投资者关系活动记录表（2025） 证券代码：002334 证券简称：英威腾 深圳市英威腾电气股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活动 | 特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 券商策略会 | | 参与单位名称及 | 一、券商策略会 | | 人员姓名 | 中信证券、易方达基金、君成投资、瞰道资产、亘泰投资 | | | 二、现场与线上结合方式调研 | | | 中泰证券、中天国富证券、首创证券、国泰基金、亚太汇金基金、 | | | 淳厚基金、广莲资产、浮昇寰屿、聚众鑫创投资管、东北证券（线 | | | 上） | | 时间 | 年 月 日 2025 11 11 15:30 | | | 2025 年 11 月 14 日 10:00 | | 地点 | 券商策略会举办地（深圳） | | | 英威腾光明科技大厦 | | 上市公司接待人 | 董事会秘书：左桃林 | | 员姓名 | 网络能源 BU 副总经理：凌雄 | | | 财务会计总监：周芳 | ...

Core Viewpoint - The announcement indicates that Deye Technology Co., Ltd. is planning an H-share listing to advance its global development strategy, enhance brand international influence and core competitiveness, and broaden financing channels through international capital markets [1] Group 1: H-Share Listing - The goal of the H-share listing is to promote Deye's globalization strategy and improve governance levels [1] - The H-share listing will not change the controlling shareholder or actual controller of Deye [1] - Deye is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2: Company Overview - Deye Technology is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [1] - The company was successfully listed on the Shanghai Stock Exchange in April 2021 and has three core industrial chains: photovoltaic inverters, energy storage battery packs, and environmental appliances [1] Group 3: Financial Performance - In the first three quarters of 2025, Deye achieved revenue of 8.846 billion yuan, a year-on-year increase of 10.36% [2] - The net profit attributable to shareholders was 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [2] - The stable performance provides a solid foundation for the company's Hong Kong IPO [2]

Core Insights - The Anhui Province Photovoltaic and Energy Storage Industry Innovation Development Conference was held on November 8, focusing on technological breakthroughs, scenario expansion, and ecological co-construction in the photovoltaic and energy storage industry, resulting in 26 project signings with an investment amount of 9.283 billion yuan [1] - The conference showcased advanced technologies, products, and application scenarios in the photovoltaic and energy storage sectors, highlighting the latest achievements in industry development [1] - Anhui has prioritized the development of the new energy industry, particularly advanced photovoltaic and new energy storage, achieving a comprehensive competitive strength ranking third nationally since the 14th Five-Year Plan [1] Industry Development - Anhui's photovoltaic glass, batteries, components, inverters, and energy storage systems are globally leading in performance, with cutting-edge technologies like perovskite and solid-state batteries ranking in the top tier of the industry [2] - The province has nurtured 10 enterprises in the energy storage sector with revenues exceeding 10 billion yuan, 48 national-level "little giant" enterprises, and 161 provincial-level specialized and innovative enterprises, creating a robust enterprise ecosystem [2] - The revenue scale of Anhui's energy storage industry has grown from 80 billion yuan in 2020 to over 400 billion yuan by the end of last year, achieving a fivefold increase in four years [2] Future Projections - By September 2025, Anhui aims to reach an installed capacity of 54.38 million kilowatts for advanced photovoltaics and 3.73 million kilowatts for new energy storage, representing a threefold and 21-fold increase, respectively, since the 14th Five-Year Plan [2] - The export value of Anhui's energy storage products has increased from 13.9 billion yuan to 43.9 billion yuan during the 14th Five-Year Plan, more than doubling in four years [2] - Companies like Sungrow Power Supply Co., Ltd. have achieved the highest global shipment volume for energy storage systems, while Guoxuan High-Tech has established production bases overseas, enhancing the international recognition of Anhui's energy storage brands [2]

