万得储能指数（866088.WI）50只成分股中，超过二十家企业的董事长2024年年薪超百万元，近半数企 业的董事长年薪同比增长。 A股"储能"板块上市公司2024年年报均披露完毕，第一财经记者梳理万得储能指数（866088.WI）50只 成分股发现，超过二十家企业的董事长年薪超百万元，近半数企业的董事长年薪同比增长。 具体来看，2024年年薪前十的董事长分别为比亚迪（002594.SZ）王传福、正泰电器（601877.SH）南存 辉、宁德时代（300750.SZ）曾毓群、亿纬锂能（300014.SZ）刘金成、特变电工（600089.SH）张新、 孚能科技（688567.SH）谢勇、欣旺达（300207.SZ）王威、阳光电源（300274.SZ）曹仁贤、盛弘股份 （300693.SZ）方兴和科华数据（002335.SZ）陈成辉，年薪从高到底排序分别为765.50万元、579.94万 元、574.30万元、457.33万元、445.00万元、420.31万元、413.60万元、388.00万元、231.00万元和225.83 万元。 | 证券代码 | 证券简称 董事长 | 总市值(亿元) | 2024年董事长薪 ...

Core Viewpoint - The company is focusing on the development of hydrogen energy and multi-functional alcohol projects despite current challenges in profitability and market conditions [2][4]. Group 1: Hydrogen Energy Development - The company has invested in hydrogen energy as a future industry, supported by government policies, and aims to transition from demonstration applications to commercial promotion in 2025 [2]. - As of the 2024 annual report, the company has completed the deployment of 103 hydrogen-powered vehicles, including 38 buses and 60 heavy trucks [2]. - The company has established a hydrogen refueling station with a capacity of 500 kg/d and is working on a green zero-carbon terminal in collaboration with the port group [2][4]. Group 2: Multi-functional Alcohol Project - The multi-functional alcohol project is currently under construction and is expected to reach operational status by the third quarter of 2025 [2]. - The project is reported to be progressing smoothly and is anticipated to meet design capacity requirements [2]. Group 3: Financial Performance and Market Conditions - The company's first-quarter performance in 2025 showed a significant decline compared to the previous year, primarily due to a substantial drop in product prices within the industry [2][4]. - The company has been actively managing its debt levels, resulting in a decreasing trend in the debt-to-asset ratio over the past five years [2]. - The company plans to conduct periodic maintenance in May 2025, which may impact second-quarter performance but is necessary for future project readiness [4]. Group 4: Shareholder Engagement and Market Strategy - The company acknowledges shareholder concerns regarding stock performance and is open to suggestions for improving market value management [3][4]. - The management emphasizes the importance of transparent communication regarding operational status and financial performance to maintain investor confidence [4].

Group 1: Investor Relations Activities - The company held an earnings briefing on May 8, 2025, from 15:00 to 16:00 [3] - Participants included the chairman, vice chairman, CFO, board secretary, and sponsor representative [3] - Various channels for investor communication include earnings briefings, online roadshows, site visits, and responding to investor inquiries [4] Group 2: Market and Product Insights - Solid-state batteries are identified as a key future direction due to their high energy density and safety, with applications in electric vehicles, energy storage, and consumer electronics [5] - The company is one of the early participants in solid-state battery production equipment development and has received customer orders [5] - The company plans to expand its international presence, focusing on Europe, North America, and Southeast Asia to enhance its competitive edge [6] Group 3: Financial Performance and Strategy - The decline in Q1 2025 performance is attributed to reduced equipment acceptance, leading to lower revenue recognition [7] - The company is actively working to improve customer service and efficiency to recover from the downturn [7] - The company reported a positive trend in operating cash flow and a sufficient backlog of orders for Q1 2025 compared to Q1 2024 [8] Group 4: Future Plans and Developments - The company will participate in the CIBF2025 International Battery Exhibition from May 15-17, 2025, showcasing dry electrode and solid-state battery equipment [9][10] - The company is open to mergers and acquisitions to enhance its market position and achieve stable growth [13] - Future strategic goals include maintaining domestic market leadership in lithium battery production equipment while exploring new fields for growth [15]

