证券研究报告·公司点评报告·自动化设备 伟创电气（688698） 2025 年半年报点评：业绩符合市场预期，"内 生+开放合作"布局机器人业务 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） | 1,305 | 1,640 | 1,930 | 2,329 | 2,809 | | 同比（%） | 44.03 | 25.70 | 17.70 | 20.64 | 20.61 | | 归母净利润（百万元） | 190.80 | 245.03 | 295.58 | 365.63 | 441.53 | | 同比（%） | 36.38 | 28.42 | 20.63 | 23.70 | 20.76 | | EPS-最新摊薄（元/股） | 0.89 | 1.15 | 1.38 | 1.71 | 2.07 | | P/E（现价&最新摊薄） | 66.11 | 51.48 | 42.68 | 34.50 | 28.57 | [Table ...

人民财讯8月26日电，国家发展改革委党组成员、国家能源局局长王宏志8月26日在国新办举行的"高质 量完成'十四五'规划"系列主题新闻发布会上表示，聚焦能源关键领域和重大需求，国家能源局与共 建"一带一路"国家加强氢能、储能、核电、智慧能源等领域的国际科技合作。持续推进清洁能源产业合 作，积极推动中国新能源发电、特高压输电、智能电网等能源技术装备和标准"走出去"。近十年来，中 国助力全球风电和光伏发电项目平均度电成本分别下降60%和80%，这为全球绿色转型作出了巨大贡 献。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company reported a significant decline in revenue and a shift to a net loss in the first half of 2025, with total revenue of 31.056 billion yuan, down 27.72% year-on-year, and a net loss attributable to shareholders of 2.918 billion yuan [2][5]. - The company is undergoing a business transformation that is beginning to show results, particularly in improving operating cash flow, which reached approximately 1.8 billion yuan in the first half of 2025, a substantial improvement compared to the previous year [10]. - The photovoltaic module business faced challenges with a gross margin of -2.5% in the first half of 2025, primarily due to falling module prices, but there are expectations for a recovery in profitability as prices stabilize [10]. - The energy storage segment has shown significant growth, particularly in overseas markets, with expectations for a substantial increase in shipments and a return to profitability in the second quarter of 2025 [10]. - The company is transitioning from a photovoltaic product manufacturer to a comprehensive provider of photovoltaic and energy storage solutions, which is expected to contribute positively to future profitability [10]. Financial Summary - In the first half of 2025, the company achieved a revenue of 31.056 billion yuan, with a net loss of 2.918 billion yuan, indicating a shift from profit to loss compared to the previous year [2][5]. - The operating cash flow for the first half of 2025 was approximately 1.8 billion yuan, showing a significant improvement due to reduced inventory levels [10]. - The company anticipates a gradual improvement in profitability as the photovoltaic market stabilizes and the energy storage business continues to expand [10].

据证券之星公开数据整理，近期远光软件(002063)发布2025年中报。截至本报告期末，公司营业总收入 10.55亿元，同比上升0.98%，归母净利润7543.35万元，同比上升33.61%。按单季度数据看，第二季度 营业总收入6.38亿元，同比上升9.22%，第二季度归母净利润6604.51万元，同比上升39.6%。本报告期 远光软件公司应收账款体量较大，当期应收账款占最新年报归母净利润比达523.63%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率52.52%，同比减10.3%，净利率6.25%，同比增 43.59%，销售费用、管理费用、财务费用总计2.17亿元，三费占营收比20.6%，同比增11.0%，每股净资 产1.97元，同比增7.45%，每股经营性现金流-0.35元，同比减5.51%，每股收益0.04元，同比增33.78% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 10.45 Z | 10.55 亿 | 0.98% | | 归母浄利润（元） | 5645.59万 | 7543.35万 | ...

果下科技作为中国储能行业领先的基于平台技术及人工智能驱动的可再生能源解决方案及产品提供商之一，专注于研发并向我们的客户及/或终端用户提供 储能系统解决方案及产品。公司围绕"AI+储能"战略，打造了储能生态产品的全栈技术体系，形成了从设备级控制到系统级优化的完整能力闭环，持续推动 储能系统向智能化、平台化、柔性化方向演进。 根据Frost&Sullivan咨询报告显示，2024年按全球新增装机容量来计，果下科技位列全球第八大中国储能系统供应商，按全球户用储能出货量计，果下科技 位列中国第十大供应商。 据招股书披露，2022年至2024年，果下科技营业收入分别为1.42亿元、3.14亿元和10.26亿元人民币，2024年同比增幅高达226.75%。同期净利润分别为 2427.7万元、2814.8万元和4911.9万元，2024年净利润同比增长74.5%。 果下科技能够短时间内飞速成长，主要是与多数靠规模赛跑的竞争者不同，果下科技强调技术创新带来的竞争壁垒。果下科技自成立以来即将人工智能深度 嵌入产品和服务，据相关资料，果下科技是业内专门为储能行业开发物联网平台的方案提供商，也是首家基于AI技术开发无缝储能工业模型 ...

