Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight performance exceeding market expectations due to favorable water conditions benefiting peak regulation hydropower [7] - The company achieved a revenue of 1.557 billion yuan in Q1 2025, representing a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 374 million yuan, up 31.1% year-on-year [7] - The company has a total installed capacity of 12.9642 million kilowatts, including 10.28 million kilowatts of pumped storage and 2.03 million kilowatts of peak regulation hydropower [7] Financial Forecasts - Total revenue forecast for 2023A is 5.63 billion yuan, with a year-on-year decrease of 31.85%, and is expected to grow to 8.691 billion yuan by 2027E, with a growth rate of 12.42% [1] - Net profit attributable to shareholders is forecasted to be 1.014 billion yuan in 2023A, with a year-on-year decrease of 39.05%, and is expected to reach 1.517 billion yuan by 2027E, with a growth rate of 8.82% [1] - The latest diluted EPS is projected to be 0.32 yuan in 2023A, increasing to 0.47 yuan by 2027E [1] Operational Highlights - The company has 1,028 MW of pumped storage capacity in operation and 1,080 MW under construction or approved as of the end of 2024 [7] - The company is exploring pilot projects in Guangdong for pumped storage participation in the spot market, which is expected to improve profitability [7] - The company maintains a P/E ratio of 30.74 for 2023A, decreasing to 20.54 by 2027E [1]

Core Insights - The article highlights the exceptional performance of the Yancheng Shiyang Energy Storage Station, which is the largest energy storage station in Jiangsu Province, achieving significant revenue and operational efficiency since its grid connection on July 12 [1][3]. Performance Metrics - The Yancheng Shiyang Energy Storage Station generated an average revenue per MWh that exceeded the provincial average by approximately 11.7% [1]. - During peak summer and winter periods, the station recorded a revenue of 40 million yuan over 40 days, averaging over 1 million yuan per day, which is 30% higher than the average [3]. - The station achieved a 100% power availability rate and a 98.3% capacity availability rate, leading to the highest comprehensive efficiency and peak-shaving conversion efficiency in the province for a 100MWh-level energy storage station [3]. Technological Advancements - The station utilizes a self-developed smart trading energy storage system, integrating various components such as battery cells, PCS, BMS, EMS, and SCADA systems, along with the EnOS energy storage production and sales management platform [2][4]. - The AI-driven trading strategy implemented at the station has resulted in a 54.2% increase in revenue compared to the average during a 14-day settlement period [3][5]. Market Trends and Future Outlook - Recent policies from the National Development and Reform Commission and the Energy Administration are expected to drive energy storage into a new value-driven phase, emphasizing the importance of performance and trading capabilities for revenue generation [5]. - The energy storage industry is anticipated to evolve towards a competitive and sustainable development model, with a focus on maximizing lifecycle revenue through continuous technological innovation and optimization of trading algorithms [5]. Industry Events - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) is scheduled for April 10-12, 2025, in Beijing, showcasing cutting-edge technologies and attracting over 800 leading enterprises [6][8].