国盛证券还提到，2026年预计新增光伏装机180 GW 至240GW，"十五五"期间年均新增238 GW至287GW，光伏行业需 从"比规模、拼价格"转向"价值竞争"，拓展融合化实践空间，光伏与商业航天、算力等多场景融合，与制氢氨醇等绿 色行业结合；深度参与电力市场、完善市场交易机制，探索"光储"一体化开发模式，加强电网光伏友好型能力建设。 【环球网财经综合报道】国家能源局规划司司长任育之日前表示，将发布实施新型能源体系和一系列分领域能源规 划。 任育之具体提到，一方面，扎实推进战略性标志性重大工程建设，安全有序推进雅下水电工程建设，布局建设"三 北"风电光伏基地、西南水风光一体化基地、沿海核电基地、海上风电基地，优化建设电力、油气等骨干通道；另一 方面，加快建设一批"小而美"项目，实施电动汽车充电网络提升工程，布局建设若干个风光氢氨醇一体化基地，建设 一批光热发电工程。 国盛证券近日发布研报认为，2月11日，国务院办公厅正式印发《关于完善全国统一电力市场体系的实施意见》，首 次以国办名义、从国家统一大市场高度、对电力市场体系进行的顶层设计，提出分品种有节奏推进气电、水电、核电 等电源进入电力市场。 对于资本 ...

Recent Performance - The company has announced a profit turnaround for the fiscal year 2025, expecting a net profit attributable to shareholders of between 180 million and 250 million yuan [2] Company Status - The company plans to amend its articles of association regarding registered capital due to an increase in total share capital from the implementation of an equity incentive plan, which will require approval from the shareholders' meeting [3] Industry Policy Landscape - The photovoltaic industry continues to be influenced by policies, with local renewable energy construction plans boosting sector sentiment. Analysts highlight the need to monitor the advancement of "anti-involution" policies and the long-term impact of integrated solar and storage trends on industry demand [4] Financial Situation - As of February 3, 2026, the company's financing balance stands at 810 million yuan, representing a high proportion of its circulating market value, which may affect short-term stock price fluctuations [5] Shareholder Dynamics - As of September 30, 2025, the number of shareholders has decreased compared to the previous period, with new public fund products entering the top ten circulating shareholders list, indicating potential changes in shareholder structure to watch in upcoming reports [6]

其中山西基地自动化程度最高，大幅节约了土地以及人员。 【长江电新】晶科能源：TOPCon龙头设备自动化程度高，全球化优势显著 1、T规划3年内建设100GW光伏产能，近期对光伏产业链进行密集审厂，并在晶科越南以及太原工厂进行了参观交 流。 2、晶科能源是TOPCon龙头公司，累计申请专利数量4400+，获得数3000+，拥有专利数量行业第一。 其中山西基地自动化程度最高，大幅节约了土地以及人员。 售价与成本两端优势明显，26年公司主业向好趋势明确。 5、公司光储一体化企业布局初现，2025年储能出货6GWh，2026年大概率翻倍。 【长江电新】晶科能源：TOPCon龙头设备自动化程度高，全球化优势显著 晶科目前拥有5GWh电芯和17GWh pack产能，25年出货80%在海外，5%在美国。 1、T规划3年内建设100GW光伏产能，近期对光伏产业链进行密集审厂，并在晶科越南以及太原工厂进行了参观交 流。 随着出货规模的增长，公司2026年有望实现储能业务盈利。 3、全球化层面，公司越南一体化成本较国内更优，美国拥有2GW组件产能，海外及北美产能建设及运营经验丰 厚。 25年美国出货占比5%-10%，26年通过多 ...

