插播 ：拒绝鱼龙混杂， 让优质项目脱颖而出！"2024-2025用户侧储能项目TOP10榜单"征集进行中。点击 "阅读原文" 进行申报 在美国不断加码对华关税壁垒的背景下， 第137届广交会 以创纪录的参展规模和商家参与度，向世界展示了中国外贸的韧性与确定性。 与往届相比，本届新能源及储能领域热度不减，奏响出新的多重奏： 1、 焕新 ： 从展位设计到产品包装，从功能组合到场景呈现的创新与微创新 2、 新单 ：储能相关企业 借广交会链接全球客户， 以"含绿量"构建可持续竞争优势，加速收获新订单，如浪潮智能终端获百万美元大单、大海 新能源获300万美元订单 3、 信心 ：国际采购商跨越市场不确定性，以行动投下对中国制造的信任票 接下来，让我们一起看看，部分参展企业代表 ↓ ↓ ↓ | 参展企业 | 展品 | | --- | --- | | 创维集团 | 新能源解决方案及光储充产品 | | 美的 | iEasyEnergy一站式的智慧能源系统 | | 阿特斯 | 多款储能产品 | | 天合光能 | 全场景储能解决方案 | | 易事特集团 | 储能、充电桩、UPS等 | | --- | --- | | 三晶电气 | ...

Investment Rating - The report assigns a "Hold" rating for the company with a target price of 7.26 CNY based on a 2025 PE of 11x [7]. Core Insights - The company has achieved a revenue of 5.166 billion CNY in Q1-Q3 2024, representing a year-on-year growth of 8.76%, and a net profit of 910 million CNY, up 6.95% year-on-year, indicating stable performance [1][12]. - The company is actively expanding its global presence in the smart meter and energy storage sectors, with significant growth in overseas sales and a strong order backlog [2][4]. - The company is well-positioned in the photovoltaic industry, with a multi-segment strategy that includes upstream and downstream collaborations, particularly in the TOPCon technology [3][5]. Summary by Sections Smart Meter Business - The company maintains a stable market share in the domestic smart meter sector, with a 13% year-on-year increase in cumulative exports by November 2024, particularly strong growth in the Asia-Pacific and African markets [2][48]. - The company has diversified its product line and increased R&D investment, leading to significant achievements in global market penetration [2][12]. Photovoltaic Industry - The company has strategically positioned itself across multiple segments of the photovoltaic industry, benefiting from favorable policies and a growing market [3][5]. - The TOPCon production line has been successfully launched, with the first phase of a 20GW project completed in September 2023 [3][5]. Energy Storage Sector - The energy storage industry is rapidly developing due to policy support, with the company establishing a comprehensive supply chain and accumulating over 6GWh of project resources [4][5]. - The company has implemented a "3 + 2" strategy to expand its overseas market presence, particularly in collaboration with partners in Saudi Arabia [4][5]. Financial Performance - The company forecasts net profits of 1.229 billion CNY, 1.458 billion CNY, and 1.742 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11.60, 9.79, and 8.19 [5][6]. - The company has shown a consistent ability to maintain high profitability and dividend payouts, with a dividend yield of 4.38% in 2024 [33][36].

锂电池产业链 买入（维持） 归母净利润同比增三成，盈利能力保持韧性 公 司 点 评 2025 年 4 月 15 日 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 事件：4月14日晚间，公司发布2025年一季度报告。 分析师：黄秀瑜 SAC 执业证书编号： 点评： ROE（%,TTM） 20.55 12 月最高价(元) 301.50 12 月最低价(元) 166.80 股价走势 资料来源：iFinD，东莞证券研究所 表 1：公司盈利预测简表（截至 2025/4/14） 宁德时代（300750）2025 年一季报点评 S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 主要数据 2025年Q1归母净利润同比增三成，现金流持续强劲。公司2025年Q1实现 营收847.05亿元，同比增长6.18%；实现归母净利润139.63亿元，同比增 长32.85%；扣非后净利润118.29亿元，同比增长27.92%。Q1公司锂电池 出货量超120GWh，同比增长超 ...

