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应收坏账准备同比大增127%,阳光电源能跑赢周期吗?
图源:阳光电源 港股上市申请资料 导语:A股"储能一哥"能否在高负债与价格战中继续领跑新能源赛道? 储能业务变"主力" 摘要: 1、业 绩三年大增:2022年-2024年, 阳光电源 的营收、净利润在3年间均实现倍增,光伏逆变 器与储能系统在全球市场份额中领先。 2002 年,阳光电源抓住国家"光明工程"机遇,与天合光能合作建设 40 座离网光伏电站,首次大 规模输出光伏离网系统设备;2003 年,其研制的中国首台组串逆变器在上海成功并网,打破国外 企业对该领域的垄断,奠定行业地位。 2、现金流健康度最受关注:阳光电源应收账款及票据合计超290亿元、存货规模逼近300亿元, 资产负债率仍高达61%。 业务布局上,阳光电源已形成"光风储电氢"五大核心赛道,核心业务可分为四大板块:电力电子 转换设备、储能系统、新能源投资开发和创新业务(氢能装备领域)。 "储能龙头"阳光电源(300274.SZ)近日递表港交所,正式开启港股IPO进程。 阳光电源的故事始于 1997 年,彼时曹仁贤辞去合肥工业大学教师职务,凑集 50 万元启动资 金,在一间不足 20 平米的房间里创立公司,初期以传统电源业务维持现金流,却始终锚定可 ...
恒生科技指数涨幅达2%,新能源赛道股领涨
Xin Lang Cai Jing· 2025-09-29 02:43
港股震荡走高,恒生科技指数涨幅达2%,恒生指数涨超1.4%。新能源赛道股领涨,中创新航涨超 12%,龙蟠科技涨超8%,赣锋锂业、天齐锂业涨超6%。 ...
持股过节,还是持币过节?关键在于甄别资产质量
British Securities· 2025-09-26 01:42
Group 1 - The report maintains a positive outlook on the technology sector and suggests that leading companies in the new energy sector with core technological reserves should be considered for investment during market dips [2][4][8] - The market has shown a strong performance, with the ChiNext Index reaching new highs, supported by the rise of technology stocks and leading new energy companies [4][8] - The report emphasizes the importance of asset quality, advising investors to hold shares of companies with solid fundamentals and clear industry prospects while suggesting to sell stocks that have risen excessively without fundamental support [3][9] Group 2 - The gaming sector has seen significant gains, driven by advancements in AI technology, which benefits the media and entertainment industry, particularly in gaming and interactive content [6] - New energy stocks have also experienced substantial increases, supported by government initiatives aimed at optimizing industry layout and promoting advanced technologies [7] - The report highlights that the new energy sector is expected to continue its upward trajectory, with a focus on lithium batteries, photovoltaics, and wind energy, as global demand for these technologies remains strong [7][8]
黄光裕再跨界
Xin Jing Bao· 2025-09-18 02:26
新京报贝壳财经记者 陶野 编辑 岳彩周 校对 赵琳 曾经三度问鼎胡润百富榜的中国前首富黄光裕,在国美系连续多年亏损、多家子公司遭法院破产清算的 困境中,毅然选择押注氢能赛道,寻求绝地逢生。 9月10日,北京国美氢能科技有限公司(以下简称"国美氢能")正式成立,注册资本1000万元,由黄光 裕控股的北京鹏润投资有限公司持股80%。 零售巨头深陷泥潭 曾经的家电零售巨头国美,如今正面临前所未有的经营困境。从历年财报来看,国美零售已连续亏损八 年。 2024年财报显示,国美零售营收同比下滑26.7%至4.74亿元,较2022年巅峰时期的174.44亿元缩水超 97%;全年净亏损116.29亿元,同比扩大15.63%。 根据全国企业破产重整案件信息网及多地法院公告,国美系多家公司已被法院裁定进入破产清算程序。 国美系目前正处于系统性债务危机阶段,破产清算范围可能还将进一步扩大。 2023年,国美电器收到了成立20年以来的首个"限高",公司因未履行生效法律文书确定的义务,被北京 市通州区人民法院限制高消费。然而,国美没有坐以待毙,多次尝试转型自救但收效甚微。 2023年国美入驻抖音直播带货,但因供应链断裂未能打开销路; ...
急跌后单日大反攻,调整是否结束?