Core Viewpoint - The company, Sunshine Power, has achieved a remarkable market capitalization leap from 300 billion to 400 billion CNY within two months, reflecting strong performance in the photovoltaic and energy storage sectors [1][3]. Financial Performance - In the first three quarters of 2025, Sunshine Power reported revenue of 66.402 billion CNY, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 11.881 billion CNY, up 56.34% [5]. - The third quarter alone saw revenue of 22.869 billion CNY, a 20.83% increase year-on-year, with net profit reaching 4.147 billion CNY, marking a 57.04% increase [5][6]. - Operating cash flow significantly improved, with a net cash flow from operating activities of 9.914 billion CNY, reflecting a growth of over ten times year-on-year [6]. Inventory and Credit Management - The company has made provisions for credit and asset impairments totaling 1.280 billion CNY, impacting current profits, with inventory write-downs accounting for 84.8% of total asset impairments [7]. - The reduction in accounts receivable by 4.6 billion CNY compared to the beginning of the year indicates enhanced cash flow recovery capabilities [6]. Business Segments - Sunshine Power's growth focus has shifted towards energy storage, with energy storage shipments increasing by 70% year-on-year, while photovoltaic inverter revenue grew by approximately 6% [9][10]. - The share of overseas shipments in energy storage has risen from 63% to 83% year-on-year, contributing to stable profit margins [10]. Market Trends - The global lithium battery storage market has seen significant growth, with a 68% year-on-year increase in installations, driven by both domestic and international demand [11]. - The company has increased its market share in North America to 12%, with overseas revenue reaching 25.379 billion CNY, a growth of 88.32% year-on-year, accounting for 58.30% of total revenue [12]. Future Growth Drivers - The European market is expected to be a key growth driver, with projections of a 50% growth rate over the next three years due to the rise of dynamic electricity pricing in countries like Germany [14]. - Sunshine Power is also positioning itself for future growth in data center power demand, with plans to deliver customized energy storage solutions by 2026 [15].

Core Viewpoint - The article highlights the significant growth of Yangguang Power (300274.SZ), which has achieved a market capitalization leap from 300 billion to 400 billion CNY within two months, driven by strong performance in both revenue and profit amidst a challenging photovoltaic market [1][3]. Financial Performance - In the first three quarters of 2025, Yangguang Power reported revenue of 664.02 billion CNY, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 118.81 billion CNY, up 56.34% [5]. - The third quarter alone saw revenue of 228.69 billion CNY, with a net profit of 41.47 billion CNY, marking the highest quarterly net profit since the company's listing [5]. - Operating cash flow significantly improved, with a net cash flow from operating activities of 99.14 billion CNY, reflecting a growth of over ten times year-on-year [5]. Inventory and Credit Management - The company has made provisions for credit and asset impairments totaling 12.80 billion CNY, which has impacted current profits [6]. - Inventory impairment losses accounted for 84.8% of total asset impairment, indicating ongoing challenges in inventory management [6]. Business Segmentation and Growth - Yangguang Power's growth focus has shifted towards energy storage, with a 70% year-on-year increase in energy storage shipments, aligning with market installation growth [8]. - The revenue from photovoltaic inverters grew approximately 6% year-on-year, with improved gross margins due to a shift in market structure [8]. International Market Dynamics - The company has seen a significant increase in overseas shipments, with the share of overseas shipments in energy storage rising from 63% to 83% year-on-year [8]. - The North American market has become a critical component of Yangguang Power's overseas business, contributing to 58.30% of total revenue in the first half of 2025, with a year-on-year growth of 88.32% [9]. Future Growth Drivers - The company is positioning itself for future growth in the data center power demand sector, with plans to deliver customized energy storage solutions by 2026 [10]. - The European market is expected to see substantial growth, driven by dynamic pricing and increased demand for energy storage solutions [10].

