Zheng Quan Shi Bao Wang·2025-09-21 10:48Core Viewpoint - The energy and power sector in China is accelerating towards high-end, intelligent, and green development, with leading companies like Guoxuan High-Tech, Siyuan Electric, and Xianlead Intelligent playing a crucial role in this transformation [1] Group 1: Technological Innovation - Leading companies in the power equipment sector view "technological innovation" as fundamental for survival and development, investing heavily in R&D to build a strong technological "moat" [2] - Guoxuan High-Tech has invested over 8 billion yuan in R&D over the past three years, with a projected R&D expense of 2.929 billion yuan in 2024, accounting for 8.28% of its revenue [2] - Siyuan Electric's R&D investment for 2024 is 1.11 billion yuan, a year-on-year increase of 21.07%, with a total of over 2.5 billion yuan invested in the last three years [2] - Xianlead Intelligent maintains an R&D investment ratio of over 10% of its revenue, focusing on core technological breakthroughs [2] - As of the end of 2024, Guoxuan High-Tech has applied for 10,556 patents, including 4,622 invention patents, significantly improving the performance of its self-developed lithium iron phosphate materials [2] - Siyuan Electric has obtained 948 authorized patents, with over 35% being invention patents as of June 30, 2025 [2] - Xianlead Intelligent and its subsidiaries have received 3,217 national authorized patents, becoming the only global provider with complete independent intellectual property rights for lithium battery production lines [2] Group 2: Capital Market Empowerment - As listed companies in the Shenzhen market, Guoxuan High-Tech, Siyuan Electric, and Xianlead Intelligent leverage capital markets for financing, incentives, and branding to rapidly convert technological advantages into developmental advantages [4] - Guoxuan High-Tech raised 7.303 billion yuan through a private placement in 2021 and 685 million USD through GDR listing in Switzerland in 2022, strengthening its R&D and production capacity for solid-state batteries [4] - Xianlead Intelligent enhances its advanced production capacity through public financing and mergers, transitioning from single equipment to comprehensive solutions [4] - Siyuan Electric effectively allocates funds through capital markets to support R&D and market expansion in cutting-edge fields like flexible direct current transmission and energy storage [4] - These companies implement stock options and employee stock ownership plans to deeply bind core talents with corporate development [4][5] - Siyuan Electric's stock incentive plans have driven revenue growth from 3.385 billion yuan in 2013 to 15.458 billion yuan in 2024, with net profit increasing nearly fivefold [4] Group 3: Strategic Technology Layout - With the acceleration of global energy transition, the demand for wind and solar power generation equipment is rapidly increasing, creating new growth opportunities in emerging fields like energy storage systems and virtual power plants [6] - Guoxuan High-Tech focuses on solid-state battery R&D, planning to start road testing its "Jinshi" all-solid-state battery in 2025 and achieve mass production by 2027 [7] - Siyuan Electric is expanding its "network-type" products and exploring integrated solutions for distributed photovoltaics [7] - The leading companies are extending beyond single products or regional limitations, building a sustainable growth ecosystem through industry chain extension, cross-field collaboration, and global layout [7] - The common development path of Guoxuan High-Tech, Siyuan Electric, and Xianlead Intelligent illustrates the growth logic of leading power equipment companies in the Shenzhen market, driven by "technological innovation + capital empowerment + trend grasping + global layout" [7]