Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][3]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is expected to reach 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established a presence in major global solar storage markets, including Europe, India, the Middle East, and North America, enhancing its localized marketing network [3]. Profitability Forecast - The company anticipates rapid growth in its overseas solar storage business in 2024, leading to an acceleration in overall performance. Revenue forecasts for 2025-2027 have been adjusted to 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively, with net profit forecasts of 639 million, 844 million, and 1.007 billion yuan [4][12]. Valuation Metrics - The current price of the company's stock is 29.25 yuan, with a projected price-to-earnings ratio (P/E) of 16, 12, and 10 for the years 2025, 2026, and 2027, respectively [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][4]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is forecasted at 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established subsidiaries in key overseas markets such as Germany, Greece, and Spain, enhancing its localized marketing network [3]. Growth Projections - The company anticipates rapid growth in its overseas solar storage business, with adjusted revenue forecasts for 2025-2027 set at 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively [4]. - The net profit forecasts for the same period are adjusted to 640 million, 840 million, and 1.01 billion yuan, respectively, reflecting a strong growth trajectory [4]. Market Position - The company has established a presence in major global solar storage markets, including North America, Europe, and Asia, positioning itself for future growth [3].

Group 1: Company Growth and Performance - The company aims for significant growth in 2025 by focusing on expanding its energy storage business, enhancing global market presence, and improving operational management [2] - In 2024, the company achieved a revenue of CNY 4.773 billion, a decrease of 3.23% year-on-year, primarily due to reduced domestic energy storage system integration business [2] - The net profit attributable to shareholders was CNY 419 million, an increase of 46.49% year-on-year, driven by rapid growth in overseas solar and storage business [2] Group 2: Market Position and Competitive Advantage - The company ranked fourth globally in solar inverter shipments according to S&P Global's 2023 report, maintaining a top ten position for several years [3] - It has been among the top two in domestic energy storage inverter shipments for four consecutive years (2021-2024) [3] - The company has established a strong reputation and competitive advantage in the solar inverter and energy storage inverter markets [3] Group 3: Global Expansion Strategy - The company has completed market entries in Europe, India, the Middle East, South America, Southeast Asia, Central Asia, and the United States, with plans to strengthen its presence in emerging markets along the Belt and Road Initiative in 2025 [3] - It has set up subsidiaries in key European countries such as Germany, Greece, and Spain to enhance local marketing networks [3] - A recent framework cooperation agreement with Europower for 750MW of energy storage products marks a significant step in expanding into the European market [3] Group 4: Industry Outlook and Challenges - The company views the ongoing global push for carbon neutrality and the significant reduction in solar LCOE costs as positive indicators for future growth in the solar and storage sectors [4] - Despite concerns about potential vicious competition in the inverter market, the company remains optimistic about the industry's future and is committed to increasing R&D investments to maintain product competitiveness [4] - The impact of U.S. tariff policies on the company's North American business is considered limited due to its low market share in that region [3]

Core Insights - The article highlights the rapid growth and increasing demand for energy storage solutions globally, with multiple companies securing significant contracts in May 2023, indicating a strong trend in the energy transition [1][2][3][4]. Group 1: Company Developments - Up to 10 GWh of energy storage contracts were secured by various companies, including Upwind Electric, Huichuan Technology, and others, showcasing the ongoing demand for energy storage solutions [1]. - Upwind Electric signed a framework cooperation agreement with Turkish company Europower for a total of 750 MW of energy storage products, expanding its presence in the Turkish and Eurasian markets [1]. - Huichuan Technology, along with Zhongchu Technology and Genaspi Energy, announced a collaboration on Australia's largest energy storage project, Bundey, with a capacity of 1.2 GW/3.9 GWh [1][2]. - Chuangneng New Energy signed a strategic cooperation agreement with UK-based Imersa for a 2.5 GWh project, focusing on their self-developed 5 MWh battery prefabricated cabin [2]. - Trina Storage announced a partnership with FlexGen to deliver a grid-level battery storage system in Houston, Texas, with a capacity of 371 MWh [2]. Group 2: Strategic Partnerships and Collaborations - Sige New Energy signed a 1 GWh framework cooperation agreement with Aprili ce, covering residential and commercial energy storage projects [3]. - Sige also reached a strategic cooperation agreement with Global Solar Bulgaria for a 200 MWh project using Sige's modular system [3]. - Honeycomb Energy signed four strategic cooperation agreements, covering over 2 GWh in total, including projects in India and Europe [3]. - Winco Energy secured over 1.3 GWh of intention orders in the European market, covering multiple countries [4]. Group 3: Market Trends and Projections - In 2024, Chinese energy storage companies are expected to show strong competitiveness in overseas markets, with an estimated order scale exceeding 150 GWh [4]. - In the first quarter of 2025, Chinese companies' overseas energy storage orders approached 100 GWh, reflecting a year-on-year growth of 756.72% [4].

