Group 1 - The central government emphasizes stabilizing employment, enterprises, markets, and expectations to respond to external uncertainties with high-quality development, marking the first mention of "stabilizing enterprises" [1] - Foreign trade enterprises are facing order losses and inventory pressure due to tariff impacts, prompting local governments to assist these companies in finding new sales channels [1][19] - In Guangdong, a "foreign trade to domestic sales" matchmaking event was organized, where many companies arrived early to seek cooperation partners [1][3] Group 2 - Retailers are directly placing orders and providing comprehensive services from warehousing to distribution for these products, leading to ongoing networking among companies after the event [3] - In Shandong, local authorities are helping enterprises expand into global markets by organizing overseas trade negotiations and exhibitions [7] - The vice president of Dishang Group reported over a 10% increase in orders from European and Japanese markets compared to the previous year, supported by local government initiatives [9] Group 3 - A survey indicated that over 60% of small and medium-sized enterprises in China reported a lack of orders as their biggest challenge in April [12] - In Zhengzhou, a "one-on-one" resource linking service was launched to help enterprises connect with upstream and downstream markets [14][16] - The Ministry of Industry and Information Technology is collaborating with 16 departments to implement 73 specific service measures to address issues like insufficient orders [18] Group 4 - Financial support is being provided to help foreign trade enterprises find sales channels, with various regions injecting "financial vitality" into businesses [19] - In Mianyang, a lithium-ion battery manufacturer received a special loan to alleviate short-term financial pressures, allowing them to stabilize production and expand market reach [21][23] - In Suzhou, a 2 billion yuan fund was established to assist enterprises in overcoming liquidity challenges and loan repayment pressures [29][31] Group 5 - Local governments are facilitating innovation and development by connecting enterprises with research teams and universities to overcome technical challenges [38][40] - In Hefei, a technology demand list was released to promote collaboration between enterprises and research institutions, enhancing innovation and industry synergy [42] - The Ministry of Industry and Information Technology is building a national service network for small and medium-sized enterprises, supporting over 100,000 companies with digital transformation initiatives [50]

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, addressing the urgent demand for energy solutions [5][6] Financial Performance Summary - The company’s revenue projections for 2025-2027 are 14.80 billion yuan, 19.00 billion yuan, and 24.65 billion yuan respectively, with net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were 37.2% and 27.5%, showing improvements in profitability despite some increases in sales and management expenses [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, particularly in energy storage solutions, which are expected to drive future growth [5][6] Financial Performance Summary - The company’s revenue projections for 2025, 2026, and 2027 are 14.80 billion yuan, 19.90 billion yuan, and 24.65 billion yuan respectively, with corresponding net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 times respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were reported at 37.2% and 27.5%, showing improvements in profitability [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company achieved a revenue of 11.206 billion yuan in 2024, representing a year-on-year increase of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% year-on-year [1]. - The inverter business continues to grow, with revenue reaching 5.556 billion yuan in 2024, a 25.44% increase year-on-year, while the gross margin was 47.81% [2]. - The energy storage battery segment saw significant growth, with revenue of 2.451 billion yuan in 2024, a remarkable increase of 177.19% year-on-year, and a gross margin of 41.3% [3]. - The company is expanding its product offerings, including new inverter solutions tailored for the European market and energy storage solutions for commercial use [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.206 billion yuan, with a net profit of 2.960 billion yuan and a non-recurring net profit of 2.805 billion yuan, reflecting growth rates of 49.82%, 65.29%, and 51.34% respectively [1]. - For Q1 2025, revenue was 2.566 billion yuan, up 36.24% year-on-year, with a net profit of 706 million yuan, an increase of 62.98% [1]. Product Development - The inverter product line generated 5.556 billion yuan in revenue in 2024, with a focus on overseas markets and localized product offerings [2]. - The company launched a micro-storage inverter for the European market and a comprehensive energy storage solution for commercial applications [2]. Growth in Energy Storage - The energy storage battery segment achieved 2.451 billion yuan in revenue in 2024, with a gross margin increase of 7.43 percentage points [3]. - New products include low-voltage wall-mounted batteries and high-voltage rack-mounted batteries designed for diverse market needs [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.896 billion yuan, 4.829 billion yuan, and 5.479 billion yuan respectively, with corresponding P/E ratios of 14, 12, and 10 [4]. - The company is expected to maintain strong profitability metrics, with a projected ROE of 31.31% in 2024 and increasing thereafter [11].

