【环球网科技报道 记者 张阳】4月30日，在第八届数字中国建设峰会举办期间，华为数字能源也于同期举办了"城市绿色高质量发展峰会"。随着双碳战略的 深入推进，构建新型电力系统和新型能源体系的创新技术与解决方案不断涌现；同时人工智能、低空经济等新兴产业的快速发展和布局，城市的发展正迎来 一场深刻的绿色、数字化变革新机遇。 在国家"双碳"战略背景下，城市高质量发展不再仅仅是经济指标的单一追求，更是资源的高效利用、环境的可持续发展以及社会的和谐进步。峰会上福建省 福州市政协副主席林澄表示，"绿色城市新生态的建设是一场"技术+政策+协同"的系统工程。福建省紧扣国家战略，率先出台多项政策支持'光储充'一体化 建设。根据《福建省高质量充电基础设施体系实施方案》，到2025年全省将建成8万个公共充电桩，高速公路快充站覆盖率超90%，并明确对符合条件的'光 储充检'示范站给予补助，目标建成200个此类示范站。同时，宁德市进一步细化政策，形成"省-市"协同激励模式。福州积极响应，推动光储充检设施与城 市停车、交通枢纽深度融合，打造'15分钟充电圈'，助力福州'超充之城'建设。" 重卡电动化：城市物流行业的绿色变革 福州正以"敢为 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company achieved a revenue of 11.206 billion yuan in 2024, representing a year-on-year increase of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% year-on-year [1]. - The inverter business continues to grow, with revenue reaching 5.556 billion yuan in 2024, a 25.44% increase year-on-year, while the gross margin was 47.81% [2]. - The energy storage battery segment saw significant growth, with revenue of 2.451 billion yuan in 2024, a remarkable increase of 177.19% year-on-year, and a gross margin of 41.3% [3]. - The company is expanding its product offerings, including new inverter solutions tailored for the European market and energy storage solutions for commercial use [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.206 billion yuan, with a net profit of 2.960 billion yuan and a non-recurring net profit of 2.805 billion yuan, reflecting growth rates of 49.82%, 65.29%, and 51.34% respectively [1]. - For Q1 2025, revenue was 2.566 billion yuan, up 36.24% year-on-year, with a net profit of 706 million yuan, an increase of 62.98% [1]. Product Development - The inverter product line generated 5.556 billion yuan in revenue in 2024, with a focus on overseas markets and localized product offerings [2]. - The company launched a micro-storage inverter for the European market and a comprehensive energy storage solution for commercial applications [2]. Growth in Energy Storage - The energy storage battery segment achieved 2.451 billion yuan in revenue in 2024, with a gross margin increase of 7.43 percentage points [3]. - New products include low-voltage wall-mounted batteries and high-voltage rack-mounted batteries designed for diverse market needs [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.896 billion yuan, 4.829 billion yuan, and 5.479 billion yuan respectively, with corresponding P/E ratios of 14, 12, and 10 [4]. - The company is expected to maintain strong profitability metrics, with a projected ROE of 31.31% in 2024 and increasing thereafter [11].

业绩回顾 风险 光储需求不及预期，市场竞争加剧，外贸政策波动风险，汇率波动风险。 坚定向大功率场景延伸，看好25 年光储新品放量。公司在户用光储场景基本盘稳定，24 年公司推出全 球首款功率高达5000W 的微型逆变器MiT，质保年限达25 年，预期下半年推出二代阳台微光储产品， 我们预期公司25年微逆出货同比增长30%。同时，公司坚定向大功率场景延伸，24 年推出320KW 组串 式光伏逆变器，大储方面目前已有在手订单，我们认为公司前期研发、营销费用投入有望开花结果，储 能各产品线全面放量，营收有望实现翻倍增长，同时25 年期间费用率有望小幅下降，推动利润增长。 盈利预测与估值 由于公司1Q25 费用仍处于较高位置，大储订单尚未放量，我们下调2025年净利润38%至4.75 亿元，首 次引入2026 年盈利预测6.32 亿元。 维持跑赢行业评级，我们下调目标价32.3%至134 元，对应25、26 年35、26 倍市盈率，较当前股价有 38.1%的上行空间，当前股价对应25、26 年25、19 倍市盈率。 2024 年和1Q25 业绩低于我们预期 公司公布2024 年业绩：收入19.93 亿元，同比-2%； ...

