构建"云边协同智慧大脑" ——国电电力重塑生产管控AI新范式 烈日如炽，正值全国迎峰度夏能源保供的关键时段，上海庙电厂集控室内安全生产平台突然响起一条语音播报："1号机1B引风机失速预 警，请及时确认处理！" 监控大屏上实时显示着各项参数变化，电流下降、炉膛负压突升。平台同步生成一份详尽的故障分析报告：在减负荷过程中，2台引风机 出力偏差过大，操作调整时导致1B风机即将进入危险区间，触发失速预警。"降低风机出力，调整炉膛负压值！"根据系统智能推送的操 作指导，当班的值长迅速下达指令、响应处置，负荷未出现大的波动，成功避免了一次非降事件。 从风险预知、到即时预警，再到智能诊断建议、指导运行操作闭环，这场和设备异常进行的较量正是国电电力发展股份有限公司（以下 简称"国电电力"）"基于云边协同的火电安全生产管控数字化平台"的生动实践。 云边协同 引领能源生产管控新变革 走进国电电力总部20楼调度中心，巨幅电子屏映入眼帘，廊坊、绥中、三河以及印尼等12家海内外电厂的实时数据可视、可知、可控、 可管，交织成一张智能网络，将千里之外的能源脉搏互联互通、尽收眼底。 "过去各电厂系统分散独立，数据标准不统一，既不利于整体效益 ...

近日，未可知人工智能研究院副院长张孜铭受邀为温州宏泽热电股份有限公司开展 《智启未来：企业AI智能化转型与工作提效》 专题培训。本次培 训聚焦生成式AI技术如何重塑能源行业生产力，通过理论解析、案例拆解与实操演示，为企业智能化转型提供落地路径。 在本次培训中，张孜铭副院长 系统剖析生成式AI与决策式AI的本质区别： 生成式AI创造新内容，如AI设计、文本生成，推动内容生产力革命；决策 式AI优化既有流程，如风险预测、人脸识别，提升运营效率。在宏观层面， 生成式AI正在重构全球经济结构 ，2030年市场规模将突破1.3万亿美 元；在微观层面， 企业应用AI可降低90%采购成本，缩短50%报告生成时间 。 在AI+能源应用案例方面， 张孜铭副院长 结合国家电网、南方电网、华为云、施耐德电气等头部企业案例， 深度解读AI在能源领域的应用模式 ： 智能运维上，深圳供电局"祝融2.0"大模型实现电力线路智能巡检；调度优化上，国家电网"光明电力大模型"将保电方案编制时间从10小时缩短至 10分钟；新能源管理上，华电联合华为云实现风电出力精准预测，保障电网稳定性。 未可知人工智能研究院：AI时代转型的智库引擎 企业AI转型 ...

Core Insights - The SNEC International Photovoltaic and Energy Storage Exhibition in Shanghai is viewed as a key observation point for the photovoltaic industry amidst significant losses in 2024 and Q1 2025 [1] - Despite the industry's downturn, the exhibition attracted over 3,600 exhibitors from nearly 100 countries, with an expected attendance of over 500,000 [1] Industry Trends - The competition between TOPCon and BC technologies remains intense, with various new products showcased at the exhibition [2] - JinkoSolar presented the TigerNeo3.0 series with a power output of 670W and a conversion efficiency of 24.8% [2] - LONGi Green Energy's Hi-MO 9 module achieved a conversion efficiency of 27% and a power output of 670W, reflecting a year of innovation [3] Technological Advancements - The industry is shifting focus towards perovskite technology, with Trina Solar planning to establish a pilot production line for perovskite cells, aiming for a 4% efficiency increase over traditional silicon cells [4] - GCL-Poly Energy showcased perovskite modules with a theoretical efficiency of 33% for single-junction and over 43% for tandem cells [5] Business Diversification - Companies are increasingly diversifying their business models, moving from traditional manufacturing to comprehensive energy solutions [6] - Trina Solar is transitioning to become a leader in smart energy solutions, expanding into areas like green transportation and zero-carbon parks [6] - GCL-Poly is enhancing its silane gas production capabilities, which are crucial for silicon production, and is exploring new applications in the energy materials sector [7] AI Integration - The integration of AI in the energy sector is growing, with companies like Forhan Intelligent showcasing platforms that enhance energy management and optimize revenue [8] - Trina Solar's GainCube AI solution aims to increase returns by 5%-10% through smarter energy management strategies [9] - JA Solar is collaborating with Ant Group to expand virtual power plant applications, highlighting the trend towards AI-driven energy solutions [9]

