中天储能 ：携手KKI在奥地利开发总计176MW/432.5MWh的BESS项目； 鹏程无限 ：携手临汾青峰中合新能源，进行储能系统商业合作； 宁德时代 ：预中标甘肃1.2GWh储能系统采购； 永福股份 ：与水电十六局联合体中标6GWh储能项目。 ■ 预计带动超500MWh装机！远景携手云智环能 近日，远景科技集团旗下远景零碳综合能源产品线（下称"远景"）与云智环能在工商储领域正式签署"益企储"战略合作协议。 插播 ：531后 ，工商业储能何去何从？6月9日-12日，行家说储能联合光亚法兰克福举办"2025年全球用户侧储能产业价值峰会暨应用示范展"，联合业内 头部企业共探工商储发展之道，点击" 阅读原文 "了解详情 近期，好消息不断！继比亚迪拿下3.5GWh重磅订单后，又有多家企业宣布合作签单/中标： 远景 ：携手云智环能，试点"储能+虚拟电厂"，预计装机超500MWh； 双方 将强 强联手， 为工业园区、高耗能企业等提供"定制化储能方案+灵活收益分成"服务， 还计划试点"储能+虚拟电厂"模式，聚合资源参与电 力服务，预计带动超500MWh装机规模，实现二氧化碳减排逾10万吨。 据了解，目前 "益企储"模式已 ...

插播 ： 136号、394号文件等多项新政出台，2025工商业储能有何新打法？6月9日-12日，行家说储能联合光亚法兰克福举办"2025年全球用户侧储能产业 价值峰会暨应用示范展"，点击" 阅读原文 "了解详情 随着136号文件实施节点临近，电力市场改革深化，峰谷价差变动，工商业储能单一峰谷套利场景带来的价值风险抬头，加上业内竞争白热化，项 目收益空间面临压缩风险。 这场市场化大考，既是压力测试，又暗藏机会。如何在电价新政冲击波下破局？如何打响价值突围战？ 6月10日， 由行家说储能联合光亚法兰克福举办的"2025全球用户侧储能产业价值峰会暨应用示范展"将在广州举行，这既是一场聚焦用户侧储 能"价值重塑"的行业盛会，又是工商业储能头部企业、资方、运营商和业主多方对接的绝佳机会，更是一次凝聚智慧、资源与行动的破局之战。 这场峰会或将成为您2025年最关键的「转折点」，期待您的重视与参与！ ■ 10大演讲主题 此次价值峰会，主要聚焦用户侧储能的热议主题（如下）展开深度解读，为储能企业厘清方向、拨开迷雾。 ■ 一大热门话题 业内重量级嘉宾汇聚，以"新政驱动 下的工商业储能创新路径探索"为话题，探讨136号文实施后， ...

插播 ： 136号、394号文件等多项新政出台，2025工商业储能有何新打法？6月9日-12日，行家说储能联合光亚法兰克福举办"2025年全球用户侧储能产业 价值峰会暨应用示范展"，点击" 阅读原文 "了解详情 今日（20日），永泰数能、晶科储能发布工商业储能新品，不约而同基于520推出520kWh以上的工商业储能系统。 值得注意的是，此前2月14日 ，鹏辉能源首发2025年重磅储能柜新品——擎天520（ 点这里 ）。此外， 包括阳光电源、融和元储、阳光电源、宁 德时代、奇点能源等储能头部企业都已推出500kWh以上大容量储能柜。 ■ 永泰数能： 522L智能液冷工商储系统等 今日，永泰数能举 行以 智储·致护为主题的520工商储产品发布会， 推出旗舰型产品—— 522L智能液冷工商储系统 、应用于台区治理的 Solution 185以及 以储带充- Solution 320等全场景储能系统。 其中，522L智能液冷工商储系统，支撑1充1放、长时储能场景，采用自研液冷2.0Pack，PCS采用SiC技术， 循环能效超91%，整柜能量密度 提 升21.5%，占地优化20%；电芯温差≤2.5 ℃，PACK级IP6 ...

❖ 风险提示：下游需求不及预期、公司新产品释放不及预期、竞争加剧风险。 公司研究 证 券 研 究 报 告 艾罗能源（688717）2024 年报及 2025 年一季报点评 推荐（维持） 新市场新产品不断突破，有望贡献业绩增量 目标价：63.24 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,073 | 3,753 | 4,398 | 5,004 | | 同比增速(%) | -31.3% | 22.1% | 17.2% | 13.8% | | 归母净利润(百万) | 204 | 405 | 592 | 731 | | 同比增速(%) | -80.9% | 98.8% | 46.2% | 23.4% | | 每股盈利(元) | 1.27 | 2.53 | 3.70 | 4.57 | | 市盈率(倍) | 43 | 21 | 15 | 12 | | 市净率(倍) | 2.0 | 1.8 | 1.6 | 1.4 | 资 ...

