（原标题：海辰储能庞文杰：以 "安全 + 创新" 双轮驱动，推动储能产业高质量发展） 4 月 28 日，由中国产业发展促进会主办的 "锚定新型电力系统建设，推进新时期储能高质量发展" 暨中 国产业发展促进会储能分会成立大会在内蒙古包头市圆满召开。300 余位来自科研院所的权威专家、行 业领军企业负责人齐聚，共同见证储能分会成立，共商产业发展。海辰储能董事、副总裁庞文杰受邀出 席并发布行业行动倡议。 中国产业发展促进会会长于彤在致辞中提到，储能分会的成立，是推动储能产业高质量发展、助力现代 化产业体系建设的关键探索，也是践行协会宗旨的重要实践。大会举行的揭牌仪式，标志着我国储能行 业在组织建设和协同发展上取得重要进展。同时发布的《风光储融合发展研究报告》，为行业发展提供 了有力参考。 在行动倡议环节，庞文杰宣读了《新型储能安全可持续发展倡议》，中促会多位领导共同见证发布，彰 显了推动行业高质量发展的决心。《发展倡议》指出，新型储能在能源转型、构建新型电力系统和实现 "双碳" 目标中作用关键，当前行业向 "市场驱动" 转变，强化安全管理对市场健康发展意义重大，五部 委印发的通知也为行业指明方向。 《发展倡议》核心 ...

是否已形成可复制经验？ 答：尊敬的投资者，您好。公司持续加强储能PCS等核心技 术研发。2024年公司在清远市清城区白庙地块投资建设的独 立储能电站已投入运行，2024年度取得营业收入9244.27万， 净利润5394.05万；清远独立储能电站二期（200MWh）、三 期（416MWh）、梅州平远（400MWh）也已经启动建设。 公司将综合已有项目建设经验，紧密关注政策趋势，推进相 关项目的建设及运营。 证券代码： 002169 证券简称：智光电气 广州智光电气股份有限公司投资者关系活动记录表 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 在全景路演平台参与公司2024年年度业绩及2025年一季度业绩 网上说明会互动的投资者 时间 2025 年 4 月 28 日（周一）下午 15:00~17:00 地点 广州市黄埔区瑞和路 89 号 上市公司接待人 员姓名 李永喜、姜新宇、吴文忠、曹承锋、彭说龙、熊坦 投资者关系活动 主要内容介绍 公司董事长李永喜、独立董事彭说龙及公司高管姜新宇、吴 文忠、曹承 ...

4月28日，"锚定新型电力系统建设推进新时期储能高质量发展会议"暨中国产业发展促进会储能分会成 立大会在内蒙古自治区包头市举行。相关领域专家学者以及行业协会、各地储能企业代表等300余人齐 聚一堂，凝聚行业智慧，破解发展难题。 中国工程院院士张宗亮、先进储能材料国家工程研究中心主任兼首席科学家钟发平等在会上作主旨报 告，与会专家代表就"储能市场化机制与商业模式创新——如何破解'谁来投建'和'建而不用'难题？"等 议题开展圆桌研讨，与会企业代表厦门海辰科技股份有限公司董事、副总裁庞文杰，湖南科力远 （600478）新能源股份有限公司总裁潘立贤等作主题报告。 会上举行了中国产业发展促进会储能分会揭牌仪式，发布了《风光储融合发展研究报告》，宣读了《新 型储能行业可持续发展倡议》。包头市人民政府与大储能生态创新联合体签订了《战略合作协议》。 中国产业发展促进会会长于彤在致辞时说，储能分会的成立，是协会发展新质生产力、聚焦战略性新兴 产业，推动储能产业高质量发展、助力现代化产业体系建设的路径探索，也是践行协会"为政府决策服 务为企业发展铺路"宗旨使命的具体实践。据悉，中国产业发展促进会成立于2006年1月，是由国家发展 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company has a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 57.42 billion RMB (+11.33% year-on-year) and a net profit attributable to shareholders of 7.61 billion RMB (+5.94% year-on-year) [7]. - The company reported a Q1 2025 revenue of 8.90 billion RMB (+14.76% year-on-year) and a net profit of 680 million RMB (+14.14% year-on-year) [2]. Business Segments - The company’s revenue from smart grid, digital energy integration, and low-carbon energy segments for 2024 was 28.47 billion RMB (+10.70%), 12.37 billion RMB (+11.05%), and 12.19 billion RMB (+26.43%) respectively [3]. - The industrial interconnection segment saw a decline of 9.51% year-on-year, while the integrated and other businesses experienced a decrease of 23.89% [3]. Profitability and Dividends - The company maintained a dividend payout ratio of 60% in 2024, resulting in a dividend yield of 2.26% [2]. - The gross and net profit margins for 2024 were 26.66% and 14.19%, respectively, indicating stable profitability [2]. Future Projections - The company plans to achieve a revenue of 64.65 billion RMB in 2025, with a projected net profit of 8.33 billion RMB [5]. - The estimated PE ratio for 2025 is set at 22.27, reflecting the company's strong market position and technological advantages [5][23].

