Core Insights - The article emphasizes the importance of storytelling in capital markets, suggesting that a compelling narrative can be more valuable than a good product when traditional metrics like PE ratios fail [1][12] - The concept of "Market Dream Rate" (市梦率) emerges as a new dimension for evaluating investments, driven by capital expectations and the ability to tell a convincing story [1][12] Group 1: Market Dream Rate - "Market Dream Rate" reflects the pricing logic driven by future expectations, where the ability to narrate a story effectively can lead to market favor [1][4] - The phenomenon is illustrated through a case of a solar inverter company that, despite stagnant performance, saw its stock price surge after announcing ambitious plans in satellite internet and energy IoT, showcasing the power of "dream premium" [4][12] Group 2: Key Variables of Market Dream Rate - Three core variables underpinning "Market Dream Rate" are identified: completeness of the story, verifiability of the path, and capital participation [4][5] - Completeness involves presenting a comprehensive narrative that answers why the company can succeed and how it stands out from competitors [5] - Verifiability emphasizes the need for credible stories, as unsupported claims can lead to failed investments and regulatory scrutiny [5][10] - Capital participation highlights the necessity of having a clear path for capital entry and exit, ensuring that the story is not just theoretical [5] Group 3: Storytelling Techniques - Common techniques for crafting compelling narratives include borrowing concepts from trending topics, creating unique labels through certifications, and establishing credible team backgrounds [6][7] - Clear pathways for future financing and growth milestones are essential to assure investors of potential returns [8] - Leaving hints or open-ended information can stimulate investor imagination and interest [9] Group 4: Regulatory Considerations - The article notes that regulatory bodies are increasingly vigilant about the storytelling phenomenon in capital markets, emphasizing that narratives must align with fundamental realities and avoid deceptive packaging [10] - Compliance in storytelling is portrayed as both an art and a technical skill, essential for maintaining credibility [10] Group 5: Future Outlook - The article raises questions about the sustainability of "Market Dream Rate" in a future characterized by stricter regulations and more discerning investors, suggesting that the ability to tell a credible story will become a competitive advantage [13]

Core Viewpoint - The explosive growth of the energy storage business in 2024 is the main driver for the rapid improvement in the company's performance, with an annual energy storage revenue growth rate of 40%, significantly exceeding the industry average, and a gross margin of 36.7% demonstrating the premium strength of the leader [1] Financial Performance - In 2024, the company achieved an operating revenue of 77.857 billion yuan (up 7.76% year-on-year) and a net profit attributable to shareholders of 11.036 billion yuan (up 16.92% year-on-year) [2] - In Q4, the single-quarter revenue was 27.911 billion yuan (up 8.03% year-on-year, up 47.50% quarter-on-quarter), with a net profit of 3.437 billion yuan (up 55.05% year-on-year, up 30.16% quarter-on-quarter) [2] - In Q1 2025, the company reported an operating revenue of 19.036 billion yuan (up 50.92% year-on-year, down 31.79% quarter-on-quarter) and a net profit of 3.826 billion yuan (up 82.52% year-on-year, up 11.32% quarter-on-quarter) [2] Energy Storage Business - The company maintained high growth in shipments and revenue, with a total energy storage system shipment of 28 GWh in 2024 (up 167% year-on-year) and revenue of 24.959 billion yuan (up 40.21% year-on-year), significantly outpacing the global average growth rate in the energy storage industry [3] - The company's PowerTitan 2.0 liquid cooling system has rapidly penetrated the Middle East and European markets, securing major orders including the largest energy storage project in the UK (4.4 GWh) and a benchmark project in the Middle East (7.8 GWh) [3] - The company aims to achieve energy storage system shipments of 40-50 GWh in 2025, continuing its high growth trajectory [3] Inverter Business - The global shipment of photovoltaic inverters reached 147 GW in 2024 (up 13% year-on-year), further expanding the company's leading market share [4] - Despite the increase in distribution channel share and the impact of European currency depreciation, the overall gross margin declined to 30.90% (down 1.94 percentage points year-on-year) [4] - The company has established a "high voltage + modular" barrier through technology, and the domestic supply chain has reduced costs, which helps maintain stable gross margins in the inverter business [4] Cash Flow and R&D - The company's operating net cash flow improved significantly to 12.068 billion yuan in 2024 (up 72.9% year-on-year), with inventory turnover days reduced to 98 days and the debt ratio declining to 64.16% [4] - R&D investment reached 3.164 billion yuan (up 29.3% year-on-year), focusing on cutting-edge technologies such as power electronics and high-voltage systems, with 9,401 new patents filed (54% of which are invention patents) [4] Profit Forecast and Investment Recommendation - As a global leader in energy storage, the company has significant advantages in brand, R&D, and distribution channels, with expected high growth in energy storage system shipments in 2025 [5] - Revenue forecasts for 2025-2027 are 93.452 billion yuan, 107.731 billion yuan, and 119.517 billion yuan, with net profits of 12.035 billion yuan, 13.140 billion yuan, and 13.947 billion yuan, corresponding to current PE valuations of 10.44, 9.56, and 9.01 times [5]