Core Viewpoint - The Chinese heat pump industry is at a critical juncture for high-quality development, driven by innovation and supported by government policies, aiming to establish heat pumps as a key product in China's manufacturing landscape alongside electric vehicles, photovoltaic products, and lithium batteries [1][3]. Industry Overview - The heat pump industry is recognized as a significant player in the global renewable energy technology and product competition, with Chinese manufacturers, particularly Sunrain, leading in performance under extreme conditions [3][6]. - Sunrain's air source heat pumps have successfully operated at the Everest Base Camp for three consecutive years, demonstrating their reliability and performance in harsh environments [6][12]. Market Potential - The Chinese heat pump market has substantial growth potential, with a current penetration rate of only 5%, compared to nearly universal adoption in Europe [14]. - The National Development and Reform Commission and other government bodies have set ambitious goals for the heat pump industry, including a 20% improvement in energy efficiency by 2030 and the promotion of air source heat pumps in cold and hot regions [14][16]. Competitive Landscape - The industry is currently experiencing intense competition, which has led to concerns about "involution" or excessive competition that hampers investment in research and development [16]. - Sunrain advocates for healthy competition that enhances technology and service levels, emphasizing the need for continuous investment in R&D and market education [16][19]. Strategic Initiatives - Sunrain is investing over 1 billion yuan in manufacturing bases and has launched initiatives to educate consumers about air source heat pumps, including a promotional campaign linked to Everest [19][23]. - The company aims to provide zero-carbon home solutions through an integrated approach involving solar energy, energy storage, and heat pumps, aligning with broader sustainability goals [23][25].

数据显示，2024年中国充电基础设施总量首次突破千万大关，达到1281.8万台--这一数字在5年前是168 万台。与之对应的是，新能源汽车保有量呈几何式增长，从2014年的12万辆飙升至2024年的3140万辆。 56.8万家充电桩相关企业竞逐千亿市场，一年百万量级的扩张速度，越来越密集的充电网络，那个老问 题依然挥之不去：充电焦虑，还存在吗？ 繁荣背后的结构性矛盾 "每天通勤时，每隔1公里就有充电站，但想到回老家1000公里的长途跋涉，总担心逢年过节被撂在半 路。"在浙江杭州工作的陈先生反复权衡后，"可油可电"的混动汽车，成了他平衡经济性与实用性的最 终选择。 有着补能焦虑的人，不在少数。2024年，中国混动乘用车销量达248.5万辆，在新能源汽车市场中占比 达40%，优势很明显，比燃油车拥有更低的能耗表现，同时没有纯电车的里程焦虑。 单看2024年底数据，全国1281.8万台充电桩，3140万辆的新能源汽车保有量，车桩比达到了2.45：1，或 许难以理解这般焦虑。 剖开来看，隐藏的问题就会浮出水面--1281.8万台充电桩里，超过7成是私人充电桩，只有不到3成的公 共充电桩。若仅计算公共车桩比，约8辆车用 ...

证券研究报告 长江电力 (600900 CH) 24 年电量创新高，财务费用持续下降 华泰研究 年报点评 经营预测指标与估值 2025 年 5 月 02 日│中国内地 发电 长江电力发布 2024 年年报和 2025 年一季报：2024 年实现营收 844.92 亿 元（yoy+8.12%），归母净利 324.96 亿元（yoy+19.28%），其中 4Q24 归母 净利 44.71 亿元，位于我们 4Q24 业绩前瞻预期区间 33.75-48.75 亿元的上 沿。1Q25 公司实现营收 170.15 亿元（yoy+8.68%），归母净利 51.81 亿元 （yoy+30.56%），归母净利超出我们预期上限的 48.36 亿元，主要是营收超 预期和财务费用低于预期。2024 年公司 DPS 为 0.943 元（含税），分红比 例 71%，股息率 3.2%。看好公司六库联调和上游龙盘（未投产）/两河口水 库为公司下游水电站带来电量增发效应及金沙江下游水风光储一体化发展， 维持"买入"评级。 2024 年发电量创新高，2025 年力争发电量达 3000 亿千瓦时 2024 年，公司境内六座水电站发电量同比+7.1 ...

