Core Viewpoint - The construction of the Weifang pumped storage power station in Shandong is progressing rapidly, with significant investments and technological advancements aimed at enhancing energy storage and supporting renewable energy development in the region [1][3][7]. Project Overview - The total investment for the Weifang pumped storage power station exceeds 8 billion yuan, making it the fourth pumped storage power station in Shandong province, featuring an installed capacity of 1.2 million kilowatts with four units of 300,000 kilowatts each [3]. - The project is designed to utilize the water level difference between the upper and lower reservoirs for flexible energy storage and release [3]. Construction Progress - The project has entered a peak phase for civil construction and electromechanical installation, with the first unit expected to be operational by 2026 and all four units by 2027 [1][3]. - The successful installation of the spiral casing for the first unit marks a significant milestone, indicating the project is moving into a new phase of electromechanical installation [3]. Environmental and Economic Impact - Once operational, the power station will play a crucial role in peak regulation, valley filling, frequency modulation, and emergency backup for the Shandong power grid, significantly supporting the development of renewable energy in the province [4]. - The project is expected to reduce sulfur dioxide emissions by 10,000 tons and carbon dioxide emissions by approximately 520,000 tons annually, contributing to energy conservation and the achievement of carbon neutrality goals [4]. Local Development and Employment - The construction of the power station is anticipated to enhance local ecological conditions, increase water surface area by 0.25 square kilometers, and create approximately 70,000 square meters of green space, thereby promoting local tourism and rural revitalization [5]. - The project will generate substantial demand for equipment manufacturing, installation, and maintenance services, providing significant development opportunities and employment for local enterprises [5]. Strategic Importance - The rapid development of renewable energy sources like wind and solar has increased the demand for energy storage solutions, highlighting the advantages of pumped storage power stations [7]. - The local government has established a project service team to ensure smooth progress, addressing challenges related to land use and regulatory approvals, thereby fostering a favorable investment environment [7][8].

Core Viewpoint - Jiangsu Huachen Transformer Co., Ltd. reported a profit distribution plan, proposing a cash dividend of 2.00 yuan per 10 shares, totaling 32.89 million yuan, which accounts for 35.90% of the net profit attributable to shareholders for the year [3]. Company Overview - The company operates in the "Electrical Machinery and Equipment Manufacturing" industry, specifically in the "Manufacturing of Power Transmission and Distribution Equipment" sector [4]. - The main business includes the research, production, and sales of energy-efficient transformers, box substations, and smart electrical equipment [15]. Industry Overview Positive Factors - Continuous economic growth supports the long-term sustainable development of the power transmission and distribution equipment manufacturing industry, with China's GDP reaching 134.91 trillion yuan in 2024, growing by 5.00% year-on-year [7]. - The increasing social electricity consumption, which rose from 5,549.96 billion kWh in 2015 to 9,852.10 billion kWh in 2024, with a compound annual growth rate of 6.58%, promotes investment in the transmission and distribution equipment sector [7]. - The construction of a new power system provides significant opportunities for industry development, with the installed capacity of wind and solar power exceeding 1,050 million kW by the end of 2023, a 38.16% increase from 2022 [8][9]. Negative Factors - The industry faces intense competition with numerous enterprises and low market concentration, leading to price wars and quality issues [12]. - Fluctuations in raw material prices, such as silicon steel and copper, can significantly impact production costs and profit margins [13]. - High working capital requirements due to long production cycles and extended payment recovery periods pose challenges for companies in the industry [14].

Core Viewpoint - The company reported its Q1 2025 earnings, showing revenue of 510 million yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 60 million yuan, up 35.7% year-on-year, indicating performance in line with market expectations [1] Financial Performance - Q1 2025 revenue was 510 million yuan, with a net profit of 60 million yuan, and a gross margin of 32.5%, reflecting a year-on-year increase of 0.4 percentage points [1] - The net profit margin was 11.2%, up 2.9 percentage points year-on-year [1] - Operating expenses for Q1 2025 were 110 million yuan, down 0.8% year-on-year, with an expense ratio of 22.4%, a decrease of 0.4 percentage points [2] - Operating cash flow showed a net outflow of 370 million yuan, which was an increase of 130 million yuan compared to the same period last year [2] Business Segments - The energy storage segment has a strong order backlog, with 800 million yuan in hand orders by the end of 2024 and over 6 billion yuan in projects registered with the National Energy Storage Research Institute, indicating significant growth potential [1] - The smart devices segment is expected to grow, with the company collaborating with leading robotics firms to develop applications such as inspection robots and humanoid robots for the power grid [1] - The company has completed acquisitions in three provinces for testing services and established a national research institute for energy storage, enhancing its business capabilities [1] Leadership Changes - The company has appointed a new chairman, who has a strong background in the industry and market influence, marking a new starting point for the company [1] Profit Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 459 million yuan, 629 million yuan, and 861 million yuan, representing year-on-year growth of 26%, 37%, and 37% respectively [2] - Corresponding price-to-earnings ratios are projected at 36x, 27x, and 19x for the respective years [2]

