【环球时报驻德国特约记者 青木】欧洲智慧能源展览会7日至9日在德国慕尼黑展览中心举行。来自全 球约3000家参展商在19个展厅和一个室外展区展示面向未来能源行业的最新创新和解决方案。中国共有 约850家企业参展。 路透社上周表示，光伏行业的顶级制造商已面临低价和对美出口关税的双重压力。 目前，许多中国企业正加强与欧洲的合作。宁德时代在德国和匈牙利新建的两座工厂已投入运营。远景 动力在西班牙建设的超级电池工厂于去年7月举行奠基仪式。该工厂将成为欧洲首个磷酸铁锂电池超级 工厂。派能科技首座海外工厂3月在意大利帕多瓦举行开业仪式，该公司陆续在荷兰、英国、德国、意 大利等国家建立子公司。 多名德国行业专业人士对《环球时报》特约记者表示，欧洲能源转型离不开中国。被认为主导欧盟电池 旗舰项目的瑞典电池巨头"北伏电池"的破产就是一次教训。他们认为，中国在光伏、电池等新能源领域 建立了一条从原材料到终端产品的完整价值链，具备其他国家没有的优势。 "中国绿色能源发展迈向里程碑"，德国新闻电视台最近称赞道，今年第一季度，中国风光发电装机容量 首次超过火电。中国在可再生能源扩张方面也处于全球领先地位。特别是考虑到美国政府放弃气候保 ...

Group 1 - Jiangsu Province's Ministry of Industry and Information Technology has completed the review process for the first batch of provincial-level specialized, refined, distinctive, and innovative small and medium-sized enterprises (SMEs) for 2025 [1] - The selected enterprises focus on the "1650" industrial system, covering strategic emerging fields such as high-end equipment, new materials, integrated circuits, and biomedicine [4] - Notable companies include Nanjing NARI Technology Co., Ltd. and Nanjing Guodian Nanzi Electric Automation Co., Ltd., which have achieved technological breakthroughs in the smart grid sector [4] Group 2 - The public notice period for the selected enterprises is from April 30 to May 9, 2025, allowing the public to provide feedback and raise objections [6] - As of the end of 2024, Jiangsu Province has cultivated a total of 14,000 provincial-level specialized, refined, distinctive, and innovative SMEs, doubling from 5,594 at the end of 2022 [6] - The growth is attributed to the implementation of the "Three-Year Action Plan for Cultivating Specialized, Refined, Distinctive, and Innovative Enterprises in Jiangsu Province (2023-2025)," which aims to exceed 10,000 such SMEs by 2025 [6] Group 3 - In 2024, a record 4,737 new specialized, refined, distinctive, and innovative SMEs were added, with significant contributions from manufacturing strongholds like Suzhou, Wuxi, and Nanjing [6] - Suzhou has cultivated 3,479 provincial-level specialized, refined, distinctive, and innovative SMEs, accounting for nearly 25% of the total in Jiangsu [6] - In March 2025, Jiangsu announced a three-year action plan to cultivate 500 enterprises for potential listing by 2027, with specific goals for regional equity market listings and domestic and international IPOs [6]

盈利预测：我们预计2025-2027 年公司EPS 分别为1.54、1.88、2.32 元，PE 分别为24、19、16 倍，维 持"买入"评级。 风险提示：需求走弱、竞争加剧造成盈利能力下降、地缘政治和汇率风险等。 业绩显著超预期，增长有数量更有质量。1）根据公司公告，2025Q1 实现营收5.55 亿元、同比增长 23.96%；归母净利润1.39 亿元、同比增长25.33%；扣非后为1.37 亿元、同比增长26.22%；经营性净现 金流为0.80 亿元、同比增长38.29%，业绩显著超出市场预期。盈利能力方面，2025Q1 公司毛利率为 41.61%，同比微降0.28 个百分点（2024Q1 为41.89%）；净利率为25.09%，同比提升0.30 个百分点 （2024Q1 为24.79%）；ROE 为4.28%，同比提升0.43 个百分点（2024Q1 为3.85%），总结来看，公司 2025Q1 业绩超预期，增长有数量、更有质量。2）订单方面，2025Q1 公司新签合同7.77 亿元、同比增 长30.4%；截至2025Q1 末，公司在手订单合计41.08亿元（公司2024 年收入为27.45 亿元、订 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].