此外，供汽供热业务成为垃圾焚烧发电项目盈利的重要补充。2024年，公司对外蒸汽销售170万吨，同 比增长177.35%。如东、通州湾、启东等9个垃圾焚烧发电项目已开展供汽供热业务，为周边工业园区 提供绿色稳定的蒸汽热能供应，优化了项目收入结构。 尽管环保业务整体表现良好，但公司仍需关注垃圾焚烧发电项目的运营成本控制。随着环保标准的提 高，公司在设备升级和排放控制方面的投入可能进一步增加，这将对利润率产生压力。 新能源业务：风光储氢氨醇一体化项目加速推进 在国家"双碳"战略的推动下，中国天楹的新能源业务成为2024年的亮点。公司依托先进的新型储能和氢 基产业链技术，正在吉林、黑龙江、内蒙古等地区打造绿电－绿氢－绿氨/绿醇产业集群。报告期内， 公司与黑龙江省安达市人民政府签订了《风光储氢氨醇一体化项目投资合作协议书》，一期项目包括 2025年5月4日，中国天楹发布了2024年年报。报告显示，公司实现营业收入56.67亿元，同比增长 6.46%；归属于上市公司股东的净利润为2.80亿元，同比下降16.99%；扣非净利润为2.52亿元，同比减 少20.17%。尽管营收有所增长，但净利润的下滑反映出公司在成本控制或市场 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.40 CNY per share [5]. Core Views - The company's inverter business is under pressure, while its power station business is experiencing rapid growth [1]. - In 2024, the company achieved a revenue of 6.542 billion CNY, a year-on-year increase of 7.23%, but the net profit attributable to shareholders decreased by 11.32% to 691 million CNY [1][4]. - The company is actively expanding its brand presence and market reach, particularly in emerging markets, while facing increased competition in the European household energy storage sector [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 65.42 billion CNY, with a net profit of 6.91 billion CNY, reflecting a decline in profitability [1]. - The first quarter of 2025 showed a significant recovery, with revenue of 15.18 billion CNY, up 8.65%, and net profit soaring by 859.78% to 1.95 billion CNY [1]. Business Segments - The grid-connected inverter business generated 37.92 billion CNY in revenue in 2024, down 6.7%, with a gross margin of 18.68% [2]. - The energy storage inverter segment saw a revenue increase of 30.37% to 5.72 billion CNY, although its gross margin decreased by 9.1 percentage points [2]. - The household photovoltaic system business achieved a revenue of 14.64 billion CNY, up 22.65%, while the new energy power generation business revenue surged by 110.99% to 6.17 billion CNY [3]. Market Strategy - The company is committed to a dual-brand strategy with "Jinlang Technology" and "SOLIS," focusing on global expansion and localizing sales and service networks in regions such as Europe, Australia, Southeast Asia, the United States, and Latin America [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward due to the competitive landscape and subdued demand in Europe, with expected net profits of 1.018 billion CNY, 1.313 billion CNY, and 1.596 billion CNY respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 21, 16, and 13 for 2025-2027 [4].

甘肃玉门，祁连山下，戈壁滩上，深蓝色的光伏面板铺展绵延。两人多高的面板旁，一个红色身影穿梭 其间、不时停驻。他是田玉鑫，中国石油玉门油田新能源电站运维工程师，正手拿热成像仪，给几块重 点面板做"体检"。 析数据到检查设备、排查故障，业务专家和骨干都会带着他实践操作。轮岗是一场深度学习之旅，田玉 鑫收获颇丰："时刻都要保持把问题解决的态度。" 很快，轮岗成效在实践中被检验。2023年刚转正、定岗，田玉鑫就被派往逸宁光伏电站建设现场。酷暑 中，年轻人初尝"苦头"：在戈壁滩上吃住3个多月，白天，调试设备、对接厂家、开展试验；晚上，为 了确保不出差错，和同事轮流值班，刚开始没有床，干脆扯个垫子睡地上……最忙的时候，大家连续奋 战57个小时。 终于，伴随着"刺刺"的电流声，隔离开关上蓝色的弧光进入眼底，第一缕绿电顺利发出。当时的场景， 田玉鑫记忆深刻："电站建成投运，正式并网！" 动作熟练、神情专注，身上明显有户外日晒的痕迹，看着像个老员工，田玉鑫却是个00后。2022年从兰 州工业学院毕业后，他来到这个80多岁的"老油田"，逐渐成长。 巡检完光伏板，他又向前走。不远处，30多个13米长、2米多宽、近3米高的"集装箱" ...

Core Insights - The photovoltaic industry in China is rapidly developing, with a cumulative installed capacity of 887 million kilowatts by the end of 2024, solidifying its position as the second-largest power source domestically [2] - Companies are facing challenges such as supply-demand imbalance and intense competition, leading to a general decline in profitability and increased losses across the industry [2] - Trina Solar is leading the industry in standardizing component sizes and promoting a friendly photovoltaic ecosystem, achieving over 170 GW in shipments of its 210 components in 2024 [2][3] Industry Developments - The demand for flexible adjustment resources in the power system is increasing due to the large-scale integration of new energy sources, prompting leading companies to accelerate the integration of solar and storage solutions [3] - Trina Solar's energy storage capacity saw over 100% growth in 2024, with a shipment volume of 4.3 GWh, doubling from 2023, and it aims to ship between 8 GWh and 10 GWh in the current year [3] Technological Advancements - The industry is actively pursuing next-generation photovoltaic technologies, with Trina Solar leading in perovskite solar cell patents, holding 481 patents and ranking first globally [4] - Trina Solar's self-developed 210 mm large-area perovskite-silicon tandem solar cells achieved a maximum efficiency of 31.1%, setting new world records in both efficiency and component power [4] Strategic Shifts - Trina Solar has transitioned from a photovoltaic product manufacturer to a comprehensive solution provider for photovoltaic and energy storage, focusing on new growth areas such as smart microgrids and green hydrogen production [5][6] - The company aims to enhance its market position by increasing the proportion of new business and shifting from price competition to value creation, thereby building a green and low-carbon energy supply system for end users [6]