同时，在近期 ESIE 2025 ，多家储能电池企业接连斩获订单，再度印证市场的火热程度。 比如，亿纬锂能与沃太能源正式签署《战略合作协议》，双方将在 2025-2028 年达成电芯战略采购合作，预计总采购规模达 10GWh 。此 次合作将进一步强化双方在新能源产业链的协同优势，共同推动全球清洁能源转型；与威胜能源技术股份有限公司签署 1GWh 战略合作框 架。 在 2025 年初，亿纬锂能已与海博思创签 50GWh 电芯战略采购合作，至此亿纬锂能合作签单已达 61GWh 。 4 月 11 日，厦门和储与鹏辉能源签署战略合作协议，双方签订 GWh 级电芯订单。根据协议，厦门和储将采用鹏辉能源自研的高安全、长循 环、高能效风鹏电芯 314Ah ，应用于高压直挂柔性储能系统、集中式柔性储能系统等重要项目。 力神（青岛）分别与威腾电气集团股份有限公司、安徽通盛能源科技股份有限公司、中绿中科锂电容、常德昆宇、 AmpereHour 五家行业领 先企业签署合作协议，总订单量超过 3GWh 。 在全球能源格局加速变革的大背景下，储能产业正站在时代的风口浪尖，展现出前所未有的发展前景。 尤其引领储能产业市场化改革的 " 1 ...

4月10日， ESIE 2025正式启幕，所有储能企业几乎齐聚 北京，同台炫技"秀肌肉"。 仅储能电池端， 宁德时代、亿纬锂能、远景动力、楚能新能源、鹏辉能源、赣锋锂电、瑞浦兰钧、力神电池、中天储能 等头部企业均有亮 相，其中不少企业借此机会发布储能电池和系统新品，甚至现场签单，热闹非凡。 起点锂电不完全统计了部分储能电池企业本次活动期间展出的新产品，希望以此给读者带来些许参考。 注：以下企业不分排名先后。 宁德时代" 天恒·智储"平台亮相 继 全新6.25MWh天恒储能系统后， 宁德时代 智慧储能管理平台——"天恒・智储"于4月10日亮相， 旨在为储能站客户带来全生命周期管理 的智能化运维与运营解决方案，从安全、效率到收益全链条护航储能资产全生命周期价值。 据介绍， 宁德时代的天恒 ·智储管理平台，通过"大数据平台 + AI大模型与先进机理算法融合 + AI助手工具"等创新集合， 能 为广大储能电 站构建涵盖智能预警、运行分析、电站体检和智慧运维在内的全套标准化能力。 亿纬锂能 6.9MWh系统重磅发布 继Mr.Giant 5MWh系统成功推出后，亿纬锂能再次加码大储赛道，发布新一代6.9MWh储能系统，精 ...

需要注意的是，在下一代储能电芯还未统一容量、形态的当下，为备战容量需求更大的储能市场，部分头部电芯企业已启动容量更大的300Ah+储能电 芯竞争。 一个趋势在于，储能电芯的升级遵循"标准化→规模化→再升级"路径， 从280Ah到314Ah再到392Ah，300Ah+储能电芯第二轮容量竞争正在打响， 储能系统也将从5MWh实现向6MWh+的进阶。 在次背景下 ，瑞浦兰钧基于问顶技术带来了全新的392Ah储能电芯 ，能量密度达415Wh/L、循环寿命达12000次，能量效率达95%。 与此同时， 基于392Ah电芯，瑞浦兰钧还同步带来了 Powtrix™ 6.26MWh储能系统 ，相比5MWh系统，电池簇数量减少50%，能量密度提高 20%，占地面积节约16%，工作时长缩短18%。 摘要 瑞浦兰钧392Ah电芯改造成本低、周期短且爬产快，能够迅速实现大规模量产。 300Ah+储能电芯竞争正在迈入2.0时代。 从主流电芯厂商布局300Ah+电芯的节奏来看，普遍集中在2023-2024年这一阶段完成新品发布及量产规划。高工产研（GGII）数据显示， 2024年 头部电芯厂从280Ah向314Ah电芯的产能切换率已经达 ...

