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德业股份(605117):2025年半年报点评:工商储产品出货逐步提升,业绩符合预期
Western Securities· 2025-08-27 05:48
公司点评 | 德业股份 工商储产品出货逐步提升,业绩符合预期 德业股份 2025 年半年报点评 事件:公司发布 2025 半年报。2025H1 公司实现营收 55.35 亿元,同比+16.58%, 实现归母净利润 15.22 亿元,同比+23.18%,其中 2025Q2 实现营收 29.69 亿 元,同比+3.65%,环比+15.70%,实现归母净利润 8.17 亿元,同比+1.72%, 同比+15.74%。业绩符合预期。 25H1 工商业储能产品持续出货,储能业务方面新品频出。截至 25H1 由于欧洲 工商储在补贴支持、FIT 退坡等催化下需求从零到一快速发展,巴基斯坦、缅甸、 尼日利亚及中东国家在电价高涨、断电频发等催化下,工商储需求旺盛。2025 年上半年公司总计销售 76.38 万台逆变器(户储 27.27 万台,工商储 4.29 万台, 工商储产品起量显著)。新品方面,公司在原有商用储能系统基础上扩展功率段, 推出 100kW-2.5MW 储能解决方案,相较于传统集装箱式储能系统,通过模块 化设计去除非必要设备实现系统精简,具有更高的灵活性和可扩展性。 25H1 电池包产品收入持续增长。25H1 公 ...
多企又中标!工商业储能开标项目已超5GWh
行家说储能· 2025-08-25 11:23
行家说储能 又有3家企业宣布中标工商业储能相关项目。 据行家说储能不完全统计,2025年1-7月共有95个用户侧储能相关项目中标结果公示, 总规模约1.853GW/5.558GWh,EPC中标平均单价为1.0065 元/Wh,储能设备入围平均单价为0.6418元/Wh。 ▋ 奇点能源:189.8万中标储能系统一体柜采购 日前,据中国招标投标公共服务平台消息,奇点能源中标江西光伏储能系统一体柜采购项目,中标价格为189.8万元,该项目的招标人为咸阳彩虹绿色能源有 限公司。 据了解,截至目前,奇点能源累计交付项目突破1000个,能量块交付量超20000个。 ▋ 远景储能 : 中标240MWh济源钢铁储能项目 近日,远景储能与河南济源钢铁(集团)有限公司正式签约,为位于河南济源钢铁厂区的80MW/240MWh储能项目提供智慧交易型储能解决方案。该项目建 成后,将助力济源钢铁有效降低用能支出,未来还可以在电力市场中获取更多收益。 据悉,远景储能提供的智慧交易型储能解决方案,以交直流一体5MWh储能系统为硬件底座,从电芯、PCS、EMS、BMS到SCADA系统全栈自研。系统搭 载了远景动力315Ah储能专用电芯,循环寿 ...
锦浪科技的数学题:逆变器少卖三万台,净利润多出两亿五
Jing Ji Guan Cha Wang· 2025-08-20 14:01
Core Insights - The core insight of the article is that despite a challenging environment in the photovoltaic industry, Jinlang Technology Co., Ltd. reported strong financial performance in the first half of 2025, driven by a shift in product mix and effective cost control [2][11]. Financial Performance - In the first half of 2025, Jinlang Technology achieved operating revenue of 3.794 billion yuan, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 602 million yuan, up 70.96% year-on-year [2]. - The second quarter net profit reached 407 million yuan, reflecting a quarter-on-quarter growth of 109.27% [2]. Sales and Product Mix - The total sales volume of inverters was approximately 466,200 units, representing a year-on-year decline of 6.98% [3]. - The revenue from traditional grid-connected inverters decreased by 11.22%, while revenue from energy storage inverters surged from 192 million yuan in 2024 to 793 million yuan in 2025, marking a growth of 313.51% [5]. Cost Management - The operating cost of the grid-connected inverter business decreased by 19.53%, leading to an increase in gross margin by 7.62 percentage points despite a decline in revenue [8]. Market Dynamics - The overseas market, including Hong Kong, Macau, and Taiwan, contributed significantly to revenue growth, achieving 1.778 billion yuan, a year-on-year increase of 25.26% [9]. - The gross margin for the mainland China market was 40.91%, while the overseas market had a gross margin of 29.72% [9]. Strategic Investments - Jinlang Technology plans to raise 1.694 billion yuan through convertible bonds, with a significant portion allocated to upgrading inverter production capacity [15]. - The investment will focus on high-voltage, high-power grid-connected inverters and medium-to-large power hybrid energy storage inverters, targeting the commercial energy storage market [15][16]. Operational Challenges - The company faces challenges with declining sales volume in its core inverter business and potential cooling demand in the second half of the year due to the end of a "rush installation" phase driven by policy changes [12][14]. - Concerns about the sustainability of profit growth arise as the company enters the more complex commercial energy storage sector, which may strain its operational capabilities [19].