21世纪经济报道记者费心懿 实习生余名伟 上海报道 近期，科陆电子（002121.SZ）发布2025年一季报。从净利润表现来看，这是近三年科陆电子创下的最 好的单季表现。 今年一季度，公司营业总收入12.14亿元，同比上升16.20%；归母净利润6745.09万元，同比上升 857.45%，主要原因是非经常性损益项目如政府补助和应收款项减值准备转回的贡献。 甩掉历史包袱轻装上阵 2018-2019年，由于大规模激进扩张，科陆电子遭遇重大挫折。关键时刻，深圳资本集团出手相助，使 公司在2020年短暂实现盈利。可惜好景不长，公司随后又重新陷入亏损的局面。 2022年5月，美的集团（000333.SZ）发布公告，宣布将收购科陆电子，布局储能赛道。到了2023年6 月，美的集团完成相关交易，正式成为科陆电子的重要股东，持股比例达22.79%，为这家老牌企业的 发展注入新动能。 2024年，科陆电子营业收入为44.31亿元，同比增长5.50%。尤其在第四季度，公司营业收入达到15.3亿 元，同比上升78.5%。净利润较2023年亏损额明显缩窄。 虽然营收实现增长，但公司净利润仍为负值，归属于上市公司股东的净利润亏损4. ...

Core Viewpoint - LinYuan Energy reported a decline in revenue and net profit for 2024, attributed to global economic changes, industry policy adjustments, and market supply-demand imbalances [1] Smart Sector - The smart sector of LinYuan Energy continued to strengthen its domestic market share while expanding overseas, achieving a total bid amount of 1.232 billion yuan in domestic tenders, a year-on-year increase of over 30% [4] - The company secured over 800 million yuan in orders in the Polish market, capturing more than 30% market share, and is actively expanding into Romania, Bulgaria, and Hungary [4] - A joint venture with Saudi ECC was established to deepen market penetration in the Middle East, with a market share exceeding 30% [4] - The company faces geopolitical risks and shipping constraints but is implementing strict credit controls and diversified supply chains to ensure safe operations [4] New Energy Sector - In the new energy sector, LinYuan Energy made significant progress in power station construction and intelligent operation and maintenance, with over 1,245 MW of projects under construction and over 1,145 MW connected to the grid [5] - The company signed cooperation agreements with major state-owned enterprises for project development and product research in the new energy sector [5] - The operation and maintenance capacity increased by 50% year-on-year, with a total installed capacity of signed projects exceeding 18 GW [5] - The company engaged in green electricity trading, achieving a settlement of 61.57 million kWh, with a price increase of 3.1 cents per kWh compared to the benchmark price [5] Energy Storage Sector - The energy storage sector saw a steady increase in delivery scale, with cumulative deliveries exceeding 4.5 GWh and project reserves over 10 GWh by the end of 2024 [6] - The company is actively expanding into core markets in Europe, the Middle East, and Southeast Asia, establishing joint ventures and local service networks [6] - Technological innovation is a core competitive advantage, with upgrades to energy management systems and a 10% reduction in unit manufacturing costs achieved through lean production [6][7] Overall Performance - Despite facing operational pressures, LinYuan Energy is focusing on technology research, cost management, and overseas market expansion to seek new growth points [7] - The company aims to continue advancing its three core business sectors—smart grid, new energy, and energy storage—toward global collaborative development [7]

