Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Insights - The company is undergoing a significant transformation from a traditional automotive parts manufacturer to a dual-driven model focusing on "automotive components + new energy storage" [20][23]. - The energy storage business has shown explosive growth, with a revenue increase of 411% in 2024 compared to 2023, marking a substantial strategic breakthrough [27][30]. - The company has established a solid position in the automotive transmission market, serving major domestic automakers and expanding its product lines to include non-road transmission systems and energy storage solutions [20][23]. Summary by Sections 1. Company Overview - Founded on October 22, 2003, and listed on June 18, 2010, the company has evolved from a regional supplier to a national core component manufacturer [20]. - The company has a comprehensive product system covering manual and automatic transmissions for passenger and commercial vehicles, with manufacturing bases in multiple locations [20][23]. 2. Business Transformation - The company is shifting towards a dual-driven model, integrating energy storage as a key growth area alongside traditional automotive components [20][23]. - The energy storage business has been incorporated into the main business scope, with significant investments in new energy storage power stations across various provinces [20][23]. 3. Financial Performance - The company expects revenues of 60.1 billion, 71.2 billion, and 89.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 4.0 billion, 4.9 billion, and 6.0 billion yuan [3][4]. - The company's revenue has shown a compound annual growth rate (CAGR) of 18.7% over the past three years, driven primarily by the energy storage business [27][30]. 4. Market Position - The company holds a leading market share in commercial vehicle transmissions, providing products to major manufacturers such as Foton and China National Heavy Duty Truck Group [34][41]. - The passenger vehicle transmission segment has also seen growth, with the company becoming a core supplier for leading domestic brands like Geely and BYD [50][61]. 5. Energy Storage Business - The energy storage sector is positioned for significant growth, with the company actively participating in the investment, design, and operation of new energy storage projects [20][23]. - The company has obtained qualifications for power trading and carbon asset management, expanding its reach into high-value areas of the energy market [20][23].

□四川日报全媒体记者 王眉灵数读宜宾 "十四五" 地区生产总值 由2020年的2863.5亿元 增长到2024年的4005.8亿元 跨越两个千亿级台阶 稳居全省第三 全国GDP百强城市 排名上升至87位 人均地区生产总值达86714元 高于全省平均水平 产业升级 工业 2024年全部工业增加值1607.9亿元 是"十三五"末的1.5倍 是"十三五"末的1.5倍 农业 酿酒专用粮、茶园、蚕桑、油樟面积居全省第一 打造宜宾早虾、长宁竹荪、筠连红茶等 连续4年稳居全省第二 在全省的占比由7.6%提升至9% 连续入选全国先进制造业百强市 服务业 打造万象宜宾天地、冠英古街、 长江音悦街等消费新场景 2024年服务业增加值1696.3亿元 11个全国名特优新农产品 2024年农林牧渔总产值683.3亿元 是"十三五"末的1.2倍 城乡融合 以片区化思路 打造31个城乡融合发展试验区 建成首批14个和美乡村生活聚居点 地区生产总值超200亿元的县（区） 由2020年的2个 增加至2024年的9个 民生改善 实现"县县通高速" 成宜高铁、渝昆高铁渝宜段通车运营 全面融入成渝"1小时经济圈" 常态化开行 宜宾至重庆、宜昌、武 ...

Core Insights - Guangdong Huanhua Hydrogen Energy Technology Co., Ltd. is shifting its focus from hydrogen fuel cell bipolar plates to flow battery bipolar plates, indicating a strategic pivot towards a more promising energy storage technology [1] - The company has secured approximately 60 million yuan in intended orders and anticipates generating an annual economic value of 150 million to 300 million yuan from its new flow battery production base, set to commence operations in March 2024 [1] - The transition reflects a broader industry trend towards diversified energy storage technologies beyond lithium batteries, as outlined in the "14th Five-Year Plan" which emphasizes the construction of a new energy system [1][2] Industry Trends - The demand for long-duration energy storage solutions is increasing due to the challenges posed by intermittent renewable energy sources like wind and solar, with flow batteries emerging as a key technology capable of discharging for over four hours [2] - The installed capacity of flow batteries in China is expected to grow tenfold in 2024 compared to 2023, marking a significant milestone in the industry [2] - Foshan is positioning itself as a competitive player in the new energy storage sector, leveraging its manufacturing base and growing regional energy demand to create a unique competitive advantage [2][3] Regional Developments - Foshan has established itself as a major hub for new energy storage, with over 50 related enterprises and more than 200 projects under construction or planned, totaling over 150 billion yuan in investment [3] - The city is expected to achieve an installed capacity of 564,000 kilowatts in new energy storage by 2024, leading the province of Guangdong [3] - The local manufacturing ecosystem supports rapid supply chain responses, enhancing Foshan's competitiveness in the energy storage market [8] Technological Innovations - The liquid flow battery sector is still in its early stages, providing opportunities for differentiation compared to the more monopolized lithium battery market [6] - A mixed storage model combining flow batteries with lithium batteries is being encouraged, aligning with the Guangdong Province's new energy storage technology innovation roadmap [6] - The integration of energy storage systems into local manufacturing processes is creating a feedback loop that enhances both energy storage technology and manufacturing competitiveness [9][10] Market Dynamics - The cessation of the "mandatory storage" policy by the National Development and Reform Commission and the Energy Administration is prompting a shift towards high-quality value adaptation in the new energy storage industry [4] - Global initiatives, such as the U.S. Department of Energy's long-duration storage program and the EU's battery innovation roadmap, are highlighting the importance of flow batteries and other technologies in national energy strategies [5] - The diverse energy storage needs of Foshan's manufacturing sector are driving innovation and creating substantial market potential, with an estimated demand of 8,000 megawatt-hours in the Nanhai District alone [9]