Core Viewpoint - The article discusses the growth and strategic developments of Shangneng Electric in the energy storage sector, highlighting its overseas expansion and product diversification efforts. Group 1: Company Performance - Shangneng Electric secured a framework supply agreement for 750MW of energy storage products with Europower Enerji, enhancing its presence in the Turkish and Eurasian markets [1] - In 2024, the company reported a revenue of 4.773 billion yuan, a decrease of 3.23% year-on-year, primarily due to reduced domestic energy storage system integration business [5] - The net profit attributable to shareholders reached 419 million yuan, a significant increase of 46.49% year-on-year, driven by rapid growth in overseas solar-storage business [5] Group 2: Revenue Growth and Projections - The company's energy storage business revenue grew from 19 million yuan in 2019 to 1.927 billion yuan in 2023, with a compound annual growth rate (CAGR) of 151.92% [8] - In Q1 2025, Shangneng Electric achieved a revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 87.65 million yuan, up 71.56% year-on-year [11] Group 3: Product and Market Strategy - The company’s energy storage product matrix includes centralized and string inverters, with a power range from 100kW to 12.5MW, and solutions for microgrids and grid-connected systems [12] - The company plans to launch a home storage integrated machine by the end of 2024, expecting significant contributions from overseas home storage business in 2025 [14] - Shangneng Electric aims to increase the share of energy storage revenue to over 50% by 2025, up from 40.4% in 2024, while also focusing on technological innovation and cost reduction [15][16] Group 4: Global Market Expansion - The company is actively expanding its global market presence, with plans to increase overseas revenue share to over 40% by 2025, up from 24.38% in 2024 [16] - Significant progress has been made in various regions, including securing a 140.8MW supply for a U.S. project and collaborating on a 24GWh storage plan in Saudi Arabia [15]

内容概要：储能逆变器是一种将直流电（电池、蓄电瓶）为交流电的装置。近些年来，随着能源结构调 整和环境保护意识提升，储能作为可再生能源发展的关键支撑，正日益受到重视，在政策及市场双重驱 动下，我国储能行业快速发展，催生出对储能逆变器的旺盛需求，产业也呈现加速发展态势。数据显 示，2024年我国储能逆变器市场规模已从2020年的22.1亿元上升至120.98亿元。 相关上市企业：科华数据（002335）；上能电气（300827）；阳光电源（300274）等 相关企业：北京索英电气技术股份有限公司；深圳市天德普储能科技有限公司；深圳市圣驼储能技术有 限公司；深圳市科睿储能有限公司；深圳市捷迅储能有限公司；海川太风水储能科技（无锡）有限公 司；深圳极数充新能源科技有限公司；成都为蓝新能源有限公司；深圳斯玛顿电气有限公司；深圳昱泽 新能源有限公司；深圳市中波新能源科技有限公司等 关键词：产业链图谱；储能累计装机规模；政策；储能逆变器市场规模；竞争格局；重点企业；发展趋 势 一、行业概况 储能逆变器是一种将直流电（电池、蓄电瓶）为交流电的装置，是储能系统与电网中间实现电能双向流 动的核心部件，也是储能系统重要的组成部分， ...