根据1月9日公告，瑞浦兰钧计划投资建设的印尼电池制造基地，第一期规划产能为年产8GWh动 力与储能电池及系统以及电池组件。 据不完全统计，2023年至今，瑞浦兰钧已先后与Powin、SUNPIN SOLAR、VENA ENERGY、 Energy Vault等海外巨头签订总规模40GWh左右的订单。 在港股，声势最猛，影响力最大的锂电双雄中创新航 (3931.HK) 和瑞浦兰钧 (0666.HK) 近乎同一 时间披露了2024年财报。 24潮产业研究院 (TTIR) 分别从市值、创收、国际化、盈利、研发、资本、负债、员工与效率等 多个维度进行了数据对比，巨头间竞争实力与压力，以及发展趋势一目了然。 其中，在整体创收方面，中创新航处于明显的领先地位：2024年中创新航实现营业收入277.52亿 元 ， 是 瑞 浦 兰 钧 的 1.56 倍 ； 但 从 成 长 速 度 看 ， 瑞 浦 兰 钧 则 更 胜 一 筹 ， 2024 年 期 营 收 增 幅 为 29.30%，远高于中创新航的2.76%。 我们进一步分析数据发现，两巨头市场拓展策略及方向发现了明显的变化，瑞浦兰钧正在加速进 击动力电池领域，而中创新航则持续 ...

在港股，声势最猛，影响力最大的锂电双雄中创新航 (3931.HK) 和瑞浦兰钧 (0666.HK) 近乎同一 时间披露了2024年财报。 24潮产业研究院 (TTIR) 分别从市值、创收、国际化、盈利、研发、资本、负债、员工与效率等 多个维度进行了数据对比，巨头间竞争实力与压力，以及发展趋势一目了然。 其中，在整体创收方面，中创新航处于明显的领先地位：2024年中创新航实现营业收入277.52亿 元 ， 是 瑞 浦 兰 钧 的 1.56 倍 ； 但 从 成 长 速 度 看 ， 瑞 浦 兰 钧 则 更 胜 一 筹 ， 2024 年 期 营 收 增 幅 为 29.30%，远高于中创新航的2.76%。 我们进一步分析数据发现，两巨头市场拓展策略及方向发现了明显的变化，瑞浦兰钧正在加速进 击动力电池领域，而中创新航则持续发力储能。2024年，瑞浦兰钧 "动力电池" 业务收入增速为 73.84%，而同期中创新航下降了12.13%；在储能业务上，中创新航2024年收入实现了72.40%的 增幅，而瑞浦兰钧仅为3.92%，在收入规模上中创新航实现了对后者的超越。 另外，中创新航的盈利能力也远超瑞浦兰钧。2024年中创新航综 ...

2024年，楚能新能源超20GWh的出货量，不仅使其顺利进入国内储能电池出货量前十，而且 助其在全球储能市场占据一席之地。 进入2025，楚能新能源延续上年发展态势，一季度表现亮眼，放量提速，实现"储能+动力"双 驾马车狂奔。2025年出货量超60GWh将成事实。 01 储能端：中标/入围/签约多个大项目 据不完全统计，今年一季度，楚能新能源连续开单，中标/入围/签约中国电建、中核汇能、中 车青岛四方所、特隆美储能等多个企业项目。 具体来看：3月21日，中能建储能6GWh储能电芯框采中标公示，楚能新能源等8家企业入围， 其中楚能新能源中标的是标段一（采购容量5GWh），投标报价13.5亿元。 3月19日，中车发布2025年度储能电芯框架协议采购中标候选人。项目拟采购314Ah的储能 电芯，采购数量为2995200块，总规模约3GWh，楚能新能源以第一中标候选人入围。 3月15日，楚能新能源与特隆美储能在楚能全球总部签署5GWh储能电芯战略合作协议。楚能 新能源将为特隆美全球储能项目供应5GWh自主研发的314Ah储能电芯产品。 2月13日，中国电建集团（股份）公司2025-2026年度储能系统设备框架入围集中 ...