Core Viewpoint -昇辉科技 is planning to acquire control of Hep Energy, a well-known player in the energy storage sector, despite facing consecutive net losses. The stock of昇辉科技 has been suspended since April 15 due to this acquisition plan [1][2]. Group 1: Acquisition Details - The acquisition is still in the planning stage, with preliminary counterparties identified as Hep Green Energy Technology (Beijing) Co., Ltd., Hep Blue Sky Energy Service (Beijing) Co., Ltd., Hep Sunshine New Energy Technology Service (Beijing) Co., Ltd., and Hep Wisdom (Jingning) Energy Technology Development Co., Ltd. [1] - Hep Energy was founded in July 2016 with a registered capital of 125 million yuan and has total assets nearing 1 billion yuan. The company operates in over 10 provinces and municipalities in China and has 17 subsidiaries [1]. Group 2: Company Background and Financial Performance -昇辉科技's main business includes electrical equipment, LED lighting, smart city solutions, and hydrogen energy. The company has faced significant pressure on its performance, reporting consecutive net losses in 2022 and 2023, with expectations of continued losses in 2024, albeit with a reduction in the loss amount [2]. - In the secondary market,昇辉科技's stock price has seen a notable increase, rising by 9.37% to 8.52 yuan per share, with a total market capitalization of approximately 4.239 billion yuan as of April 14 [2].

Core Viewpoint - The energy storage industry is witnessing a surge in strategic partnerships and significant order signings, indicating a robust growth trajectory for companies involved in this sector. Group 1: Company Collaborations - EVE Energy has signed a total of 11GWh in cooperation orders, including a 10GWh strategic partnership with Wotai Energy and a 1GWh framework agreement with Weisheng Energy Technology, bringing its total cooperation orders for 2025 to 61GWh [2][3] - Haier New Energy has established a procurement agreement worth 500 million yuan with over ten ecological partners, focusing on various energy storage scenarios [10][12] - Guoxuan High-Tech has entered into multiple storage project collaborations, including a 100MW/290MWh project in Kaohsiung, Taiwan, expected to be delivered by mid-2025 [14][15] Group 2: Market Projections - EVE Energy anticipates a storage shipment volume of 50-55GWh in 2024 and 75-80GWh in 2025, reflecting a growth rate of approximately 45% [9] - Haier New Energy aims to accelerate its market presence in commercial energy storage, with a preliminary development cooperation intention of 100MWh [10][12] - Guoxuan High-Tech has solidified its global presence with over 7GWh in future cooperation agreements signed at the BATTERYJAPAN exhibition [15]

◆ 电池 ◆ 恩力动力与美国车企 亿纬锂能与德国KBS 签署圆柱电池战略协议 01 4月10日，惠州亿纬锂能股份有限公司与KION Battery Systems GmbH正式签署战略合作协 议。根据协议，亿纬锂能将为KBS提供适配欧洲物流车辆电池系统需求的21700圆柱电池解决方 案。据了解，KBS为凯傲集团（KION Group）与电池系统集成商BMZ集团（BMZ Holding）共 同成立的合资企业。 签署半固态电池合作 02 4月9日，美国南加州初创企业穆伦汽车（Mullen Automotive）宣布，已与固态电池创业公司恩 力动力达成战略合作，计划于2026年初开始生产半固态电池。 根据协议，穆伦汽车将在其位于加 州富勒顿的电池中心开展SWIFT SSB模块与电池组的本地化生产。该中心目前已建成三条磷酸铁 锂（LFP）电池模块生产线，并正持续扩充工程团队，目标是在2026年初实现全面投产与技术落 地。 SWIFT系列SSB电池采用硅负极技术，属于半固态电池 ，具备能量密度高（提升两倍）、充电速 度快、循环寿命长以及制造成本效益高等优势。多家美国汽车原始设备制造商（OEM）、无人机 制造商和电动垂直 ...

锂电池 在疫情到来之际逆势崛起，成为中国经济重要支柱，也让中国在 新能源汽车 和储能两大 领域 牢牢占据了主导地位 。 从三元电池到磷酸铁锂电池，再到磷酸锰铁锂电池 / 钠电池 / 固态电池，新能源 家族成员不断壮大。但就锂电池板块来说， 企查查数据显 示截至目前我国 现存在业、存续状态的锂电池相关企业超 2.9 万家 ， 2025 年 后新注册的约 250 余家。 尽管 2024 年属于大浪淘沙期，但激烈竞争后还是存活下来了如此多玩家，行业未来发展值得期待。 从企业 分布来看，广东省 第一，有 1.07 万家，占全国 约三分之一，其次是 江苏省 3500 家 和湖南省 3000 家 ，但需要注意的是， 近3 万位玩家中，涉及司法案件的企业占比超过 15% 。 01 超七成动力电池企业 "混了" 5 年以上 2025 年开始，企查查也对锂电池产业链做出了一次深刻复盘。 数据显示 成立 5 年以上的动力电池企业 超七成 ， 其中成立 5-10 年的企 业 占比超过一半。 并且，三成的动力电池相关企业归类于 科学研究和技术服务业 ；归类为 批发和零售业的 则 有 4368 家， 占三成；归属于 制造业 的 有 3 ...