Group 1: Company Performance and Financials - The company reported a significant increase in sales volume of lithium battery cathode materials compared to the previous year, but faced a decline in product prices, leading to overall losses [5] - The company is currently constructing a total of 75,000 tons of lithium iron phosphate capacity and plans to adjust its capacity expansion based on industry trends and customer demands [2][3] - The overall equipment utilization rate is insufficient, contributing to high manufacturing costs per unit of finished product [5] Group 2: Strategic Direction and Market Position - The company has established a main business model focused on lithium battery cathode materials, with oxalic acid as a supplementary business [3] - The company aims to leverage opportunities in the booming new energy sector and is committed to high-quality development in the lithium battery cathode materials field [6][8] - The company is enhancing its research and development capabilities and production processes to improve product quality and market competitiveness [6] Group 3: Customer and Market Engagement - The company is actively collaborating with key customers to understand their needs and co-develop innovative products [6] - The company is exploring international business opportunities and strengthening overseas market research and analysis [7][8] - The company is participating in international industry exhibitions and business activities to enhance brand promotion and market outreach [6] Group 4: Challenges and Solutions - The company is addressing continuous losses by implementing cost reduction and efficiency enhancement measures, including optimizing production processes and improving product structure [5][6] - The company acknowledges the need for strategic focus and potential mergers or acquisitions to expand its business scale [4][6] - The company is committed to maintaining a leading position in technology through continuous investment in research and development [6]

Group 1: Project Updates - The 300,000 tons polyol project is currently under construction and is expected to reach operational status by Q3 2025 [1] - The company has completed the demonstration application of 103 hydrogen transport vehicles, including 38 buses, 60 heavy trucks, and 5 tractors [1] Group 2: Hydrogen Energy Investment - Hydrogen energy is considered a future industry supported by government policies; the company is cautiously investing in this sector [1] - Initial registered capital for the subsidiary Huachang Energy was 30 million yuan, with the company holding a 70% stake; a capital financing round in 2022 raised approximately 105 million yuan [2] Group 3: Hydrogen Station Operations - A hydrogen refueling station with a capacity of 500 kg/d has been built and is operational, supplying hydrogen at 25 yuan/kg [2] - The company is collaborating with the port group to establish a green zero-carbon hydrogen refueling station [2] Group 4: Financial Management - The company's asset-liability ratio has decreased due to improved management of receivables and inventory, alongside strong operating cash flow [2] - The company maintains a dividend policy of 3 yuan for every 10 shares, with future dividends dependent on operational performance [2] Group 5: Operational Challenges - Scheduled maintenance in Q2 is expected to impact performance, as it is part of annual cyclical maintenance and preparation for future projects [2] - The company is closely monitoring external factors, including tariff impacts, which complicate performance predictions for the year [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a clear trend of international expansion, with overseas orders contributing to sustained performance improvement [1] - In 2024, the company achieved revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, while net profit attributable to shareholders was 419 million yuan, an increase of 46.49% year-on-year [5] - The company's gross margin improved to 22.92%, up 3.69 percentage points year-on-year, indicating enhanced profitability [5] - The company expects net profits for 2025-2027 to be 739 million, 881 million, and 1.041 billion yuan respectively, corresponding to P/E ratios of 14, 11, and 10 times [7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 88 million yuan, up 71.56% year-on-year [6] - The company's inverter business generated revenue of 2.75 billion yuan in 2024, with a gross margin of 22.55%, reflecting a year-on-year increase of 2.3 percentage points [6] - The company’s overseas revenue reached 1.16 billion yuan in 2024, a year-on-year increase of 69% [6] Business Segments - The energy storage PCS business generated revenue of 1.93 billion yuan in 2024, with a gross margin of 21.98%, up 5.81 percentage points year-on-year [9] - The company is transitioning from a domestic leader in PCS to a global specialized leader, indicating significant growth potential in overseas markets [9] Financial Projections - The company forecasts revenues of 6.879 billion, 8.166 billion, and 9.395 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 44.1%, 18.7%, and 15.0% [10] - The projected gross margins for the next few years are expected to remain stable around 24.3% [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q1 2025 revenue of 1.63 billion yuan, representing a year-on-year increase of 89.0% and a quarter-on-quarter increase of 1.1% [2][4]. - The net profit attributable to the parent company for Q1 2025 was 240 million yuan, showing a year-on-year growth of 60.9% but a quarter-on-quarter decline of 8.2% [2][4]. - The non-recurring net profit for Q1 2025 was 250 million yuan, which is a year-on-year increase of 72.6% and a quarter-on-quarter increase of 4.2% [2][4]. - The company's performance is generally in line with its earnings forecast [2][4]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 1.63 billion yuan in Q1 2025, with a significant year-on-year growth of 89.0% and a slight quarter-on-quarter growth of 1.1% [2][4]. - The net profit attributable to the parent company was 240 million yuan, reflecting a year-on-year increase of 60.9% but a decrease of 8.2% from the previous quarter [2][4]. - The non-recurring net profit was reported at 250 million yuan, marking a year-on-year increase of 72.6% and a quarter-on-quarter increase of 4.2% [2][4]. Cost and Expenses - The company maintained a high capacity utilization rate and production scheduling, with a focus on cost control [9]. - The total expense ratio for Q1 2025 was 5.36%, which is a decrease of 1.53 percentage points year-on-year and 1.23 percentage points quarter-on-quarter [9]. - The sales expense ratio was 0.07%, down 0.22 percentage points year-on-year and 0.12 percentage points quarter-on-quarter [9]. Future Outlook - The company expects continued growth in production scheduling in Q2, driven by the release of new capacity, with annual shipments anticipated to maintain rapid year-on-year growth [9]. - The company is actively expanding into new products such as silicon-carbon anodes, which are expected to further enhance profitability [9]. - The forecast for the company's net profit attributable to the parent company for 2025 is 1.1 billion yuan, with a recommendation to continue holding the stock [9].