Investment Rating - The investment rating for Sineng Electric is maintained at BUY with a target price of RMB 34.00 [1][4][8] Core Views - Sineng Electric's revenue for 2024 is projected at RMB 4,773 million, with an attributable net profit of RMB 419 million, reflecting a year-on-year decline in revenue of 3.2% but a significant increase in net profit of 46.5% [1] - The company is experiencing intensified competition in the energy storage market, particularly in the Middle East, which has affected pricing and shipment volumes [4] - The report anticipates that the company's expansion in overseas markets, particularly in Asia, Africa, Latin America, and Europe, will drive incremental growth [1][4] Financial Performance - For 2024, the revenue from the PV inverter business is expected to be RMB 2.75 billion, down 4% year-on-year, while the gross profit margin (GPM) improved by 2.3 percentage points to 22.6% [2] - Energy storage revenue is projected to be RMB 1.93 billion, largely flat year-on-year, with a GPM increase of 5.8 percentage points to 22.0% [3] - The estimated attributable net profit for 2025 and 2026 is revised down to RMB 610 million and RMB 751 million, respectively, due to lower shipment volume assumptions [4] Market Outlook - The report highlights a robust growth in demand for solar-plus-storage systems both domestically and internationally, which is expected to benefit Sineng Electric's business [4] - The estimated average selling price (ASP) for PV inverters in 2024 is projected to be RMB 0.11/Wh, reflecting an 11% decline year-on-year [2] - The company is expected to maintain a steady ASP for energy storage systems at approximately RMB 0.16/W in 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a clear trend of international expansion, with overseas orders contributing to sustained performance improvement [1] - In 2024, the company achieved revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, while net profit attributable to shareholders was 419 million yuan, an increase of 46.49% year-on-year [5] - The company's gross margin improved to 22.92%, up 3.69 percentage points year-on-year, indicating enhanced profitability [5] - The company expects net profits for 2025-2027 to be 739 million, 881 million, and 1.041 billion yuan respectively, corresponding to P/E ratios of 14, 11, and 10 times [7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 88 million yuan, up 71.56% year-on-year [6] - The company's inverter business generated revenue of 2.75 billion yuan in 2024, with a gross margin of 22.55%, reflecting a year-on-year increase of 2.3 percentage points [6] - The company’s overseas revenue reached 1.16 billion yuan in 2024, a year-on-year increase of 69% [6] Business Segments - The energy storage PCS business generated revenue of 1.93 billion yuan in 2024, with a gross margin of 21.98%, up 5.81 percentage points year-on-year [9] - The company is transitioning from a domestic leader in PCS to a global specialized leader, indicating significant growth potential in overseas markets [9] Financial Projections - The company forecasts revenues of 6.879 billion, 8.166 billion, and 9.395 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 44.1%, 18.7%, and 15.0% [10] - The projected gross margins for the next few years are expected to remain stable around 24.3% [10]

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

兴业证券股份有限公司 关于上能电气股份有限公司 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 向不特定对象发行可转换公司债券之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"）作为上能电气股份有限公 司（以下简称"上能电气"或"上市公司"）向不特定对象发行可转换公司债券 项目（以下简称"上能转债"）的保荐机构，根据《证券发行上市保荐业务管理 办法》、证券交易所监管规则等相关规定及兴业证券与上能电气签署的《保荐协 议》，兴业证券对上能转债的持续督导时间为该上市公司可转换公司债券上市当 年剩余时间及其后 2 个完整的会计年度，上能转债于 2022 年 7 月 1 日起在深圳 证券交易所挂牌上市，其持续督导期为 2022 年 7 月 1 日至 2024 年 12 月 31 日， 现兴业证券对上能转债的持续督导期限已满，兴业证券根据相关法律法规，出具 本保荐总结报告。 一、保荐机构及保荐代表人承诺 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构 | 兴业证券股份有限公司 | | -- ...