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电力设备及新能源行业双周报(2025、4、25-2025、5、8):一季度全国电网工程投资完成额同比增长24.8%-20250509
Dongguan Securities· 2025-05-09 07:14
Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - In Q1 2025, national grid engineering investment reached 95.6 billion yuan, a year-on-year increase of 24.8% [42] - The report highlights the rapid growth trend in grid investment and suggests focusing on leading companies benefiting from increased domestic infrastructure investment [3][67] Market Review - As of May 8, 2025, the Shenwan power equipment industry rose by 4.41% over the past two weeks, outperforming the CSI 300 index by 2.60 percentage points, ranking 7th among 31 industries [10] - The wind power equipment sector increased by 4.57%, the photovoltaic equipment sector by 5.69%, and the battery sector by 4.06% during the same period [11][12] Valuation and Industry Data - As of May 8, 2025, the price-to-earnings (P/E) ratio for the power equipment sector is 24.50 times, with sub-sectors showing varied P/E ratios: motors at 51.04, photovoltaic equipment at 17.54, and wind power equipment at 30.52 [25][21] - The report indicates that the photovoltaic equipment sector has seen a year-to-date decline of 13.31%, while the motor sector has increased by 22.44% [15] Company Announcements - The report notes that leading companies such as Zhongchao Holdings, Huamin Co., and Zhenjiang Co. have shown significant stock price increases of 38.95%, 29.66%, and 28.37% respectively over the past two weeks [17] - Conversely, companies like Huaxi Energy, Mubang High-tech, and Hezhong Technology have experienced declines of 28.74%, 28.38%, and 26.91% respectively [18]
协鑫能科:扣非净利润高增,“资产服务”双轮驱动协同-20250509
Southwest Securities· 2025-05-09 04:25
Investment Rating - The report maintains a "Buy" rating for GCL-Poly Energy (002015) with a target price of 9.18 CNY over the next six months, compared to the current price of 7.30 CNY [1]. Core Insights - The company experienced a significant decline in net profit in 2024, primarily due to asset impairment losses and reduced gains from equity disposals. However, the first quarter of 2025 showed a strong recovery in revenue and net profit, driven by increased income from distributed photovoltaic and energy storage projects, as well as lower fuel prices [8][9]. - GCL-Poly is focusing on optimizing its asset structure and enhancing its core combined heat and power business while expanding its renewable energy projects. As of Q1 2025, the total installed capacity was 5,978 MW, with renewable energy accounting for 58.23% of total generation capacity [8][9]. - The company is also deepening its energy service offerings, particularly in energy efficiency and trading services, with significant growth in distributed photovoltaic projects and virtual power plant services [8][9]. Financial Summary - For 2024, GCL-Poly reported revenues of 9,796.41 million CNY, a decrease of 3.42% year-on-year, and a net profit attributable to the parent company of 489.04 million CNY, down 46.20% year-on-year. The first quarter of 2025 saw revenues of 29.33 million CNY, up 21.49% year-on-year, and a net profit of 2.54 million CNY, up 35.15% year-on-year [3][8]. - The forecast for 2025-2027 indicates a recovery in net profit, with estimates of 823.36 million CNY in 2025, 962.18 million CNY in 2026, and 1,190.87 million CNY in 2027, corresponding to a dynamic PE of 14.4, 12.3, and 10.0 respectively [9][10]. - The company is expected to achieve a revenue growth rate of 1.07% in 2025, followed by 23.21% in 2026 and 26.35% in 2027, with a projected total revenue of 12,199.53 million CNY in 2026 and 15,413.77 million CNY in 2027 [3][9].
