Core Viewpoint - The article discusses the rapid development and investment opportunities in the commercial and industrial energy storage sector in China, highlighting significant projects and trends in user-side energy storage since 2025 [2][3][10]. Group 1: Project Developments - As of 2025, there have been 47 user-side energy storage projects with a total capacity of 4.566 GW and 12.101 GWh [3]. - A new 170 MWh commercial energy storage project by Meike Energy has commenced in Wuhu, Anhui, which is one of the largest projects in the province [7][9]. - The largest user-side energy storage project announced is a 300 MW/600 MWh facility in Bozhou, Anhui, with an estimated contract value of approximately 48 million yuan [14]. Group 2: Market Trends - In the first quarter of 2025, over 6 GWh of user-side energy storage projects were registered, accounting for 81.61% of the total capacity of such projects [15]. - The majority of these projects are concentrated in Jiangsu, Anhui, and Sichuan, with Jiangsu alone accounting for 44% of the total project count [11]. - The article notes that the user-side energy storage market is experiencing a significant increase in project announcements, with 26 projects totaling 1.8292 GW and 5.773 GWh reported since 2025 [10]. Group 3: Key Players and Collaborations - Major companies involved in these projects include China Energy Engineering, Guangzhou Energy Storage Group, and Trina Solar, among others [11]. - The article emphasizes the collaborative efforts within the industry to explore the future of commercial energy storage, particularly at the upcoming 2025 Global User-Side Energy Storage Industry Value Summit [2][6].

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 ...

Core Viewpoint - The commercial energy storage market in Sichuan is experiencing significant growth, driven by new policies and increasing project announcements, with a notable increase in capacity compared to the previous year [3][6][10]. Group 1: Market Dynamics - As of April 18, 2025, Sichuan has announced 31 commercial energy storage projects with a total capacity of 96.62 MW and 213.111 MWh, representing over a threefold increase compared to the same period last year [3][6]. - The introduction of a policy that provides electricity fee reductions for user-side energy storage has further stimulated investment interest in the sector [6][10]. - The demand for distributed energy storage in the Sichuan-Chongqing region is projected to reach 12 GWh, driven by the potential for rooftop solar installations and the average industry storage matching rate of 20% [5][6]. Group 2: Project Highlights - The largest project announced is the Sichuan Times 60 MW/120 MWh energy storage project, which is the first of its kind in the province to exceed 100 MWh in capacity [8][10]. - The bidding results for the first batch of energy storage equipment for the virtual power plant project in Ziyang, Sichuan, showed competitive pricing, with bids ranging from 0.355 to 0.358 yuan/Wh [4][10]. - The majority of the announced projects are concentrated in cities like Chengdu and Yibin, with Chengdu accounting for over 50% of the total project count [6][8]. Group 3: Key Players - Key companies involved in the Sichuan energy storage projects include Guangzhou Haikesen Energy, Hangzhou Hemai Power Electronics, and Xiamen Haicheng Energy Technology, which have successfully bid for significant projects [3][4]. - A total of 14 companies are engaged in various projects across the region, with Star Source Energy participating in the highest number of projects [10][15].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 63.24 CNY [2][9]. Core Views - The company is expected to achieve revenue growth through breakthroughs in new markets and products, despite facing challenges in the European market and increased competition [9]. - The company reported a total revenue of 3.073 billion CNY in 2024, a year-on-year decrease of 31.3%, and a net profit attributable to shareholders of 204 million CNY, down 80.9% year-on-year [9]. - The company has launched various new products, including commercial energy storage systems and low-voltage storage inverters, to enhance its product line and meet emerging market demands [9]. Financial Summary - **Revenue Forecast**: Projected revenues for 2025, 2026, and 2027 are 3.753 billion CNY, 4.398 billion CNY, and 5.004 billion CNY, respectively, with growth rates of 22.1%, 17.2%, and 13.8% [5][10]. - **Net Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are 405 million CNY, 592 million CNY, and 731 million CNY, reflecting growth rates of 98.8%, 46.2%, and 23.4% [5][10]. - **Earnings Per Share (EPS)**: Projected EPS for 2025, 2026, and 2027 are 2.53 CNY, 3.70 CNY, and 4.57 CNY, respectively [5][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 21, 15, and 12, respectively [5][10]. Market Performance - The company has experienced a significant decline in stock performance, with a drop of 37% over the past year compared to the CSI 300 index [8]. Product and Market Development - The company has expanded its sales in emerging markets, with a 63% year-on-year increase in the sales of grid-connected inverters, while the sales of home energy storage systems decreased by 18% [9]. - The global commercial energy storage market is projected to grow significantly, with the company positioned to benefit from this trend through its existing product lines [9].

