储能驱动增长 技术优势持续巩固 转自：中国证券报·中证网 中证报中证网讯（王珞）智光电气8月22日晚发布2025年半年度报告。报告显示，公司上半年实现营业 收入16.43亿元，同比增长31.71%；归属于上市公司股东的净利润为-5515.06万元，同比减亏38.88%。经 营活动产生的现金流量净额同比扭亏增至1.86亿元。业绩增长主要得益于储能业务快速发展，储能设备 销售及系统集成业务实现营收10.60亿元，清远独立储能电站贡献净利润7408.20万元。公司在高压级联 储能技术领域保持领先优势，永和新型储能产业基地一期已投产，二期进入试产阶段。 技术方面，公司新增授权发明专利15项、实用新型专利11项、软件著作权17项，继续保持高压级联储能 技术领先优势。公司持续强化研发创新能力，截至报告期末累计获得专利及软件著作权1021项。上半年 研发投入占营收比例达4.36%，重点投向储能PCS、BMS、EMS等核心技术研发。 新型电力系统建设带来发展机遇 智光电气表示，随着新能源装机占比持续提升，储能行业正从"政策驱动"转向"市场驱动"。公司将把握 行业转型机遇，在构网型储能、高压级联型储能等新兴技术领域加大布局。公 ...

据证券之星公开数据整理，近期朗新集团（300682）发布2025年中报。截至本报告期末，公司营业总收 入15.42亿元，同比下降0.39%，归母净利润2863.8万元，同比下降23.02%。按单季度数据看，第二季度 营业总收入8.76亿元，同比下降0.6%，第二季度归母净利润2526.71万元，同比下降55.22%。本报告期 朗新集团盈利能力上升，毛利率同比增幅5.09%，净利率同比增幅1869.97%。 财务报表中对有大幅变动的财务项目的原因说明如下： 固定资产变动幅度为83.84%,原因:报告期朗新集团产业园二期转固。 所得税费用变动幅度为247.54%,原因:可抵扣暂时性差异减少。 经营活动产生的现金流量净额变动幅度为-193.73%,原因:报告期部分客户付款节奏改变。 证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-10.82%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数 据统计来看，公司上市以来中位数ROIC为12.91%，投资回报也较好，其中最惨年份2024年的ROIC 为-6.59%，投资回报极差。公司历史上的财报相对良好（注：公司上市时间不满10年，上市时间越长财 务 ...

开源证券研报指出，平高电气在手订单充裕，上半年经营业绩持续高质量增长。截至2025年6月末，公 司合同负债17.15亿元，较2024年末增加5.17亿元。2025H1公司电网市场持续巩固，输变电设备/特高压 设备中标44.80/4.61亿元，yoy+49.2%/+62.6%，市占率居前；网外订单持续突破，中标3家央企大客户框 架，再次中标中广核项目，实现1000千伏GIL网外市场首次应用，签订中煤变电站智能巡视机器人集群 系统项目；国际市场加快转型，中标沙特5台132千伏高压移动变；420千伏GIS首次打入墨西哥市场。 2025年，国家电网公司、南方电网的总投资将超8250亿元，公司有望充分受益于新型电力系统加速建 设。考虑到公司在电网市场的稳固地位，该行看好公司长期发展前景，维持"买入"评级。 ...

yoy+7.6%/+14.6%/+20.1%/+288.4%。由于电网投资和海外市场波动，我们下调公司2025-2027 的盈利预 测，预计归母净利润分别为13.91/16.83/19.35（原值15.13/17.79/20.08）亿元，EPS 为1.02/1.24/1.43 元， 对应当前股价PE 为15.8/13.0/11.3 倍，考虑到公司在电网市场的稳固地位，我们看好公司长期发展前 景，维持"买入"评级。 公司在手订单充裕，电网市场地位稳固，网外市场和国际市场订单持续突破公司在手订单充裕。截至 2025 年6 月末，公司合同负债17.15 亿元，较2024 年末增加5.17 亿元。2025H1 公司电网市场持续巩 固，输变电设备/特高压设备中标44.80/4.61 亿元，yoy+49.2%/+62.6%，市占率居前；网外订单持续突 破，中标3家央企大客户框架，再次中标中广核项目，实现1000 千伏GIL 网外市场首次应用，签订中煤 变电站智能巡视机器人集群系统项目；国际市场加快转型，中标沙特5 台132 千伏高压移动变；420 千 伏GIS 首次打入墨西哥市场。 主网投资延续高景气，配网迎来重大发展机 ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

Group 1 - Jiangsu power grid reached a record high electricity load of 155 million kilowatts, a year-on-year increase of 5.99% compared to last year's peak [1] - The increase in electricity load is driven by high temperatures, air conditioning demand, and the steady improvement of Jiangsu's economy, including data centers and electric vehicle charging needs [1] - Jiangsu's coal power output reached a maximum of 78.71 million kilowatts this summer, a year-on-year increase of 7.14%, contributing 45% during peak hours [1] Group 2 - Jiangsu New Energy (603693) has an installed capacity of 110 million kilowatts, playing a crucial role in power supply this summer [2] - Wind and solar power in Jiangsu reached a cumulative maximum output of 55.47 million kilowatts, accounting for 40% of the total generation output [2] - The implementation of the first "AC to DC" transmission project in Jiangsu has significantly enhanced the interconnection capabilities of the power grid along the Yangtze River [2]

