南网储能（600995.SH） 优于大市 前三季度业绩增长 37%，密集投产期临近，新型储能规模化发展打开成长空间 证券研究报告 | 2025年11月04日 来水偏丰水电利润增长，前三季度归母净利润增长 37%。2025 年前三季度， 公司实现营业收入 53.20 亿元，同比增长 17.72%；实现归母净利润 14.33 亿元，同比增长 37.13%，增幅较上半年有所提高。单三季度，公司营业 收入为 20.19 亿元，同比增长 25.59%，环比增长 15.80%；归母净利润 为 6.01 亿元，同比增长 43.41%，环比增长 31.06%。公司业绩增长主要 是调峰水电来水同比增加，发电量增长所致，此外公司梅蓄一期进入现 货市场收入同比增加、梅蓄二期首台机组投产、云南丘北储能电站投产， 新型储能收入增加等因素也为公司贡献业绩增长。 机组有序建设，密集投产期临近。截至 2025 年 9 月底，公司抽水蓄能投 产总装机 1058 万千瓦，在建抽水蓄能电站 10 座，总装机容量 1170 万 千瓦，包括广东的肇庆浪江、惠州中洞、梅州二期、电白，广西南宁、 灌阳、钦州、贵港、玉林、云南西畴十个项目，其中梅州二期、广 ...

Core Viewpoint - The article discusses the "Action Plan for the Large-Scale Development of New Energy Storage (2025-2027)" issued by the National Development and Reform Commission and the National Energy Administration, highlighting the goal of achieving large-scale and market-oriented development of new energy storage by 2027 [2][3]. Group 1: Development Goals - By 2027, the installed capacity of new energy storage in China is expected to exceed 180 GW, driving project investments of approximately 250 billion yuan [3]. - The cumulative installed capacity of new energy storage reached 101.3 GW by mid-2025, marking a 32-fold increase compared to the end of the 13th Five-Year Plan [3]. - In a conservative scenario, the cumulative installed capacity of new energy storage in China is projected to reach 236.1 GW by 2030, with an ideal scenario exceeding 291 GW, indicating a compound annual growth rate of over 20% in the next five years [3]. Group 2: Action Directions - The "Action Plan" outlines action directions including expanding application scenarios, enhancing utilization levels, leading innovation integration, strengthening standard system construction, and improving market mechanisms [5]. - The plan emphasizes the need to improve market mechanisms, such as establishing a reliable capacity compensation mechanism for the power system, which lays the foundation for future storage capacity compensation policies [5]. - It requires local energy authorities to scientifically assess the demand for adjustment capacity and to balance the development of new energy storage with other adjustment resources, which is crucial for setting storage installation targets [5].

根据《方案》明确的总体目标，2027 年，新型储能基本实现规模化、市场化发展，技术创新水平和装 备制造能力稳居全球前列，市场机制、商业模式、标准体系基本成熟健全，适应新型电力系统稳定运行 的多元储能体系初步建成，形成统筹全局、多元互补、高效运营的整体格局，为能源绿色转型发展提供 有力支撑。全国新型储能装机规模达到1.8 亿千瓦以上，带动项目直接投资约 2500 亿元，新型储能技术 路线仍以锂离子电池储能为主，各类技术路线及应用场景进一步丰富，培育一批试点应用项目，打造一 批典型应用场景。 北京商报讯（记者 胡永新）据国家发展改革委网站9月12日消息，日前，国家发展改革委、国家能源局 印发《新型储能规模化建设专项行动方案(2025—2027年)》(以下简称《方案》)。《方案》指出，推动 金融机构研究开发面向新型储能项目的保险产品。 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a special action plan for the large-scale construction of new energy storage from 2025 to 2027, aiming for significant advancements in technology and market development by 2027 [1] Group 1: Industry Development Goals - By 2027, new energy storage is expected to achieve large-scale and market-oriented development, with technological innovation and equipment manufacturing capabilities ranking among the top globally [1] - A multi-dimensional energy storage system will be established to support the stable operation of the new power system, with a mature market mechanism, business model, and standard system [1] Group 2: Investment and Capacity - The installed capacity of new energy storage nationwide is projected to exceed 180 million kilowatts, driving direct project investments of approximately 250 billion yuan [1] - The primary technology route for new energy storage will continue to be lithium-ion battery storage, with a further diversification of technology routes and application scenarios [1] Group 3: Pilot Projects and Applications - The plan includes the cultivation of a number of pilot application projects and the creation of typical application scenarios to enhance the overall operational efficiency of the energy storage system [1]