British Securities· 2025-09-08 02:26
Market Overview - The market experienced a strong rebound last Friday, with the Shanghai Composite Index successfully returning to the 3800-point mark and the ChiNext Index soaring by 6.55% [2][5][19] - The market showed two main characteristics: a comprehensive rise in the new energy sector and a return of funds to technology stocks, with significant rebounds in core stocks like CPO and PCB [2][17] Policy and Economic Environment - The policy environment remains favorable, with the Ministry of Commerce indicating that measures to expand service consumption will be introduced in September [2][18] - The liquidity environment continues to be loose, and the economic fundamentals are showing signs of recovery, as evidenced by the manufacturing PMI rising to 49.4% in August, indicating an acceleration in production activities [2][18] Market Sentiment and Technical Analysis - Despite the strong rebound, the volume was somewhat reduced, indicating a cautious investor sentiment and a lack of willingness to chase higher prices [3][18] - The market is expected to experience some fluctuations as it digests profit-taking and position-clearing pressures, with the ability to release volume being a key variable for determining the height of the rebound [3][18] Sector Performance - The new energy sector saw significant gains, with strong performances in battery, energy metals, photovoltaic equipment, and wind power equipment [7][8] - The precious metals sector also experienced a rise, driven by dovish signals from the Federal Reserve and increased demand for gold as a hedge against inflation [9] - Consumer stocks showed temporary strength, supported by new rounds of consumption vouchers being issued in various cities [10] - The industrial mother machine concept stocks remained active, benefiting from government policies aimed at promoting high-end manufacturing [11] Investment Strategy - For companies with strong fundamentals and clear industry prospects, short-term adjustments present opportunities for low-cost positioning [3][18] - It is advisable to reduce allocations in sectors that have seen excessive price increases and high valuations, while increasing exposure to undervalued, high-dividend assets [3][18]
A股全线飘红!创业板指半日涨3.48% 超3900只个股上涨
(原标题:A股全线飘红!创业板指半日涨3.48% 超3900只个股上涨) 9月5日,市场早盘震荡反弹,创业板指领涨。沪深两市半日成交额1.37万亿元,较上个交易日缩量2263 亿元。盘面上热点集中在新能源赛道方向,个股涨多跌少,全市场超3900只个股上涨。从板块来看,固 态电池概念股再度爆发,光伏、风电概念股表现活跃,CPO概念股震荡反弹。截至午间收盘,沪指涨 0.35%,深成指涨2.01%,创业板指涨3.48%。 ...
大涨!这一板块,集体爆发!
Zheng Quan Shi Bao· 2025-09-05 04:29
A股市场今天(9月5日)上午整体出现反弹,其中创业板指数涨势强劲,盘中涨幅一度超过4%。 A股市场个股方面表现比较活跃,多只昨日暴跌的股票今天上午出现反弹,收复昨天的全部或部分失地。 若按照申万一级行业划分,电力设备板块领涨,板块盘中涨幅超过4%。通信板块盘中涨幅超过3%,有色金属、电子、机械设备等板块均涨幅居前,盘中 涨幅均一度超过2%。 银行、煤炭等板块上午表现相对疲弱。 港股市场今天上午整体表现也较好,恒生指数多数时间温和上涨。值得注意的是,近日又有港股公司因股权高度集中被香港证监会"点名"。 创业板指数盘中一度大涨逾4% A股新能源赛道爆发 A股市场今天上午整体出现反弹,主要指数不同程度上涨,其中创业板指数涨势强劲,盘中涨幅一度超过4%。 行业板块和赛道方面,新能源赛道整体大幅走强,中证内地新能源主题指数盘中涨幅一度超过6%。 上述指数成份股中,运达股份盘中"20cm"涨停,厦钨新能盘中涨幅超过18%,锦浪科技盘中涨幅也超过18%。 上述赛道内的龙头股阳光电源也大涨,盘中涨幅一度超过14%,公司最新总市值超过2600亿元。 昨晚,阳光电源发布为子公司提供担保额度预计的进展公告。公告称,近日,印度阳光向 ...
大涨!这一板块,集体爆发!