虚拟电厂规模化落地迎良机
Jing Ji Ri Bao· 2025-05-08 21:44
助力能源转型 提起电厂,人们脑海里第一反应往往是:高耸的烟囱、巨大的冷却塔、滚滚的白烟。虚拟电厂并不是真 正意义上的发电厂,它既没有厂房,不烧煤,也不用其他燃料,而是一种智能电网技术,其核心理念就 是通过先进信息通信技术和软件系统,把工厂、商场甚至民房的各类分散、可调节的电源和负荷汇聚起 来,形成一个虚拟的"电厂"进行统一管理和调度。在虚拟电厂聚合下,企业、居民等用户均可参与电力 市场交易,灵活性更高。 近年来,我国风光新能源高速增长,在促进经济社会绿色低碳转型、保障国家能源安全等方面发挥着积 极作用。与此同时,电力系统安全稳定运行压力不断加大,虚拟电厂作为聚合需求侧资源参与电网调节 和市场交易、促进供需协同的新型经营主体,备受关注。 走进江苏宿迁运河港配售电有限公司数智能源服务中心,虚拟电厂智慧运营管理系统大屏上跳动着实时 用电负荷曲线。自2023年6月份启动建设以来,该虚拟电厂已聚合分布式光伏26兆瓦、储能105千瓦/210 千瓦时,可调节负荷80兆瓦,建成"源网荷储"一体化虚拟电厂平台。 "宿迁运河港配售电有限公司虚拟电厂诞生源于迫切的现实需求,是宿迁首个完成电力交易市场注册的 虚拟电厂。"国网宿迁供电 ...
中自科技副董事长李云:公司储能核心技术自主可控
证券时报.e公司记者了解到,在5月8日于四川成都举行的"青城论道低碳能源共生发展"大会上,中自科 技(688737)副董事长李云在致辞中表示,公司储能相关核心技术均已实现自主可控。 李云称,中自科技在储能与储能+多能互补等新领域,以核心技术为依托,以提高系统性能、降低成 本、提升安全性为目标,持续开展储能及储能+产品的技术创新。除了为海内外的客户提供家用储能、 工商业储能、独立储能产品外,公司还为客户提供个性化的储能、储能+整体解决方案和安全可靠的运 维服务,为工厂、园区提供绿色低碳解决方案,为高耗能企业降本增效,为社会减污降碳。 公开资料显示,中自科技是一家专注于新材料、新能源的研发、生产和销售的高新技术企业,是我国环 境催化剂领域的少数主要国产厂商之一。与此同时,公司还积极向储能与储能+业务、复杂高性能复合 材料业务拓展。 据中自科技2024年年报,公司储能与储能+系列产品已通过EN、IEC、UN等多项测试,获得欧盟CE 证、CB认证及CNAS证书。公司充分利用国内、国际两个市场、两种资源,成功开辟多个新兴市场,获 得多个海内外储能与储能+项目,营业收入同比实现大幅增长。 近年来,中国储能行业在技术进步、 ...
中标份额出炉!6企分获国电投5GWh集采订单
Core Viewpoint - The article discusses the results of the 2025 annual centralized bidding for energy storage systems by the State Power Investment Corporation, highlighting the awarded contracts and the total capacity involved in the bidding process [1][2]. Group 1: Bidding Results - The total capacity for this centralized bidding was 5 GWh, with six companies winning contracts [1][3]. - The awarded shares for the winning companies are as follows: - Shanghai Ronghe Yuanchu Energy Co., Ltd.: 1500 MWh - Beijing Haibo Sichuang Technology Co., Ltd.: 1400 MWh - Xinyuan Zhichu Energy Development (Beijing) Co., Ltd.: 800 MWh - Jiangsu Trina Storage Co., Ltd.: 600 MWh - CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd.: 400 MWh - Beijing Tiancheng Tongchuang Electric Co., Ltd.: 300 MWh [2][3]. Group 2: Bidding Details - The bidding included both centralized and string-type energy storage systems, suitable for shared or supporting storage, with options for 2-hour (0.5C rate) and 4-hour (0.25C rate) solutions [3][5]. - The breakdown of the centralized storage system bids includes: - Beijing Haibo Sichuang Technology Co., Ltd.: 1400 MWh at a bid price of 1.7592 billion yuan (0.440 yuan/Wh) - Shanghai Ronghe Yuanchu Energy Co., Ltd.: 1000 MWh at a bid price of 1.704 billion yuan (0.426 yuan/Wh) - Xinyuan Zhichu Energy Development (Beijing) Co., Ltd.: 800 MWh at a bid price of 1.7192 billion yuan (0.430 yuan/Wh) - Jiangsu Trina Storage Co., Ltd.: 400 MWh at a bid price of 1.688 billion yuan (0.422 yuan/Wh) - CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd.: 400 MWh at a bid price of 1.69032 billion yuan (0.423 yuan/Wh) [3][4]. Group 3: Equipment and Services - The bidding scope includes the supply of a complete set of equipment for energy storage systems, such as lithium iron phosphate batteries, bidirectional converters, battery management systems, energy management systems, transformers, and related facilities [4]. - The bidders are responsible for transportation, insurance, on-site delivery, installation guidance, testing, trial operation participation, acceptance cooperation, and after-sales service, ensuring compliance with grid and energy management standards [4][5].
