沙戈荒项目既是推动光伏新增装机的主力场景，也是带动生态治理和技术升级的重要平台。 ▲天合光能青海乌图美仁5 0兆瓦光伏电站项目。 在新能源电力市场化加快推进的背景下，光伏产业发展正迎来深刻转变。未来电站不仅要"装得下"，更要"用得好"，在市场价格信号下 实现更高的综合收益。沙戈荒大基地因此成为全行业关注的重点方向，沙戈荒项目既是推动光伏新增装机的主力场景，也是带动生态治 理和技术升级的重要平台。 据预测，到20 30年，沙戈荒光伏新增装机规模将达到253吉瓦。这不仅为行业发展提供了确定性预期，也为先进技术推广应用提供了广 阔舞台。面对如此庞大的建设任务，业界普遍认为，如何在特殊环境下实现高效发电、提升综合收益，成为今后项目成败的关键。 在天合光能战略、产品与市场负责人张映斌看来，过去以单一正面功率衡量组件性能的方式已难以适应市场化要求。随着双面发电、低 辐照性能等因素日益凸显，行业需建立"综合效率+综合发电"的评价体系，以更加全面、科学的标准反映电站真实发电能力。这一转变 不仅关乎沙戈荒项目的经济性，也关系到光伏产业能否在新阶段实现高质量发展。 组件评价指标换新 长期以来，额定功率一直是光伏组件最主要的评价指 ...

Core Viewpoint - China Power Construction Corporation (China Power) has announced the plan to spin off its subsidiary, China Power Construction New Energy Group Co., Ltd. (Power Construction New Energy), for a public listing on the main board, which has been accepted by the Shanghai Stock Exchange. The company aims to raise 9 billion yuan, which is expected to drive a total investment of 48.481 billion yuan in wind and solar power projects, with an anticipated new installed capacity of 8.46 million kilowatts [1]. Group 1 - Power Construction New Energy will remain a controlled subsidiary within the consolidated financial statements of China Power after the spin-off, meaning its financial status and profitability will still be reflected in the parent company's reports [1]. - The stock price of China Power closed at 5.76 yuan per share, up 1.05%, with a total market capitalization of 99.2 billion yuan as of September 15 [1]. - China Power has maintained steady growth in recent years, but it is projected to experience "revenue growth without profit growth" in 2024 and the first half of 2025, with revenues of 633.685 billion yuan and 292.757 billion yuan, respectively, showing year-on-year increases of 4.07% and 2.66%, while net profits are expected to decline by 7.21% and 13.81% [2]. Group 2 - Power Construction New Energy's revenue has also shown similar fluctuations, with revenues increasing from 8.382 billion yuan in 2022 to 9.810 billion yuan in 2024, and net profits rising from 1.981 billion yuan to 2.822 billion yuan. However, in the first half of 2025, revenue is expected to be 5.472 billion yuan, a year-on-year increase of 8.57%, while net profit is projected to decline by 18.19% [3]. - The decline in profitability for both China Power and Power Construction New Energy is attributed to market conditions and industry cycle changes, with pressure on infrastructure engineering contracting and a decrease in market electricity prices for renewable energy affecting profit margins [3]. - Power Construction New Energy has integrated various renewable energy assets from China Power's subsidiaries, becoming the sole platform for wind and solar power project development, investment, operation, and management within the company [4]. Group 3 - As of the first quarter of 2025, Power Construction New Energy has a total installed capacity of 21.2461 million kilowatts, with wind power projects accounting for 9.8909 million kilowatts and solar power projects for 11.3552 million kilowatts [4]. - The main source of revenue for Power Construction New Energy comes from electricity sales, with wind power contributing over 69% of the main business revenue in 2024, while solar power accounts for over 28% [5]. - In the first seven months of 2025, China Power signed 3,230 new projects in the energy sector, with a total contract value of 472.068 billion yuan, including 723 wind power projects worth 157.226 billion yuan, which is a year-on-year increase of 68.4% [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [4]. Core Viewpoints - The company achieved a revenue of 64.519 billion yuan in 2024, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of 3.874 billion yuan, up 5.1% year-on-year. For Q1 2025, the revenue was 14.559 billion yuan, down 8.53% year-on-year, but net profit increased by 7.65% year-on-year to 1.163 billion yuan, with a significant quarter-on-quarter increase of 208.81% [1]. - The company's household photovoltaic business continues to lead the industry with a market share that has been at the top for several years, with an annual new installed capacity exceeding 13GW in 2024 and a total installed capacity of over 19GW by the end of 2024 [2][3]. - The inverter and energy storage business is expanding in key markets, maintaining the number one market share in North America and South Korea, while achieving breakthroughs in Europe [4]. Summary by Sections Household Photovoltaic Business - In 2024, the company added over 13GW of new installed capacity, with a total installed capacity exceeding 19GW, maintaining the top market share in the industry. The subsidiary, Zhengtai Aneng, reported a revenue increase of 7.5% to 31.826 billion yuan and a net profit increase of 9.88% to 2.861 billion yuan [2]. Low Voltage Electrical Equipment - The low voltage electrical equipment business saw a revenue increase of 3.89% to 20.922 billion yuan in 2024, with a gross margin increase of 1.97 percentage points to 29.99%. The company is enhancing its domestic and international market presence, particularly in emerging markets [2]. Inverter and Energy Storage Business - The inverter and energy storage business achieved a revenue growth of 31.4% to 1.646 billion yuan in 2024, with a sales volume increase of 0.72% to 169,200 units. The gross margin for this segment increased by 3.13 percentage points to 33.87% [4]. Financial Projections - The company expects net profits of 4.528 billion yuan, 4.980 billion yuan, and 5.509 billion yuan for 2025, 2026, and 2027 respectively, with a downward adjustment of 10% and 7% for 2025 and 2026 [4][6].