衍生品研究 芯能转债投资价值分析 收入稳定、毛利率高的低价转债 2025 年 12 月 5 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 芯能转债（113679.SH）： AA-级，债券余额 8.80 亿元，占发行总额 99.99%，剩余期限 3.90 年。12 月 3 日收盘价 122.22 元，转股溢价率 69.01%，YTM -0.59%。 正股：芯能科技（603105.SH）： 以自持分布式光伏电站投资运营为主业、覆盖光伏 EPC、储能与充电桩，专 注在浙江、江苏、广东等经济发达地区布局"自发自用、余电上网"模式的 工商业分布式光伏项目。2025.1-3Q 营收 5.86 亿元、yoy+3.60%；归母净利 1.86 亿元，yoy+0.07%。最新总市值 46.10 亿元，PE TTM 23.6x。 芯能转债主要看点： 聚焦工商业分布式光伏电站，发电收入稳定且毛利率领先。公司以自持 分布式光伏电站投资运营为核心主业，H125 光伏发电收入占比 87.41%， 2025.1-3Q 毛利率 60.17%，高于行业平均水平，且连续五年持续提升，体现 了公司在项目选址、运维效率与成本控制方面的显著 ...

电力托起产业链，温州制造的增长动能从哪里来？ 前端介入规划已成为温州电网服务产业的重要方式。供电公司在规划中提前介入产业布局，对企业的新 建、扩建项目实行"同步规划、同步设计、同步实施"，让企业实现"建到哪、电跟到哪"。 在正泰光伏高效组件生产基地，这种前置服务得到充分体现。针对企业对供电可靠性的高要求，国网温 州供电公司开启全流程绿色通道，将电力接入审批从45天压缩至7天，量身定制110千伏专线供电方案， 配置10千伏保安电源，部署智能传感器实时调节电压波动，保障生产线24小时不间断运行。 "从建厂到投产，供电手续零跑腿，专线保供让我们底气十足！"正泰新能负责人于大钧说。2024年企业 全球组件出货量达40.2GW，跻身全球第六。 温州民营经济发达、小微企业众多，电网服务展现出细致的服务理念。 中新网北京11月28日电 (冯玲玲)在温州一家新能源电池制造基地内，高度自动化的生产线正有序运转。 一块块锂电池经过数十道工序后下线，即将发往全球各地。这条产线对供电质量有着近乎苛刻的要求， 任何微小的电压波动，都可能导致整批产品报废。 "生产基地里都是高精密仪器，对电压稳定要求极高。"国网温州供电公司滨海供电所所长 ...

Core Insights - The 8th Shenzhen International Charging and Swapping Exhibition showcased over 300 innovative products, attracting more than 2,000 channel guests and over 50,000 attendees, with a strong enthusiasm for procurement and active discussions on technology and business [2][4] - The exhibition focused on the entire industry chain of charging, swapping, and energy storage, highlighting cutting-edge technologies such as ultra-fast charging, integrated solar storage, and vehicle-to-grid (V2G) interactions [4][6] - The number of registered charging operators in China exceeds 30,000, with leading operators like Telai Electric and Star Charging capturing 62% of the market share, indicating a trend towards consolidation in the industry [6][8] Industry Trends - The number of electric vehicles in China has surpassed 40 million, with charging infrastructure reaching 18.063 million units, expected to exceed 20 million by the end of the year [4] - The industry is facing challenges such as unclear discharge pricing mechanisms, reliance on subsidies, and compatibility issues with V2G technology [8] - The push for large-scale V2G pilot applications is deemed essential for efficient collaboration between electric vehicles and the grid, enhancing user experience and supporting grid stability [6][8] Technological Innovations - Companies are focusing on integrating microgrids with charging stations to enhance energy management and reduce costs, with innovations in direct current (DC) and alternating current (AC) systems to minimize energy loss [10][12] - Star Charging has introduced lightweight liquid-cooled charging guns to improve user experience, alongside software enhancements for faster charging initiation [13][14] - Yuyou Green Energy is addressing common industry pain points such as short lifespan and high maintenance costs of charging stations through high-protection technology, significantly reducing operational costs [14][15] Competitive Landscape - The competition in the charging module sector is intensifying, with both large conglomerates and specialized manufacturers vying for market share [15][19] - Companies like Yingfeiyuan are leveraging early investments in liquid cooling technology and V2G systems to maintain a competitive edge, focusing on long-term technological advancements [19][20] - The industry is witnessing a shift towards comprehensive energy solutions that integrate charging, energy storage, and generation capabilities, aiming for a multi-functional approach to energy management [20]