净利最高增579%!储能6企发布半年报
行家说储能· 2025-08-19 13:37
Core Viewpoint - The performance of the energy storage business among six companies, including RuiPu LanJun, KeLiYuan, and others, shows mixed results, but overall resilience in performance is noted despite some companies facing pressure [2]. Group 1: Company Performance - RuiPu LanJun reduced losses by 90%, with energy storage battery shipments doubling year-on-year to 18.87 GWh, generating revenue of 5.08 billion yuan from energy storage batteries, a 58.4% increase [10]. - KeLiYuan achieved a total revenue of 18.21 billion yuan, a 23.21% increase, with energy storage revenue of 1.15 billion yuan, up 4% [6]. - KeLu Electronics turned a profit with a net profit increase of 579.14%, achieving revenue of 25.73 billion yuan, a 34.66% increase, and energy storage revenue of 12.82 billion yuan, up 177.15% [7]. - NanDu Power's revenue from communication and data center storage reached 1.89 billion yuan, a 34.09% increase, while overall revenue fell by 31.67% [9]. - HeWang Electric reported a total revenue of 1.88 billion yuan, a 36.39% increase, with a net profit increase of 56.79% [11]. - ShengHong's revenue was 1.36 billion yuan, down 4.79%, with a net profit of 158 million yuan, down 12.91% [4]. Group 2: Market Trends and Innovations - ShengHong recognized the growth potential in commercial energy storage, citing a continuous increase in electricity consumption in China's secondary and tertiary industries [4]. - KeLiYuan is actively expanding its energy storage project investments, with over 10 GWh of projects in reserve [6]. - KeLu Electronics is focusing on strategic clients in the domestic market and expanding into overseas markets, including the Americas and Europe [8]. - NanDu Power is innovating with new products, including large-capacity lithium iron phosphate storage cells and liquid cooling storage systems [9]. - HeWang Electric offers a range of energy storage solutions, including centralized storage inverters and customized energy storage systems [11].
超400MWh!阳光电源、三晶电气等4企工商储迎新进展
行家说储能· 2025-08-18 09:46
Core Viewpoint - The article highlights recent advancements in the commercial energy storage sector, with four companies making significant progress in various international markets, indicating a growing trend in energy storage solutions [2]. Group 1: Company Developments - Sungrow Power has secured a 400MWh commercial energy storage order in Brazil, collaborating with Roca Group's subsidiaries MOBS and TCCOMC to deploy the systems over the next three years [3][5]. - Sanjing Electric has successfully installed the world's first CM2 smart outdoor energy storage cabinet in Belgium, which enhances the self-consumption ratio of solar energy to over 60% and allows for participation in electricity trading [6][8]. - Xiamen Xiangyu New Energy has shipped its first batch of network-type liquid-cooled energy storage cabinets to Pakistan, aimed at supporting the largest commercial energy storage project for a cement manufacturer [9][11]. - Desay Battery's 8.6MWh energy storage project in Hunan has successfully connected to the grid, utilizing self-developed battery cells and a health management system for enhanced safety and economic efficiency [12][14].
