2026 年 3 月 3 日 行业研究 欧洲天然气价格大涨，有望驱动户储需求提升 ——碳中和领域动态追踪（一百七十七） 要点 事件： 3 月 2 日，欧洲 Dutch TTF 天然气期货价格大幅上涨 39%（2 月 27 日收 盘价为 32 欧元/MWh，3 月 2 日收盘价为 45 欧元/MWh）。 欧洲天然气价格与欧洲电价紧密相关，进而与户储需求强关联。复盘 2022 年俄 乌冲突带来的户储行情：2022 年 2 月，欧洲 TTF 天然气价格约为 80 欧元/MWh， 俄乌冲突发生后一周内，一度跳涨至接近 200 欧元/MWh；2022 年 6 月~8 月， TTF 天然气价格又开启一轮涨价浪潮，从约 80 欧元/MWh 上涨至最高接近 340 欧元/MWh。在此过程中，欧洲户储需求景气，国内逆变器对欧出口金额逐月环 增，带动户储板块大涨。 卡塔尔 LNG 出口被迫停止是此次欧洲天然气价格上涨的主要原因。欧盟的天然 气主要依赖进口，分为管道气和 LNG，管道气主要来自于挪威、阿尔及利亚和 英国；LNG 主要来自于美国、俄罗斯、阿尔及利亚、卡塔尔。根据欧盟数据， 25Q3 欧盟 LNG 进口量中，6%来自于 ...

股票研究 /[Table_Date] 2026.03.03 欧洲天然气价格暴涨，光储将迎来需求爆发 储能设备及系统集成 [Table_Industry] | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | | | 庞钧文(分析师) | 021-38674703 | pangjunwen@gtht.com | S0880517120001 | | | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | | | 本报告导读： 欧洲天然气和电价将再次上涨，光储需求有爆发的潜力。 投资要点： [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 行 业 跟 踪 报 告 [Table_Summary] 投资建议：卡塔尔停止能源天然气生产导致天 ...

Group 1: Macro Strategy and Market Outlook - The report highlights that the recent military actions by Israel and the US against Iran exceeded market expectations, leading to a temporary spike in gold and oil prices, followed by a market correction. It anticipates that the conflict will be controlled, with limited military actions expected to last 2-3 weeks, after which oil prices may stabilize between $60-70 and gold around $5200 [1][19]. - The geopolitical tensions are expected to drive a shift in investment strategies, with a focus on heavy assets and low obsolescence investments, particularly in sectors like energy and resources, which are deemed strategically significant for national economies [2][20]. Group 2: Impact on Major Asset Classes - The report indicates that the ongoing geopolitical risks are likely to sustain short-term risk aversion, leading to inflows into the US dollar and US Treasury markets, while the Chinese yuan may act as a safe haven [2][20]. - In the commodities market, the report suggests that short-term risk aversion will drive a simultaneous rise in gold and oil prices, while medium-term supply chain disruptions and inflation pressures could reshape the global economic landscape [2][21]. Group 3: Company-Specific Insights - Airo Energy's earnings forecast for 2025 has been adjusted downwards due to asset impairment, but projections for 2026 and 2027 have been increased, anticipating significant growth driven by the Australian storage market [9]. - Zhuhai Guanyu's profit forecast for 2025 has been revised down due to rising raw material costs and increased competition, yet it remains a strong player in the lithium battery sector with a "buy" rating maintained [10]. - Tian Nai Technology's profit estimates for 2025 have been lowered due to intensified competition, but the company is expected to see strong growth in its single-wall carbon tube segment in 2026 [12]. - Weichuang Electric's 2025 earnings report met expectations, with a focus on expanding its robotics business and maintaining growth in industrial automation [13].

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。 ...