本报讯(记者矫月)近日，开鑫充(杭州)管理咨询合伙企业(有限合伙)(以下简称"开鑫充有限合伙")宣布完 成2100万元A轮融资。本轮融资由深圳市卓领投资发展有限公司投资。融资资金将主要用于充电网络扩 建、运营系统升级及团队专业化建设，标志着资本市场对公司在新能源基础设施领域独特商业模式与投 资价值的高度认可。 开鑫充有限合伙不同于传统的充电桩运营商，其创新性地采用了"投资+建设+运营"一体化的发展模 式，构建了完整的产业服务链条。作为专注于新能源汽车充电设施领域的专业化投资平台，公司以资本 为纽带，深度整合产业链上下游资源，致力于打造中国领先的绿色能源基础设施投资与运营管理平台。 在业务模式上，开鑫充有限合伙形成了独特的竞争优势：通过专业的投资决策机制，筛选优质充电场站 建设项目；依托成熟的建设管理体系，确保项目高效落地；凭借精细化的运营能力，提升单站盈利能 力。这种全周期服务能力使其在快速发展的充电基础设施市场中占据了差异化竞争位置。 卓领投资发展有限公司相关负责人表示："我们看好开鑫充有限合伙团队在新能源基础设施领域的专业 投资能力和丰富的产业资源。其独特的'投资-建设-运营'一体化模式，能够有效提升资金 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 20.67 CNY, based on a 16x PE for 2025 [5][7]. Core Insights - The company, a state-owned enterprise in Zhejiang, operates in both trade and industrial sectors, focusing on coal circulation, cogeneration, and renewable energy [1][15]. - The coal circulation business is the primary revenue driver, contributing 93% of total revenue in 2024, while cogeneration and renewable energy contribute 7% and 0.1%, respectively [1][25]. - The company has a strong competitive position in the coal circulation market, with a stable sales volume exceeding 50 million tons annually and a well-established procurement and sales network [3][39]. Summary by Sections Company Overview - The company is a large state-owned listed enterprise in Zhejiang, focusing on energy trade and industrial operations, with a history dating back to 1950 [15][17]. Coal Circulation Business - The coal circulation business is characterized by stable profitability and significant scale, with a sales volume of 3,190 million tons in 2025H1, reflecting a 14.1% year-on-year increase [3][51]. - Revenue from coal circulation was 169.3 billion CNY in 2025H1, down 7.7% year-on-year, while gross profit was 6.1 billion CNY, with a gross margin of 3.6% [3][25]. Cogeneration Business - The cogeneration segment benefits from regional monopoly advantages, with six cogeneration plants in Zhejiang, providing a total heating capacity of 19.63 million tons and generating 3.176 billion kWh of electricity [4][68]. - The company plans to enhance its cogeneration capacity with the upcoming acquisition of Nan Taihu Technology, expected to contribute significantly to future earnings [4][76]. Financial Forecast and Investment Recommendations - The company is projected to experience revenue growth rates of -16.9%, +1.4%, and +0.2% from 2025 to 2027, with net profit growth rates of -2.4%, +13.1%, and +4.7% respectively [5][6]. - The report emphasizes the company's ability to stabilize earnings through its integrated coal and heat business model, which mitigates the impact of coal price fluctuations [5][6].

临沂市琅琊超充兴程智慧物流园站里,一辆载重28吨的新能源重卡安静地停靠在充电桩前,电流无声注入 这庞然大物。提示音响起,司机王愉乐拔下充电枪,看了看表,不到半小时,满载情况下续航300多公里的电 池已满格,速度较以往快了一倍多。 背后的经济账 11月4日,踩着午间谷电时段,王愉乐驾驶着一辆载重28吨的新能源重卡,驶入位于兴程智慧物流园区内的 琅琊超充站点。停稳、下车,先稳稳地接入一根液冷枪,随即利落地插上两根充电枪,王愉乐的动作一气呵 成。三枪齐下,电流无声地注入这庞然大物。 以往,开着这样的大家伙上路前,王愉乐总头疼充电慢的问题。"以前开的那辆车,400度左右的电池,充满电 至少需要一个小时。"而王愉乐当天驾驶的新能源重卡,电池电量500多度,配合兆瓦超充,不到半个小时就 能充满电,足够他开到黄岛港卸货。 这也是王愉乐头一次感受如此高效的充电体验。当天上午,王愉乐所在的重卡超充站点迎来正式发布 日。这处由临沂市兰山国有资产投资控股集团有限公司(以下简称"兰山国投")基于华为兆瓦超充解决方 案打造的站点,采用华为液冷超充和兆瓦超充,共配置14个重卡充电车位和86个乘用车充电车位。 "重卡车位专为新能源重卡、大 ...