Core Viewpoint - The company, Sungrow Power Supply Co., Ltd. (300274.SZ), has achieved a significant market capitalization increase, reaching nearly 400 billion yuan within two months, reflecting strong performance in the photovoltaic and energy storage sectors [2][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 66.402 billion yuan, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 11.881 billion yuan, up 56.34% [5]. - In Q3 2025, revenue was 22.869 billion yuan, showing a 20.83% year-on-year growth, with net profit reaching 4.147 billion yuan, a 57.04% increase, marking the highest quarterly net profit since the company's listing [5][6]. Operational Efficiency - The company's operating cash flow significantly improved, with a net cash flow from operating activities of 9.914 billion yuan, growing over tenfold year-on-year [6]. - Accounts receivable decreased by 460 million yuan compared to the beginning of the year, indicating enhanced cash flow recovery capabilities [6]. Market Dynamics - The company's growth focus has shifted towards energy storage, with energy storage shipments increasing by 70% year-on-year, aligning with market installation growth [8]. - The share of overseas shipments in energy storage has risen from 63% to 83% year-on-year, contributing to stable profit margins [8][9]. Global Market Trends - The global lithium battery energy storage installation exceeded 170 GWh in the first three quarters of 2025, reflecting a 68% year-on-year growth [8]. - The market structure is evolving from a few key regions to a more global presence, with significant increases in energy storage tenders and installations in Europe, the Middle East, and Asia-Pacific [9]. Future Growth Drivers - The company is positioning itself for future growth by developing AIDC (Artificial Intelligence Data Center) energy storage solutions, anticipating a doubling of global data center electricity demand by 2030 [10]. - The establishment of an AIDC division aims to cater to customized energy storage needs, with plans for small-scale deliveries by 2026 [10].

Core Insights - The value proposition of villas is shifting from traditional factors like space and location to their green attributes and smart capabilities, driven by the global carbon neutrality goals and the evolution of energy consumption patterns [1] Group 1: Market Trends - The villa solar storage market is transitioning from its nascent stage to a growth phase, highlighting its economic value and investment potential as part of high-end real estate value reconstruction [1] - Integrated solar storage solutions are emerging as essential infrastructure for homes, moving beyond simple installations to comprehensive systems that cover generation, storage, usage, and management [1] Group 2: Consumer Needs - Villas typically have higher energy demands due to their expansive spaces and luxury features, necessitating advanced energy management systems to ensure efficiency and reliability [2] - A mature solar storage system can meet diverse energy needs, providing cost savings and ensuring continuous power supply during outages, thus enhancing the luxury living experience [2] Group 3: Product Value - The core value of the "Tai Villa Green Energy" system lies in delivering a green, efficient, intelligent, and safe energy experience, allowing users to actively manage their energy consumption [3] - The system significantly reduces high-tier electricity costs and ensures critical loads remain operational during power outages, enhancing user peace of mind [3] Group 4: Lifestyle Shift - The elite class is increasingly seeking deeper value expressions in their living spaces, focusing on lifestyle iterations, cultural experiences, and community belonging rather than mere material comparisons [4] - Green energy solutions are becoming a new status symbol, reflecting a forward-thinking lifestyle and environmental responsibility [4] Group 5: Financial Perspective - A comprehensive green energy solution should be viewed as a "green financial engine" that enhances real estate value and resilience against market fluctuations [6] - The integration of green energy and smart technology aligns with the high-net-worth individuals' pursuit of intelligent living, providing a sense of control and security that transcends monetary value [6]

Core Viewpoint - The company is focused on enhancing its competitiveness in the energy storage market by developing high-value-added products and solutions in the solar energy sector [1] Group 1: Product Offerings - The company's current energy storage system products include household energy storage inverters, modular energy storage inverters, outdoor battery cabinets, battery containers, and energy management systems [1] Group 2: Strategic Focus - The company aims to deepen its engagement in the solar energy storage industry, concentrating on high-value regional markets to improve the overall competitiveness of large-scale energy storage system solutions [1] Group 3: Collaborative Advantages - The company has a close industrial chain relationship with its controlling shareholder, Zhengtai Electric, and its subsidiaries in the renewable energy sector, which provides synergistic advantages in technology innovation, industrial chain integration, and brand culture [1] - The company plans to strengthen internal collaboration and capability integration to support the high-quality development of its energy storage business [1]

