Investment Rating - The report has downgraded the investment rating to "Accumulate" due to temporary pressure on the company's performance [3][6]. Core Views - The company reported a revenue of 6.738 billion yuan in 2024, a year-on-year decrease of 8.36%, and a net profit attributable to shareholders of -62 million yuan [1]. - The company's energy storage inverter and battery business saw significant revenue declines in 2024, with the inverter business down 70.53% and the battery business down 45.57% [2]. - The household system sales business grew rapidly, achieving a revenue of 3.06 billion yuan in 2024, up 84.96% year-on-year [3]. - The company is focusing on expanding its overseas market presence, particularly in Germany, Italy, and Australia, which is expected to gradually improve revenue from energy storage products as overseas demand recovers [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.738 billion yuan, with a net profit of -62 million yuan and a non-recurring net profit of -194 million yuan [1]. - For Q1 2025, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 67.13%, but a net profit of -28 million yuan [1]. Business Segments - The energy storage inverter business generated 462 million yuan in revenue in 2024, down 70.53% year-on-year, while the energy storage battery business generated 473 million yuan, down 45.57% [2]. - The photovoltaic inverter business revenue was 2.217 billion yuan in 2024, down 22.5%, with a gross margin of 19.78%, a decrease of 9.65 percentage points year-on-year [2]. - The household system sales business saw significant growth, with revenue reaching 3.06 billion yuan in 2024, and a gross margin of 14.11%, an increase of 1.17 percentage points [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 199 million yuan, 375 million yuan, and 564 million yuan respectively, reflecting a 79% and 68% downward adjustment for 2025 and 2026 [3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 50 for 2025, 27 for 2026, and 18 for 2027 [3].

证券研究报告 上能电气 (300827 CH) 海外拓展提振盈利，未来需求可期 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 电力设备与新能源 | 公司 24 年收入 47.73 亿元，同比-3.2%，归母净利 4.19 亿元，同比+46.5%， 归母净利低于我们此前 5.03 亿的预期，主要系光伏逆变器国内地面电站出 货承压。25Q1 收入 8.31 亿元，同比+16.8%，归母净利 0.88 亿元，同比 +71.6%，归母净利低于我们此前 1.40 亿预期，主要系中东储能 PCS 竞争 加剧+海外订单单价偏低。公司产品谱系加速拓展，国内外业务双轮驱动， 亚非拉、欧洲出海业务有望贡献增量，我们维持"买入"评级。 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 4,933 | 4,773 | 7,097 | 8,488 | 10,152 | | +/-% ...

在全球经贸局势瞬息万变的当下，我们欣于⻅到全球光伏市场装机容量持续增⻓，彭博新能源财 经预计2025年光伏新增装机容量将⽐2024年增⻓17%，达到698GW。然⽽，制造商继续在激 烈竞争和低廉价格中挣扎，⼤多数制造商在2025年将继续严重亏损。聚焦中国，电⼒市场改⾰ 正在加速，提前四年将⼏乎所有光伏发电纳⼊⾃由化电⼒市场进⾏交易。尽管存在可预⻅的收⼊ ⻛险，但在"⼗四五"规划（2021-2025年）的最后⼀年，中国⻛电和光伏新增装机容量仍有 望创下纪录，从⽽进⼀步加剧与燃煤电⼚的竞争。随着政府推动能源密集型⾏业增加绿电消费， 对清洁电⼒的需求势将增⻓。放眼世界，由于居⺠电价下降，⼀些欧洲市场正在萎缩。中东和东 南亚可能会成为不断增⻓的市场，⽽印度今年的新增装机容量将达到 .GW（交流侧），成为 亚太焦点。 彭博新能源财经将于今年的光伏⾏业盛会期间，于6⽉10⽇下午在上海虹桥举办年度光伏研讨 会，与业界同仁探讨光伏⾏业供应链博弈、区域政策更新、光储融合展望的重要议题。期待各位 客⼾及⾏业伙伴莅临交流。 06⽉10⽇ :-:pm: 签到 :-:pm: 全球光伏市场展望 江亚俐 彭博新能源财经光伏产业链分析师 : ...

2024 年受锂电池原材料价格下降以及行业竞争加剧等影响，储能系统及PCS 价格均大幅下降，地面储 能系统、PCS 主流产品价格降幅分别约45%/30%。根据CNESA统计，公司连续四年位居国内储能PCS 出货量排名第二位；储能系统方面，公司重点推进大储及海外市场开拓，推进户用及工商业储能系统等 全场景覆盖。 事件 盈利预测及投资建议 2025 年4 月23 日，上能电气发布2024 年报及2025 年一季报。2024 年公司实现营业收入47.7 亿元，同比 减少3.2%，实现归母净利润4.2 亿元，同比增长46.5%，实现销售毛利率22.9%，同比提升3.7pct，海外 光储业务快速拓展，公司盈利水平实现结构性显著提升。 2025Q1 公司实现营业收入8.3 亿元，同比增长16.8%，实现归母净利润0.9 亿元，同比增长71.6%，实现 销售毛利率24.3%，同比提升0.7pct，环比提升5.7pct。 逆变器业务稳健经营 2024 年公司光伏逆变器业务实现营业收入27.5 亿元，同比减少4.5%，实现毛利率22.6%，同比提升 5.1pct，盈利水平有所提升，实现光伏逆变器销量25.1GW，同比增长7.0 ...

