Core Viewpoint - The State Grid Corporation of China has implemented "precise guarantee + innovative service" strategies to ensure reliable electricity supply during the Dragon Boat Festival, deploying extensive resources for emergency repairs and monitoring [1][2][3]. Group 1: Electricity Supply Assurance - During the Dragon Boat Festival, the State Grid organized 25,000 emergency repair teams, with over 203,200 personnel and 56,900 vehicles on standby to ensure reliable electricity supply [1]. - In Hubei's Zigui County, the company utilized drone inspections and data analysis to preemptively address power supply challenges for 11 cultural events [2]. - The company established a "centralized monitoring + three-dimensional inspection" system to safeguard power supply in tourist areas, utilizing real-time monitoring and drone inspections to identify potential risks [3]. Group 2: Event Support and Infrastructure - The State Grid's Mianyang branch conducted thorough inspections of transformers and power lines in preparation for local events, ensuring safety and reliability [4]. - The company deployed emergency power vehicles and personnel to key areas during the Dragon Boat races, implementing a "group care, segment responsibility" mechanism for power supply [4]. Group 3: Green Travel Initiatives - The State Grid's smart vehicle networking platform predicted a 20% increase in charging volume during the festival, with expected service charging exceeding 67 million kilowatt-hours [5]. - The company identified 5,165 key charging stations for enhanced support, conducting inspections and ensuring optimal conditions for electric vehicle charging [5]. - In Beijing, the State Grid maintained charging stations at 22 highway service areas and 29 popular tourist spots to meet the increased demand [6]. Group 4: Infrastructure Development - The State Grid is advancing 140 key projects to enhance summer electricity supply capacity, with significant construction activities ongoing [7]. - In Shanghai, a critical upgrade to the 500 kV Gu Lu-Yang Gao line was completed, utilizing new composite wire technology to improve network efficiency [8]. - In Fujian, construction teams are actively working on a 500 kV substation, ensuring precise monitoring and adherence to safety standards during the project [8].

2025年端午假期，北京市以"悠悠端午情·京采夏日行"为主题，将精心策划推出1700余场精彩活动，涵盖民俗活动、文旅体 验、体育赛事、文艺演出等各个方面。国网北京市电力公司全力保障电网平稳运行和广大客户供电安全可靠，优化调派360名 应急救援人员、1700余名配网应急抢修人员、80台套发电车、700余辆抢修车和358台小型发电机，随时做好应急供电工作。 节日期间，国网北京电力将密切跟踪电网负荷变化情况，科学安排电网运行方式。综合运用卫星遥感、远程视频监控等手 段，确保各类电力设备稳定运行。加强对应急指挥中心、重要交通枢纽等城市运行重要客户和旅游景点、购物商圈、节庆活动 等场所的用电安全服务。同时，实时关注天气变化情况，根据天然光采集系统，随时做好城市照明精细化开关灯准备，并安排 路灯运维人员加强对首都核心区、旅游景点、交通枢纽等人员密集场所及周边路灯设备的特巡看护，保障市民出行安全。 ▲5月29日，国网北京大兴供电公司机场供电服务中心员工对大兴国际机场1号公共充电站开展巡视测温工作，护航旅客绿 色出行。（张章 摄） 为做好节日期间电动汽车充电设施服务保障，国网北京电力提前组织对22个高速服务区、29个热门旅游 ...

Core Viewpoint - The company Youyou Green Energy (301590.SZ) is a leading supplier of charging modules for electric vehicles in China, focusing on the research, production, and sales of core components for DC charging equipment [5]. Group 1: Company Overview - Youyou Green Energy is recognized as a national high-tech enterprise specializing in the development and production of DC charging modules ranging from 15KW to 40KW [1][5]. - The company has established long-term partnerships with major players in the industry, including ABB and NIO, highlighting its market influence and technical capabilities [5]. Group 2: Financial Performance - The projected revenues for Youyou Green Energy from 2022 to 2024 are 9.88 billion yuan, 13.76 billion yuan, and 14.97 billion yuan, respectively, with net profits of 1.96 billion yuan, 2.68 billion yuan, and 2.56 billion yuan [5]. - The company achieved a market share of 10.58% in the domestic charging module market, with an estimated domestic sales volume of 76.90 billion watts in 2023 [5]. Group 3: Market Dynamics - The charging module market in mainland China is expected to grow significantly, with an estimated increase of 726.60 billion watts in 2023 [5]. - The company faces potential risks related to market competition and changes in industry policies that could impact its future performance [6]. Group 4: Investment and Funding - The company plans to allocate 2.70 billion yuan for the construction of a production base for charging modules and another 2.70 billion yuan for its headquarters and research center [4]. - An additional 1.60 billion yuan is earmarked for working capital [4].

Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. is set to launch its initial public offering (IPO) on May 26, 2023, with an expected listing on the Shenzhen Stock Exchange's Growth Enterprise Market in early June 2025, aiming to raise approximately 940 million yuan [1][3]. Company Overview - Youyou Green Energy was established in August 2015 and is based in Shenzhen, Guangdong Province. The company has a registered capital of 31.5 million yuan and is primarily engaged in the research, production, and sales of core components for electric vehicle DC charging equipment [3][5]. - The main shareholders include Bai Jianguo, Deng Likuan, Xiaomi, and Wanbang New Energy, with Bai Jianguo and Deng Likuan collectively holding 56.70% of the shares [5][9]. Financial Performance - The company reported revenues of approximately 988 million yuan, 1.376 billion yuan, and 1.497 billion yuan for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 196 million yuan, 268 million yuan, and 256 million yuan [5][6]. - The total assets as of December 31 for 2022, 2023, and 2024 were approximately 1.017 billion yuan, 1.418 billion yuan, and 1.798 billion yuan, respectively [6]. Product Offering - Youyou Green Energy's primary products include 15KW, 20KW, 30KW, and 40KW charging modules, which accounted for an average of 94.82% of its main business revenue during the reporting period [6]. Shareholder Dynamics - ABB holds a 7.80% stake in Youyou Green Energy, while Wanbang New Energy's stake has decreased to 2.67% after several share transfers [5][7]. - Xiaomi's investment in Youyou Green Energy was approximately 230 million yuan, resulting in a 4.39% ownership stake [9]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns regarding the fairness of pricing in past capital increases and share transfers, particularly noting discrepancies in valuation between different rounds of financing [10].

Core Viewpoint - The company, Youyou Green Energy, is facing significant challenges including declining profits, reliance on major clients, cash flow issues, and potential governance concerns, which may impact its upcoming IPO and future performance [2][3][4][5][6][7][9]. Group 1: Financial Performance - In 2024, the company's revenue increased by 8.86% to 1.497 billion yuan, but net profit fell by 4.6% to 256 million yuan, with a 14.66% decline in Q1 2025 [2]. - External sales revenue plummeted by 31.04% in 2024, while external gross margin was significantly higher at 50.17% compared to 24.09% for domestic sales, indicating a structural imbalance in the business [2]. Group 2: Client Dependency and Related Transactions - The top two clients, ABB and Wanbang Digital, contributed over 30% of revenue, with ABB's procurement dropping from 275 million yuan in 2022 to less than 100 million yuan in 2024, raising regulatory concerns about "equity for orders" [3]. Group 3: Cash Flow and Accounts Receivable - Operating net cash flow in 2024 fell by 60.41%, diverging significantly from net profit trends, while accounts receivable as a percentage of revenue increased from 38.73% in 2021 to 43.24% in 2024 [4]. - Accounts receivable from Wanbang Digital reached 122 million yuan and 96.1 million yuan in 2023 and 2024, respectively, accounting for 26.30% and 14.02% of total accounts receivable [4]. Group 4: Investment Project Viability and Capacity Risks - The utilization rate of charging module capacity decreased from 80.41% in 2022 to 69.56% in 2024, despite plans to raise 270 million yuan for expansion, raising questions about the necessity of fundraising [5]. - Revenue from 40kW charging modules surged from 3.47% in 2022 to 49.48% in 2024, while the 60kW liquid-cooled module is still in development, posing risks of rapid depreciation of existing capacity if technology upgrades fall short [5]. Group 5: R&D Investment and Production Model Risks - R&D expense ratio from 2021 to 2024 ranged from 4.99% to 7.31%, significantly below the industry average of 9% to 13%, with the number of R&D personnel at 293, half of the industry average [6]. - Over 85% of production processes rely on external manufacturers, which may lead to supply chain control risks compared to peers that outsource only part of their processes [6]. Group 6: Disclosure Issues and Governance Structure - The prospectus states that the 40kW/60kW liquid-cooled modules are still in the "pilot phase," while the company's website claimed commercialization as early as 2022, potentially indicating false statements [7]. - Xiaomi's sudden investment in 2022 led to a 257% increase in valuation, coinciding with a 51% drop in ABB's procurement, raising questions about governance and the timing of stock incentives for executives [7]. Group 7: Industry Competition and Policy Uncertainty - By the end of 2024, the coverage rate of charging piles on national highways reached 98%, with major cities at 85%, indicating that growth opportunities are concentrated in lower-margin third and fourth-tier markets [8]. - The proportion of external sales revenue dropped from 51.65% in 2022 to 28.3% in 2024 due to fluctuating policies in Europe and the US, along with increased tariff barriers, raising concerns about the sustainability of high-margin businesses [9].

