [2] - There are no plans for additional fixed asset investments in the short term as current production capacity meets future development needs [2] Group 4: Product Development - The company produces energy storage systems, with core components like PCS, BMS, EMS, and battery packs developed in-house, while cells and containers are sourced externally [2] Group 5: Revenue Sources - The primary revenue for the Qingyuan independent energy storage station comes from frequency regulation services, with potential for exploring additional income sources in the future [2] Group 6: Market Position - The issuance of Document No. 136 has removed mandatory storage requirements, allowing the company to focus on system performance and economic indicators, enhancing its competitive edge [2] - The company has established an international division in 2023, targeting markets in Europe and Africa, with products already certified to European standards [2]

Core Viewpoint - The recent surge in the A-share market for the power infrastructure sector is driven by significant order announcements from five leading companies, indicating a robust investment trend in the sector [1][3]. Group 1: Market Performance - On July 25, the power infrastructure sector's total market value increased by nearly 78 billion yuan, with trading volume rising by 215% compared to the previous trading day [1]. - Following the announcements of large orders, the stock prices of the involved companies saw a collective limit-up, contributing to a positive market sentiment [3][10]. Group 2: Investment Trends - The National Grid's 2025 ultra-high voltage construction plan is expected to significantly boost power infrastructure investments, with a projected total investment of 760 billion yuan for 2025, a 15.3% increase from 2024 [3]. - In the first half of 2025, nationwide investment in power grid projects reached 287.6 billion yuan, marking a 26.4% year-on-year growth [1]. Group 3: Company Announcements - The five companies, including Guodian NARI, XJ Electric, and Pinggao Electric, announced substantial contracts, with Guodian NARI securing a contract worth 2.13 billion yuan, representing 5.2% of its projected 2024 revenue [3]. - XJ Electric and Pinggao Electric also reported significant contracts worth 1.87 billion yuan and 1.56 billion yuan, respectively, contributing to the overall positive market reaction [3]. Group 4: Future Outlook - Analysts predict that the power infrastructure investment will exceed 1.3 trillion yuan in 2025, setting a historical record [7]. - The approval pace for power engineering projects has accelerated, with 165 projects approved in the first half of 2025, a 37.5% increase year-on-year [6]. Group 5: Industry Dynamics - The power equipment sector's revenue growth rate reached 23.8% in the first half of 2025, ranking third among all A-share industries, with an average price-to-earnings ratio of 25.6, indicating a valuation advantage [4]. - The ongoing energy transition and the increasing share of renewable energy generation are driving the demand for grid upgrades and investments [6][11].

Core Viewpoint - The company emphasizes that the cable and energy storage industries are fundamentally different and should not be directly compared [1] Summary by Relevant Categories Industry Insights - The profitability of the energy storage business is influenced by multiple factors beyond just lithium carbonate prices, including market demand, supply levels, product innovation capabilities, business model innovation, and production management [1] Company Strategy - The company is committed to monitoring changes in various factors and will adopt reasonable strategies to enhance revenue scale and profit levels in its energy storage business [1]

| 投资者关系活动 |  特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | （请文字说明其他活动内容） 其他 | | 参与单位名称及 | 西部证券 刘荣辉、英大证券 李丝露 | | 人员姓名 | | | 时间 | 2025 年 7 月 24 日（周四）下午 13:30~14:30 | | 地点 | 广州市黄埔区瑞和路 89 号 | | 上市公司接待人 | 董事会秘书熊坦、证券事务代表邱保华 | | 员姓名 | | | | 1、公司目前的储能业务订单情况如何？受取消强制配储政策影响大 | | | 吗？ | | | 答：智光储能设备及系统集成业务在2025年以来保持了快速增长，截止目 | | | 前分别在甘肃、广东、内蒙、新疆、河北、浙江、青海、辽宁等地成功签 | | | 约大型储能电站项目；由于智光主推高压级联储能技术产品技术性能优异 | | | （安全性高、电芯一致性优、单机容量大、整站转换效率高、响应速度快）， | | 投资者关系活动 | 构网能力强、多场景适用（用户侧、电网侧、电 ...