2026年1月5日，美联股份（02671.SZ）与一家专注于"分布式能源管理"的领军企业正式达成战略合作。双方将深度整合优势资源，携手打造"工业建筑+分 布式光伏"的产融结合，以一站式、数字化、高效益的绿色能源一体化解决方案赋能客户绿色转型，为中国工业领域的"双碳"目标达成贡献力量。 美联股份是一家专注于预制金属建筑系统的技术驱动型企业，多年来持续深耕于绿色建筑产品与工程技术的研发应用。公司的"BIPV光伏屋面一体化解决 方案"拥有多年的技术积累与成熟的实践经验，以抗风防雨性能卓越的LSIIIplus直立锁缝屋面系统为基础，配置自主研发的LS585光伏支座，完美实现了金 属屋面与光伏组件的协同增效，已在工业建筑领域积累了广泛的客户基础。 美联股份表示，公司此次战略协议的合作方，是一家业内领先的"分布式能源智慧方案"解决方与投资方，年均分布式光伏EMC合同能源开发量达 500MW，可为客户提供光伏、储能、智能、节能改造等一体化综合方案，可长期持有所开发的项目，且能为客户提供长达25年的运维，改造与智能升级 服务。 合作方多年服务于全球顶级客户，坚持以技术领先为己任，通过自身研发与股权投资，深度布局新一代组件，逆 ...

Core Viewpoint - The bidirectional power converter for EV chargers is a crucial component in electric vehicle charging systems, enabling two-way energy flow between the grid and vehicles, thus enhancing energy efficiency and supporting distributed energy storage and smart grid interactions [2][4]. Market Overview - The global market for bidirectional power converters is projected to reach $0.9 billion by 2031, with a compound annual growth rate (CAGR) of 22.5% over the coming years [4]. - In 2024, the top three manufacturers are expected to hold approximately 79.35% of the market share [9]. Industry Chain Analysis - The bidirectional converter typically consists of power semiconductor devices (IGBT, SiC MOSFET), bidirectional DC/DC converters, AC/DC rectifiers, digital control units, and electromagnetic interference suppression systems [11]. - The upstream supply chain includes manufacturers of power semiconductors, inductors, transformers, electrolytic capacitors, and control chip designers, with key players like Infineon, Mitsubishi Electric, and Texas Instruments leading in SiC and GaN power devices [11]. - The midstream involves circuit design, power topology optimization, thermal management, control algorithm integration, and assembly/testing, characterized by high technical barriers and customization [12]. - The downstream market covers public and home charging stations, with public charging stations benefiting from energy storage regulation and home charging stations supporting energy management systems [12]. Industry Development Opportunities and Risks - The rapid growth of global electric vehicle ownership is driving demand for bidirectional energy interaction in charging infrastructure [13]. - The implementation of energy internet and smart grid strategies positions electric vehicles as distributed energy storage units [13]. - The commercialization of SiC and GaN devices significantly enhances energy conversion efficiency [13]. - Challenges include the complexity of bidirectional power topology, high costs, and the lack of unified international standards [14]. Industry Development Trends - SiC power devices are expected to replace traditional silicon devices, achieving higher power density and lower losses [15]. - Cloud control and AI energy scheduling will become mainstream, enabling remote monitoring and adaptive energy management [15]. - The integration of modules with photovoltaics, energy storage, and electric vehicles will support the development of urban microgrids and distributed energy systems [15].

Summary of 佛燃能源 Conference Call Company Overview - 佛燃能源 is a natural gas supply company with a significant focus on energy management services, including distributed energy solutions and renewable energy initiatives. [2][4] Key Financial Metrics - From 2018 to 2024, the company's revenue compound annual growth rate (CAGR) is projected to be 35.54%, while profit CAGR is expected to be 15.36%. [2][8] - In 2023, the net profit attributable to shareholders increased significantly by 29%, driven by investment income and performance compensation from the Nansha storage business. [2][8] - Forecasted net profits for 2025, 2026, and 2027 are expected to be 872 million, 922 million, and 976 million yuan respectively, with year-on-year growth rates of 2.2%, 5.7%, and 5.9%. [5][16] Business Segments - Natural gas supply accounts for 77.5% of gross profit, while supply chain and extended services contribute 22.5%. The technology research and equipment manufacturing segment has a low contribution to gross profit. [2][7] - The city gas business maintains a stable gross margin of around 10%, while the supply chain business has seen its gross margin decline to below 3%. [2][7] - The company has secured 13 regional pipeline gas operating rights, achieving regional monopolies. [10] User Demographics and Market Dynamics - The user base consists of 80% industrial and commercial users, 15% power plants, and 5% residential users, indicating a strong cyclical nature tied to macroeconomic conditions. [10][11] - The natural gas consumption in 佛山市 is expected to grow at a CAGR of 8.9% from 2025 to 2035, with gas-electric consumption projected to grow at 8.5%. [11] Investment Highlights - The company has a high dividend safety margin, with an average dividend payout ratio of 70% over the past five years. The expected dividend yield for 2025 is 4.1%. [3][9] - The company is exploring new business avenues, such as solid oxide fuel cells (SOFC) and hydrogen equipment manufacturing, indicating a strategy for growth beyond its core operations. [3][14] Strategic Partnerships and Resource Management - 佛燃能源 has stakes in two LNG receiving stations in Guangdong and collaborates with major suppliers like PetroChina and CNOOC to expand international resource channels. [13] - By 2028, the company anticipates that its overseas long-term contract volume will reach 1.09 million tons, covering 30%-40% of its demand. [13] Future Outlook - The company is expected to maintain a balanced approach between safety margins, dividend characteristics, and growth potential, with a buy rating suggested for investors. [16][17]