根据公司一季报，分地区来看，1Q25 公司实现境内收入4.55 亿元，同比增长22.57%；实现境外收入 0.97 亿元，同比增长30.58%。年初至1Q25末公司新签合同为7.77 亿元，同比增长30.41%，截至1Q25 末 在手合同41.08 亿元，同比增长17.86%。 1Q25 毛利率保持高位，费用管控良好 1Q25 公司综合毛利率为41.61%，同比基本持平。费用方面，公司管控良好，1Q25 公司销售/管理/研发 费用率分别为4.25%/2.87%/8.89%，分别同比-0.38/+0.31/-1.66pct。截至1Q25 末公司研发人员为439 人， 占公司总人数的51.8%，1Q25 公司新增专利23 项（其中发明专利5 项）。 公司发布2025 年一季报，1Q25 公司营收为5.55 亿元，同比增长23.96%；归母净利润为1.39 亿元，略高 于我们的预期（1.33 亿元），同比增长25.33%。 1Q25 公司国内外收入均呈现良好增长态势，毛利率亦维持高位。展望未来，我们持续看好公司有望受 益于我国新型电力系统建设所带来的产业机遇，并看好公司在海外市场的发展潜力，维持"增持"评级。 1Q ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company maintains a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Revenue and Profitability - In 2024, the company achieved a revenue of 57.42 billion RMB, an increase of 11.33% year-on-year, and a net profit of 7.61 billion RMB, up 5.94% year-on-year [7]. - The gross and net profit margins for 2024 are projected to be 26.66% and 14.19%, respectively, indicating stable profitability [2]. Business Segments Performance - The revenue from the smart grid, digital energy integration, and low-carbon energy segments for 2024 is expected to be 28.47 billion RMB, 12.37 billion RMB, and 12.19 billion RMB, respectively, with growth rates of 10.70%, 11.05%, and 26.43% [3]. - The industrial interconnection segment is experiencing a decline, with a revenue drop of 9.51% [3]. Financial Forecasts - The forecasted net profit for 2025 is 8.33 billion RMB, reflecting a decrease of 9.59% from previous estimates due to potential impacts from changes in the renewable energy policy [5]. - The company’s PE ratio for 2025 is estimated at 22.27 times, with a target price based on this valuation [5][23].

Core Viewpoint - Zeyu Intelligent reported strong financial performance for 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 26.98%, and a net profit of 218 million yuan, reflecting the company's confidence in future growth and commitment to shareholder returns through dividends and stock bonuses [1][2]. Financial Performance - The company achieved a total revenue of 1.348 billion yuan in 2024, representing a 26.98% increase compared to the previous year [1]. - The net profit attributable to shareholders was 218 million yuan [1]. - Zeyu Intelligent plans to distribute a cash dividend of 3.30 yuan per 10 shares (tax included) and to issue 2 additional shares for every 10 shares held from capital reserves [1]. Industry Outlook - The company is optimistic about the long-term development opportunities in the power information industry, driven by technological integration, emerging business growth, and policy synergies [2]. - Zeyu Intelligent aims to focus on the digitalization and intelligence of power grids, leveraging technological innovation to support the achievement of "dual carbon" goals and the construction of new power systems [2]. Business Development - The company is actively developing its robotics business, particularly in power inspection, with products such as wheeled robots, quadruped robots, and drones [2]. - Zeyu Intelligent's new generation substation inspection algorithm has achieved international advanced levels, addressing key industry challenges [2]. Research and Development - Zeyu Intelligent has consistently increased its R&D investment over the past three years, with expenditures of 32.96 million yuan, 49.64 million yuan, and 70.20 million yuan [3]. - Current R&D projects include communication board cards and digital twin systems for optical distribution robots, with some products already in mass production [3]. Future Plans - The company plans to deepen its focus on power information and intelligence, increase R&D investment, and expand its market presence outside Jiangsu province [4]. - Zeyu Intelligent aims to enhance its profitability by improving product technology and value, while also optimizing its national business layout [4].