Group 1 - The establishment of a new company, YN (Puyang) Smart Energy Co., Ltd., with a registered capital of 1 billion yuan [1] - The company's business scope includes electric vehicle charging infrastructure operation, information technology consulting services, and information system integration services [1] - YN Smart Energy is wholly owned by YN Holdings (001896) through indirect shareholding [1]

Group 1 - The core viewpoint of the article highlights the performance and future prospects of Suihengyun A, which is involved in the power industry and has shown significant profit growth expectations for the first half of 2025 [1] - As of August 5, 2025, Suihengyun A's stock price was reported at 6.55 yuan, reflecting an increase of 0.04 yuan from the previous trading day, with a trading volume of 81,188 hands and a transaction amount of 0.53 billion yuan [1] - The company anticipates a net profit ranging from 178 million yuan to 258 million yuan for the first half of 2025, indicating a year-on-year growth of 94% to 181% [1] Group 2 - Suihengyun A's subsidiary, Guangzhou Hengyun Energy Storage Technology Co., Ltd., has recently invested in the establishment of Guangdong Huiheng Smart Energy Co., Ltd., which will focus on energy storage technology services and solar power generation technology services [1] - In terms of capital flow, Suihengyun A experienced a net outflow of 2.6487 million yuan on the day, accounting for 0.04% of its circulating market value, while over the past five trading days, there was a cumulative net inflow of 3.2111 million yuan, representing 0.05% of its circulating market value [1]

Group 1 - Guangdong Huiheng Smart Energy Co., Ltd. has been established with a legal representative named Zhong Qiukin [1] - The company operates in areas including energy storage technology services, solar power generation technology services, contract energy management, and energy-saving management services [1][2] - The registered capital of the company is 5 million yuan, and it is located in Zhongshan City, Guangdong Province [2] Group 2 - The company is jointly held by Guangzhou Hengyun Energy Storage Technology Co., Ltd., a subsidiary of Suihengyun A (000531), among other shareholders [1][2] - The business license allows the company to operate independently without needing further approval for general projects [2]

Core Viewpoint - The company, Hong Kong and China Gas, is expanding its clean energy solutions and has shown significant growth in revenue and profit, particularly in its core natural gas sales and renewable energy sectors [1][2]. Group 1: Company Overview - Hong Kong and China Gas, established in 1862, is a leading utility provider in Hong Kong and one of the largest energy suppliers globally, focusing on smart energy solutions [1]. - The company operates city gas distribution and is actively expanding its smart energy systems, including renewable energy generation and digital energy management services [1]. Group 2: Financial Performance - The company's revenue has grown from HKD 12.85 billion in 2020 to HKD 21.31 billion in 2024, with a CAGR of 13.5% [1]. - The net profit attributable to shareholders reached HKD 1.606 billion in 2024, marking a year-on-year increase of HKD 31 million, while core profit rose by 34.5% to HKD 1.601 billion [1]. - The natural gas sales segment remains the primary revenue source, accounting for 80% of total revenue in 2024 [1]. Group 3: Industry Trends - The growth rate of gas sales in the city gas industry is slowing, but the gross margin is expected to improve, with major companies like Hong Kong and China Gas seeing increases in their margins [1]. - The total number of city gas projects reached 191 in 2024, with gas sales volume hitting 17.201 billion cubic meters, a 4.5% increase year-on-year [1]. Group 4: Renewable Energy Development - The company has invested in over 1,000 renewable energy projects across 24 provinces, with a cumulative installed capacity of 2.3 GW in distributed solar power [2]. - The renewable energy business turned profitable in 2023, achieving a net profit of HKD 0.78 billion, and is projected to reach HKD 4.79 billion in 2024, a fivefold increase [2]. Group 5: Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are HKD 1.625 billion, HKD 1.68 billion, and HKD 1.734 billion, respectively, with corresponding EPS of HKD 0.45, HKD 0.46, and HKD 0.48 [2]. - The company is currently valued below its peers in terms of PE and significantly lower in PB, indicating potential for valuation recovery [2].

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of HKD 4.62, based on a 10x PE valuation for 2026 [5]. Core Insights - The company, Honghua Smart Energy, is a leading urban gas company under China Gas Holdings, focusing on providing integrated clean energy solutions and expanding into renewable energy systems [1][12]. - The company has shown significant revenue growth, with a CAGR of 13.5% from HKD 12.85 billion in 2020 to HKD 21.31 billion in 2024, and a core profit increase of 34.5% to HKD 1.601 billion in 2024 [2][23]. - The urban gas industry is experiencing a slowdown in gas sales growth, but the gross margin is expected to improve due to a decrease in international gas prices [3][59]. - The renewable energy segment has rapidly expanded, with net profits from this sector reaching HKD 4.79 billion in 2024, a fivefold increase from the previous year [4][19]. Summary by Sections Company Overview - Honghua Smart Energy is committed to providing one-stop clean energy solutions, operating urban pipeline gas and expanding into renewable energy systems, including digital energy management and carbon management services [1][12]. Revenue and Profitability - The company’s revenue has grown significantly, with a projected core profit of HKD 1.606 billion in 2024, marking a 34.5% increase [2][23]. - The main revenue source is pipeline natural gas sales, accounting for 80% of total revenue in 2024, while renewable energy revenue has increased from 5.3% in 2023 to 8.7% in 2024 [25][27]. Industry Trends - The urban gas industry is seeing a general slowdown in gas sales growth, with the company’s sales volume expected to reach 17.201 billion cubic meters in 2024, a 4.5% increase [3][71]. - The gross margin for the urban gas industry is improving, with the company’s procurement costs decreasing due to lower international gas prices [59][60]. Renewable Energy Development - The company has invested in over 1,000 renewable energy projects across 24 provinces, with a cumulative installed capacity of 2.3 GW in distributed solar power by the end of 2024 [4][19]. - The renewable energy business has turned profitable, achieving a net profit of HKD 0.78 billion in 2023 and projected to reach HKD 4.79 billion in 2024 [4][19]. Financial Forecast and Valuation - The forecasted net profits for the company are HKD 1.625 billion, HKD 1.680 billion, and HKD 1.734 billion for 2025, 2026, and 2027 respectively, with an EPS of HKD 0.45, HKD 0.46, and HKD 0.48 [5][19].