Investment Rating - The report assigns an "Accumulate" rating for the company [4] Core Views - The company experienced a temporary profit pressure due to rising raw material prices, particularly copper, impacting its profitability [3] - The commercial generator business is expected to benefit from downstream demand recovery and expansion in export and after-sales services [3][10] - The electronic vacuum pump business is anticipated to achieve steady growth in line with the domestic electrification trend and the transformation of major customers to new energy [3][10] - The company is actively investing in the automotive electronics sector to accelerate its business layout [11] Financial Performance Summary - For 2024, the company reported revenues of 707 million yuan, a year-on-year increase of 9.09%, and a net profit of 46.13 million yuan, a significant increase of 131.13% [2][3] - The first quarter of 2025 showed revenues of 1.88 million yuan, up 11.90% year-on-year, but net profit decreased by 33.76% [2][3] - The company's gross margin for 2024 was 13.79%, down 2.57 percentage points year-on-year, while the net margin improved by 3.67 percentage points to 8.01% [9] Business Segment Analysis - The commercial generator business generated 543 million yuan in revenue for 2024, an increase of 8.34%, supported by project development and after-sales market expansion [3][10] - The electronic vacuum pump business achieved 128 million yuan in revenue, an 18.74% increase, benefiting from increased downstream vehicle models [3][10] - The energy storage business reported 27 million yuan in revenue, a decline of 10%, but is expected to see performance improvements as projects come online [3][10] Future Outlook - The company is projected to see net profits of 30 million yuan and 40 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 134X and 110X [12] - The investment in Jiangxi Xingzhicheng is expected to enhance the company's position in the automotive electronics market, laying a foundation for future growth [11]

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 ...

Core Insights - The article discusses the significant developments in the commercial energy storage sector in Anhui province, highlighting the successful commissioning of a 2.25MW/4.698MWh energy storage project by Anhui Yangfan Copper Industry, supported by Hongzheng Energy [2][3] - The new time-of-use electricity pricing policy in Anhui is expected to accelerate the expansion of commercial energy storage projects, particularly benefiting high energy-consuming enterprises [11][14] Summary by Sections Project Developments - Anhui Yangfan Copper Industry's energy storage project utilizes a "1 master 17 slaves" architecture for coordinated control, optimizing energy efficiency and allowing for modular expansion to meet varying electricity demands [3][7] - The project employs the D-Cube 2.0 series liquid-cooled energy storage cabinets and the COSMOS 2.0 digital energy storage system, integrating big data and AI for precise load forecasting and tailored charging strategies [7][10] Policy Impact - The Anhui provincial government has issued a new implementation plan to promote user-side energy storage, focusing on high energy-consuming enterprises and exploring various new energy storage applications and business models [11][14] - The introduction of a new time-of-use pricing policy includes an extension of low-cost periods, enhancing the stability of revenue for energy storage projects participating in the electricity market [11][14] Financial Analysis - A comparison of the old and new policies shows a projected increase in total charging and discharging revenue by 3.1836 million yuan over 15 years, with a reduction in payback period by 18 months [14][16] - The total capacity of user-side energy storage projects in Anhui reached approximately 757.298MW/1748.378MWh in the first quarter of 2025, accounting for 72.72% of the total capacity registered in the previous year [16][18]

Core Viewpoint - The commercial energy storage market in Guangdong Province is experiencing rapid growth, driven by policy enhancements, innovative business models, and technological advancements, with installed capacity and project economics improving significantly [2][5]. Policy and Market Dynamics - The total registered commercial energy storage projects in Guangdong exceeded 400 MWh, representing a year-on-year growth of approximately 100% compared to 2024, with over 70% of projects located in the Pearl River Delta region [5]. - The peak-valley price difference in certain areas of the Pearl River Delta is expected to exceed 1 yuan/kWh by 2025, with Shenzhen's peak-valley price difference reaching 1.2 yuan/kWh [5]. - High energy-consuming industries are now required to have a storage capacity of at least 15% [5]. Investment and Economic Impact - Typical projects include a 20 MWh energy storage project in Dongguan's electronics industrial park, which is expected to save over 3 million yuan annually [5]. - The investment payback period for energy storage projects has generally shortened to 4-6 years, with high-quality projects achieving payback in as little as 3 years [5]. - The forecast for 2025 indicates that new installed capacity for commercial energy storage in Guangdong could reach 3-4 GWh, accounting for 25%-30% of the national total [5]. Project Registrations and Capacity - In January, several companies registered projects, with Shenzhen Ronde New Energy Technology Co., Ltd. leading with 22 projects totaling 46.297 MWh and an investment of 38.25 million yuan [4]. - In March, the same company registered 63 projects with a total capacity of 89.96 MWh and an investment of 54.75 million yuan [8]. - The April registrations included companies like Guangdong Huangding Energy Storage Technology Co., Ltd. with 15 projects totaling 6.757 MWh [9].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 107 CNY for the next six months [5]. Core Insights - The company achieved a revenue of 11.206 billion CNY in 2024, representing a year-on-year increase of 49.83%, and a net profit of 2.960 billion CNY, up 65.29% year-on-year, aligning with market expectations [1]. - The growth in the energy storage sector is driven by emerging markets, with the inverter business generating 5.56 billion CNY in revenue, a 25.44% increase year-on-year, and the energy storage battery pack business achieving 2.45 billion CNY, a remarkable 177.19% increase year-on-year [1][2]. - The company is expanding its overseas market presence, with a significant 83.20% increase in export revenue, establishing a broad dealer network in countries like Germany, Pakistan, Brazil, Ukraine, and India [2]. Financial Summary - The company forecasts revenues of 14.836 billion CNY, 18.729 billion CNY, and 23.603 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 3.640 billion CNY, 4.584 billion CNY, and 5.471 billion CNY for the same years [4][10]. - The gross profit margin for the inverter business in 2024 was approximately 47.81%, while the energy storage battery pack business saw a gross margin of about 41.3%, reflecting a significant improvement [1][4]. - The company’s earnings per share (EPS) are expected to grow from 4.76 CNY in 2025 to 8.47 CNY in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.82 to 10.40 over the same period [4][10].