Group 1: Stock Market Activity - Today, 30 stocks were listed on the institutional leaderboard, with 10 stocks seeing net purchases and 20 stocks experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were: Proya (3.06 billion), Hongjing Optoelectronics (57.19 million), and Zhongxin Fluorine Materials (30.20 million) [1][2] Group 2: Company Performance - Proya, a local mass-market beauty brand, reported a year-on-year net profit growth of 28.87% in its quarterly report [4] - Hongjing Optoelectronics saw a significant increase in its stock price, rising by 20% [2] - Zhongxin Fluorine Materials experienced a stock price increase of 5.24% [2] Group 3: Industry Insights - The electricity sector is undergoing reforms, with companies like Mindong Electric focusing on clean energy and renewable resources [5] - Huadian Liaoning Energy, a key power and heat supplier in Liaoning Province, reported a year-on-year net profit growth of 17.27% [6] - The State Grid's focus on high-quality development and infrastructure improvements is expected to support economic growth [6][7] - The rise of virtual power plants is seen as a solution to balance supply and demand in the electricity market [7] Group 4: Robotics and Material Demand - Dongbei Group is currently developing humanoid robot joint motors, which are still in the testing phase [8] - Zhongxin Fluorine Materials has established an integrated PEEK core material industry layout, with market demand projected to grow significantly from 2,334 tons in 2022 to 5,079 tons by 2027, reflecting a CAGR of approximately 16.8% [8]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 49.76 RMB [7][5]. Core Views - The company reported a revenue of 555 million RMB in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to the parent company of 139 million RMB, slightly above expectations, with a year-on-year increase of 25.33% [1][2]. - Both domestic and international revenues showed strong growth, with domestic revenue at 455 million RMB (up 22.57%) and international revenue at 97 million RMB (up 30.58%) [2]. - The company has a robust order backlog, with total contracts signed in Q1 2025 amounting to 777 million RMB, a 30.41% increase year-on-year, and a total backlog of 4.108 billion RMB, up 17.86% [2][4]. - The gross margin for Q1 2025 was 41.61%, remaining stable year-on-year, with effective cost control reflected in the sales, management, and R&D expense ratios [3][4]. Summary by Sections Financial Performance - The company expects net profits for 2025, 2026, and 2027 to be 816 million RMB, 999 million RMB, and 1.193 billion RMB respectively, with a projected PE ratio of 30x for 2025 [5][11]. - Revenue forecasts for 2025, 2026, and 2027 are 3.391 billion RMB, 4.078 billion RMB, and 4.761 billion RMB, indicating growth rates of 23.56%, 20.24%, and 16.76% respectively [11][27]. Product Development - The company launched nearly 50 new products in 2024, generating 1.338 billion RMB in revenue, which accounted for 49% of total revenue, with AI products contributing 30% of new product revenue [4]. Market Outlook - The company is expected to benefit from the construction of new power systems in China and has significant potential for growth in international markets [1][4].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 49.76 [7][5]. Core Views - The company reported a revenue of RMB 555 million in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of RMB 139 million, slightly above expectations, with a year-on-year increase of 25.33% [1]. - Both domestic and international revenues showed strong growth, with domestic revenue at RMB 455 million (up 22.57%) and international revenue at RMB 97 million (up 30.58%) in Q1 2025 [2]. - The company has a robust order backlog, with total contracts signed reaching RMB 777 million, a 30.41% increase year-on-year, and a backlog of RMB 4.108 billion, up 17.86% [2][4]. Summary by Sections Financial Performance - The comprehensive gross margin for Q1 2025 was 41.61%, remaining stable year-on-year. The company effectively managed its expenses, with sales, management, and R&D expense ratios at 4.25%, 2.87%, and 8.89%, respectively [3]. - The company is projected to achieve net profits of RMB 816 million, RMB 999 million, and RMB 1.193 billion for the years 2025, 2026, and 2027, respectively [5][11]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating RMB 1.338 billion in revenue, which accounted for 49% of its main business revenue. AI products contributed 30% of the new product revenue, indicating a significant growth area [4]. Market Outlook - The report expresses optimism regarding the company's potential to benefit from the construction of new power systems in China and its growth prospects in international markets [1][4].