据中国大唐消息，4月28日，中国大唐集团有限公司党组书记、董事长吕军，董事、总经理、党组副书 记张传江在广州拜会广东省委书记黄坤明，省委副书记、省长王伟中。双方就深化战略对接、加强能源 合作进行深入交流。吕军表示，中国大唐高度重视在粤发展，将深入学习贯彻习近平总书记视察广东重 要讲话、重要指示精神，全面落实广东省委"1310"具体部署，继续深化拓展与广东的战略合作，进一步 加大投资力度，切实担负好央企职责，全力做好能源保供工作，加快推进海上风电、新型储能等新能源 项目建设，力争早投产、早见效；愿与广东企业合作开发藏东南清洁能源，共同参与新型电力系统构 建，更好服务广东绿色高质量发展。 ...

Group 1 - The core viewpoint is that the electric power equipment inspection and testing industry is evolving beyond traditional quality inspection models, integrating deeply into the entire lifecycle management of equipment, indicating a broad market prospect [1] - The market size for national electric power primary equipment testing services is projected to grow from 1.763 billion yuan in 2023 to 1.944 billion yuan in 2024 [1] - The market size for power cable and substation equipment testing services is expected to increase from 1.22 billion yuan in 2023 to 1.31 billion yuan in 2024 [1] Group 2 - A national-level quality inspection center for new electric power system digital sensing and control products has been approved to be established in the Guangdong-Hong Kong-Macao Greater Bay Area by the end of 2024, which will provide independent quality testing services nationwide [1] - The introduction of advanced technologies such as large models and artificial intelligence is predicted to significantly accelerate the promotion of live detection technology, driving the electric power equipment testing industry towards a "new" and "intelligent" development [2] - The market size for live detection and diagnostic assessment services, crucial for building resilient and reliable urban power grids, is expected to grow from 150 million yuan in 2023 to 280 million yuan in 2024, and is projected to exceed 400 million yuan by 2025 [2]

Financial Performance - In 2024, the company achieved revenue of approximately CNY 550 million, a year-on-year increase of 20.50% [1] - The net profit attributable to shareholders was CNY 93.59 million, up 11.09% year-on-year [1] - In Q1 2025, revenue reached approximately CNY 145 million, a growth of 40.14% [1] - The net profit attributable to shareholders in Q1 2025 was CNY 16.61 million, increasing by 34.58% [1] Business Segments Power Prediction Services - By the end of 2024, the company served 4,345 power station clients, a net increase of 755 clients, representing a growth rate of 21.03% [2] - Revenue from power prediction services in 2024 was CNY 309 million, accounting for 56.29% of total revenue, with a gross margin close to 70% [2] - Equipment revenue for power prediction was CNY 78.73 million, up 23% year-on-year [2] Smart Grid Control - The smart grid control business generated approximately CNY 124 million in revenue in 2024, a growth of 28.01%, representing 22.55% of total revenue [3] Innovative Business Development - The innovative business segment achieved revenue of CNY 30.81 million in 2024, a year-on-year increase of 24% [5] - R&D investment in 2024 totaled CNY 95.33 million, accounting for 17.34% of total revenue [5] Market Trends and Policies - In Q1 2025, the total installed capacity of wind and solar power in China increased by 74.33 million kW, a year-on-year growth of over 20% [12] - The company anticipates that the new energy sector will maintain a favorable operating environment in 2025, with an expected addition of 200 million kW of wind and solar capacity nationwide [12] Shareholder Returns - The board proposed a profit distribution plan for 2024, which includes a cash dividend of CNY 4.70 per 10 shares and a bonus share issue of 2 shares for every 10 shares held, totaling nearly CNY 47 million in cash dividends [6] Future Outlook - The company plans to enhance its product offerings in the distributed photovoltaic market, focusing on power prediction systems and integrated solutions for energy management [9][10] - The introduction of the "Kuangming" AI model is expected to improve prediction accuracy and enhance the company's market share in power prediction services [20]

