szclou(SZ:002121) 起点锂电·2025-11-03 10:30Core Viewpoint - The article highlights the significant growth and transformation of Kelu Electronics in the energy storage sector, emphasizing its strategic focus on solid-state batteries and the upcoming industry conference in 2025 [2][3]. Company Overview - Kelu Electronics has established a new subsidiary, Anqing Kelu Storage, with 99% ownership, focusing on battery components, storage technology services, and new energy technology R&D, with a registered capital of 10 million yuan [3]. - The company reported a revenue of approximately 3.58 billion yuan for the first three quarters of the year, marking a year-on-year increase of about 23.4%, and a net profit of around 230 million yuan, up approximately 251% [3]. Financial Performance - In Q1, Kelu Electronics achieved a revenue of about 1.2 billion yuan, a year-on-year growth of approximately 16%, and a net profit of around 67.45 million yuan, soaring by 857.45% [4]. - Q2 revenue reached approximately 1.36 billion yuan, a year-on-year increase of about 57%, with a net profit of around 123 million yuan [4]. - Q3 saw a revenue of about 1 billion yuan, up approximately 1.8% year-on-year, and a net profit of around 41.77 million yuan, reflecting a growth of about 136.72% [3][4]. Business Segments - Kelu Electronics operates primarily in two segments: smart grid and new electrochemical energy storage, with the latter being the main driver of the company's performance turnaround this year [5]. - The energy storage business generated nearly 1.3 billion yuan in revenue in the first half of the year, a year-on-year increase of about 1.7 times, surpassing the smart grid segment [5]. Project Developments - The company has secured multiple projects this year, including a 350MWh procurement project from China Shipbuilding Industry Corporation and a storage system procurement from China General Nuclear Power Group [5]. - Kelu Electronics is also expanding its presence in Europe and Southeast Asia, with a significant focus on the Indonesian storage project set to commence production next year, targeting a capacity of 3GWh [5]. Product Innovations - Kelu Electronics has successfully delivered its flagship product, AquaC2.5, and showcased the Aqua-C3.0 Pro system in Singapore, which features a capacity of 6.88MWh and a cost reduction of 10.63% [6]. - The company has undergone significant restructuring, shedding non-core assets and focusing on energy storage, while also integrating smart grid R&D into traditional grid systems [6][7].