证券研究报告·公司点评报告·光伏设备 艾罗能源（688717） 2025 年业绩快报点评：Q4 业绩短期承压，静 待 26 年储能放量拐点 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,473 | 3,073 | 4,081 | 7,433 | 11,144 | | 同比（%） | (3.01) | (31.30) | 32.82 | 82.12 | 49.94 | | 归母净利润（百万元） | 1,064.62 | 203.60 | 116.33 | 805.39 | 1,282.75 | | 同比（%） | (6.12) | (80.88) | (42.87) | 592.36 | 59.27 | | EPS-最新摊薄（元/股） | 6.65 | 1.27 | 0.73 | 5.03 | 8.02 | | P/E（现价&最新摊薄） | 15.33 | 80.18 | 140.34 | 20.27 | 1 ...

证券研究报告 联系电话：021-60199793 2026年3月2日 请务必阅读正文之后的免责声明部分 目录 | Part1 复盘：光储平价+缺电/电价上涨+政策补贴刺激需求 | | --- | | Part2 澳洲：高户光率+低配储率，补贴驱动需求爆发 | | Part3 欧洲：乌/英/荷为重要增量市场，德国有望复苏 | | Part4 美国：TPO对冲ITC补贴取消，中长期VPP辅助消纳 | | Part5 产业：户储龙头竞争好于预期，出货进入新增长期 | | Part6 投资建议和风险提示 | 2 摘要： 澳洲欧洲引领新增长，多维布局龙头重拾成长 ——海外户储专题 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn ◆ 回顾全球户储各爆发区域，爆发驱动因素在于：1）光储价格下行，全球实现光储平价；2）缺电或电价上涨推动刚需； 3）补贴等政策催化。 ◆ 澳/英/乌/荷多国政策驱动户储爆发，行业持续增长可期：1）澳洲：高户光率+低配储率，补贴驱动需求爆发。澳洲 户光渗透率/存量户光配储率分别为39%/10%，澳洲政府25H1推出23亿澳元 ...

晨会纪要 证券研究报告 2026 年 03 月 02 日 核心结论 分析师 【电子】2026 年电子年度策略：端云算力同频共振，自主可控步履铿锵 AI 硬件：国产 AI 芯片发展迅速，算力高景气度下，PCB、存储等供不应求。 半导体：全球资本开支重回增长轨道，晶圆扩产驱动设备国产化与先进封装 高景气。 端侧：AI 重塑终端形态，硬件升级与新兴品类开启新一轮创新周期。 【航海装备Ⅱ】船舶行业系列报告之二：船舶：摘取皇冠明珠，国产 LNG 船扬帆起航 LNG 运输船是现代造船工业皇冠上璀璨的明珠，其技术壁垒较高，是中国 造船业一直想要突破的高端船舶产品。2008 年 4 月 3 日，中国首制 14.7 万 立方米系列 LNG 船"大鹏昊"成功交付，打破了西方垄断 LNG 船市场的局 面，成功实现了"国轮国造"。 【计算机】英伟达 LPU 方案印证专用推理芯片的可行性 我们认为：英伟达将 LPU 整合进自身 AI 芯片体系，展现了专用推理芯片 （ASIC/DSA）在生成式 AI 推理计算中的重要性。这或将印证国产 AI 芯片 通过专业推理架构，在 AI 推理侧实现性能突破的可能性。AI 推理芯片的高 速迭代，或将推 ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [17] Core Viewpoints - The explosive growth in Token usage abroad is driving domestic computing power demand, leading to price increases that boost the IDC and electric power equipment sectors [5][15] - The demand side shows that China's Token usage surged to 51.6 trillion in the week of February 16-22, marking a 127% increase over three weeks, surpassing the U.S. usage of 27 trillion [5][15] - The domestic AI models are leading globally, with four out of the top five models in terms of usage being Chinese, contributing to 85.7% of the total [5][15] - The tight supply of computing power is causing some manufacturers to raise prices, which is expected to improve profitability across the industry chain [5][15] Summary by Sections Investment Insights - The current domestic computing power market has shifted from "external replacement" to "demand-driven active selection" [16] - The explosive growth in Token usage is expected to drive demand for GPU servers, IDC cabinets, and high-power density data centers, enhancing the industry's outlook [16] - The report suggests focusing on AI infrastructure construction, particularly in the IDC sector, with recommended companies including Dazhi Technology, Runze Technology, and Kehua Data [6][16] Industry Dynamics - The electric power equipment sector has shown strong performance, with a 1.89% increase last week, ranking 13th among 28 sub-industries [35] - The report highlights significant investments in high-voltage projects, including a 43.74 billion yuan investment in the Daqing-Mongolia 1000 kV project [20] - The National Grid has completed investments of 12.48 billion yuan in grid production and infrastructure projects, reflecting a year-on-year increase of over 120% [20] Key Companies and Profit Forecasts - The report provides profit forecasts for key companies, with recommendations for investment: - Liangxin Co., Ltd. (Buy) with an EPS forecast of 0.28 in 2024, increasing to 0.44 in 2026 [10] - Sifang Co., Ltd. (Buy) with an EPS forecast of 0.86 in 2024, increasing to 1.19 in 2026 [10] - Jinpan Technology (Buy) with an EPS forecast of 1.26 in 2024, increasing to 2.20 in 2026 [10]