同比增速307.2%！领跑优势持续扩大 回看2025，东方日升储能逆势高增交出亮眼答卷： 国内工商业储能出货量同比增长 307.2%，全球储能业务出货量同比增长 86.6%。 文 | 东方日升 小年添喜，年味渐浓！当家家户户忙着扫尘纳福、喜迎马年新春之际，东方日升储能逆势攻 坚、捷报频传——工商业储能在 国内市场持续发力，季度签约量一举突破 1.5GWh！ 以 硬核业绩为马年新春开篇蓄力！ 1.5GWh 硬核告捷！逆势突围创佳绩 随着工商业储能迈入爆发式增长阶段，结构性痛点日益凸显。投资回收周期长、低价竞争导 致的质量问题、售后运维难等问题，仍制约着行业高质量发展 。 在此背景下， 东方日升储能精准锚定市场需求，聚焦华东、华南、华北等核心区域，成功 与50余家优质客户达成深度合作，为客户提供安全高效的光储一体化解决方案。 一方面， 从用电成本优化、峰谷负荷调节、能源自给率提升、电网稳定性保障到无忧售后运维服务， 全方位破解企业能源使用痛点；另一方面，以项目合作为纽带，深化与产业链上下游伙伴的 协同联动，构建优势互补、聚力共赢的产业生态格局。 双增速领先行业均值，既是市场与客户对东方日升储能的高度认可，更是公司 ...

Core Insights - The company, 东方日升, achieved a significant milestone by surpassing 1.5GWh in quarterly contracts for commercial energy storage, marking a strong start to the Year of the Horse [1][3] - The company reported a year-on-year growth of 307.2% in domestic commercial energy storage shipments and an 86.6% increase in global energy storage shipments, indicating a leading position in the industry [4] Group 1: Performance and Market Position - The company has successfully established deep partnerships with over 50 quality clients in key regions such as East China, South China, and North China, providing integrated solar-storage solutions [3] - The explosive growth in shipments is attributed to the company's comprehensive advantages in technology, production capacity, brand, and service, reflecting its status as a national high-tech enterprise [4] Group 2: Strategic Initiatives and Future Outlook - The company plans to launch multiple new products with advanced technology to cover more scenarios and enhance performance, injecting new momentum into the market [5] - The company aims to continue leading the energy storage sector and achieve its long-term goal of becoming a global leader in the industry [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $51 [1][4]. Core Insights - The company reported revenues of $343 million for Q4 2025 and $1.473 billion for FY 2025, reflecting a year-over-year decline of 10.3% and 10.7% respectively. The operating profit margin was 6.54% for Q4 and 10.69% for FY, with net profit showing a significant drop of 37.7% for Q4 but an increase of 67.7% for FY [1]. - The decline in Q4 revenue was attributed to demand being pulled forward due to safety net installations in Q3 2025, alongside rising tariff costs and a dilution effect on fixed costs, which impacted profit margins [1]. - The company anticipates Q1 2026 to be a low point for the year due to prior demand pull-forward and adjustments in the IRA tax credit policy. However, there is optimism regarding new product launches and the expansion of the TPO model, which, combined with rising electricity prices in the U.S. and supportive policies in Europe, could lead to a recovery in both volume and profit margins [1][2]. Summary by Sections Financial Performance - For FY 2025, the company achieved revenues of $1.473 billion, with a year-over-year growth of 10.72%. The net profit for the same period was $172 million, reflecting a 67.67% increase [10]. - The forecast for net profit from 2026 to 2028 is projected at $218 million, $312 million, and $413 million respectively, with corresponding EPS of $1.63, $2.34, and $3.10 [4][10]. Market Dynamics - The increase in electricity prices in the PJM region reached $79.3 per MWh, a 44% year-over-year increase, which is expected to support the demand for solar storage solutions [2]. - In Europe, policy changes such as the gradual exit of net metering subsidies in the Netherlands and the transition to dynamic pricing in France are favorable for integrated solar storage models [2]. Product Development - The company has launched several new products, including the fourth-generation IQ Battery, which has been approved by 52 U.S. power companies, covering approximately 30 million users and representing 70% of the U.S. home storage market [2]. - The introduction of the IQ9 micro-inverter product targets the small commercial market, with over 50,000 units pre-ordered, expected to generate $5-10 million in revenue [2]. - The fifth-generation battery, featuring a modular design with a 50% increase in energy density and a 40% reduction in cost, is set for pilot testing in Q3 2026 and commercial release in Q4 2026 [2]. TPO Model Expansion - The TPO model is being implemented to help users secure tax credits by meeting compliance requirements, which is expected to mitigate the impact of policy fluctuations on end-user demand [3]. - The company has secured two TPO orders totaling approximately $123 million, which will help in meeting initial investment requirements and substantial commencement criteria [3].