Core Insights - The company reported a revenue of 11.21 billion yuan for 2024, representing a year-on-year increase of 49.8%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65.3% year-on-year [1] - For Q1 2025, the company achieved a revenue of 2.57 billion yuan, a year-on-year increase of 36.2% but a quarter-on-quarter decrease of 19.6%, with a net profit of 710 million yuan, up 63.0% year-on-year and down 2.1% quarter-on-quarter [1] Group 1: Inverter Business - The inverter business generated revenue of 5.56 billion yuan in 2024, reflecting a year-on-year growth of 25.4%, with a gross margin of 47.8%, down 3.5 percentage points [2] - The total sales of inverters reached 1.3714 million units in 2024, with specific sales figures for storage inverters, string inverters, and micro-inverters being 540,600 units, 410,600 units, and 420,300 units, respectively, generating revenues of 4.38 billion yuan, 790 million yuan, and 350 million yuan [2] - The company launched a micro-storage inverter targeting the European market and expanded its offerings from household storage to commercial storage solutions, introducing 100kW-2MW storage solutions [2] Group 2: Energy Storage Battery Pack Business - The energy storage battery pack business saw rapid growth, achieving revenue of 2.45 billion yuan in 2024, a significant year-on-year increase of 177.2%, with a gross margin of 41.3%, up 7.4 percentage points [2] - The total shipment of energy storage battery packs reached 465,000 units in 2024, marking a year-on-year increase of 264.3% [2] - The company established a localized service team and improved its after-sales service system, setting up service centers in Southeast Asia, Europe, and Africa [2] Group 3: Investment Outlook - The company is projected to have EPS of 5.73, 6.95, and 8.54 for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 based on the closing price on May 21 [3]

太阳能 德业股份（605117.SH） 买入-A(维持) 储能电池包高速增长，海外市场持续拓展 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季度报告。2024 年实现营收 112.1 亿 元，同比+49.8%；实现归母净利润 29.6 亿元，同比+65.3%。2025 年 Q1，实 现营业收入 25.7 亿元，同比+36.2%，环比-19.6%；实现归母净利润 7.1 亿元， 同比+63.0%，环比-2.1%。 事件点评 逆变器业务持续增长，发展多元化产品开拓市场： 2024 年公司逆变器 业务实现收入 55.6 亿元，同比+25.4%；毛利率为 47.8%，同比-3.5pct。2024 年全年，公司逆变器销售 137.14 万台；其中储能逆变器、组串式逆变器、微 型逆变器分别出货 54.06 万台、41.06 万台、42.03 万台，分别实现销售收入 43.8 亿元、7.9 亿元、3.5 亿元。2024 年，面向欧洲市场，公司推出微型储 能逆变器（阳台储能）；此外，公司由户储逐渐向工商储拓展，推出 100kW-2MW 储能解决 ...

太阳能 德业股份（605117.SH） 买入-A(维持) 储能电池包高速增长，海外市场持续拓展 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季度报告。2024 年实现营收 112.1 亿 元，同比+49.8%；实现归母净利润 29.6 亿元，同比+65.3%。2025 年 Q1，实 现营业收入 25.7 亿元，同比+36.2%，环比-19.6%；实现归母净利润 7.1 亿元， 同比+63.0%，环比-2.1%。 事件点评 逆变器业务持续增长，发展多元化产品开拓市场： 2024 年公司逆变器 业务实现收入 55.6 亿元，同比+25.4%；毛利率为 47.8%，同比-3.5pct。2024 年全年，公司逆变器销售 137.14 万台；其中储能逆变器、组串式逆变器、微 型逆变器分别出货 54.06 万台、41.06 万台、42.03 万台，分别实现销售收入 43.8 亿元、7.9 亿元、3.5 亿元。2024 年，面向欧洲市场，公司推出微型储 能逆变器（阳台储能）；此外，公司由户储逐渐向工商储拓展，推出 100kW-2MW 储能解决 ...