证券研究报告·行业动态 每周观察：海外工商储有望 进入爆发增长阶段 核心观点 预计 2025 年全球工商业储能新增装机增速超 40%。欧洲市场预计 2025 年将新增工商储 3.6GWh，同比增速超过 60%，在补贴、动态电价等的 推广下，欧洲工商储 IRR 有望达到 15%以上，回收期可短至 3-4 年。美 国市场方面，工商业储能规模较小，2024 年新增 370MWh，NEM3.0 降 低上网电价，刺激企业自发配储需求。亚非拉国家今年以来停电、涨电 价事件频发，显著提高了配置工商储的积极性。产品方面，各家主流厂 商均推出性价比工商储单品，适应欧洲、亚非拉等不同市场，产品价格 较去年也已明显下降。建议关注头部工商储生产商，如德业股份、艾罗 能源、固德威、派能科技、盛弘股份等。 摘要 全球工商储市场今年增速超 40% 根据工商业储能绿皮书统计，2024 年全球工商业储能新增装 机量达到 4.4GW/10.9GWh，容量同比增长达到 44.6%。预计 2025 年全球新增工商 业储能达到 6.1GW/15.26GWh，同比增长 40%。2024 年欧洲是海外工商 储最大的市场，2024 年约新增 2.6GWh， ...

证券研究报告·A 股公司简评 汽车零部件 大宗涨价下盈利暂时承压，投资 行之成发力汽车电子 核心观点 25Q1 公司营收、归母、扣非分别为 1.88 亿元、0.05 亿元、0.03 亿元，同比分别+11.90%、-33.76%、-54.01%。利润下滑主要受 到铜等原材料价格上涨影响。展望后续，公司商用发电机业务将 受益于下游需求复苏及出口、售后业务加速拓展；电子真空泵业 务随国内电动化趋势及大客户新能源转型，有望实现稳健增长； 随着大亚储能电站等重点项目落地，工商业储能新业务放量在 即。此外公司宣布投资江西行之成，加快汽车电子领域业务布局。 24 年主业经营稳健&储能加速落地，大宗涨价下盈利暂时承压。 24 年全年公司营收、归母、扣非分别为 7.07 亿元、0.46 亿元、 0.08 亿元，同比分别+9.09%、+131.13%、-48.44%。收入端看， 商用车发电机和电子真空泵销量上升是营收增加的主要因素。分 业务看，1）商用发电机业务：2024 年营收 5.43 亿元，同比+8.34%。 一方面，公司与众多主机厂前期开发的项目陆续上量，总体配套 份额稳中有升；另一方面，公司大力拓展发电机售后市场，在国 ...

Core Viewpoint - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 188 million yuan, 5 million yuan, and 3 million yuan, respectively, representing year-on-year changes of +11.90%, -33.76%, and -54.01%. The profit decline was mainly due to rising prices of raw materials such as copper. Looking ahead, the commercial generator business is expected to benefit from downstream demand recovery and accelerated expansion in exports and after-sales services. The electronic vacuum pump business is anticipated to achieve steady growth due to the domestic electrification trend and the transformation of major customers towards new energy. Additionally, the commercial energy storage business is set to ramp up with the implementation of key projects like the Dayaya energy storage power station. The company also announced an investment in Jiangxi Xingzhicheng to accelerate its business layout in the automotive electronics sector [1][4][8]. Financial Performance - For the full year of 2024, the company reported revenue of 707 million yuan, a year-on-year increase of 9.09%; net profit attributable to shareholders was 46 million yuan, up 131.13%; net profit excluding non-recurring items was 8 million yuan, down 48.44%. In Q1 2025, the company achieved revenue of 188 million yuan, a year-on-year increase of 11.90%; net profit attributable to shareholders was 5 million yuan, down 33.76%; net profit excluding non-recurring items was 3 million yuan, down 54.01% [2][3]. Business Segments - The company's revenue growth in 2024 was primarily driven by increased sales of commercial vehicle generators and electronic vacuum pumps. The commercial generator business generated 543 million yuan in revenue, up 8.34% year-on-year, supported by project developments with various OEMs and strong growth in the after-sales market, with approximately 200,000 units sold, a year-on-year increase of 44.69%. The electronic vacuum pump business generated 128 million yuan, up 18.74% year-on-year, benefiting from an increase in downstream supporting models and new customers. The energy storage business generated 27 million yuan, down 10% year-on-year [3][4][5]. Profitability Analysis - The company's gross margin and net margin for 2024 were 13.79% and 8.01%, respectively, with year-on-year changes of -2.57 percentage points and +3.67 percentage points. The gross margins for the generator, vacuum pump, and energy storage segments were 9.16%, 34.11%, and -1.44%, respectively, reflecting significant pressure on the generator segment due to rising raw material prices. The company maintained stable expense control, with various expense ratios showing minor fluctuations [5][6]. Strategic Developments - The company is actively expanding into the automotive electronics sector through its investment in Jiangxi Xingzhicheng, which specializes in automotive electronic products. This partnership is expected to enhance the company's capabilities in the automotive electronics field and support its overall transformation and upgrade strategy [7][8].