Core Insights - Guangdong Huanhua Hydrogen Energy Technology Co., Ltd. is shifting its focus from hydrogen fuel cell bipolar plates to flow battery bipolar plates, indicating a strategic pivot towards a more promising energy storage technology [1] - The company has secured approximately 60 million yuan in intended orders and anticipates generating an annual economic value of 150 million to 300 million yuan from its new flow battery production base set to launch in March 2024 [1] - The transition reflects a broader industry trend towards diversified energy storage technologies beyond lithium batteries, as outlined in the "14th Five-Year Plan" which emphasizes the construction of a new energy system [1][2] Industry Trends - The demand for long-duration energy storage solutions is increasing due to the challenges posed by intermittent renewable energy sources like wind and solar, with flow batteries emerging as a key technology [2] - The installed capacity of flow batteries in China is expected to grow tenfold in 2024 compared to 2023, marking a significant milestone in the industry [2] - Foshan is positioning itself as a competitive player in the new energy storage sector, leveraging its manufacturing base and regional energy demands to create a unique competitive advantage [2] Regional Developments - Foshan has established itself as a hub for new energy storage, with over 50 related enterprises and more than 200 projects under construction or planned, totaling over 150 billion yuan in investment [4] - The city is set to achieve an installed capacity of 564,000 kilowatts in new energy storage by 2024, leading the province of Guangdong [4] - The Baotang Energy Storage Station in Foshan is the largest new energy storage station in the Guangdong-Hong Kong-Macao Greater Bay Area, showcasing the city's evolving role in the regional energy system [4] Market Dynamics - The new energy storage industry is transitioning from rapid expansion to a focus on high-quality value adaptation, driven by policy changes such as the halt of mandatory storage requirements [5] - Flow batteries are still in the early stages of market development, presenting opportunities for differentiated competition compared to the more established lithium battery market [6] - The integration of flow batteries with lithium batteries in hybrid storage systems is being encouraged, aligning with the development strategies outlined in the Guangdong Province's new energy storage technology innovation roadmap [6][7] Manufacturing and Application - Foshan's robust manufacturing ecosystem supports the development of diverse energy storage applications, driven by the needs of local industries such as ceramics and heavy machinery [8][12] - The city is witnessing innovative projects, such as the integration of perovskite solar components with semi-solid battery storage, which exemplifies the potential for technological advancements in energy storage [9] - The local manufacturing base is expected to generate significant demand for energy storage solutions, with an estimated market potential exceeding 10 billion yuan [12]

钒液流电池产业正经历一场由核心材料生产工艺革新所驱动的深度变革。 近期，相关企业研发的硫酸氧钒晶体超短流程生产工艺已完成中试，该技术或有望改变传统钒电池电解 液的制备与供应模式。 业界将这一转变类比为"速溶咖啡"式的操作简化，预示着电解液生产将从传统模式，转向轻资产、短流 程、低成本、易交付的"晶体速溶"模式。 据估算，新工艺有望推动电解液综合成本下降30%以上。业界预测，电解液综合成本或将在未来两年内 击穿700元/千瓦时的关键成本点位。 从重资产到轻量化 硫酸氧钒作为钒电池电解液的核心原料，其成本占比超过90%，但受限于提纯技术难度，并未作为标品 在市场流通。 区别于传统电解液制备负责的生产需求，硫酸氧钒晶体超短流程生产的新工艺，实现了从页岩钒矿到电 池级硫酸氧钒晶体的直接制备，这被业内视为类似"盐湖提锂"技术路径在钒资源领域的应用突破。 产业价值结构生变 "晶体速溶"工艺的应用，不仅在于生产环节的简化，更引发了钒电池电解液全供应链的深度优化。 最显著的变革体现在物流环节。传统模式下，五氧化二钒与电解液，运输需遵循严格规范，使用特种车 辆和包装，成本高昂且效率低下。 测算显示，运输1吨电解液1000公里， ...