261kWh占一半!又有8大工商储项目落地
行家说储能· 2025-08-11 11:49
Core Insights - The article highlights the recent developments in commercial energy storage projects across various regions in China, showcasing a total capacity of nearly 53 MWh [2] - The focus is on the deployment of advanced energy storage systems, particularly using lithium iron phosphate batteries and flow batteries, to optimize energy usage and reduce costs for high-energy-consuming enterprises [3][5] Group 1: Project Developments - HWOO has successfully implemented a 2.088 MWh energy storage project in Jiaxing, Zhejiang, utilizing 8 units of 261 kWh storage cabinets to optimize energy structure for a high-energy manufacturing enterprise [3][5] - Ganfeng Lithium has deployed 12 units of 261 kWh storage cabinets at Guangdong Xinghe Printing Co., marking a significant energy upgrade project [6] - In Chaozhou, 5 units of Ganfeng Lithium's 261 kWh storage cabinets have been installed at Tianze Hardware Products Factory, leading the way in large-scale energy storage applications in the hardware industry [7] Group 2: Government and Corporate Initiatives - Wanbang Digital Energy won a bid for 8 units of 261 kWh storage systems for a microgrid project in Jiangsu, with a total contract value of approximately 1.6 million yuan [9] - Yisite Group has successfully completed a commercial energy storage project in Taiwan, featuring a 125 kW/261 kWh storage system that meets local grid standards [10] Group 3: Large-Scale Projects - State Grid Sichuan Electric Power has successfully connected a 5 MW/10.03 MWh user-side energy storage project in Neijiang, which is expected to save over 40,000 yuan in electricity costs monthly [11][14] - Anjie Zhengdian has completed an 18.389 MWh user-side energy storage project in Hunan, integrating advanced battery management and monitoring systems for efficient operation [15][17] - Guorun Energy has connected a 1.25 MW/6 MWh all-vanadium flow battery storage project in Jiangsu, significantly reducing electricity costs for the enterprise [18][20] Group 4: Integration with Renewable Energy - The project in Anhui, involving a 5 MW/10 MWh energy storage system, will seamlessly integrate with a 12 MW rooftop solar installation, creating a smart energy usage model [22][25]
拆解麦田能源黑马底色|深度
24潮· 2025-08-07 23:04
Core Viewpoint - The article highlights the rapid growth and potential of Maitian Energy, a subsidiary of Qingshan Group, which is set to become a major player in the global energy storage market, particularly in household storage systems, with a valuation exceeding 10 billion yuan [2][13]. Group 1: Company Overview - Maitian Energy, established less than six years ago, has quickly risen to prominence in the global energy storage sector, achieving a valuation of over 10 billion yuan [2]. - The company has a strong shareholder background, receiving initial funding from Qingshan Group's Yongqing Technology and attracting investments from notable institutions like State Power Investment Corporation and CITIC Securities [7][11]. - The company has focused on overseas markets, with 70% of its revenue coming from Europe, and has consistently maintained over 93% of its revenue from international sales in the past three years [7][8]. Group 2: Financial Performance - In 2024, Maitian Energy's revenue from Europe is projected to reach approximately 2.33 billion yuan, accounting for nearly 70% of total revenue [27][28]. - The company has seen significant growth in Asian markets, with revenue skyrocketing from 0.4 million yuan in 2022 to 46.53 million yuan in 2024, a tenfold increase [28]. - Over the past three years, Maitian Energy's overseas revenue has grown from 2.367 billion yuan to 3.297 billion yuan, marking a 39.29% increase [33]. Group 3: Market Position and Strategy - Maitian Energy has established itself as the second-largest supplier of household energy storage systems among Chinese companies, surpassing established players like GoodWe and Pylon Technologies [14][18]. - The company has a market share of approximately 6% in global household energy storage capacity and 13% in the European market, with significant shares in countries like the UK (37%) and Poland (25%) [18][20]. - The company has adopted a differentiated strategy by focusing on integrated energy storage products, which combine batteries and inverters, to enhance market competitiveness [29]. Group 4: Challenges and Risks - Maitian Energy faces challenges due to its heavy reliance on overseas markets and low R&D expenditure, which may hinder its ability to innovate and compete with giants like Huawei and Tesla [8][36]. - The company has experienced a significant increase in accounts receivable, which rose by 83.96% year-on-year, raising concerns about cash flow sustainability [42]. - The reliance on imported core components, such as IGBT and ICs, poses a risk if international trade conditions change, potentially impacting operational performance [42][43].