今年的政府工作报告提出，要"培育壮大新兴产业、未来产业。""大力发展智能网联新能源汽车、人工智能手机和电脑、智能机器人等新一代智能终端以及 智能制造装备。" 4月3日，正力新能在港交所公告，拟发售约1.22亿股，其中香港发售1215.24万股，国际发售1.09亿股，另有15%超额配股权，发售价每股8.27港元，招募日 期4月3日至4月9日，并计划于4月14日正式上市。 正力新能成立于2019年，主要专注于动力电池产品、储能电池产品及航空电池产品的研发、生产及销售。该公司提供电芯、模组、电池包、电池簇、电池管 理系统的一体化方案，致力于拓展电化学产品在陆海空互联(LISA)下的大规模应用。 据了解，正力新能目前已开发多款三元、磷酸铁锂电池产品，拥有一汽红旗、广汽传祺、零跑汽车、上汽通用五菱、上汽通用、广汽丰田等多家主要客户。 在中期来看，企业正在不断优化磷酸锰铁锂、钠离子电池、半固态产品技术。同时，企业也十分注重未来发展，积极布局全固态电池技术。今年1月27日， 正力新能在港交所递交招股书，两个月后通过港交所上市聆讯并开启招股，在资本市场迈出了重要一步。 坚守初心与深度耕耘 作为一家拥有汽车零部件背景的动力电池 ...

赣锋锂业面临锂价下跌与经营亏损的双重冲击，债务高悬之下仍加码储能投资 而当前，锂价持续在低位徘徊，仍会成为赣锋锂业不可忽视的重大挑战。起点研究院（SPIR）数据显示，2024年碳酸锂每吨价格最高点在11.5万元，最低 点价格在7.2万元，全年均价为9万元。由于锂价下跌，赣锋锂业2024年已计提库存减值3.39亿元，占当期归母净利润的16.36%，加上应收账款和长期股权 投资，公司计提资产减值共4.79亿元，占归母净利润的23.1%。反映在业绩上，赣锋锂业锂电池系列产品在2024年实现营收58.97亿元，同比减少23.49%； 毛利率11.66%，同比降低6.3%。 2025年以来，锂价每吨价格在7-8万元区间徘徊，低价碳酸锂成当前"新常态"。截至4月2日，上海有色网（SMM）数据显示，电池级碳酸锂每吨价格在 7.34-7.48万元之间。若锂价未能修复，对赣锋锂业而言将是长期的挑战。 除了经营亏损带来的冲击，赣锋锂业的子公司赣锋锂电分拆上市遇阻、战投集体减持事项亦引发市场关注。3月12日，赣锋锂业发布公告同意赣锋锂电拟 用自有资金以定向减资回购的方式，回购28位股东持有的赣锋锂电股份，其中23家股东将彻底清仓赣 ...

Core Viewpoint - The 13th Energy Storage International Summit and Exhibition (ESIE 2025) will be held from April 10 to 12, 2025, in Beijing, showcasing the latest innovations in the energy storage industry and providing a platform for companies to enhance brand visibility and market presence [1]. Group 1: Event Overview - ESIE 2025 is recognized as one of the largest and most prestigious energy storage industry events globally, featuring numerous leading companies such as CATL, BYD, Huawei, and others [1]. - The event serves as a critical platform for industry professionals to gain insights into technological trends and innovations in energy storage [1]. Group 2: New Product Launches - The event will feature dedicated zones for new product launches, including the A4 New Source Smart Storage Pavilion, A1 Haibo Technology Pavilion, and B1 China CRRC Pavilion [1][2]. - A detailed schedule of product launches has been provided, highlighting various innovative products and solutions from different companies [3][4][5][6][7][8]. Group 3: Participating Companies and Innovations - Notable companies participating include: - CATL: Launching new products at the A2 Pavilion [17]. - BYD: Showcasing innovations at the B2 Pavilion [12]. - Huawei: Presenting new technologies at the A2 Pavilion [28]. - New Source Smart Storage: Introducing a supermolecular fully immersed industrial storage integration machine at the A4 Pavilion [23]. - The event will also feature various innovative solutions such as high-capacity energy storage systems, AI-enabled energy management systems, and advanced battery technologies [3][4][5][6][7][8].