投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 一、12 月 2 日 第一场 电话会议 长城证券 宝盈基金共 5 人 二、12 月 4 日 第一场 现场调研 万葵资产共 2 人 三、12 月 9 日 第一场 现场调研 深圳德海基金 1 人 第二场 现场调研 中金银海基金、首创证券、潮商投资等共 7 人 四、12 月 10 日 第一场 现场调研 中信证券、量度资本共 4 人 时间 2025 年 12 月 2 日-10 日 地点 广州黄埔区瑞和路（电话会议交流、现场调研） 上市公司接待人 员姓名 公司董事会秘书熊坦、证券事务代表邱保华 | | 1. 公司本年储能业务增长较快，公司现有储能产能是否能满足公司未来 | | --- | --- | | | 业务发展需求？ | | | 答：公司原在广州埔南路基地、南沙基地共有2.7GWh储能产能，在广州 | | | 永和新建投产的基地有10GWh储能产能，永和基地也预留了部分产能扩 | | | 充的空间。整体来看，公司现有及规划产能能满足未来一段时间业务发展 ...

证券代码：000039、299901 证券简称：中集集团、中集 H 代 中国国际海运集装箱（集团）股份有限公司 投资者关系活动记录表 编号：2025-18 | □特定对象调研 | □分析师会议 | □媒体采访 | □业绩说明会 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投 | 资 | 者 | 关 | 系 | 活 | □新闻发布会 | √路演活动 | 动类别 | | □现场参观 | □其他 | （请文字说明其他活动内容） | | | | | | | | 策略会：国泰海通策略会、华泰证券策略会、招商证券策略会、 | 参 | 与 | 单 | 位 | 名 | 称 | 东吴证券策略会、光大证券策略会 | | | 及人员姓名 | 一对一：中金公司、UBS | Securities | 瑞银证券、老虎环球基金、 | 广发基金、Capital | Group、永赢基金 | | | | | 时间 | 年 | 月 | 2025 | 11 | | | | | | 地点 | 中集集团总部、北京、深圳、上海 | | | | | | | | ...

Core Viewpoint - The company is optimistic about its energy storage business and is focusing on enhancing product capabilities for competitive market differentiation this year [1] Group 1 - The company aims to improve its product strength and engage in differentiated market competition based on competitive products [1] - The business scale has contracted year-on-year, but the company remains confident about future development despite resource adjustment and increased investment [1]

Core Viewpoint - Trina Solar's major shareholder has chosen to reduce holdings amid a rebound in stock prices, following the release of the company's Q3 financial results, which showed a decrease in revenue and a reduction in losses compared to previous quarters [1][5]. Financial Performance - In Q3 2025, Trina Solar reported revenue of 18.914 billion yuan, a year-on-year decrease of 6.27%, and a non-GAAP net profit of -1.359 billion yuan, reflecting a year-on-year reduction in losses of 7.36% [1]. - For the first three quarters of 2025, the company achieved revenue of 49.97 billion yuan, down 20.87% year-on-year, with a non-GAAP net profit of -4.314 billion yuan, indicating a year-on-year increase in loss magnitude of 303.55% [1]. - The company experienced a quarter-on-quarter revenue growth in Q3 2025, with Q2 revenue and non-GAAP net profit recorded at 16.721 billion yuan and -1.582 billion yuan, respectively [1]. Business Developments - Trina Solar's management indicated that the reduction in losses in the component business was due to a focus on overseas markets, with overseas shipments accounting for approximately 60% of total sales [1]. - The company has seen a price increase in products due to collaborative efforts across the industry, contributing to improved average selling prices (ASP) [1]. - Trina Solar has implemented more refined measures in raw material, supply chain, and cost management, leading to a reduction in overall costs [1]. Energy Storage Business - Trina Storage, a subsidiary, signed contracts for a total of 2.48 GWh of energy storage products with clients in China, Latin America, and the Asia-Pacific region, marking a significant milestone with its first GWh-level project in the overseas market [2]. - The company aims for an energy storage shipment target of 8 GWh this year, with plans to double that in the following year, supported by over 10 GWh of signed overseas orders expected for delivery in 2025-2026 [2]. Stock Performance - Following multiple positive developments, Trina Solar's stock price rebounded from a historical low of 12.82 yuan per share on April 7, 2025, to around 20 yuan per share, representing an increase of approximately 50% [2]. - As of October 6, 2025, the stock price closed at 22.61 yuan per share [2]. Shareholder Actions - On August 12, 2025, Jiangsu Youze Technology Group announced plans to reduce its holdings by up to 0.5724% of the total shares due to its own development and funding needs [5]. - From September 5 to November 3, 2025, Youze Technology sold all its shares at prices ranging from 17.61 yuan to 21.82 yuan per share, realizing a total cash inflow of 252 million yuan [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 39.30 [1]. Core Views - The company reported a revenue of RMB 1.38 billion in Q3 2025, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 2.0%. However, the net profit attributable to the parent company was RMB 110 million, showing a decline of 21.8% year-on-year and 2.2% quarter-on-quarter [1]. - The company is expanding its overseas business, particularly in regions like India, the Middle East, Africa, and Europe, which is expected to drive profitability improvements as demand increases [2][3]. - The company has successfully integrated its energy storage PCS and system integration businesses into international markets, achieving higher gross margins compared to domestic levels [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 24.2% and a net margin of 8.0%. The net financial expense ratio was 3.66%, significantly impacted by foreign exchange losses due to the depreciation of the Indian Rupee [1]. - The estimated revenue from the photovoltaic inverter segment for the first three quarters of 2025 is approximately RMB 2.4 billion, with a gross margin of 21-23% [2]. Market Outlook - The global photovoltaic inverter market is expected to maintain steady growth, with the company's overseas business likely to become a key driver for profit improvement [2]. - The company is focusing on local production capabilities in India to accelerate its overseas market expansion, which is anticipated to enhance its profitability as demand continues to grow [2]. Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is RMB 450 million, RMB 662 million, and RMB 818 million, respectively, with corresponding EPS of RMB 0.89, RMB 1.31, and RMB 1.62 [4]. - The company is assigned a 2026E PE of 30x, reflecting its growth potential as it expands its overseas business [4].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 13.59 CNY for 2026, based on a 28 times PE ratio [4][16]. Core Insights - The company reported a total revenue of 3.301 billion CNY for H1 2025, representing a year-on-year increase of 13.38%, and a net profit of 832 million CNY, up 32.93% year-on-year [1][2]. - The increase in revenue and profit is attributed to improved water inflow, increased income from the spot market, and the commissioning of new energy storage projects [2][3]. - The company has a total installed capacity of 12.9642 million kW, with 10 pumped storage projects under construction, and plans to commission several projects within the year [3]. Financial Performance - Revenue projections for 2025-2027 are estimated at 7.374 billion CNY, 8.414 billion CNY, and 9.392 billion CNY, with net profits of 1.359 billion CNY, 1.551 billion CNY, and 1.739 billion CNY respectively, reflecting growth rates of 20.6%, 14.1%, and 12.2% [4][16]. - The revenue from pumped storage is expected to reach 4.976 billion CNY in 2025, with a growth rate of 20%, while new energy storage revenue is projected to grow significantly, reaching 5.55 billion CNY in 2025 [11][12][13]. Segment Analysis - The pumped storage segment achieved revenue of 2.186 billion CNY in H1 2025, a year-on-year increase of 6.99%, while the peak regulation hydropower segment saw revenue of 882 million CNY, up 23.39% [2][3]. - New energy storage revenue reached 178 million CNY in H1 2025, reflecting a growth of 28.27% [2][3]. - The company maintains a strong market position in the southern provinces of China, focusing on pumped storage and new energy storage development [11].