218MWh!8大工商储项目新动向
行家说储能· 2025-08-07 05:33
行家说储能 ▋ 安徽明美新能:2MWh工商储项目投运 日前,安徽明美新能为名美科技产业园打造的1MW/2MWh工商业储能示范项目正式落地投运,为大湾区产业园区能源管理提供了标杆样本。 近日,多个工商业储能项目迎来最新进展,其中多个为首个项目,在河北、安徽淮南等地实现零的突破。 其中,1个开工、7个并网,这些项目中最大单体规模为100MWh, 容量规模超218MWh 主要分布在安徽(3个)、广东(2个)、江苏、河北、山东等地,涉及弘正 储能、明美新能、远东储能、蜂巢能源、融和元储等储能相关企业。 ▋ 弘正储能:常州 20.06MWh工商储项目投运 近日,江苏省常州市新申达6.9MW/20.06MWh工商业储能项目顺利通过验收并正式投运。 项目采用" 4台弘正储能D-Ocean 5.016MWh液冷直流舱+4台逆变升压一体舱 "的核心配置,通过10kV高压并网接入厂区电网,并设置防逆流装置,在严守并网规范 的同时,阻断电力倒灌风险,保障厂区电网安全。 此外,项目将 深度融合削峰填谷、需量管理等多元能量调度策略与多时间尺度控制技术,同步集成智能预警与预测功能,实时解析负荷曲线、电价波动及设 备健康度等关键数据,动态 ...
近1GWh!此地工商储黄金期来了
行家说储能· 2025-08-01 09:59
Core Viewpoint - The article highlights the emergence of a golden period for commercial energy storage investment in Sichuan, driven by policy, market, and mechanism changes, with significant growth in user-side storage projects expected by 2025 [7][8]. Group 1: Project Developments - A large-scale user-side lithium battery storage project with a capacity of 428.48MWh has commenced in Sichuan, developed by Penghui Energy and Sichuan Zhongfu [3][5]. - The project aims to innovate energy efficiency in the electrolytic aluminum industry through a new technology that integrates photovoltaic systems with energy storage [5]. - The project is expected to be operational by November 30, 2025, with the first units planned to be operational by September 30, 2025 [5]. Group 2: Market Dynamics - Sichuan is experiencing a unique development path in energy storage due to its status as a hydropower-rich province, characterized by a "water surplus in wet seasons and electricity shortage in dry seasons" [7]. - The province has implemented policies such as demand charge reductions and time-of-use pricing to encourage energy storage adoption [7]. - As of May, over 200 user-side new energy storage projects have been registered in Sichuan, indicating a robust growth trajectory [7][8]. Group 3: Future Projections - User-side storage capacity in Sichuan is projected to grow at an annual rate of 150% from 2025 to 2026, potentially exceeding 500 billion yuan in the local energy storage industry [8]. - The article notes that the total capacity of various commercial storage projects in Sichuan has reached nearly 1GWh in 2023, with a significant increase compared to the previous year [2][8].
重要合作!比亚迪、京东方放大招
行家说储能· 2025-07-28 10:25
Group 1: BYD Energy - BYD Energy signed a strategic cooperation agreement with CCS Wuhan to promote green ship technology standards innovation [2][5] - The collaboration aims to establish a joint laboratory for battery-powered ships, focusing on safety research, technical innovation, and industry standards [5][4] - CCS Wuhan is a key research institution responsible for drafting China's new energy ship regulations and participating in global maritime rules [4] Group 2: BOE Energy - BOE Energy, Chengdu High-tech Development, and Sichuan Chuan Investment Energy signed a strategic cooperation agreement to develop commercial energy storage [6][7] - The initial focus will be on new electrochemical storage and virtual power plant projects in Sichuan, enhancing energy supply stability and reducing electricity costs [10] - The project aims to support the construction of a zero-carbon park in Chengdu and address peak electricity demand challenges [10]