Core Viewpoint - The new energy storage market is experiencing strong demand, with over 230 GWh of storage orders disclosed by companies in November alone, driving rapid capacity expansion both domestically and internationally [1]. Domestic Market Developments - Domestic new energy storage companies are focusing on expanding production capacity for storage cells and PCS, as well as scaling up advanced storage technologies like sodium-ion batteries [2]. - The production capacity of storage PCS is expected to see a price increase of 10%-20% by the end of 2025, with delivery times extending to 2026 due to demand outpacing supply [5]. Company-Specific Updates - **Sungrow Power Supply Co., Ltd.**: Announced a fundraising plan to issue up to 107,866,570 A-shares, raising approximately 1.65 billion yuan, primarily for the production of 25 GW string inverters and 15 GW storage inverters [3][4]. - **Qingna Technology**: Signed a contract for a 20 GWh sodium-ion battery production project in Suining, with a total investment of 6 billion yuan, aiming to produce batteries for various applications [6][7]. - **Fluence Energy**: Plans to establish a battery storage system manufacturing base in India, aiming to produce key storage system components for both the Indian and broader Asia-Pacific markets [8][9]. - **NeoVolta**: Collaborated with Infinite Grid Capital to secure $13 million in private financing for a 2 GWh battery storage system manufacturing project in Georgia, expected to commence production in 2026 [10][11].

Core Viewpoint - Xuyang Group has signed a strategic cooperation agreement with CATL to enhance collaboration in various fields including renewable energy investment, new energy storage applications, electric transportation transformation, charging infrastructure network layout, and zero-carbon park construction [1] Group 1 - The strategic cooperation aims to deepen investment and development in renewable energy [1] - Collaboration will focus on new energy storage applications [1] - The partnership will also address the transformation and upgrading of electric transportation [1] Group 2 - The agreement includes plans for the layout of charging and swapping infrastructure [1] - Both companies will work together on the construction of zero-carbon parks [1]

证券研究报告 证券研究报告 证券研究报告 国内储能原材料价格上涨，英国大储放量增长 敬请参阅末页重要声明及评级说明 华安电新 张志邦 SAC执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年11月25日 敬请参阅末页重要声明及评级说明 华安证券研究所 证券研究报告 证券研究报告 要点总结 Ø需求侧 低ROE市场 高ROE市场 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 国内：1）量：25年10月国内装机2.87GW/7.46GWh ；2）先导指标：招标：25年10月国内储能招标规模为10GW/29.4GWh ，容量同/环比+116%/-31% 。 • 印度：1）量：10月底，储能系统装机0.5GWh；2）先导指标：招标：独储25年累计招标46.59GWh，光储项目累计招标25.24GWh ；3）政策：光伏开启强制 配储；4）展望：印度全年装机预计超1.7GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • 量：德国：10月储能装机344MWh ，其中户储304MWh， ...

Core Insights - New energy storage has transitioned from a minor role in the power system to a major player in ensuring stable electricity supply and driving green energy transformation [1][2] Group 1: Scale and Impact - As of September 2023, China's new energy storage installed capacity exceeds 103 million kilowatts, accounting for over 40% of the global total, making it the largest in the world [1] - The new energy storage sector has directly driven investments exceeding 200 billion yuan during the 14th Five-Year Plan period, stimulating over a trillion yuan in the upstream and downstream industrial chain [1] Group 2: Opportunities and Challenges - The new energy storage sector is viewed as a "new blue ocean" with significant opportunities, supported by national policies aiming for an installed capacity of over 180 million kilowatts by 2027 [2] - Despite rapid growth, the sector faces challenges such as unclear investment return mechanisms and the need for a reliable capacity compensation system [2][3] Group 3: Safety and Innovation - Safety is a critical variable in the value model of energy storage systems, with potential severe consequences in case of incidents like thermal runaway [3][4] - Companies must focus on technological innovation, particularly in long-duration storage technology and system integration, to build a competitive edge [4] Group 4: Global Expansion - Chinese energy storage companies are experiencing a surge in overseas orders, with a 246% year-on-year increase in the first half of 2025, indicating a shift towards a service-oriented model [5] - The industry is undergoing a transformation from policy-driven to market-led, emphasizing high-quality development and value competition [5]

技术创新是本次大会的核心亮点。中国科学院院士、北京大学纳米科学与技术研究中心主任、北京石墨烯研究院院长刘忠范介绍，作为电热转换领域的杀手 锏材料，3000型蒙烯玻纤产品实现了工业级碳源替代，产品一致性提高了12%，已广泛应用于无人机、风电叶片除冰、锂电烘干等多个关键领域。中国科学 院院士、中国石油大学（北京）重质油全国重点实验室主任徐春明介绍了储能平台石墨烯复合电池生产线、绿电—绿氢—合成氨过程耦合等技术突破，基于 碳布电极的500kW 铁铬液流电池储能模块及装备入选国家能源局能源领域首台（套）重大技术装备名单，引领低成本长时储能发展。华北电力大学能源电 力创新研究院执行院长、国家储能技术产教融合创新平台（华北电力大学）常务副主任徐超介绍，华北电力大学国家储能技术产教融合创新平台目前已经建 成电堆全堆测试台、电化学储能材料与器件实验室、氢氨燃烧实验室等，下一步将形成"源网荷储"一体化工程试验系统，带动相关产业产值超过10亿元。天 津津通华电气集团有限公司介绍了新能源风光充结合储能的全方位系统性应用，中国石化润滑油有限公司分享了石化行业技术在新型储能上中下游的全要素 解决方案。圆桌会议则针对产教融合下长时储能+ ...