今日早参 2025 年 5 月 22 日 申建国 电力设备与新能源行业首席研究员 邮箱：shenjianguo@htsc.com 边文姣 电力设备与新能源行业研究组长 座机：0755-82776411 邮箱：bianwenjiao@htsc.com 今日热点 宏观：人民币或将有升值动力 4 月 2 日后，美国"对等"关税经历数轮调整，但实际结果是美国仍将对全 球加征 13-17 个百分点的进口关税。美国对中国关税更是经历了"过山车"， 两国于 5 月 12 日达成协议，将特朗普上任来对中国加征关税的水平从最高点 的 145%左右降低至 30%（参见《美中关税降级的缘起、影响和后续》， 2025/5/13）。由此，美元指数小幅反弹，而人民币兑美元汇率上升 0.5%左 右。我们认为，这一升值幅度并未完全反映今年来中国相对美国和其他经济 体基本面的相对变化。而在去美元化的大幕初启的背景下，全球、尤其是亚 洲资产大幅超配美元、低配本币这一实质意义上的"套利交易"势必经历结 构性"再平衡"，这一过程中，人民币贬值预期或将渐渐消弭，甚至出现升 值动力可能是题中之义（参见《新台币大幅升值的启示》，2025/5/7）。 风险 ...

丨证券研究报告丨 公司研究丨点评报告丨艾罗能源（688717.SH） [Table_Title] Q1 收入同环比双增，期待 Q2 更好表现 报告要点 [Table_Summary] 艾罗能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 30.73 亿元，同比下降 31%；归母净利 2.04 亿元，同比下降 81%；其中，2024Q4 实现收入 6.66 亿元，同比增长 43%，环比下降 19%；归母净利 0.43 亿元，同比下降 7%，环比下降 25%。2025Q1 实现收入 7.99 亿元，同比增长 17%，环比增长 20%；归母净利 0.46 亿元，同比增长 35%，环比增长 7%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% 1 艾罗能源（688717.SH） cjzqdt11111 [Table_Title2] Q1 收入同环比双增，期待 Q2 更好表现 [Tab ...

丨证券研究报告丨 公司研究丨点评报告丨昱能科技（688348.SH） [Table_Title] 微逆经营平稳，等待终端需求复苏 报告要点 [Table_Summary] 昱能科技发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 17.71 亿元，同比增长 25%；归母净利 1.4 亿元，同比下降 36%；其中，2024Q4 实现收入 2.38 亿元，同比下降 47%， 环比下降 63%；归母净利-0.09 亿元，同比下降 124%，环比下降 115%。2025Q1 实现收入 1.91 亿元，同比下降 55%；归母净利 0.29 亿元，同比下降 28%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 昱能科技（688348.SH） cjzqdt11111 [Table_Title2] 微逆经营平稳，等待终端需求复苏 [Table_Summ ...

丨证券研究报告丨 公司研究丨点评报告丨艾罗能源（688717.SH） [Table_Title] Q1 收入同环比双增，期待 Q2 更好表现 报告要点 [Table_Summary] 艾罗能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 30.73 亿元，同比下降 31%；归母净利 2.04 亿元，同比下降 81%；其中，2024Q4 实现收入 6.66 亿元，同比增长 43%，环比下降 19%；归母净利 0.43 亿元，同比下降 7%，环比下降 25%。2025Q1 实现收入 7.99 亿元，同比增长 17%，环比增长 20%；归母净利 0.46 亿元，同比增长 35%，环比增长 7%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 艾罗能源（688717.SH） cjzqdt11111 [Table_Title2] Q1 收入同环 ...

Core Viewpoint - The article highlights the strategic transformation of Industrial Bank from a reliance on traditional real estate and local government financing to a focus on technology, industry, and finance, particularly in the context of supporting technology-driven enterprises in industrial parks [1][2]. Group 1: Strategic Transformation - In 2022, Industrial Bank incorporated technology finance and park finance into its five new strategic areas, shifting its credit logic from traditional infrastructure to understanding technology [2]. - As of 2024, the bank has served 466,000 clients in industrial parks, with 127,300 technology finance clients, marking a 22% year-on-year growth [2]. - The total loans in industrial parks reached 14,540 billion, with technology finance loans amounting to 5,521 billion, reflecting a 23% increase year-on-year [2]. Group 2: Case Studies of Successful Financing - Guangzhou Aoshun Electronics, a MEMS sensor manufacturer, received a 27.3 million yuan mortgage loan from Industrial Bank, which significantly supported its strategic development and establishment of an IDM industry base [3]. - The bank's support helped Aoshun Electronics become a leading player in the domestic capacitive temperature and humidity sensor market, recognized as a national-level "little giant" enterprise [3]. Group 3: Innovative Financing Models - Industrial Bank has developed a "technology flow" evaluation system to assess technology-intensive companies, allowing for credit assessments based on technical capabilities rather than traditional financial metrics [6][8]. - The bank's approach has enabled it to provide 5 million yuan in comprehensive credit to Shenzhen Starfire Semiconductor, addressing urgent funding needs while supporting business expansion [7]. Group 4: Ecosystem Development - The bank's strategy has evolved from serving individual enterprises to fostering an entire technology innovation ecosystem, integrating financial services with industry resources [8]. - Industrial Bank has provided cumulative credit exposure of 826 million yuan to Shenzhen Shihang New Energy, supporting its growth and eventual listing on the Shenzhen Stock Exchange [7][8].