星云股份(300648)：锂电检测设备龙头 后服务市场打造新增长极

Core Viewpoint - Xingyun Co., Ltd. is a leading provider of smart energy solutions in China, focusing on battery testing technology and expanding into energy storage and charging solutions [1] Group 1: Company Overview - Founded in 2005 and listed on the Shenzhen Stock Exchange in 2017, Xingyun specializes in comprehensive testing solutions for lithium batteries throughout their lifecycle, including R&D, manufacturing, application, and recycling [1] - The company has developed products such as energy storage inverters, charging piles, battery swap cabinets, and a smart energy management cloud platform, enhancing its service offerings [1] Group 2: Market Demand and Growth - The demand for lithium battery equipment is driven by the growing markets for electric vehicles, energy storage, and consumer electronics, leading to an increase in battery shipments and equipment space [1] - Xingyun is enhancing its R&D investments and diversifying its product line to provide comprehensive testing solutions covering critical stages of battery development and application [1] Group 3: Testing Services and AI Integration - The establishment of the subsidiary Xingyun Testing marks a transition from a traditional equipment provider to a service-oriented company, with a focus on battery testing services [2] - The "Battery Health AI Model" developed in collaboration with the Transportation Research Institute aims to create an intelligent evaluation system for battery safety and performance, utilizing extensive original testing data [2] Group 4: Expansion into Charging and Energy Storage - Xingyun offers a complete range of charging solutions for electric buses, heavy trucks, and two/three-wheeled vehicles, with power outputs ranging from 3.5 kW to 1 MW, catering to diverse energy needs [3] - The company’s energy storage inverters cover a power range of 100 kW to 3450 kW, supporting various technologies and applications, including commercial energy storage and renewable energy integration [3] Group 5: Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.218 billion, 1.450 billion, and 1.830 billion yuan, reflecting year-on-year growth rates of 11.6%, 19.0%, and 26.2% respectively [4] - The net profit attributable to shareholders is projected to be -0.16 billion, 0.65 billion, and 1.41 billion yuan for the same years, with significant growth rates of 80.5%, 504.4%, and 115.6% [4]