Core Viewpoint - The company, Zhejiang Airo Network Energy Technology Co., Ltd., reported preliminary financial data for the fiscal year 2025, indicating a significant increase in revenue but a decline in net profit, highlighting challenges in profitability despite revenue growth [1][3]. Financial Data and Indicators - The company achieved an operating revenue of 4.082 billion yuan, representing a year-on-year increase of 32.84% [3]. - The net profit attributable to the parent company was 116 million yuan, a decrease of 43.16% compared to the previous year [3]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 64 million yuan, down 54.48% year-on-year [3]. - Total assets at the end of 2025 were 7.144 billion yuan, an increase of 16.42% from the beginning of the year [4]. - Equity attributable to the parent company was 4.366 billion yuan, a decrease of 0.74% from the beginning of the year [4]. - The net asset per share attributable to the parent company was 27.29 yuan, down 0.73% from the beginning of the year [4]. Operating Performance and Financial Condition - The company maintained a global strategy while focusing on regional development, successfully expanding into emerging markets in Asia, Africa, and Australia, which contributed to revenue growth [5]. - Despite the revenue increase, the overall gross profit margin declined due to competitive market conditions and lower margins in emerging markets [5]. - Increased expenses related to R&D, sales, and management, along with asset impairment losses, negatively impacted net profit [7].

证券日报网讯 2月27日，艾罗能源发布业绩快报称，公司2025年度实现营业总收入408，197.18万元，同 比增长32.84%；实现归属于母公司所有者的净利润11，572.98万元，同比减少43.16%。 （文章来源：证券日报） ...

艾罗能源(688717.SH)披露2025年度业绩快报，2025年度实现营业总收入40.82亿元，同比增长32.84%;归 属于母公司所有者的净利润1.16亿元，同比下降43.16%。 业绩变动主要系公司毛利率降低、期间费用较上年同期增加以及资产减值损失计提增加，导致本期利润 较上年同期下降。 ...

智通财经APP讯，艾罗能源(688717.SH)披露2025年度业绩快报，2025年度实现营业总收入40.82亿元， 同比增长32.84%;归属于母公司所有者的净利润1.16亿元，同比下降43.16%。 业绩变动主要系公司毛利率降低、期间费用较上年同期增加以及资产减值损失计提增加，导致本期利润 较上年同期下降。 ...

2025年度，公司坚持全球化布局与区域深耕相结合的发展策略，在持续稳固欧洲核心市场优势地位、保 障存量业务稳健发展的基础上，积极推进市场结构优化，大力开拓亚非、澳洲等新兴市场。随着海外渠 道建设不断完善、客户资源持续拓展，亚非、澳洲新兴市场业务规模实现稳步增长，有效拉动公司整体 营业收入提升，为公司长期发展注入新的增长动力。 格隆汇2月27日丨艾罗能源(688717.SH)公布2025年年度业绩快报，2025年度公司实现营业收入40.82亿 元，同比增长32.84%；实现归属于母公司所有者的净利润1.16亿元，同比减少43.16%；实现归属于母公 司所有者的扣除非经常性损益的净利润0.64亿元，同比减少54.48%。 ...

与此同时，受区域市场竞争格局、产品结构、运营成本及定价策略等因素影响，亚非、澳洲等新兴市场 整体毛利率水平相对偏低。随着新兴市场业务收入占比逐步提升，对公司综合盈利水平形成一定摊薄效 应，导致报告期内公司整体毛利率较上年同期有所下降。 （企业公告） 2月27日，艾罗能源发布业绩快报公告。经初步核算，报告期内，公司实现营业收入40.82亿元，同比增 长32.84%；实现归母净利润1.16亿元，同比减少43.16%。 公告指出，2025年度，公司坚持全球化布局与区域深耕相结合的发展策略，在持续稳固欧洲核心市场优 势地位的基础上，大力开拓亚非、澳洲等新兴市场。随着海外渠道建设不断完善、客户资源持续拓展， 亚非、澳洲新兴市场业务规模实现稳步增长，有效拉动公司整体营业收入提升，为公司长期发展注入新 的增长动力。 ...