四川宜宾虚拟电厂实现最大可调负荷14万千瓦
Zhong Guo Dian Li Bao· 2025-05-08 03:51
近日,四川省宜宾市标志性的大型商业综合体——财富广场(宜宾奕风景源商业管理有限公司)成功接 入宜宾市虚拟电厂统一建设平台。截至目前,宜宾虚拟电厂已接入169户运营商,涉及工业企业、商业 楼宇、充电站、光伏站、智能微电网等多种应用场景,实现最大可调负荷14万千瓦。 为构建虚拟电厂市场化运营体系,驱动能源行业数字化转型与智能化升级,北极星电力网将于2025年5 月22-23日在安徽合肥隆重举办"2025第三届虚拟电厂运营与未来发展研讨会"。本次研讨会共同就虚拟 电厂行业的发展现状进行深入探讨,分享成功案例经验,交流优秀技术方案。会议旨在为相关企业搭建 一个沟通交流、拓展商机的平台,共同推动虚拟电厂技术的创新发展,助力能效提升和碳减排,引领虚 拟电厂产业迈向更加繁荣的未来。 参会联系人:刘老师 13383650417(同微信) 2024年迎峰度夏期间,宜宾供电组织42户企业参与需求侧响应,最大响应负荷7.49万千瓦。今年迎峰度 夏期间,预计宜宾电网最高供电负荷将达505万千瓦,宜宾供电联合宜宾市虚拟电厂运营商,继续加大 聚合资源挖掘,扩大聚合规模和可调节能力,预计可形成全市最大用电负荷5%的柔性可调能力。 活动推荐 ...
协鑫能科:持续优化能源资产,看好能源服务业务的持续开拓-20250508
China Post Securities· 2025-05-08 02:50
Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company is focusing on optimizing its energy assets and expanding its energy service business, which is expected to drive future growth [4][6]. - In 2024, the company reported a revenue of 9.8 billion yuan, a decrease of 5.4% year-on-year, and a net profit of 490 million yuan, down 46.9% year-on-year, primarily due to asset impairment losses and reduced non-operating income [4][11]. - The first quarter of 2025 showed a revenue increase of 21.5% year-on-year to 2.93 billion yuan, with a net profit of 250 million yuan, up 35.1% year-on-year [4][11]. Financial Performance - The company's gross margin and net margin for Q1 2025 were 23.3% and 10.2%, respectively, showing improvements from the previous year [5]. - The company has been reducing its expense ratios, with significant decreases in sales, management, and financial expense ratios, contributing to enhanced profitability [5]. - The energy asset business has a total installed capacity of 5,871.01 MW, including various energy sources such as thermal, coal, solar, wind, and storage [5][6]. Energy Service Business - The energy service segment saw a remarkable revenue growth of 337.25% in 2024, with energy-saving services growing by 500.67% and trading services by 188.46% [6]. - The company is actively investing in distributed solar power, with significant new installations and transfers in 2024 [6]. Earnings Forecast - The company is projected to achieve revenues of 10.02 billion yuan in 2025, 10.55 billion yuan in 2026, and 11.07 billion yuan in 2027, with corresponding net profits of 900 million yuan, 1 billion yuan, and 1.1 billion yuan [7][11]. - The price-to-earnings (PE) ratios for the forecasted years are expected to be 13, 12, and 11, respectively, indicating a favorable valuation trend [7].
协鑫能科(002015):持续优化能源资产,看好能源服务业务的持续开拓
China Post Securities· 2025-05-08 02:47
Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company has experienced a decline in revenue and net profit in 2024, with revenue at 9.8 billion yuan, down 5.4% year-on-year, and net profit at 490 million yuan, down 46.9% year-on-year. The decline is attributed to asset impairment losses and reduced non-operating income [4][5]. - In Q1 2025, the company showed signs of recovery with revenue of 2.93 billion yuan, up 21.5% year-on-year, and net profit of 250 million yuan, up 35.1% year-on-year [4]. - The company is focusing on optimizing its energy assets and expanding its energy service business, particularly in energy efficiency and trading services, which saw significant growth in 2024 [6]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are 10.02 billion yuan, 10.55 billion yuan, and 11.07 billion yuan, respectively, with net profits expected to be 900 million yuan, 1 billion yuan, and 1.1 billion yuan [7][11]. - The company’s gross margin and net margin for Q1 2025 were 23.3% and 10.2%, respectively, showing improvements due to a decrease in various expense ratios [5]. - The company’s total installed capacity reached 5,871.01 MW by the end of 2024, with a diverse portfolio including thermal, solar, wind, and energy storage projects [5][6].