Financial Performance - In 2024, the company achieved a total revenue of approximately CNY 8.744 billion, representing a year-on-year growth of 15.85% [1] - The net profit attributable to shareholders was about CNY 662 million, with a year-on-year increase of 26.89% [1] - In Q1 2025, total revenue was approximately CNY 1.743 billion, showing a decline of 6.19% year-on-year [2] - The net profit attributable to shareholders for Q1 2025 was approximately CNY 77.49 million, down 48.90% year-on-year [2] Business Development - The company’s main business includes antennas and modules, wireless charging modules, EMI/EMC components, precision connectors, automotive interconnect products, and passive components [3] - The company is actively investing in emerging fields such as commercial satellite communication, smart vehicles, energy storage, data centers, and robotics, which are expected to become new growth drivers [3] - The precision structural components business has shown positive progress, with mass production of stainless steel battery shells enhancing device performance [3] Second Growth Curve - The commercial satellite communication sector is anticipated to grow rapidly over the next five years, with the company already supplying major clients [4] - The smart vehicle business is a key strategic focus, with the company expanding its client base and product offerings [5] - The company is accelerating the implementation of strategic product lines, including RF devices and wireless charging modules [5] Global Expansion - Since acquiring Laird in 2012, the company has been enhancing its global footprint, establishing production bases in Vietnam and Mexico [6] - The company’s products are primarily delivered to assembly plants in bonded zones, unaffected by international trade changes [6] Share Buyback and Incentives - The company initiated its first share buyback plan in August 2024, with a budget of CNY 200 million to CNY 400 million [7] - As of now, 15,100,031 shares have been repurchased, costing approximately CNY 268 million, which is 1.56% of the total share capital [8] - The company’s stock incentive plan aims for net profits of no less than CNY 780 million and CNY 1.04 billion for 2025 and 2026, respectively [8] Future Outlook - Despite uncertainties in the international landscape, the industry is expected to continue its recovery due to emerging technologies and market demand [9] - The company is committed to enhancing its core competitiveness through investments in foundational materials and technologies [9] - Management is confident in achieving the 2025 operational goals and has prepared strategies to address various challenges [9]