Core Insights - The company reported a revenue of 77.857 billion in 2024, a year-on-year increase of 7.8%, and a net profit of 11.036 billion, up 16.9% year-on-year [1] - In Q4 2024, the company achieved a revenue of 27.911 billion, a year-on-year increase of 8.0%, and a net profit of 3.437 billion, up 55.0% year-on-year [1] - For Q1 2025, the company reported a revenue of 19.036 billion, a significant year-on-year increase of 50.9%, and a net profit of 3.826 billion, up 82.5% year-on-year [1] Revenue Breakdown - In 2024, the photovoltaic inverter and power electronic conversion equipment business generated a revenue of 29.13 billion, a year-on-year increase of 5%, with a gross margin of 30.9% [2] - The energy storage business achieved a revenue of 24.96 billion, up 40% year-on-year, with a gross margin of 36.7% [2] - The new energy investment and development segment reported a revenue of 21 billion, down 15% year-on-year, with a gross margin of 19.4% [2] Product and Market Development - The company is enhancing its product offerings, including large power string inverters and modular inverters, to address global energy grid challenges [3] - The company is expanding its global market presence, with production capacity in overseas factories in India and Thailand reaching 25 GW [3] - The company plans to issue Global Depositary Receipts (GDR) to support the expansion of energy storage equipment manufacturing and enhance global competitiveness [3] Profit Forecast and Investment Rating - The company anticipates continued high growth in the energy storage business across various global markets [4] - The forecast for net profit from 2025 to 2027 is 13.47 billion, 15.62 billion, and 17.61 billion respectively, with year-on-year growth rates of 22%, 16%, and 13% [4] - The current stock price corresponds to a price-to-earnings ratio of 9, 8, and 7 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]

此外，据宝馨科技相关工作人员介绍，公司未来将在智能制造方面继续探索充/换电设备海外市场，例 如为欧美市场研发高功率、兼容多种车型的超充设备；为东南亚高温、潮湿环境研发具备特殊防护性能 的产品。此前，公司已在充换电领域推动"光储充换"一体化解决方案落地，上海、泉州等地的全液冷超 充示范站大大提升了品牌影响力。 业内人士表示，展望未来，宝馨科技异质结技术商业化进程恰逢TOPCon技术迭代窗口期，有望在2025 年技术迭代周期中实现弯道超车，同时技术红利的转化有望打开估值重塑空间。 报告显示，宝馨科技研发投入1851.9万元。报告期内，公司已完成高强度可靠型新能源储能机箱的研 发、长寿命防潮新能源储能机箱的研发、储能机箱灵活布线结构的研发、防风阻燃型储能机箱的研发等 多个项目。 值得一提的是，在市场端，宝馨科技积极开辟"第二战场"，报告期内海外市场实现营业收入1.41亿元， 同比增长23%，海外市场收入占总营业收入比例提升至41.84%，构建起抗周期缓冲带，彰显国际化拓展 成效。 本报讯(记者陈红)4月28日晚间，江苏宝馨科技（002514）股份有限公司(以下简称"宝馨科技")发布2024 年年度报告，报告期内，公 ...

逆变器、光伏和电力设备 25M3 出口数据解读 20250428 摘要 • 阳光电源一季度业绩超预期，收入达 38 亿人民币，主要受益于美国抢出 口和中东市场。但因去年同期对美出货占比高，预计今年二三季度同比可 能下降，短期股价波动风险较高，长期投资价值仍然存在。 • 欧洲逆变器市场经历补库去库周期后，3 月开始复苏，预计需求将提升。 亚洲和非洲市场呈现稳定增长，3 月亚洲同比增长十几个点，非洲同比增 长 80%。东南亚、南亚缺电加剧，将推动光储系统需求。 • 3 月份光伏组件出口额与去年 8 月持平，约为 24-25 亿元人民币，同比有 所下滑，受春节影响发货延迟。需关注 4 月份数据以准确评估组件业务潜 力。 • 二季度是逆变器及储能板块的投资窗口期，多家公司排产和订单良好。欧 洲需求稳定释放，东南亚、南亚缺电推动光储需求，有望实现环比和同比 双重提升。 • 2025 年 3 月电力设备出口延续高景气，变压器对北美出口因关税政策提 前，同比翻倍增长，亚洲市场表现亮眼。高压开关设备出口加速，电表出 口增速稳定。 Q&A 逆变器和光伏设备在亚非拉市场的出口情况如何？ 我们对亚非拉市场的出口前景持乐观态度。尽管 ...

