公司研究 证 券 研 究 报 告 国轩高科（002074）2024 年报及 2025 年一季报点评 推荐（维持） 营收增长显著，盈利大幅提升 目标价：29.79 元 事项： ❖ 公司发布的 2024 年年报及 2025 年一季报显示，2024 年公司实现营收 353.92 亿元，同比+11.98%，归母净利润 12.07 亿元，同比+28.56%；扣非后净利润 2.63 亿元，同比+125.86%。2025 年一季度实现营收 90.55 亿元，同比+20.61%； 利润总额达到 0.99 亿元，同比+787.43%；实现归母净利润 1.01 亿元，同比 +45.55%。 评论： | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 35,392 | 43,023 | 52,451 | 64,932 | | 同比增速(%) | 12.0% | 21.6% | 21.9% | 23.8% | | 归母净利润(百万) | 1,207 | 1,358 | 1,790 | 2,657 | | 同比增 ...

Core Insights - The company reported a revenue of 11.21 billion yuan for 2024, representing a year-on-year increase of 49.8%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65.3% year-on-year [1] - For Q1 2025, the company achieved a revenue of 2.57 billion yuan, a year-on-year increase of 36.2% but a quarter-on-quarter decrease of 19.6%, with a net profit of 710 million yuan, up 63.0% year-on-year and down 2.1% quarter-on-quarter [1] Group 1: Inverter Business - The inverter business generated revenue of 5.56 billion yuan in 2024, reflecting a year-on-year growth of 25.4%, with a gross margin of 47.8%, down 3.5 percentage points [2] - The total sales of inverters reached 1.3714 million units in 2024, with specific sales figures for storage inverters, string inverters, and micro-inverters being 540,600 units, 410,600 units, and 420,300 units, respectively, generating revenues of 4.38 billion yuan, 790 million yuan, and 350 million yuan [2] - The company launched a micro-storage inverter targeting the European market and expanded its offerings from household storage to commercial storage solutions, introducing 100kW-2MW storage solutions [2] Group 2: Energy Storage Battery Pack Business - The energy storage battery pack business saw rapid growth, achieving revenue of 2.45 billion yuan in 2024, a significant year-on-year increase of 177.2%, with a gross margin of 41.3%, up 7.4 percentage points [2] - The total shipment of energy storage battery packs reached 465,000 units in 2024, marking a year-on-year increase of 264.3% [2] - The company established a localized service team and improved its after-sales service system, setting up service centers in Southeast Asia, Europe, and Africa [2] Group 3: Investment Outlook - The company is projected to have EPS of 5.73, 6.95, and 8.54 for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 based on the closing price on May 21 [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company achieved a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, and a net profit of 2.96 billion yuan, up 65.3% year-on-year [1] - In Q1 2025, the company reported a revenue of 2.57 billion yuan, a 36.2% increase year-on-year, but a 19.6% decrease quarter-on-quarter, with a net profit of 710 million yuan, up 63.0% year-on-year [1] - The inverter business continues to grow, with revenue reaching 5.56 billion yuan in 2024, a 25.4% increase year-on-year, and a gross margin of 47.8% [2] - The energy storage battery pack business saw significant growth, with revenue of 2.45 billion yuan in 2024, a 177.2% increase year-on-year, and a gross margin of 41.3% [2] - The company is expanding its global after-sales service system, establishing service centers in Southeast Asia, Europe, and Africa [2] Financial Data and Valuation - The projected EPS for 2025-2027 is 5.73, 6.95, and 8.54 respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 [3] - The company’s revenue is expected to grow from 14.44 billion yuan in 2025 to 21.72 billion yuan in 2027, with a net profit increasing from 3.70 billion yuan to 5.52 billion yuan in the same period [11]

太阳能 德业股份（605117.SH） 买入-A(维持) 储能电池包高速增长，海外市场持续拓展 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季度报告。2024 年实现营收 112.1 亿 元，同比+49.8%；实现归母净利润 29.6 亿元，同比+65.3%。2025 年 Q1，实 现营业收入 25.7 亿元，同比+36.2%，环比-19.6%；实现归母净利润 7.1 亿元， 同比+63.0%，环比-2.1%。 事件点评 逆变器业务持续增长，发展多元化产品开拓市场： 2024 年公司逆变器 业务实现收入 55.6 亿元，同比+25.4%；毛利率为 47.8%，同比-3.5pct。2024 年全年，公司逆变器销售 137.14 万台；其中储能逆变器、组串式逆变器、微 型逆变器分别出货 54.06 万台、41.06 万台、42.03 万台，分别实现销售收入 43.8 亿元、7.9 亿元、3.5 亿元。2024 年，面向欧洲市场，公司推出微型储 能逆变器（阳台储能）；此外，公司由户储逐渐向工商储拓展，推出 100kW-2MW 储能解决 ...