Core Insights - The SNEC PV+ 18th International Solar Photovoltaic & Energy Storage Technology and Equipment Conference will take place from June 10-12, 2025, in Shanghai, focusing on the entire photovoltaic storage industry chain, including technology research and development, market applications, and policy analysis [3][12] - The conference aims to gather global wisdom to explore new paths for energy transition, featuring nearly twenty high-profile thematic forums and special activities that emphasize disruptive changes in photovoltaic, energy storage, and smart grid sectors [6][9] - The event will host a diverse array of international guests, including government representatives, industry leaders, academic experts, market analysts, financial institutions, and media, to discuss industry trends, technological breakthroughs, and market opportunities [4][6] Event Highlights - The conference will include various thematic forums such as the Global Photovoltaic & Energy Storage Conference Opening Ceremony, Global Green Energy Leaders Dialogue, and the 8th Energy Internet Technology and Application Summit Forum [9][10] - The scale of the concurrent "2025 SNEC International Photovoltaic & Energy Storage Exhibition" has grown from 15,000 square meters in its first edition in 2007 to 380,000 square meters in 2025, with over 3,000 exhibiting companies, nearly 30% of which are international exhibitors [10] - The event is expected to attract over 500,000 professional visitors from more than 90 countries and regions, establishing a platform for international cooperation and exchange in the photovoltaic and energy storage sectors [10]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised to RMB 17.76 [1][9]. Core Insights - The company faced performance pressure in 2024 due to the divestment of non-core businesses, but is expected to see significant growth in 2025 driven by its dual development strategy in energy digitalization and energy internet, along with enhanced ecosystem partnerships and AI-enabled applications [1][9]. - In 2024, the company reported total revenue of RMB 4.48 billion, a decrease of 5.24% year-on-year, and a net loss attributable to shareholders of RMB 250 million, primarily due to the impact of divesting loss-making businesses [9][10]. - The first quarter of 2025 showed promising results with revenue of RMB 667 million, a slight decline of 0.12% year-on-year, but a net profit of RMB 3 million, indicating a turnaround from the previous year's losses [9][10]. Financial Summary - The company’s projected financials for 2025-2027 include revenues of RMB 5.17 billion, RMB 6.08 billion, and RMB 6.93 billion respectively, with expected net profits of RMB 480 million, RMB 604 million, and RMB 727 million [3][5]. - The earnings per share (EPS) are projected to be RMB 0.44, RMB 0.56, and RMB 0.67 for 2025, 2026, and 2027 respectively, with a price-to-earnings (PE) ratio of 40 assigned for 2025 [3][9]. - The company’s gross profit margin is expected to improve from 41% in 2024 to 43% by 2027, reflecting operational efficiency [6]. Strategic Focus - The company is focusing on energy digitalization and energy internet development, leveraging over 27 years of experience in the power energy sector, and is collaborating with Ant Group to enhance its ecosystem [10][11]. - The establishment of an AI research institute in 2023 marks a strategic shift towards AI-driven operations, with applications in power market trading forecasts and energy intelligent applications [11][10].