打造省级虚拟电厂"示范样板" 浙能集团立足浙江能源结构特点，以"资源聚合、智慧调控、市场运营"为主线，构建起覆盖技术研发、 标准制定、商业模式创新的立体化发展框架。 技术路线上，浙能虚拟电厂采用"云—边—端"三级架构，平台层开发具备"六大功能模块"的自主可控能 量管理平台，支持资源"可观、可测、可控、可调"，并接入浙江省电力调度中心与电力交易平台，实现 资源统一调度与市场交易；通讯层采用无线专网与专线结合的安全通信体系，保障指令传输安全高效； 终端层部署智能控制设备，采用"连续控制"技术，将弱可控资源改造为强连续调节单元，实现资源的秒 级响应。 浙能虚拟电厂创新"类型+能力分级"资源管理模式，按调节速率、精度等指标将资源划分为储能、光 伏、风电、水电、火电、负荷六大聚合虚拟机组，实现源网荷储全覆盖。虚拟电厂具有很强的灵活性和 可靠性，可提供连续24小时的兆瓦级调频能力，响应速度达秒级，已成为调峰调频的新势力。 在浙能虚拟电厂建设和运营管理过程中，浙能集团还主导编制相关国家标准2项、团体标准4项，填补了 行业空白；先后形成多项核心技术成果，获得2项国际发明专利，10余项国家发明专利，为行业树立标 杆；对外培训近 ...

证券研究报告·行业点评报告·公用事业 2025 年 04 月 28 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 公用事业行业点评报告 核电连续 4 年核准超 10 台，核电长期成长性 加强 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/4/29 2024/8/28 2024/12/27 2025/4/27 公用事业 沪深300 相关研究 《淡季到来、欧洲储库目标或放松， 全球气价回落》 2025-04-28 《新一代煤电升级专项行动实施方案 印发，3 月份全社会用电量同增 4.8%》 2025-04-21 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 ◼ 事件：2025 年 4 月 27 日，国务院常务会议决定核准浙江三门三期工程 等核电项目。 ◼ 核电连续 4 年核准超 10 台， ...

黄学杰，中国科学院物理研究所研究员 开幕致辞：储能产业迈向万亿级市场 中国科学院工程热物理研究所所长陈海生在致辞中指出，储能不仅是能源转型的"稳定器"，更是 能源产业升级的"新引擎"，是实现"双碳"目标的核心技术。面对储能领域在材料端、装备端、系 统端面临的前沿技术挑战，呼吁以"储能大科学装置+企业联合实验室"为载体，打通"基础研究- 中试验证-工程放大"的全链条，让实验室的"星星之火"燃成产业化的"燎原之势"。提出在电化学 高安全、物理储能低成本、氢能和储热规模化的科技创新之路上携手并进，为构建新型电力系 统、实现"双碳"目标贡献中国科技工作者力量。 文 | 中关村储能产业技术联盟 2025年4月10日，由中国科学院工程热物理研究所、中国能源研究会、中关村储能产业技术联盟 共同主办的第八届储能前沿技术大会主论坛在北京首都国际会展中心举行，论坛汇聚国内外8位 院士及行业顶尖专家，聚焦新型储能关键材料、储能系统安全保护、储能与新型电力系统建设、 氢能发展战略等前沿议题展开深度探讨。会议由中国科学院物理研究所研究员黄学杰主持。 杨裕生院士：氢能应转向液态燃料与增程式技术结合 中国工程院院士杨裕生提出，氢能储运成本 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [12]. Core Views - The company achieved a significant year-on-year increase in net profit, primarily due to improved profit margins. In Q1 2025, the net profit attributable to the parent company was 0.57 billion yuan, up 35.66% year-on-year [2]. - The company is expanding its market presence in the technical services sector, particularly in energy storage system services and testing services. Notable projects include winning bids for major energy storage projects totaling approximately 3.7 billion yuan [2]. - In the smart devices sector, the company is focusing on the development of robotics and drones, offering various inspection and operational robots, as well as specialized drones for the power industry [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 5.1 billion yuan, a year-on-year increase of 0.87% but a quarter-on-quarter decrease of 43.61%. The net profit attributable to the parent company was 0.57 billion yuan, reflecting a year-on-year increase of 35.66% [1][2]. - The gross profit margin for Q1 2025 was 32.51%, up 0.36 percentage points year-on-year, while the net profit margin was 11.46%, an increase of 3.03 percentage points year-on-year [2]. Business Segments - The technical services segment includes energy storage system services and testing services. The company has secured significant contracts in energy storage, with a total scale exceeding 400MWh [2]. - The smart devices segment includes smart monitoring equipment, smart distribution equipment, and robotics. The company has developed a range of inspection robots and drones, enhancing operational capabilities in various industries [3]. Profit Forecast and Valuation - The company’s profit forecasts for 2025-2027 have been adjusted, with expected net profits of 4.81 billion yuan, 6.23 billion yuan, and 7.74 billion yuan respectively. The forecasts have been revised down by 23% for 2025 and 2026 [4][5]. - The company is backed by the Southern Power Grid, with significant growth potential in technical services and smart devices [5].