Investment Rating - The investment rating for Linyang Energy (601222) is not explicitly stated in the report [1]. Core Views - The company experienced a decline in total operating revenue and net profit in 2024, with total revenue at 6.742 billion yuan, down 1.89% year-on-year, and net profit at 753 million yuan, down 27% year-on-year [2]. - The first quarter of 2025 showed a significant decrease in revenue and net profit, with total revenue at 1.124 billion yuan, down 27.69% year-on-year, and net profit at 124 million yuan, down 43.26% year-on-year [2]. - The company is actively expanding its overseas market presence, particularly in the smart meter sector, with successful bids totaling approximately 6.31 billion yuan in the State Grid and 6.01 billion yuan in the Southern Grid [4]. - The company has a strong foothold in the smart meter export market, covering over 50 countries, and is focusing on increasing market share in Western Europe and the Asia-Pacific region [4]. - The renewable energy sector is progressing steadily, with over 1,245 MW of projects under construction and a signed operation and maintenance capacity exceeding 18 GW, reflecting a 50% year-on-year growth [4]. - The energy storage segment has seen a robust increase in delivery scale, with cumulative deliveries exceeding 4.5 GWh and a project reserve of over 10 GWh [5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total operating revenue of 6.742 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 753 million yuan, down 27% year-on-year [2][6]. - The projected revenues for 2025-2027 are 7.601 billion yuan, 8.656 billion yuan, and 9.546 billion yuan, with growth rates of 12.7%, 13.9%, and 10.3% respectively [7]. Market Position and Strategy - The company is the largest smart meter exporter in China and is expanding its market share in Europe and Asia through partnerships and local strategies [4]. - The smart meter segment is expected to benefit from increasing demand in emerging markets, with a projected revenue of 28.3 billion yuan in 2024, up 14.28% year-on-year [4]. Operational Highlights - The company has made significant progress in renewable energy projects, with a total installed capacity of 1.36 GW and a generation of 1.45 billion kWh in 2024 [4]. - The energy storage segment is actively developing overseas markets, with a focus on Europe, the Middle East, and Southeast Asia, and has completed multiple projects in China [5].

Core Viewpoint - The recent U.S.-China trade agreement to eliminate 91% of tariffs is expected to positively impact China's new energy storage industry, particularly in the context of battery exports [5][6]. Tariff Adjustments - The U.S. will modify tariffs on Chinese goods, suspending 24% of tariffs for 90 days while retaining a 10% tariff [5]. - China's response includes suspending similar tariffs on U.S. goods, with a focus on maintaining a 10% tariff and canceling additional tariffs [5][6]. - The cumulative tariff on Chinese energy storage batteries has been adjusted to 40.9%, down from previous highs [7][8]. Historical Tariff Context - The cumulative tariffs on energy storage batteries have fluctuated significantly, peaking at 173% before the recent adjustments [8]. - The timeline of tariff changes shows a gradual increase until the recent reduction, highlighting the volatility in trade relations [8]. Short-term Implications - The 90-day buffer period is seen as a temporary advantage for Chinese companies, as the U.S. still relies heavily on Chinese supply chains for energy storage batteries [9]. - The reduction in tariffs may lead to a short-term increase in exports of energy storage products from China to the U.S. [9][10]. - U.S. energy storage developers are under pressure to complete projects before potential future tariff increases, indicating a sense of urgency in the market [9]. Market Dynamics - The current tariff level of 40.9% is considered high but manageable for U.S. energy storage customers, suggesting a potential for increased competitiveness for Chinese exporters [10]. - The 90-day window allows Chinese companies to address inventory and order pressures while preparing for future market conditions [10].

美国关税风暴可能深度影响，甚至严重冲击全球储能江湖。 据24潮产业研究院 (TTIR) 统计，两个交易日 （4月7-8日） ，仅国内储能上市公司总市值蒸发近 4500亿元，降幅达15.92%！ 目前之所以在资本层面产生如此大的冲击与破坏力，与美国在全球储能江湖地位有很大关系。据 中信建投证券统计，2024年美国储能装机需求约40GWh，占比全球装机的20%，对应储能电池要 货80-100GWh。 根据海关总署数据显示，2024年中国向美国出口锂电池153.15亿美元 （约1100亿人民币） ，占 国内锂电池出口总额的25%。另外据CESA储能应用分会产业数据库不完全统计，就中国企业出 海情况来看，2024年中国企业跟美国企业签订储能订单最多，规模最大，达24个，总规模超 65.78GWh，占中国企业全球出海订单规模的33.63%。 很明显，为了实现争夺储能领域的全球话语权与定价权，美国在政策层面正在全力 "封堵" 中国 储能企业，以实现 "将完整的电池供应链带回美国" 的战略目标。 当前美国储能江湖，对中资企业而言即意味着巨大的发展空间与机遇，也预示着激烈的竞争与博 弈风险，而留给企业破局的时间已经非常紧迫了 ...