从趋势上来看，锂盐行业从2023年开始供过于求，这是因为2022年下半年锂盐价格暴涨，吸引了很多新的市场参与者进入到这一行 业，造成了产能的快速扩张，进而影响到了价格。但是目前来看，锂盐价格已经进入到磨底期。 近日，天齐锂业在接受机构调研时表示，公司观察到近期锂精矿价格持续回落，但矿端供应尚未出现明显减量，产业链仍处于盈利压 力向上游传导阶段，锂盐端成本支撑线逐步下移。近期碳酸锂价格一度在每吨6.5万元附近出现反弹迹象，但随后再度回落，预计仍需 在此区间进行底部震荡和磨合。 天齐锂业同时认为，行业反转可能仍需等待关键催化因素的出现，例如具备规模的矿山或锂盐厂减产、下游需求进一步增长等。具体 价格走势受经济形势、市场参与者的博弈、预期及行为等多重因素影响，因此公司不对具体价格做指引，而是从行业现状与趋势展开 分析。 从需求来看，2025年，全球能源转型已进入关键阶段。各国政府、企业及社会各界正加速推动清洁能源的应用，以应对气候变化的挑 战。在全球范围内，新能源汽车和储能行业的发展仍然获得广泛的支持；从速度、规模、强度三个维度来看，目前全球锂行业仍然处 于发展的上升期。 天齐锂业表示，因此从中长期来看，公司认为锂 ...

Group 1: Financial Performance and Funding - The company plans to raise no more than RMB 4.97 billion through a private placement, issuing up to 240 million shares [2][4] - Historical project receivables, including PPP projects, exceeded RMB 500 million in 2024 [3][5] - The company aims to stabilize cash flow by maintaining existing loans and adjusting interest rates to 4% for related party loans [4][5] Group 2: Business Strategy and Development - The company focuses on three main business areas: equipment manufacturing, dual carbon innovation, and environmental governance [3][4] - The company is enhancing its core equipment manufacturing business while expanding into energy storage and dual carbon sectors [5] - A strategic cooperation agreement has been signed with relevant departments in Fenghua District to advance virtual power plant and dual carbon initiatives [4][5] Group 3: Operational Efficiency and Cost Management - The company is implementing cost reduction and efficiency improvement measures across various operational aspects [5] - Performance assessments and resource allocation are being optimized to enhance management efficiency and reduce operational costs [5] - A supplier management system is being established to oversee procurement, production, and sales processes [5] Group 4: Strategic Initiatives - The "One Three Nine" strategy has been developed to drive operational improvements, focusing on business expansion, financial reporting enhancement, and cultural development [5] - Nine key tasks have been identified to support the strategic initiatives, including asset revitalization and strict performance evaluations [5] Group 5: Market Position and Competitive Advantage - The company has over 30 years of experience in the filter press industry, positioning it as a leader in the sector [4] - The filter press business is recognized as a top performer in Zhejiang Province, with significant technological advantages and customer resources [4]

