Pylon Technologies(SH:688063) 2 1 Shi Ji Jing Ji Bao Dao·2025-04-24 10:52Core Viewpoint - The company, Pylon Technologies, has reported a significant decline in net profit, transitioning from profit to loss in Q1 2025, marking a continuous drop in profits over the past two years due to market changes and intensified price competition in the energy storage sector [1][2][4]. Financial Performance - In Q1 2025, Pylon Technologies recorded an operating revenue of 392 million yuan, a year-on-year increase of 1.72%, while the net profit attributable to shareholders was -38.17 million yuan, representing a year-on-year decline of 1054.32% [2]. - The sales volume of energy storage products reached 401 MWh in Q1 2025, showing a substantial year-on-year growth of 60.28% [3]. - In 2024, the company achieved a sales volume of 1.52 GWh, but faced increased operational pressure with revenue exceeding 2 billion yuan, down 39.24% year-on-year, and a net profit of only 41.11 million yuan, down 92% [5]. Business Transformation - The company attributes its revenue growth to breakthroughs in lightweight power and commercial energy storage, as well as small-scale shipments of sodium-ion battery products [4]. - Despite changes in product shipment structure, the gross profit margin remained stable at 28.61% in 2024, which is relatively high compared to peers [6]. Pricing and Competition - The transition to lightweight power and commercial energy storage has led to a significant drop in gross profit margin, with Q1 2025 sales gross margin at only 14.24%, down from 35.76% in the same period last year [8]. - The company is facing a dilemma of balancing quantity and price due to rapid market demand growth, particularly in lightweight power products [9]. Market Outlook - The global energy storage market is projected to see substantial growth, with Bloomberg New Energy Finance forecasting an addition of 227 GW of installed capacity by 2035 [13]. - In the domestic market, optimistic estimates suggest that by 2025, the cumulative installed capacity of new energy storage could reach 131.3 GW, with an addition of 53 GW [13]. Shareholder Actions - In response to the declining stock price, the company's major shareholder, ZTE New Communications, has increased its stake by purchasing 750,000 shares, representing 0.31% of the total share capital [12]. - The company announced a cash dividend totaling 108 million yuan, which is 2.62 times its net profit for the year, marking its second dividend distribution after a previous payout in June 2024 [12].