Group 1 - The company hosted a specific investor survey with 27 institutions to discuss its operational performance, order data, capacity planning, and expenditure for the first half of 2025 [1] - In the first half of 2025, the company achieved revenue of approximately 8.496 billion yuan, with steady growth in operations and order increases aligning with initial targets [1] - The company is focused on enhancing supply chain collaboration and project execution efficiency, maintaining a reasonable expense ratio, and expects stable overall expenses in the second half of the year [1] Group 2 - The company reported a nearly 89% year-on-year increase in overseas revenue in the first half of 2025, with high-voltage switchgear and transformers as the main products [2] - New orders in the first half of 2025 showed overall growth in line with initial operational goals, although precise statistics are not yet available [2] - The company is investing in capacity layout and R&D, with a focus on maintaining high levels of R&D expenditure in the first half of 2025 [2] Group 3 - The company is optimistic about the growth of its energy storage sector, with a recovery in household energy storage and ongoing large-scale energy storage projects [2] - The company is strategically evaluating factors for establishing overseas manufacturing facilities, particularly in the North American market [2] - The company has made progress in constructing network-type products, although it faces pressure in the domestic industrial sector [3]

Core Viewpoint - The company reported a significant increase in revenue while experiencing a decline in net profit, indicating a mixed financial performance in the first half of the year [1] Financial Performance - The company achieved operating revenue of 1,149.34 million yuan, a year-on-year increase of 33.75% [1] - The net profit attributable to shareholders was 13.91 million yuan, a year-on-year decrease of 30.01% [1] Sales Performance - The product sales volume for the first half of 2025 reached 1,328 MWh, representing a year-on-year growth of 132.57% [1] - In the second quarter, the product sales volume was 927 MWh, showing a year-on-year increase of 188.84% and a quarter-on-quarter growth of 131.17% [1] Market Dynamics - The company benefited from a steady recovery in traditional international home storage markets and continuous growth in emerging market shipments [1] - The commercial energy storage shipment scale has consistently broken through, alongside rapid growth in sales of lightweight power businesses such as shared battery swapping and sodium battery start-stop power [1] Strategic Development - The company focused on strategic development goals across several core dimensions, including global market expansion, technological innovation breakthroughs, capacity operation upgrades, talent team building, and brand value enhancement [1] - This comprehensive approach led to a robust advancement in overall business and a significant enhancement of the company's comprehensive strength [1]

Core Viewpoint - The company emphasizes that the cable and energy storage industries are fundamentally different and should not be directly compared [1] Summary by Relevant Categories Industry Insights - The profitability of the energy storage business is influenced by multiple factors beyond just lithium carbonate prices, including market demand, supply levels, product innovation capabilities, business model innovation, and production management [1] Company Strategy - The company is committed to monitoring changes in various factors and will adopt reasonable strategies to enhance revenue scale and profit levels in its energy storage business [1]