Group 1: Fund Overview - Chunhou Xinyue Mixed A Fund, established on October 22, 2021, has a total management scale of 2.117 billion yuan [1] - The fund has achieved a return of 16.53% over the past six months, outperforming its benchmark growth rate of -1.25% and the CSI Mixed Fund Index return of -2.61%, ranking in the top 5% among mixed funds [1] - As of March 31, 2025, the fund's scale reached 0.95 billion yuan, with a growth of 7.0156 million yuan in the past three months, representing an 8.01% growth rate [1] Group 2: Company Research - On April 27, 2025, Chunhou Fund conducted a research meeting with Tongli Risheng, focusing on the elevator and new energy business [2][3] - The elevator business faced challenges in 2024 but showed positive structural changes, with a significant increase in replacement demand, accounting for approximately 15%-20% of total shipments [3] - The company plans to expand its non-standard elevator exports and diversify its product offerings to drive performance growth in 2025 [3] Group 3: New Energy Business Progress - Several wind and energy storage projects have made progress, including the 300MW wind project in Chengde, which was connected to the grid by the end of 2024, and the 100MW wind project in Tianjin, which was connected in January 2025 [3] - The company is set to start construction on a 500MW wind-solar-storage hydrogen complementary project in Chengde this year [3] - The company has signed strategic cooperation agreements for a new green data center with the government of Qingyang and with Hangzhou Xinfeng for collaborative energy storage [3] Group 4: Investor Q&A Insights - The company aims to achieve a power supply reliability of 99.99% for its data center projects by replacing traditional diesel generators with green electricity and energy storage systems [3] - The company is focusing on long-term stable loads, particularly data centers, as a key area for future development in the new energy sector [3] - The company anticipates a recovery in elevator business performance in 2025, driven by increased domestic replacement demand and expansion into high-margin non-standard products [3][4]

Core Viewpoint - The article discusses the results of the 2025 annual centralized bidding for energy storage systems by the State Power Investment Corporation, highlighting the awarded contracts and the total capacity involved in the bidding process [1][2]. Group 1: Bidding Results - The total capacity for this centralized bidding was 5 GWh, with six companies winning contracts [1][3]. - The awarded shares for the winning companies are as follows: - Shanghai Ronghe Yuanchu Energy Co., Ltd.: 1500 MWh - Beijing Haibo Sichuang Technology Co., Ltd.: 1400 MWh - Xinyuan Zhichu Energy Development (Beijing) Co., Ltd.: 800 MWh - Jiangsu Trina Storage Co., Ltd.: 600 MWh - CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd.: 400 MWh - Beijing Tiancheng Tongchuang Electric Co., Ltd.: 300 MWh [2][3]. Group 2: Bidding Details - The bidding included both centralized and string-type energy storage systems, suitable for shared or supporting storage, with options for 2-hour (0.5C rate) and 4-hour (0.25C rate) solutions [3][5]. - The breakdown of the centralized storage system bids includes: - Beijing Haibo Sichuang Technology Co., Ltd.: 1400 MWh at a bid price of 1.7592 billion yuan (0.440 yuan/Wh) - Shanghai Ronghe Yuanchu Energy Co., Ltd.: 1000 MWh at a bid price of 1.704 billion yuan (0.426 yuan/Wh) - Xinyuan Zhichu Energy Development (Beijing) Co., Ltd.: 800 MWh at a bid price of 1.7192 billion yuan (0.430 yuan/Wh) - Jiangsu Trina Storage Co., Ltd.: 400 MWh at a bid price of 1.688 billion yuan (0.422 yuan/Wh) - CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd.: 400 MWh at a bid price of 1.69032 billion yuan (0.423 yuan/Wh) [3][4]. Group 3: Equipment and Services - The bidding scope includes the supply of a complete set of equipment for energy storage systems, such as lithium iron phosphate batteries, bidirectional converters, battery management systems, energy management systems, transformers, and related facilities [4]. - The bidders are responsible for transportation, insurance, on-site delivery, installation guidance, testing, trial operation participation, acceptance cooperation, and after-sales service, ensuring compliance with grid and energy management standards [4][5].