Core Viewpoint - The article highlights the significant increase in executive compensation at Sungrow Power Supply, particularly for Vice Chairman Gu Yilei and Senior Vice President Wu Jiamao, reflecting the company's strong performance in the energy storage sector and overall growth in revenue and profit despite challenges in the photovoltaic industry [1][4][5]. Executive Compensation - Gu Yilei and Wu Jiamao are the only two executives at Sungrow Power Supply with salaries exceeding 10 million yuan, earning 17.5 million yuan and 12.94 million yuan respectively, which is significantly higher than the average executive salary of 5.853 million yuan [1][2]. - Both executives received stock grants as part of the 2023 restricted stock incentive plan, with Gu Yilei being granted 218,400 shares and Wu Jiamao 119,000 shares, at a grant price of 30.18 yuan per share [2]. - Over the past five years, Gu Yilei and Wu Jiamao's salaries have increased dramatically, with Gu's salary rising 11 times and Wu's by 8.6 times since 2019 [3]. Company Performance - Sungrow Power Supply reported a revenue of 77.8 billion yuan in 2024, a year-on-year increase of 7.8%, and a net profit of 11 billion yuan, up 16.9% [4][5]. - The company's inverter shipments reached 147 GW, a 13% increase year-on-year, while the energy storage business saw revenue growth exceeding 40% and a shipment volume of 28 GWh, up 167% [5]. Market Position and Challenges - Sungrow Power Supply is recognized as the global leader in energy storage systems, with a gross margin of 36.69%, which is significantly higher than its competitors [5]. - The company faces challenges in the U.S. market due to uncertainties related to tariffs, which could impact its shipment targets for 2025 [6]. - Management anticipates a compound annual growth rate of over 10% for the photovoltaic market from 2024 to 2030, despite short-term pressures due to tariffs and market conditions [6].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a revenue of 77.857 billion RMB in 2024, representing a year-on-year increase of 7.76%, with a net profit attributable to shareholders of 11.036 billion RMB, up 16.92% year-on-year, slightly exceeding previous expectations due to strong profitability in the energy storage business [1][5]. - The company is a global leader in the solar and energy storage industry, with a significant increase in domestic and international orders since 2024, providing strong support for performance in 2025 [1][5]. - The company’s energy storage revenue reached 24.96 billion RMB in 2024, a 40.3% increase year-on-year, with a gross margin of 36.7%, driven by cost reductions in manufacturing and battery cells [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 27.911 billion RMB, with a year-on-year increase of 8% and a quarter-on-quarter increase of 47%. The net profit for the same period was 3.437 billion RMB, reflecting a year-on-year increase of 55% and a quarter-on-quarter increase of 30% [2]. - For Q1 2025, the company achieved a revenue of 19.036 billion RMB, a year-on-year increase of 51%, while the net profit reached 3.826 billion RMB, up 83% year-on-year [2]. Energy Storage Segment - The company’s energy storage shipments in 2024 reached 28 GWh, a significant increase of 167% year-on-year, with an estimated sales volume of 25 GWh, leading to a unit price of approximately 0.96 RMB per Wh, down 43% year-on-year due to battery cell price reductions [3]. - In Q1 2025, energy storage shipments surged to 12 GWh, a year-on-year increase of 470%, maintaining profitability levels similar to 2024, primarily due to confirmed revenue from the Saudi energy storage project and export activities to the U.S. [3]. Photovoltaic Inverter Segment - The company’s revenue from photovoltaic inverters in 2024 was 29.13 billion RMB, a year-on-year increase of 5.3%, with a gross margin of 30.9% [4]. - The sales volume of photovoltaic inverters reached 147 GW in 2024, a 13% increase year-on-year, with a unit price of approximately 0.20 RMB per W, down 7% year-on-year [4]. Valuation and Forecast - The report projects net profits for 2025-2027 to be 12.025 billion RMB, 13.557 billion RMB, and 15.209 billion RMB respectively, with a target price of 92.80 RMB based on a 16x PE ratio for 2025 [5][9].

2025年4月24日，上海市天宸股份有限公司（以下简称"天宸股份"）发布2024年年度报告。报告期内， 公司实现营业收入341,870,271.41元，同比增长14.96%；归属于上市公司股东的净利润为32,077,522.61 元，同比增长47.07%。然而，归属于上市公司股东的扣除非经常性损益的净利润仅为2,034,240.31元， 同比减少90.26%。同时，公司经营活动产生的现金流量净额为58,892,385.60元，较上年同期增加 571.75%。以下将对天宸股份2024年年报进行详细解读。 关键财务指标分析 营收增长但房地产销售下滑 2024年，天宸股份实现营业收入341,870,271.41元，较上年同期增长14.96%。从业务构成来看，房产销 售收入162,134,264.23元，较上年同期的283,215,900元减少42.75%；装修收入140,774,628.52元，为本期 新增业务收入；出售投资性房地产业务收入14,148,638.10元；物业租赁及其他收入为24,812,840.62元， 较上年同期增长75.25%。 房地产销售下滑主要受市场形势变化影响，而装修业务收入及物业租赁收入 ...