在全球能源结构加速转型的背景下，中国智能电网"走出去"战略迎来关键进展。作为国家能源智能化、 绿色化、数字化发展战略的先行者，神州智电有限公司与香港电灯有限公司（HK Electric）近日正式签 署战略合作协议。双方将携手在智能电网建设、数字化配电、新能源协同调度、碳中和示范园区、绿色 金融机制、AI电力调度系统等多个关键领域展开深度合作。 本次合作不仅是企业层面的协同创新，更是国家级能源战略在区域层面的首次落地，标志着中国将在国 际能源治理格局中，进一步由技术输出者向规则引导者、市场引领者迈进。 合作的首要目标，是以香港为起点，在政策、技术、产业和金融四大维度上形成合力，打造一个"立足 香港、联动大湾区、辐射东南亚"的智能电网国际示范区。该示范区将以"柔性电网+绿色能源+人工智 能"为核心，全面推动亚洲地区能源系统由"集中、刚性、高碳"向"分布、智能、低碳"跃升，助力亚洲 加快实现碳达峰与碳中和目标。 香港作为中西交汇的门户城市、国际金融与技术枢纽，具备独特的制度优势与高效的营商环境，将成为 神州智电输出中国标准、人民币结算体系和绿色金融机制的重要桥头堡。通过这一合作，未来将实现以 下关键布局： 1. 构 ...

Core Perspective - Nanjing is promoting itself as a hub for innovation and investment through a unique narrative represented by five key maps: coordinate map, panoramic map, matrix map, route map, and heat map [1][3] Group 1: Economic and Historical Significance - Nanjing has a rich history with over 3000 years of city establishment, recognized as a national historical and cultural city [3] - The city's economic output is 1.85 trillion, ranking it among the top ten cities in China [3] - Nanjing hosts over 1 million university students and ranks third in the number of "Double First Class" universities nationwide [3] - The city maintains stable economic and trade cooperation with over 210 countries and regions [3] - Nanjing has been awarded "Most Livable City" 15 times, reflecting its high quality of life [3] Group 2: Industrial Development Strategy - Nanjing is focusing on becoming an industrial powerhouse by enhancing its four pillar industries: petrochemicals, steel, automotive, and electronics [6][8] - The city aims to develop eight strategic emerging industries, including software and information services, smart grid, intelligent manufacturing, biomedicine, new energy vehicles, and new materials [8] - Four industry task forces have been established to focus on breakthroughs in artificial intelligence, robotics, biomedicine, and next-generation information communication [8] Group 3: Innovation and Research Infrastructure - Nanjing is building a matrix of four strategic technological forces to become a globally influential innovation center [12] - The city has established high-level laboratories and is leading the construction of national innovation centers in various fields [12] - Major technological infrastructure projects, such as the Future Network Experimental Facility, have been completed [12] Group 4: Technology Transfer and Commercialization - Nanjing is creating a pathway for technology transfer and commercialization, aiming to be the preferred location for such activities [14] - The city is establishing a national technology transfer center focused on biomedicine and information communication [14] - A comprehensive support system for innovation and industry incubation is being developed, involving collaboration among scientists, entrepreneurs, and investors [14] Group 5: Business Environment Optimization - Nanjing is continuously improving its business environment by implementing a lifecycle service model for enterprises [17][19] - The city has established an integrated government service matrix that has been promoted nationwide [19] - A total of over 200 billion yuan has been allocated to the "4+N" industrial fund to enhance financial support for businesses [19]

证券研究报告 立足温和复苏，积极结构跃迁 ——2025年政府工作报告解读 分析师：仇华 登记编号：S0500519120001 2025年03月10日 目录 | CONTENTS 01 03 2025年政府工作报告对投资的指引 2025年政府工作报告总览 04 投资建议和风险提示 02 2025年政府工作报告解读 一、2025年政府工作报告总览 2025年政府工作报告总览 3 一、2024年工作回顾 二、2025年经济社会发展总体要求和政策取向 总体要求：国内生产总值增长5%左右；城镇调查失业率5.5%左右，城镇新增就业1200万人以上； 居民消费价格涨幅2%左右；居民收入增长和经济增长同步；国际收支保持基本平衡； 粮食产量1.4万亿斤左右；单位国内生产总值能耗降低3%左右，生态环境质量持续改善。 政策取向：实施更加积极的财政政策：合计新增政府债务总规模11.86万亿元、比上年增加2.9万亿元。 实施适度宽松的货币政策。强化宏观政策民生导向。打好政策"组合拳" 。 三、2025年政府工作任务 （一）大力提振消费、提高投资效益，全方位扩大国内需求。 （二）因地制宜发展新质生产力，加快建设现代化产业体系。 （三） ...