Core Viewpoint - Longyuan Technology reported a revenue of 362 million yuan for the first half of 2025, marking a year-on-year increase of 1.48%, while net profit attributable to shareholders surged by 135.6% to approximately 28.28 million yuan, indicating strong financial performance amidst industry transformation [1]. Company Strategy - The company is focusing on advanced technology development, including new energy storage systems, ammonia co-firing boilers, and biomass coupling combustion, to create differentiated solutions for comprehensive energy services [2]. - Longyuan Technology aims to enhance its capabilities across the entire project lifecycle, including contracting, design, manufacturing, and construction, by establishing standardized management practices for EPC projects to improve project acquisition and customer satisfaction [2]. - The company is expanding into overseas markets, particularly in countries involved in the Belt and Road Initiative, targeting coal power unit upgrades in regions like South Africa and Indonesia [2]. - Longyuan Technology is also developing a diversified business ecosystem by steadily advancing the commercialization of photovoltaic, wind power, and peak-shaving energy storage projects, thereby enhancing its resilience against risks through moderate related diversification [2].

全国统一电力市场如何因地制宜？ ——专访华北电力大学教授 刘敦楠 近日，华北电力大学教授刘敦楠在接受中能传媒记者专访时，深度剖析了"1+6"基础规则体系的里程碑意义、核心支撑 作用及其在平衡全国统一性与地方灵活性方面的创新路径。 中能传媒："1+6"基础规则体系的正式发布被广泛认为是我国电力市场化改革进程中的一个关键里程碑。您认为 其"里程碑"意义主要体现在哪些方面？ 刘敦楠： "1+6"基础规则体系的形成，是全国统一电力市场制度建设由碎片化探索向规范化设计迈进的坚实一步，是我 国电力市场化改革的关键里程碑，其意义体现在以下几个重要方面： 第一 ，这是首次在国家层面构建了一个系统、完整的电力市场规则体系，改变了以往规则分散、碎片化的局 面。"1+6"基础规则体系以《电力市场运行基本规则》作为整个体系的纲领性文件，明确了市场成员权责、交易组织方 式、价格机制、风险防控等核心制度框架。辅以六个基础配套规则，中长期、现货、辅助服务基本规则构成交易体系的 主干，注册、信息披露、计量结算基本规则保障电力市场高效运行，形成了一个相互衔接、相互支撑的规则体系，为电 力市场化改革提供了明确的框架和方向。让电力市场各环节都有规 ...

Core Insights - The State Grid Baiyin Power Supply Company held a press conference to discuss its achievements in safety production, power supply assurance, new power system construction, and optimizing the business environment for economic and social development [1][2] Group 1: Safety Production and Power Supply Assurance - The company emphasizes its primary responsibility for safety production and power supply assurance, implementing dynamic optimization of grid operation and large-scale equipment upgrades to ensure stable grid operation [1] - A special action plan for safety and stability measures has been initiated, including the development of emergency response plans for substations [1] Group 2: New Power System Construction - The company is accelerating the construction of a new power system, leveraging Baiyin's unique energy resources and grid advantages, and enhancing the grid's resource allocation and safety capacity [2] - Key projects include the integration of the 750 kV Jingyuan substation into the national power development plan and the completion of the 110 kV Yinxi digital twin smart substation [2] Group 3: Optimizing Business Environment - The company is focused on optimizing the power supply service system, achieving a "zero complaint" status in the first half of the year through improved service management [2] - Over 290 area managers have integrated into 3,186 village community service networks to enhance customer service [2] Group 4: Social Responsibility and Livelihood Services - The company is committed to improving the reliability of power supply by addressing weak connections between county-level grids and the main grid, with significant upgrades completed by July [2] - As of July, the company has constructed and upgraded 2,707.76 kilometers of 10 kV lines and installed 678 transformers with a total capacity of 135,600 kVA [2]

Group 1: Company Overview and Strategy - The company focuses on the production and sales of power transmission and transformation equipment, serving major clients like the State Grid and Southern Power Grid [2][3] - The development strategy emphasizes "focusing on the main business and seeking progress while maintaining stability," with a commitment to low debt ratios and stable operations [2][3] - Significant investments have been made in R&D for new products such as 550kV, 363kV, and 800kV equipment, as well as the establishment of three production bases [2][3] Group 2: Market Opportunities and Industry Context - In 2025, the State Grid and Southern Power Grid are expected to invest a record 825 billion yuan, presenting substantial growth opportunities for the industry [3] - The company is well-positioned to capitalize on the favorable market conditions driven by national "dual carbon" goals and the construction of new power systems [3] Group 3: Competitive Positioning - Compared to competitors like XJ Electric and Pinggao Group, the company holds a strong reputation, particularly in the isolation switch segment, where it ranks among the top three in national tenders [4] - The company is recognized for its R&D capabilities and production capacity, especially in the development of 500kV and 800kV products [4] Group 4: Investor Relations and Market Management - The company employs various measures for market value management, including share buybacks, employee stock ownership plans, and cash dividends to enhance investor confidence [4][5] - Continuous communication with investors is essential for improving market performance and promoting company value [4] Group 5: Feedback from Securities Association - The Securities Association leaders emphasized the importance of understanding industry trends and the role of mergers and acquisitions in enhancing operational efficiency [3] - They highlighted the significance of the company's research capabilities, production capacity, and talent development in driving future growth [3]