联络人 作者 企业评级部 汤梦琳 010-66428877 mltang@ccxi.com.cn 李洁鹭 010-66428877 jlli@ccxi.com.cn 其他联络人 www.ccxi.com.cn 2026 年 2 月 目录 | 核心观点 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 12 | | 结论 | 19 | | 附表 | 20 | 王梦莹 010-66428877 mywang01@ccxi.com.cn 中诚信国际 行业展望 中国光伏制造行业 中国光伏制造行业展望，2026 年 2 月 展望 2026 年，国内光伏装机需求将出现小幅回落，海外出口增速也将 趋于下行，预计下游需求增速整体放缓；供给端，在法律政策与自律 协会的推动下，企业将继续减产控价，产业链价格或将出现不同程度 的回升，随着落后产能淘汰，行业集中度将进一步提升。不过短期内 行业供需失衡的格局仍难以得到根本性扭转，产业链价格仍将处于低 位。长期来看产业发展环境有望得到优化，但盈利修复仍需依赖减产 联盟共识、供给侧政策持续发力与需求端的带动，而持续亏损导致 ...

Core Viewpoint - YN Technology (688348.SH) is expected to report a net loss attributable to shareholders of the parent company for the fiscal year 2025, with estimates ranging from -140 million to -115 million yuan, indicating a significant decline compared to the previous year [1] Financial Performance - The projected net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between -160 million and -135 million yuan for 2025 [1] Market Conditions - The European photovoltaic market has been adversely affected by fluctuations in energy prices and the reduction of support policies for residential photovoltaic installations, leading to a significant year-on-year decline in installed capacity [1] - As a result, the sales revenue and gross profit of the company's micro-inverters have also decreased [1] R&D and Innovation - The company continues to drive its growth through research and development, enhancing its integrated solar-storage product matrix and upgrading its solutions [1] - There has been a rapid increase in R&D expenses due to the strengthening of talent reserves and increased investment in research [1] Global Expansion - The company is steadily advancing its localization channel construction in overseas markets and improving its global business layout [1] - Increased efforts have been made to expand into emerging markets in Asia, Africa, and Latin America, resulting in a year-on-year increase in sales expenses [1]

Core Viewpoint - The company, YN Technology, anticipates a net loss attributable to shareholders of 140 million to 115 million yuan for the fiscal year 2025, primarily due to challenges in the European photovoltaic market and increased R&D expenses [1] Group 1: Financial Performance - YN Technology expects a net loss of 140 million to 115 million yuan for 2025 [1] - The decline in performance is attributed to a significant drop in household photovoltaic installations in Europe, influenced by energy price fluctuations and the reduction of support policies [1] Group 2: Sales and Revenue - The sales and gross profit of the company's micro-inverters have decreased during the reporting period [1] - The company has intensified its efforts in emerging markets such as Asia, Africa, and Latin America, leading to an increase in sales expenses compared to the previous year [1] Group 3: Research and Development - YN Technology continues to drive innovation through R&D, enhancing its integrated solar storage product matrix and upgrading solutions [1] - The company has increased its investment in R&D, resulting in a rapid growth of R&D expenses [1]

Core Viewpoint - YN Technology is expected to report a net loss attributable to shareholders of between -140 million to -115 million yuan for the year 2025, primarily due to challenges in the European photovoltaic market and increased R&D expenses [1] Group 1: Financial Performance - The projected net profit for 2025 is expected to be between -160 million to -135 million yuan when excluding non-recurring gains and losses [1] - The company anticipates a significant decline in sales and gross profit from micro-inverters due to a substantial year-on-year decrease in household photovoltaic installations in Europe [1] Group 2: Market Conditions - The European photovoltaic market has been adversely affected by fluctuations in energy prices and the reduction of support policies for household photovoltaic systems [1] Group 3: R&D and Innovation - The company continues to drive innovation through R&D, leading to a rapid increase in R&D expenses as it enhances its integrated solar-storage product matrix and solutions [1] Group 4: Market Expansion - YN Technology is steadily advancing its localization channel construction in overseas markets, with increased efforts in emerging markets in Asia, Africa, and Latin America, resulting in a year-on-year increase in sales expenses [1]