同时，在近期 ESIE 2025 ，多家储能电池企业接连斩获订单，再度印证市场的火热程度。 比如，亿纬锂能与沃太能源正式签署《战略合作协议》，双方将在 2025-2028 年达成电芯战略采购合作，预计总采购规模达 10GWh 。此 次合作将进一步强化双方在新能源产业链的协同优势，共同推动全球清洁能源转型；与威胜能源技术股份有限公司签署 1GWh 战略合作框 架。 在 2025 年初，亿纬锂能已与海博思创签 50GWh 电芯战略采购合作，至此亿纬锂能合作签单已达 61GWh 。 4 月 11 日，厦门和储与鹏辉能源签署战略合作协议，双方签订 GWh 级电芯订单。根据协议，厦门和储将采用鹏辉能源自研的高安全、长循 环、高能效风鹏电芯 314Ah ，应用于高压直挂柔性储能系统、集中式柔性储能系统等重要项目。 力神（青岛）分别与威腾电气集团股份有限公司、安徽通盛能源科技股份有限公司、中绿中科锂电容、常德昆宇、 AmpereHour 五家行业领 先企业签署合作协议，总订单量超过 3GWh 。 在全球能源格局加速变革的大背景下，储能产业正站在时代的风口浪尖，展现出前所未有的发展前景。 尤其引领储能产业市场化改革的 " 1 ...

Group 1 - The company announced that its wholly-owned subsidiary, Xiangjiang System Engineering Co., Ltd., has won a bid for the Longteng Liangshan AI Data Center Project (Phase 1) as part of a consortium, with a bid amount of 59,540.96 million yuan [1] - The expected revenue from this project is anticipated to have a positive impact on the company's financial performance for the current and future years [1] - The company has not yet signed a formal contract with the bidder, indicating that the related revenue remains uncertain [1]

Core Insights - Ningde Times reported a revenue of 84.705 billion yuan for Q1 2025, a year-on-year increase of 6.18%, and a net profit of 13.96 billion yuan, up 32.85% [1] - The company has a small proportion of its business in the U.S., which has been minimally affected by recent tariff policies [1] - The emerging markets in the Middle East and Australia are experiencing rapid growth in energy storage demand, driven by renewable energy and AI data centers [1][2] Financial Performance - R&D investment reached 4.814 billion yuan in Q1 2025, a year-on-year increase of 10.92% [2] - The net cash flow from operating activities was 32.868 billion yuan, up 15.91% year-on-year [2] - As of the end of Q1, the company had a cash and cash equivalents balance of 286.3 billion yuan [2] Market Position and Strategy - Ningde Times has maintained its position as the global leader in power battery usage for eight consecutive years, with a market share of 38% in January and February 2025, and 43% in the European market, an increase of 8% year-on-year [1] - The company plans to establish 1,000 battery swap stations in 2025 and has signed a cooperation framework agreement with Sinopec to build a nationwide battery swap ecosystem [3] - Strategic partnerships have been formed with NIO to create the largest and most advanced passenger vehicle battery swap service network globally, and a joint venture with Didi to expand the battery swap market [3]

金十数据4月15日讯，宁德时代在业绩说明会上表示，中东和澳洲等新兴地区储能市场快速发展，可再 生能源及AI数据中心带动的储能需求旺盛，对于储能电池的要求更高，公司在中东、澳洲等市场接连 拿到了大的储能项目。整体而言，中国及海外市场需求旺盛，目前公司产能利用率比较饱和。 宁德时代：市场需求旺盛 目前公司产能利用率比较饱和 ...

- ■■- 核心摘要 2022年12月ChatGPT发布，引发全球市场对于AI发展的关注。伴随美国头部云厂商不断提升资本开 支，AI基建领域产生众多投资机会。涉及产品包括变压器、UPS（不间断电源）、服务器电源、液 冷；甚至由于AIDC（AI数据中心）建设的火爆，导致电网接入点稀缺，核电成为AIDC的优质电 源，包括核电公司以及可控核聚变公司均受到关注。 我们复盘ChatGPT发布后，海外AIDC基建类产业链股价走势，可以发现各区间段收益率靠前的细分 赛道，基本对应当时AI产业演进中的核心矛盾或进展。从规律来看，大致可以分为四个阶段：1） ChatGPT出现带来算力需求高增，期间服务器电源关注度攀升；2）算力高增推动芯片技术迭代，相 应导致功耗提升，服务器电源、液冷需求提升；3）AIDC进入实际建设阶段，AI基建（备用电源、 变压器需求增加）；4）AIDC建设导致电网接入点难寻，燃气轮机、核电相应概念热度提升。 综合以上分析，对于中国AIDC各细分产业链，我们观点如下： 传统备用电源有望享受量价齐升红利。 海外头部企业整体指引2025年营业利润率有望提升。我们认 为主要原因有（1）需求量端，AI数据中心建设浪 ...

Investment Rating - The report maintains an "Outperform the Market" rating for BYD Electronics [6] Core Viewpoints - In 2024, BYD Electronics is expected to achieve a revenue of 177.306 billion yuan, representing a year-on-year growth of 36%, with a net profit of 4.266 billion yuan, reflecting a growth of 5.6% [1] - The company's automotive business is experiencing significant growth driven by the penetration of intelligent driving technologies, with revenue from the new energy vehicle segment projected to reach 20.513 billion yuan, a year-on-year increase of 45.5% [2] - The demand for AI data centers is surging, leading to growth in AI servers and related technologies, although the new intelligent product segment is expected to see a decline in revenue by 15.63% to 15.56 billion yuan due to challenges in the household energy storage business [3] - The global consumer electronics market is recovering, with BYD Electronics benefiting from increased smartphone and tablet shipments, resulting in a 45% year-on-year revenue growth in the consumer electronics segment, reaching 141.233 billion yuan [4] Financial Summary - For 2024, BYD Electronics is projected to have a gross margin of 6.9% and a net profit margin of 2.41%, with a slight decline in margins due to business restructuring [1] - The company’s revenue and profit forecasts for 2025 to 2027 indicate a continued upward trend, with net profits expected to grow by 40.8%, 28.2%, and 18.2% respectively, reaching 6 billion, 7.702 billion, and 9.102 billion yuan [4][5] - Key financial metrics include a projected PE ratio of 15 for 2025, decreasing to 10 by 2027, indicating a favorable valuation outlook [5]

Group 1 - The new CEO of Intel, Lip-Bu Tan, emphasized the need to develop competitive cabinet-level system solutions to strengthen the company's position in the cloud AI data center market, which is a top priority for him and his team [2] - Nvidia currently dominates the AI data center market, holding nearly 90% of the AI chip market share, while Intel's performance in the AI sector has been lacking [2] - Intel admitted that its Gaudi series AI accelerators would not meet the previously set revenue target of $500 million for 2024, and its next-generation AI data center product "Falcon Shores" is reportedly facing difficulties, leading to the development of another solution called "Jaguar Shores" [2] Group 2 - Lip-Bu Tan is targeting Nvidia's top-tier GB200 NVL72 Blackwell AI system, which is described as the "apex predator" in AI computing, featuring 72 GPUs in a single server cabinet, significantly increasing computational density [3] - Following his appointment as CEO, Lip-Bu Tan agreed to purchase $25 million worth of Intel stock within 30 days, demonstrating his commitment to the company and its shareholders [3] - Intel stated that Tan's stock purchase reflects his trust in the company and his commitment to creating value for shareholders [3]