科陆电子持续深化储能业务布局 2025年储能项目交付量显著提升

Core Viewpoint - Midea Group's energy sector focuses on providing low-carbon, efficient, and intelligent energy solutions across the entire energy chain, with Kelu Electronics as a key player benefiting from Midea's resources and capabilities [1] Group 1: Company Performance and Projections - Kelu Electronics forecasts revenue between 6 billion to 6.5 billion yuan for 2025, driven by a significant increase in energy storage project deliveries [1] - The company aims to deepen its energy storage business and expand its customer base, focusing on strategic partnerships with state-owned enterprises in the domestic market and establishing localized teams in overseas markets [1] Group 2: Production and Capacity Expansion - Kelu Electronics' new generation containerized energy storage system, AquaC2.5, is set for large-scale delivery in 2025, marking its first commercial application [2] - The company has an annual production capacity of 10 GWh at its Yichun energy storage base and is constructing a new facility in Indonesia with an initial planned capacity of 3 GWh, expected to be operational by 2026 [2] Group 3: Financial Metrics and Challenges - The gross margin for Kelu Electronics' energy storage business is expected to decline in 2025 due to increased market competition and fluctuations in raw material prices, particularly affecting the domestic projects in the fourth quarter [2] - The overall gross margin for the company has decreased compared to the previous year, attributed to the rising proportion of energy storage business in total revenue [2] Group 4: Research and Development Efforts - Kelu Electronics has increased its R&D investment, with expenses reaching 279 million yuan in the first three quarters of 2025, a year-on-year increase of 7.51% [3] - The company has developed core control units for energy storage systems in-house, showcasing its technical expertise and project experience in the energy storage sector [3] Group 5: Strategic Partnerships and Supply Chain Optimization - By leveraging Midea Group's global supply chain resources and channel management, Kelu Electronics has optimized procurement costs and shortened product delivery cycles [3] - The company has implemented a dual-brand strategy for its industrial storage products, enhancing its service capabilities through Midea's support in manufacturing, R&D, and channel management [3]