Core Viewpoint - Jiangsu Hanchuang Nano Technology Co., Ltd. (Hanchuang) has emerged as a leader in the lithium manganese iron phosphate (LMFP) market, achieving nearly 50% market share and becoming a key player in the industrialization of LMFP materials [3][4]. Group 1: Company Overview - Hanchuang has achieved the highest global shipment volume of LMFP for two consecutive years (2023-2024) [3]. - The company has completed three rounds of financing totaling nearly 500 million yuan, with a stable operation of 15,000 tons of production capacity and an accelerated expansion plan for 30,000 tons [3][4]. - The founding team consists of executives and R&D experts from leading global material companies, marking them as the longest-serving team in LMFP research and the first to achieve LMFP industrialization [3][4]. Group 2: Product and Technology - LMFP materials developed by Hanchuang are an upgraded version of lithium iron phosphate (LFP), offering a 15-20% increase in energy density compared to LFP, along with high safety, low cost per watt-hour, and excellent low-temperature performance [4]. - Hanchuang has developed a unique solid-liquid two-phase LMFP process that overcomes traditional performance bottlenecks, resulting in the lowest cost and optimal performance LMFP products in the industry [4]. - The company holds over 70 core patents related to LMFP, covering major markets including China, the US, Europe, and Japan, establishing a solid barrier for its technology commercialization [4]. Group 3: Industry Development - The development of LMFP has gone through four key stages: laboratory research (1997-2007), industrial exploration (2008-2014), policy fluctuation (2015-2019), and revival breakthrough (2020-present) [7]. - The market for LMFP is expected to grow significantly, becoming one of the most important cathode materials after LFP and ternary materials, according to Roland Berger's 2025 forecast [8]. Group 4: Market Applications and Collaborations - Hanchuang has established deep collaborations with leading battery manufacturers and is expected to achieve mass production applications in the electric vehicle (EV) sector within the year [11]. - Major companies such as CATL, BYD, and others are also launching LMFP products, indicating a growing trend in the adoption of LMFP technology across various applications [11].

一、 投资者关系活动类别 √特定对象调研 证券代码：830779 证券简称：武汉蓝电 公告编号：2025-045 武汉市蓝电电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 5 月 19 日至 2025 年 5 月 20 日 活动地点：武汉市蓝电电子股份有限公司会议室&线上会议 □业绩说明会 □媒体采访 任公司、北京金百镕投资管理有限公司、上海冰河资产管理有限公司、上海汇利 资产、北京星允投资管理有限公司（排名不分先后） 上市公司接待人员：总经理叶文杰先生、董事会秘书王雅莉女士、财务负责 人郑玮女士 三、 投资者关系活动主要内容 本次交流活动，对公司基本情况进行了介绍，并就投资者关心的问题进行 了沟通与交流，主要问题及回复情况如下： 问题 1：根据公司 2024 年年报，在产品结构方面，微小功率下降较多的主 要原因？ 回答：微小功率电池测试设 ...

回顾该企业的上市之路，可谓是" 步步艰难"。2023年6月27日，朗泰通科技 向深交所创业 板递交IPO申报资料获受理， 同年7月 23日， IPO进入已问询阶段。同年11月初深交所上市 委 发出第2轮审核问询函后 ，企业一直没有 回复问询。 | 储能数据库产品 | = == | ICC余校资讯® | | --- | --- | --- | | ESS DATABASE PRODUCTION. | | 请输入关键词 O | | | | # 数据中心 | | ・储能材料 | ·储能电池 | ■ 电池 | | | | 司 储能 | | '储能系统 | *储能逆变器 | ■ 储能电池 | | | | ■ 储能变流器 | | "光伏/风电 | ' 储能招投标 | ■ 储能系统 | | | | ■ 光伏风电 | | ಕ್ಕೆ | 18964001371(微信同) | ■ 保能材料 | | | | ■ 储能招投标 | 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 近日，深交所官网最新消息显示，东莞市朗泰通科技股份有限公司创业板IPO终止。此次IPO 的终止是基于该公司主动提交 ...

每经记者｜吴泽鹏 每经编辑｜杨夏 5月19日晚间，万润新能（688275.SH，股价36.81元，市值46.42亿元）发布公告，称近日与宁德时代 （300750.SZ，股价260元，市值11448.83亿元）签订协议，由公司向宁德时代提供磷酸铁锂产品，2025 年5月至2030年预计总供货量约132.31万吨。 《每日经济新闻》记者查询到，万润新能去年的磷酸铁锂出货量为22.82万吨，销售收入约为72.67亿 元，占主营业务收入的98.93%。 而电池龙头宁德时代近期与不少车企签订协议，例如2月份公司与福特汽车签订5年供货协议，锁定2026 年至2030年磷酸铁锂电池稳定供应，近日又宣布与本田中国签署深化合作备忘录，双方展开全方位升级 合作的领域包括磷酸铁锂电池等。而在供应端，除了万润新能外，记者还查询到，今年1月，宁德时代 与龙蟠科技（603906.SH，股价11.08元，市值73.69亿元）签订了不限于磷酸铁锂的采购协议，采购上限 70亿元。 有观点认为，在动储市场带动下，磷酸铁锂成为国内外车企、业主更为青睐的技术路线，上游磷酸铁锂 正极材料供应商因此成为"拿单大户"。 中银证券研报针对磷酸铁锂的深度研报 ...