插播 ： 136号、394号文件等多项新政出台，2025工商业储能有何新打法？6月9日-12日，行家说储能 联合光亚法兰克福举办"2025年全球用户侧储能产业价值峰会暨应用示范展"，点击" 阅读原文 "了解详 情 为进一步降低储能系统的成本，亿兰科 全新IP65 PCS"背书包"方案优化配电、散热等核心模块， 减少冗余设计，使得整柜结构更简洁，整柜性价比更高。 2025年工商业储能正进入由政策驱动到价值驱动的关键节点，承载着交直流转换重要职责的PCS 逐渐走向行业变革的C位，以底层技术创新重构工商储价值体系。 日前，2024年全球第三方工商业储能PCS出货量第四——亿兰科推出全新IP65 PCS"背书包"方 案， 采用亿兰科 125/130kW模块 ，该模块防护等级为 IP65 ，以更高兼容性、更强适应性、更 优性价比的解决方案，直击工商业储能5大痛点，解码工商业储能PCS的新进化逻辑。 ■ 系统适配性不足？打 破壁垒，快速集成 由于工商业场景的电力需求呈现离散化特征，制造车间、数据中心、商业综合体等场景对充放电响 应速度（需<50ms）、电能质量（THD<3%）存在差异化要求，储能电池柜和PCS往往面临适配 ...

盈利预测：欧洲去库接近尾声，亚非拉市场持续爆发。我们预计公司 2025-2027 年的营业收入分别为 148.4/ 187.3/ 236.0 亿元，2025-2027 年 归母净利润分别为 36.4/ 45.8/ 54.7 亿元，对应 15.63/ 12.41/ 10.40 倍 PE，给予 2025E 的每股净利润 19 倍 PE 估值，对应目标价 107 元，首 次覆盖，给予"买入"评级。 风险提示：储能业务进展不及预期；盈利预测与估值模型不及预期 [Table_Title] 证券研究报告 / 公司点评报告 新产品+新市场双重赋能，高增长有望持续 事件： [Table_Summary] 公司发布 2024 年年报，德业股份 2024 年实现营业收入 112.06 亿元， 同比+49.83%，实现归母净利润 29.6 亿元，同比+65.29%，基本符合市 场此前预期。 新兴市场助力储能高增长。（1）德业股份 2024 年逆变器业务实现营业 收入 55.6 亿元，同比+25.44%，2024 年公司储能逆变器出货 54.06 万 台，组串式逆变器出货 41.06 万台，微型逆变器 42.03 万台。逆变器 业务 ...

Core Insights - The commercial energy storage market in China has experienced significant growth, with an expected increase in installed capacity of 2.95 GW and energy capacity of 7.02 GWh in 2024, representing a year-on-year growth of 427% in power capacity and 273% in energy capacity [1] Group 1: Market Trends - The commercial energy storage products are rapidly evolving due to diverse application scenarios, increased safety requirements, and the need for intelligent operation and maintenance [2] - The 314Ah large-capacity battery cells are widely adopted, with nearly 50% of the showcased products utilizing this cell type, which offers improved energy density and reduced cost per kilowatt-hour compared to the 280Ah cells [2] Group 2: Product Features - Modular design is becoming the mainstream choice for commercial energy storage products, allowing for compact integration of key components, reducing installation and maintenance costs, and enabling flexible expansion to meet dynamic load requirements across various industrial scenarios [3] - High-voltage systems are opening new scenarios for commercial energy storage, directly connecting to 10kV and above grids to meet the electricity demands of high-energy-consuming enterprises [4] Group 3: Safety and Intelligence - Safety is a critical focus for commercial energy storage products, with AI technology being integrated into project planning, operation, safety monitoring, and electricity trading to enhance safety and profitability [6] - Various companies are introducing innovative safety features, such as the "smart storage galaxy" system by New Source Smart Storage, which utilizes advanced cooling and fire protection technologies [6][15] Group 4: Company Innovations - BYD's new commercial energy storage product, Chess Plus, features a highly integrated design that supports flexible capacity expansion and incorporates intelligent operation systems to optimize load management [13] - The S³-EStore system by Kehua is designed with liquid cooling technology to maintain precise temperature control, enhancing safety and efficiency [15] - The eBlock-261 energy block by Singularity Energy employs a modular design for comprehensive energy management, applicable in various scenarios such as peak shaving and virtual power plants [19]