Core Viewpoint - Sente Group is transitioning from a metal enclosure system provider to a leader in the BIPV (Building Integrated Photovoltaics) sector, aiming to integrate green energy solutions into various industries, thereby establishing a clear path for sustainable development [2] Group 1: BIPV Technology and Strategic Partnerships - Sente Group has formed a strategic partnership with Longi Green Energy, launching the "Longi & Sente" dual-brand strategy to enhance BIPV product offerings, with the latest "Longi Sente BIPV 5.0" released in the first half of this year [3] - The collaboration between Sente Group and Longi Green Energy is characterized by a complementary relationship, combining expertise in architecture and photovoltaics, which has significantly advanced the BIPV industry [3] - In the first three quarters of this year, Sente Group reported a net profit attributable to shareholders of 96.28 million, a year-on-year increase of 30.16%, primarily driven by the growth of its BIPV business [3] Group 2: Product Features and Market Applications - Sente Group's BIPV solutions come with a 25-year warranty and include safety features such as leak-proofing, high wind resistance, and A-level fire protection, ensuring the longevity of both the building and the photovoltaic system [3] - The economic advantages of Sente Group's BIPV solutions are notable, with installation capacity exceeding conventional methods by 30% to 50%, alongside high conversion efficiency and low degradation rates [3] - The company has successfully implemented BIPV solutions in various projects, including those for Shandong Heavy Industry Group and Baowu Steel, with significant environmental benefits such as a reduction of 23,200 tons of CO2 emissions from a specific project [7] Group 3: Expansion into Smart Energy and International Markets - Sente Group is actively expanding into the smart energy sector, focusing on integrated solutions for solar energy, storage, and charging, as evidenced by partnerships with companies like Telai Electric and Charoen Pokphand Group [5] - The company has launched a 2880 kW solar-storage-charging project in Inner Mongolia, showcasing advanced charging capabilities that significantly reduce energy replenishment time for electric mining trucks [5] - Sente Group is optimistic about its international market prospects, leveraging its experience in Southeast Asia and the Middle East to export comprehensive green energy solutions to countries involved in the Belt and Road Initiative [6]

Group 1 - The core point of the news is that Hopu Co., Ltd. has signed a procurement contract for a 200MW/800MWh independent energy storage demonstration project with China Energy Construction Group Gansu Electric Power Design Institute, valued at 520 million yuan, with delivery scheduled between April 1 and April 30, 2026 [1] - The contract is expected to improve the company's operational status if executed smoothly, as both parties have the capability to fulfill the contract [1] - The company has reported a revenue of 78.01 million yuan for the first three quarters of 2025, a year-on-year decrease of 1.54%, and a net loss of 31.48 million yuan, compared to a loss of 58.76 million yuan in the same period last year [2] Group 2 - The company's main business segments are "Architectural Design" and "Green Energy," with its energy storage business including Energy Management Contracts (EMC) and Energy Storage System Integration (EPC) [2] - The company is facing temporary pressure on orders and revenue in the architectural design segment due to industry conditions, prompting it to deepen existing customer cooperation and expand new customer groups [2] - In the green energy segment, the company focuses on an integrated solution of solar energy, storage, and charging, establishing a comprehensive service system that promotes continuous revenue growth [2]

Core Insights - The article emphasizes the importance of market share certification for companies, which directly impacts their competitiveness and ability to secure resources and attention [2][13][15] Group 1: Market Share Certification - Market share certification is crucial for companies applying for titles such as "single champion," "specialized and innovative," and "small giant," as it influences their weight in applications [2] - Professional market share certification addresses various challenges faced by companies, such as lack of data sources and reliable evidence, thereby enhancing competitiveness and ensuring accuracy [2][16] Group 2: Charging Station Market - The charging station sector is evolving into a strategic energy hub, driven by the global energy transition and carbon neutrality goals, with the number of electric vehicles in China expected to exceed 40 million by 2025 [9] - By 2025, support for community charging stations in coastal areas is projected to reach 68%, a 42 percentage point increase from 2020, highlighting the growing importance of this infrastructure [9] - Safety concerns are paramount, with 70% of users prioritizing equipment with protective features, and older communities particularly worried about equipment aging [9] Group 3: Future Developments - Future community charging stations are expected to become core energy management hubs, integrating photovoltaic generation and storage systems to reduce electricity costs and participate in green electricity trading [10] - V2G technology will enable electric vehicles to act as distributed energy storage units, contributing to grid stability and forming "virtual power plants" [10] - The integration of 5G and IoT technologies will enhance smart management systems, allowing real-time interaction between charging stations, the grid, vehicles, and users, thereby optimizing energy distribution efficiency [10]

Core Insights - The Keda Smart Energy Company has completed the construction and production of its integrated building photovoltaic demonstration park project, with a total investment of 300 million yuan and covering an area of approximately 81 acres [1] - The project focuses on "Building Integrated Photovoltaics (BIPV)" and serves as a multifunctional smart park that integrates BIPV production, testing, and office functions [1] - The company has established a presence in multiple provinces in China and several countries abroad, serving over 3,000 clients, with a cumulative scale of energy storage and EPC exceeding 200 MW and annual electricity trading reaching 15 billion kWh [1] - The company also holds three distribution network operation projects and has invested in the construction of 32 charging stations, establishing a strong brand benchmark in the industry [1] Investment and Project Development - The Economic Development Zone has implemented a "seven uncompleted" project service concept, continuously enhancing resource guarantees and service efficiency to promote the early commencement, production, and effectiveness of key projects [1] - From January to September 2025, the completion of key project investments reached 9.3 billion yuan, with an investment completion rate of 92.80% [1] - A total of 35 projects, including Xinyi Phase II, Pulit Materials, and Tiangong Technology, have commenced construction, achieving a construction rate of 106% [1] - Additionally, 19 projects, such as Hongchuang Sterile Packaging, Huiyuan Food Packaging, and Wanzhi New Energy, have been completed and put into production, with a completion rate of 119% [1]