策 略 研 究 新股研究 2025 年 05 月 16 日 优优绿能：规模化充电模块供应商 ——注册制新股纵览 20250516 投资提示： 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 任奕璇 A0230123050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 彭 玉 文 1 0 0 0 8 证 券 研 究 报 告 0 7 1 5 0 3 2 0 A p m o c . h c r a e s e r w s @ y w g n e 朱 敏 4 s 0 0 0 5 0 4 2 5 0 3 2 0 A z m o c . h c r a e u s e r s w s @ n i m h 申 购 策 略 ⚫ AHP 得分——剔除流动性溢价因素后，优优绿能 1.74 分，位于总分的 ...

Group 1 - The policy measures to promote the high-quality development of the private economy are showing effective results, indicating strong momentum in the development of the private sector [2][3] - The number of people flowing across regions during the "May Day" holiday is expected to reach a cumulative total of 1.467 billion [5] - The charging volume for new energy vehicles at highway service areas during the "May Day" holiday reached a record high for the same period [6] Group 2 - The 137th Canton Fair has concluded today, reflecting ongoing trade activities [8] - The country is increasing investment to support long-term data infrastructure construction, which may benefit various industries [9] - The area of irrigated farmland in the country has exceeded 108 million acres, indicating a focus on agricultural productivity [10]

这个假期，旅游出行需求旺盛，铁路部门增加运力投放，全力保障旅客便捷出行。在云南的热门旅游城市大理，进入"五一"假期以来，每日到 发旅客人数比平时增加60%，铁路部门每日增加开行列车30多列。大理站工作人员全员上岗，为特殊重点旅客提供优先进站、乘车服务，加强 站内便捷换乘服务引导，确保旅客进出站、乘车安全顺畅。 公路方面，据交通运输部路网中心介绍，5月3日，中短途车流交织，热门旅游城市周边高速路段易出现拥堵缓行。 央视网消息：这个假期，铁路探亲、旅游等出行需求旺盛，客流呈现强劲增长态势。4月30日至5月2日，全国铁路旅客发送量连续3天同比增长 超10%。5月3日，铁路旅客运输保持高位运行。 5月3日，全国铁路预计发送旅客1800万人次，计划加开旅客列车1563列。其中，国铁北京局5月3日预计发送旅客142万人次，计划增开旅客列 车52对，主要开往上海、武汉、沈阳、济南、石家庄等方向。国铁广州局预计发送旅客250.5万人次，同比增长达12.3%。 "五一"假期，青藏铁路迎来进藏旅游高峰。青藏铁路集团公司提前准备充足的制氧物资，保证车厢氧气含量达到平原的80%以上。在铁路运行 到海拔5000多米的唐古拉山区段，工作 ...

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 为有效解决五一假日高速服务区"充电难"的突出问题，由江苏省交通运输厅联合江苏电啦啦新能源科技有限公司共同推动的全国首个高速移动充电航 母示范项目，正式在京沪高速平桥服务区投入使用。 该项目旨在为京沪高速这一交通大动脉上的新能源车主提供更为高效、灵活的充电服务，尤其致力于缓解北京方向节假日出行时的潮汐性拥堵状况。 该移动充电航母具备多项显著优势： 强大电量储备： 最大电量可支持8车同时充电，一次携带3600度电，电量是普通移动充电宝的20倍，能充分满足100台新能源汽车的补能需求。 高效快速充电： 单枪充电效率最高可达120KW，充电速度相比普通充电桩提升了一倍。 移动充电航母的充电单价与 固定 充电桩保持同步， 价格公平透 ...

中新网新疆新闻4月29日电（姚冶 冯金福 张桂花 赵文静 王康 白玉）随着"五一"假期的临近，国内中长 线游市场持续升温，自驾游更是成为大众出行的热门选择。据国内头部租车平台"租租车"发布的租车数 据报告显示："五一"自驾订单量环比增长40%，其中新疆、四川等地成为租车预订量前列的目的地。在 政策支持、基建完善等多重因素推动下，智能舒适、经济环保的新能源汽车越来越受到自驾旅客欢迎， 而保障新能源汽车便捷补能也成为国网新疆电力持续攻坚的"重点课题"。 领略过天池之美，可以回到城区品尝当地的特色美食填饱肚子，顺便为自己的爱车充满电，国网昌吉供 电公司为疆内外旅客准备了充电"秘密武器"——移动耦合式共享充电桩。"我们自主研发的这项技术已 经在汇嘉时代昌吉购物中心停车场投运，车主只需按下墙面上对应车位号的'网上国网'按钮，充电桩便 会沿着车库顶部滑轨'跑'过来为车辆充电。这套设备不仅建设投资成本较小，还能有效解决油车占用车 位的矛盾。"国网昌吉供电公司营销部智能用电专责马波介绍。 哈密被称为新疆的"东大门"，是G30连霍高速、G7京新高速、省道S245线等重点线路进出新疆的必经节 点，也是自驾进出新疆的新能源车主补能 ...