新能源电价市场化改革涉深水区项目开发从“重规模”转向“强运营”
Zheng Quan Shi Bao· 2025-05-06 17:57
Core Viewpoint - The implementation of the "136 Document" is expected to lead to a market-oriented pricing mechanism for renewable energy, increasing uncertainty in electricity prices and potentially reducing project profitability, which may result in a decline in installed capacity in the renewable energy sector [1][2][4]. Group 1: Impact of the "136 Document" - The "136 Document" aims to transition renewable energy pricing to a fully market-based system, moving away from fixed prices and subsidies [2][7]. - The document introduces a new pricing mechanism that adjusts the mechanism electricity quantity and price based on market conditions, leading to increased uncertainty for renewable energy developers [2][6]. - Concerns have been raised about the potential for a significant drop in installed capacity if project returns fall below acceptable levels, with some estimates suggesting returns could drop from 8% to as low as 3% [3][4]. Group 2: Industry Response and Strategy - Renewable energy companies are advised to enhance project management and operational strategies to adapt to the new market conditions, focusing on site selection, design, and diversifying revenue streams through green certificates and direct supply of green electricity [1][5][9]. - Companies are expected to optimize their investment decision models to account for the new pricing mechanisms and market dynamics, emphasizing cost control and risk management [5][6][9]. - The industry is witnessing a shift towards a more sophisticated approach to project development and operation, with a focus on maximizing efficiency and minimizing costs [8][9]. Group 3: Market Dynamics and Future Outlook - The transition to market-based pricing is anticipated to create a more competitive environment, with companies needing to adapt to fluctuating electricity prices and varying demand [6][10]. - The role of virtual power plants and new energy storage solutions is expected to grow, providing opportunities for companies to optimize resource allocation and enhance profitability [11]. - The establishment of a robust trading mechanism for green electricity and carbon markets is crucial for companies to mitigate the impact of declining electricity prices and ensure sustainable growth [10][11].
国网信通(600131):首次覆盖:收购释放协同效应,政策利好布局深远
Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 27.20 CNY, based on a projected 2025 PE of 30 times [1][5]. Core Insights - The company is expected to benefit from the acquisition of Yili Technology, which will enhance resource integration and eliminate competition in the telecommunications procurement sector [5][26]. - The company is positioned to take advantage of the ongoing digital transformation in the energy sector, with significant investments in the power grid projected to exceed 650 billion CNY in 2025 [5][34]. - The report highlights the company's diversified business strategy aimed at reducing reliance on related party transactions, with a commitment to lower such transactions to below 50% by 2029 [5][31]. Financial Summary - Revenue is projected to grow from 7,673 million CNY in 2023 to 11,339 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [3][12]. - Net profit attributable to the parent company is expected to increase from 828 million CNY in 2023 to 1,275 million CNY in 2026, with a CAGR of about 17.1% [3][12]. - The company's earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 1.06 CNY in 2026 [3][12]. Business Development - The acquisition of Yili Technology is anticipated to significantly enhance the company's scale and operational performance, with Yili contributing approximately 38.7% of the company's revenue and 34.2% of its net profit in the first three quarters of 2024 [5][30]. - The company is actively pursuing a diversified business model to capitalize on opportunities in the digital transformation of the energy sector, focusing on areas such as smart energy and digital infrastructure [5][42]. - The report emphasizes the importance of digital technology in the new power system, which is crucial for achieving carbon neutrality goals and managing the complexities of energy supply and demand [8][41]. Market Position - The company is recognized as a key player in supporting the digital transformation of the State Grid, leveraging its extensive experience in the energy sector [5][42]. - The ongoing investment in high-voltage power transmission and digital infrastructure is expected to drive significant growth opportunities for the company [5][34]. - The report notes that the company has established a comprehensive business framework that includes foundational network infrastructure, computing resources, and energy application services, enhancing its competitive advantage [5][42].