Core Viewpoint - Nobikang, a company founded by Liao Yu, has rapidly developed its business in "AI + Transportation" after meeting a key investor, Zheng Sanzhong, despite facing significant challenges such as high customer concentration and cash flow issues [1][2]. Company Overview - Nobikang's core business focuses on "AI + Transportation," "AI + Energy," and "AI + Urban Governance," with revenue contributions in 2024 being 52%, 43.3%, and 4.7% respectively [15]. - The company achieved revenues of 253 million RMB, 364 million RMB, and 403 million RMB from 2022 to 2024, with net profits of 63.16 million RMB, 88.57 million RMB, and 115 million RMB respectively [2][15]. Financial Performance - Nobikang's gross margin peaked at 92.5% in 2023, with an overall gross margin of 58.9% projected for 2024 [16][17]. - The company has faced cash flow challenges, with operating cash flow being negative despite increasing revenues, leading to accounts receivable reaching 475 million RMB in 2024, which is 118% of that year's revenue [20][21]. Customer Concentration and Risks - The company has a high customer concentration, with sales to the top five customers accounting for 61.1%, 85.9%, and 66.6% of total revenue from 2022 to 2024 [18]. - A significant drop in revenue from the AI + Urban Governance segment, which fell 83% in 2024, highlights the volatility of project-based business models [19]. Shareholder Structure and Incentives - Nobikang's shareholder structure includes several external advisors and independent third parties, with a unique equity incentive platform primarily benefiting these external parties rather than employees [3][8]. - The company has undergone multiple rounds of financing, with a valuation of 2.13 billion RMB before its IPO [12][10].

Core Viewpoint - Nobikang, an AI and digital twin enterprise, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing steady revenue growth and a diversified business model in AI applications across transportation, energy, and urban governance [2][3]. Financial Performance - Nobikang's revenue from 2022 to 2024 is projected to grow from 253 million yuan to 403 million yuan, with net profits increasing from 63.16 million yuan to 115 million yuan [2]. - The company has a market share of 6.9% in the AI-powered power system detection and monitoring solutions market, ranking second, and 1.3% in the AI detection and monitoring solutions market for rail transportation, ranking seventh [2]. Revenue Breakdown - In 2024, the AI+ transportation segment contributed the most to Nobikang's revenue, accounting for 52% of total revenue, while the AI+ energy segment's revenue share increased from 36.6% in 2022 to 43.3% in 2024 [3]. - The AI+ urban governance segment's revenue share decreased significantly by 25.8 percentage points from 2023 to 2024, now representing only 4.7% of total revenue [3]. Market Potential - The market size for AI+ transportation solutions in China is projected to reach 300 billion yuan, AI+ energy solutions at 500 billion yuan, and AI+ urban governance solutions at 700 billion yuan by 2024 [3]. Profitability Analysis - The AI+ transportation segment has the highest gross margin at 70.9%, while AI+ energy and AI+ urban governance have gross margins of 49.6% and 12.3%, respectively [4]. - The high gross margin in AI+ transportation is attributed to lower hardware procurement costs compared to other segments, which involve more complex and customized procurement processes [4]. Credit Risk - Nobikang faces credit risks related to customer payment delays and defaults, with trade receivables increasing from 176 million yuan in 2022 to 474 million yuan in 2024, and the provision for trade receivables losses rising correspondingly [5]. - The average turnover days for trade receivables have significantly increased from 192 days in 2022 to 352 days in 2024 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company has focused its strategy on core businesses, with new opportunities arising from AI and electricity trading [1]. - In 2024, the company reported total revenue of 4.479 billion yuan, a decrease of 5.24% year-on-year, and a net profit attributable to shareholders of -250 million yuan, compared to 604 million yuan in the previous year [1][2]. - The company has divested non-core businesses, leading to a significant one-time financial impact of approximately 488 million yuan due to goodwill and inventory impairment [1]. - The energy digitalization business generated revenue of 2.147 billion yuan, down 7.51% year-on-year, primarily due to the restructuring process [1]. - The energy internet business achieved revenue of 1.804 billion yuan, an increase of 17.63% year-on-year, driven by rapid growth in electricity market trading and AI applications [1]. Financial Summary - The company expects to see a recovery in net profit, projecting earnings per share (EPS) of 0.49, 0.61, and 0.73 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 29.24, 23.47, and 19.74 [2][3]. - The overall revenue is projected to grow to 5.113 billion yuan in 2025, reflecting a year-on-year growth rate of 14.1% [2]. - The gross profit margin is expected to improve from 41.3% in 2024 to 45.6% by 2027 [2]. Business Developments - The company has established an AI research institute to enhance its "AI + Energy" strategy, focusing on AI platform development and predictive modeling [1]. - The company has expanded its charging aggregation and utility payment services, with over 500 million users on its platform and daily active users nearing 20 million [1]. - The charging business has entered a high-quality growth phase, achieving an annual charging volume of 5.2 billion kWh, with over 1.8 million registered users [1].