证券时报· 2025-09-05 04:22
Market Overview - A-shares experienced a rebound on September 5, with the ChiNext Index showing strong performance, peaking with a rise of over 4% during the session [1][5] - The Hong Kong stock market also performed well, with the Hang Seng Index showing moderate gains throughout the morning [3][17] Sector Performance - The new energy sector saw significant strength, with the CSI New Energy Theme Index rising over 6% at one point [7] - Key stocks in this sector included Yunda Co., which hit the daily limit up of 20%, and Xiamen Tungsten, which surged over 18% [8] - Leading stock Sunshine Power also saw a rise of over 14%, with a total market capitalization exceeding 260 billion [9] Individual Stock Movements - Several stocks that had plummeted the previous day rebounded significantly, including Shenghong Technology, which rose over 15% after a drop of 8.81% the day before [12] - Other notable rebounds included Xinyi Technology with an increase of over 8% after a 15.58% drop, and Zhongji Xuchuang with a rise of over 7% following a 13.39% decline [13][14] - The stock Hanwujing-U recovered some losses with a rise of over 5% after a previous drop of 14.45% [15] Hong Kong Market Specifics - The Hong Kong biotechnology sector saw a collective rise, with the Hang Seng Biotechnology Index increasing over 3% [18] - Notable stocks in this sector included Sanofi, Kangnuo Ya-B, and Crystal Technology, all of which had significant gains [18] - Stocks under the Hong Kong Stock Connect, such as Huiliang Technology and Zhongchu Innovation, also saw increases of over 10% [19] Regulatory Attention - The Hong Kong Securities and Futures Commission recently highlighted concerns regarding concentrated shareholding in certain companies, including Xie Ru Lin, which has a significant portion of its shares held by a small number of shareholders [20] - The share price of Xie Ru Lin saw a dramatic increase of 235.94% from August 18 to August 21, indicating high volatility due to concentrated ownership [20]
短期市场或进入调整震荡期,利用调整优化持仓结构
British Securities· 2025-08-04 01:41
Market Overview - The market experienced a pullback after reaching a high, primarily due to the Federal Reserve's decision to maintain the benchmark interest rate between 4.25% and 4.50%, and the lack of strong stimulus signals from recent policy meetings [2][17][20] - Economic data showed weakness, with the manufacturing PMI falling to 49.3%, leading to a decline in market sentiment and a decrease in risk appetite among investors [2][17][20] - The market is expected to enter a consolidation phase with limited downward space, although individual stock differentiation may increase [3][18][19] Sector Performance - The pharmaceutical sector, particularly innovative drugs, showed strength, driven by favorable policy changes and a recovering market environment [9][10] - The renewable energy sector, including solar and wind energy, is anticipated to remain active due to ongoing global efforts to achieve carbon neutrality and supportive government policies [9][10] - The semiconductor sector is projected to grow significantly, with a forecasted increase of over 15% in the global semiconductor market by 2025, driven by rising demand for AI and high-performance computing [12] - The military industry is expected to receive continued policy support, with a stable increase in defense budgets and potential catalysts from geopolitical tensions [14] Investment Strategy - Investors are advised to focus on high-quality sectors and select stocks with solid fundamentals and reasonable valuations, especially during the earnings verification period in August [3][19] - Caution is recommended for stocks that have risen significantly but have uncertain earnings prospects, as they may face substantial pullback pressure [3][19] - For aggressive investors, attention should be given to technology growth stocks that have corrected to attractive levels, while conservative investors should wait for market stabilization [3][19]
英联股份江苏总部基地落成在即 双主业战略再添新引擎
Core Viewpoint - Yinglian Co., Ltd. is accelerating the development of its composite current collector business, marking a significant step in its dual-driven strategy of "fast-moving consumer goods metal packaging + new energy materials" [2][3] Group 1: Business Development - Yinglian Co., Ltd. is a leading manufacturer of easy-open lids in China, listed on the Shenzhen Stock Exchange in 2017, and is the first listed company in this sector [3] - The company is focusing on both its fast-moving consumer goods metal packaging business and the composite current collector business, implementing a dual main business model [3][6] - The total investment for the new energy power lithium battery composite current collector project is 3.089 billion yuan, with plans to build 10 production lines for composite aluminum foil and 134 production lines for composite copper foil, aiming for an annual production capacity of 100 million m² of composite aluminum foil and 500 million m² of composite copper foil upon reaching full capacity [3][4] Group 2: Technological Advancements - Yinglian Co., Ltd. has successfully developed PET and PP-based composite copper foil and composite aluminum foil, which are currently in the customer verification stage, with bulk orders expected from South Korean client U&SENERGY by December 2024 [3][4] - The company has introduced five production lines from Japan for composite aluminum foil and five production lines utilizing "magnetron sputtering + electroplating" technology for composite copper foil [4] - The company is collaborating with a well-known automotive company and a leading consumer battery enterprise to develop next-generation battery technologies, with its composite current collector materials entering testing for solid-state battery applications [4][6] Group 3: Strategic Significance - The completion of the headquarters base in Jiangsu is significant for large-scale production and aims to position the company as a "global leader in composite current collector solutions" [5] - The event gathered industry experts and upstream and downstream enterprises to promote deep exchanges in material processes and production equipment, enhancing the international competitiveness of domestic materials [5] - The project leverages local industrial infrastructure and government support in the Gaoyou Economic Development Zone, facilitating cooperation between government and enterprises to upgrade the energy industry [5][6]