图为：国网平凉供电公司工作人员上门送达和讲解"绿电"账单 服务创新正在激发市场主体活力。在金昌金川集团调度中心，能源管理人员登录网上国 网平台，调取集团各分公司的绿电数据。"过去每月要人工核验六个生产基地的绿电使用情 况，现在系统自动生成分户账单。"他展示的电子账单显示，集团1-5月绿电消纳量同比提升 42%。 国网甘肃电力深入融入国家"双碳"战略布局，2024年12月成立"绿电"服务建设专班，将 此项工作纳入助力国家能源转型的重点工作。专班开展三轮企业需求大调研，走访87家绿电 交易用户，收集企业需求，创新构建绿电绿证"一站式"服务站，实现电费账单打印、政策咨 询、辅助决策等一站式服务，加速推动电力市场绿色转型，为用电企业高质量发展注入新动 能。 随着国家可再生能源消纳考核日趋严格，这项基层创新显现出辐射效应。"该项措施不 是技术革命，而是服务革新。"国网甘肃省电力公司市场营销事业部绿电服务项目负责人窦 常永在采访中说道，"我们通过打通不同信息系统数据，让国家政策红利转化为企业看得 见、用得上的工具。"这一张小小的账单正成为西北新型电力系统建设中的基础性拼图。 6月9日，在国网庆阳供电公司营业厅的电子屏前， ...

Core Viewpoint - As of the end of April this year, China's renewable energy installed capacity reached 2.017 billion kilowatts, a year-on-year increase of 58%, with wind and solar combined capacity exceeding thermal power for the first time, marking a significant step towards a cleaner and low-carbon energy structure [1][3][7]. Group 1: Renewable Energy Growth - The combined installed capacity of wind and solar power reached 1.53 billion kilowatts, surpassing thermal power capacity, which was 1.245 billion kilowatts at the end of the 13th Five-Year Plan [3][7]. - Since 2021, the installed capacity of wind and solar power has maintained double-digit growth, with solar capacity growth exceeding 40% year-on-year since July 2023, and wind capacity growth above 15% since September 2023 [7][11]. - In 2024, China's new renewable energy installed capacity is expected to reach 373 million kilowatts, accounting for approximately 86% of total new power installations [7][12]. Group 2: Economic Benefits - The cost of solar power generation is less than 0.2 yuan per kilowatt-hour, while the average cost of thermal power generation exceeds 0.3 yuan per kilowatt-hour, indicating significant economic advantages for renewable energy [3][4]. - Reducing the share of thermal power not only contributes to a greener energy mix but also decreases dependence on imported coal and speeds up the consumption of domestic resources [3][4]. Group 3: Challenges in Energy Transition - The installed capacity does not equate to actual generation capacity, as wind and solar power are subject to weather conditions, leading to intermittent and variable output [8][10]. - The current grid infrastructure and market mechanisms face challenges in accommodating the growing share of renewable energy, resulting in issues like curtailment of wind and solar power [10][13]. - The rapid growth in installed capacity may not be sustainable, and there is a risk of overcapacity in the manufacturing sector for wind and solar equipment, necessitating effective government guidance [13]. Group 4: Future Outlook - By 2024, renewable energy generation is projected to reach 3.47 trillion kilowatt-hours, accounting for 35% of total electricity generation, with wind and solar contributing 22.5% of total electricity consumption in the first quarter of this year [12]. - The government aims to enhance the grid's adjustment capabilities and market mechanisms to ensure that by 2027, the utilization rate of new energy will not be less than 90% [12].

Core Viewpoint - The article highlights the upcoming 13th International Energy Storage Industry Summit and Exhibition (ESIE 2025), emphasizing its significance in the energy storage sector and the participation of key companies like Siwei Energy [2][35]. Company Overview - Siwei Energy (Wuhan) Technology Co., Ltd. is an innovative enterprise established by the Concord New Energy Group, focusing on providing top-tier energy storage systems and services globally [3][4]. - The company specializes in energy storage technology and product innovation, offering customized storage solutions and integrating digital operations to promote sustainable energy [4][6]. Business Scope - Siwei Energy's business encompasses system integration development services, smart operation and maintenance services, and intelligent operation services, with an annual production capacity of 10GWh for both Pack and DC modules [6][20]. - The company has established subsidiaries and manufacturing bases in multiple countries, indicating a global operational footprint [6]. Key Products and Technologies - **System Integration Development Services**: Siwei Energy provides customized, cost-optimized, and high-safety energy storage system solutions for rapid deployment [7]. - **Liquid-Cooled Electrochemical Storage DC Module Solutions**: Focus on cost reduction, efficiency enhancement, and reliability improvement [8][9]. - **Liquid-Cooled Electrochemical Outdoor Cabinet Solutions**: Features modular design, high safety standards, and efficient installation processes [13][16]. - **Manufacturing Services**: The company emphasizes high-quality, reliable equipment manufacturing through stringent quality control and environmentally friendly production processes [18]. Intelligent Operation and Maintenance Services - Siwei Energy offers tiered operation and maintenance services, including equipment maintenance, spare parts support, system optimization, and remote support, catering to diverse customer needs [21]. - The use of AI-driven predictive warnings and remote diagnostics enhances management efficiency [23]. Notable Projects - **Photovoltaic Storage Case - Tibet Cuomei Energy Storage Project**: A 30MW photovoltaic system with a 6MW/24MWh storage capacity, designed for high-altitude conditions [26][28]. - **Wind Power Storage Case - Heilongjiang Tonghe Energy Storage Project**: A 30MW/60MWh lithium iron phosphate battery storage system designed for extreme cold conditions [30][31]. Event Details - ESIE 2025 will take place from April 10-12, 2025, at the Capital International Exhibition Center, featuring over 800 leading companies and 500 new product launches, attracting more than 200,000 professional visitors [35].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][3] Core Views - The company reported a revenue of 18.09 billion yuan for 2024, representing a year-on-year growth of 21%. However, the net profit attributable to shareholders decreased by 7% to 1.86 billion yuan, primarily due to a decline in wind turbine prices and impairment provisions [1][8] - The company has seen a steady increase in wind turbine sales, with a new installation capacity of 9.15 GW in 2024, up 23% year-on-year, capturing approximately 10.5% of the domestic market share [2][11] - The company is actively expanding its overseas market presence, signing contracts for a total of 1,624 MW of wind turbine sales in India, which is expected to significantly boost its overseas order volume [2][12] - The company has also made progress in establishing overseas production capacity, including a wind equipment manufacturing base in Kazakhstan and expansion of its factory in India [2][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.09 billion yuan, a 21% increase year-on-year, while the net profit attributable to shareholders was 1.86 billion yuan, down 7% [1][8] - The fourth quarter of 2024 saw a revenue of 9.02 billion yuan, a 21% increase year-on-year and a 138% increase quarter-on-quarter [1][8] - The net profit margin for 2024 was 10.3%, a decrease of 3.2 percentage points year-on-year [1][8] Market Position and Growth - The company’s cumulative wind turbine installation capacity exceeded 31.5 GW by the end of 2024, with a domestic market share of approximately 5.6% [2][11] - The company is focusing on enhancing its wind farm resource development, with over 2 GW of self-built wind farms currently under construction [11][12] Future Outlook - The profit forecast for 2025 and 2026 has been revised down to 2.33 billion yuan and 2.82 billion yuan, respectively, reflecting a year-on-year growth of 25% and 21% [3][15] - The current stock price corresponds to a price-to-earnings ratio (PE) of 14.7 for 2025 and 12.2 for 2026 [3][15]