Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with distributed power forecasting and the electricity trading market opening up significant growth opportunities [5][7] - The company achieved a revenue of 550 million RMB in 2024, representing a year-on-year growth of 20.5%, and a net profit of 94 million RMB, with a year-on-year increase of 11.1% [7] - The revenue from power forecasting products steadily increased, with a gross margin of 69.3%, and the number of customers reached 4,345 by the end of 2024 [7] - The company’s revenue from grid connection control systems grew by 28% year-on-year, driven by record new installations of wind and solar power in 2024 [7] - Innovative businesses such as electricity trading and virtual power plants are being actively developed, with a revenue growth of 24% year-on-year [7] Financial Summary - The company forecasts revenues of 784 million RMB in 2025, with a year-on-year growth rate of 42.54% [6] - The projected net profit for 2025 is 143 million RMB, reflecting a year-on-year growth of 52.91% [6] - The earnings per share (EPS) is expected to be 1.43 RMB in 2025, with a price-to-earnings (P/E) ratio of 41.51 [6][8] - The return on equity (ROE) is projected to increase to 11.07% in 2025 [6][8]

Core Viewpoint - The photovoltaic industry is experiencing a surge in demand due to a "rush to install" solar components, leading to price increases and supply shortages, which are expected to create opportunities within the industry [1][2]. Industry Overview - The photovoltaic sector is witnessing a significant increase in component demand driven by a surge in installations, with the photovoltaic 50 ETF (516880) rising by 1.11% [1]. - Supply-demand imbalances are causing manufacturers to "cancel orders" and request price hikes, indicating a potential for price volatility until late April [1]. - The distributed photovoltaic industry is rapidly developing under policy support, with new regulations aimed at enhancing project management and market participation [1]. Market Dynamics - The National Energy Administration has introduced measures to promote the development of distributed photovoltaic projects, which are expected to increase market participation and flexibility [1]. - The introduction of a producer payment model is anticipated to improve cash flow for waste incineration power generation projects, alleviating local financial pressures [1]. - The securitization of nuclear power assets is also expected to address funding gaps and enhance competitiveness in the nuclear sector [1]. Challenges and Outlook - The industry faces external challenges, including a U.S. investigation into specific photovoltaic components, which may impact export markets [2]. - Despite supply-demand imbalances and quality concerns, increased policy support is expected to boost market expectations and overall industry prospects [2]. - The photovoltaic industry is projected to see significant growth in the second half of the year, with optimistic expectations for terminal demand performance [2]. Investment Recommendations - The industry is advised to focus on four core areas: glass, battery cells, new technologies, and large storage, with particular attention to segments likely to benefit from increased component production [2].

Group 1: Solar Industry - The solar industry is experiencing a price increase across the supply chain due to domestic demand surge and supply discipline, with a notable rise in photovoltaic glass prices by 2 CNY/square meter [11][29]. - In Q1, domestic solar installations reached 39.5 GW, a year-on-year increase of 7.5%, driven by the "Thousand Households in the Sun" initiative and market reforms [17][20]. - The global solar installation growth rate is expected to be around 15% in 2025, with non-European and non-American markets projected to grow over 40% [20][21]. Group 2: Energy Storage - The energy storage sector is witnessing robust demand growth, with domestic large-scale storage projects showing a cumulative bidding capacity of 75.6 GWh in the first two months of 2025, a 400% year-on-year increase [43]. - The cancellation of mandatory storage requirements in China and the adjustment of tariffs in the U.S. are expected to maintain a positive growth trajectory for both domestic and overseas energy storage markets [56]. - The global energy storage market is projected to grow by 45-50% year-on-year in 2025, with significant contributions from both developed and emerging markets [48][49]. Group 3: Lithium Battery - The lithium battery sector is poised for a spring rally, driven by demand and profitability resonance, as the market anticipates a recovery in pricing and demand dynamics [57]. - The first quarter of 2025 is expected to see a seasonal decline in shipments, but profitability is stabilizing due to price adjustments in the supply chain [40][41].

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 苏州未来电器股份有限公司 Suzhou Future Electrical Company Co.,Ltd. （苏州市相城区北桥街道庄基村） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （济南市市中区经七路 86 号） 苏州未来电器股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件及所 披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； 投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经 营与收益变化或者股票价 ...