Core Viewpoint - The inverter export scale continues to decline amid slowing global photovoltaic (PV) installation growth and a drop in domestic demand after a surge in the second quarter, significantly impacting Jinlang Technology's third-quarter revenue and net profit [1][2]. Group 1: Company Performance - Jinlang Technology reported a revenue of 5.663 billion yuan for the first three quarters of the year, a year-on-year increase of 9.71%, with a net profit of 865 million yuan, up 29.39% year-on-year [1]. - In the third quarter, the company achieved a revenue of 1.869 billion yuan, showing a slight year-on-year increase of 3.43%, but a significant quarter-on-quarter decline of 17.92% from 2.276 billion yuan in the second quarter [1]. - The net profit for the third quarter was 263 million yuan, down 16.85% year-on-year and a decrease of 35.38% compared to the second quarter's 407 million yuan [1]. Group 2: Market Conditions - The newly installed PV capacity in China decreased by 55.3% year-on-year and 33.3% month-on-month in August, indicating a slowdown in the PV installation market [2]. - In August, the export value of inverters was 6.29 billion yuan, a year-on-year increase of 2.2%, but a month-on-month decline of 3.4%, with the largest drop in exports to North America [2]. Group 3: Future Plans - Jinlang Technology plans to raise 1.677 billion yuan through convertible bonds to expand its distributed PV power station and high-voltage high-power inverter businesses [3]. - The company aims to increase production capacity for high-voltage inverters and mixed storage inverters, expecting an annual net profit increase of approximately 77.28 million yuan and 124 million yuan, respectively, after project completion [3][4]. - The planned 120 MW distributed PV power station is expected to generate an annual revenue increase of about 40.65 million yuan and a net profit increase of approximately 15.39 million yuan [3].

Core Viewpoint - Company Sunshine Power has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise approximately HKD 9.87 billion through the issuance of 338 million shares, enhancing its global strategy with a dual-platform layout [1][12]. Group 1: Industry Leadership - Sunshine Power is a leading player in the global clean energy technology sector, having maintained the top position in global photovoltaic inverter shipments for ten consecutive years [2][3]. - The company's global market share for photovoltaic inverters is projected to reach 25.2% in 2024 [4]. - As of June 30, 2025, Sunshine Power's cumulative shipment of energy storage systems is expected to reach 70 GWh, solidifying its leading position in the industry [5]. Group 2: Strong Financial Growth - From 2022 to 2024, Sunshine Power's revenue is expected to grow from CNY 40.11 billion to CNY 77.70 billion, while net profit is projected to increase from CNY 3.70 billion to CNY 11.26 billion, with compound annual growth rates of 39.2% and 74.6% respectively [6]. - In the first half of 2025, the company achieved revenue of CNY 43.44 billion and net profit of CNY 7.83 billion, reflecting a year-on-year growth of 55.97% [7]. - The company's gross margin has improved from 20.4% in 2022 to 32.9% in the first half of 2025 [8]. Group 3: Breakthrough in Energy Storage - The energy storage business has emerged as a significant growth driver for Sunshine Power, with revenue from energy storage systems reaching CNY 17.80 billion in the first half of 2025, a year-on-year increase of 127.78% [10]. - Sunshine Power ranks second in the global battery energy storage system integrators with a market share of 14%, significantly narrowing the gap with the leader, Tesla, which holds 15% [10]. - The company anticipates a total energy storage shipment of approximately 40-50 GWh for the year [12]. Group 4: Strategic Expansion - Sunshine Power's overseas business has become a crucial support for its performance, with overseas revenue reaching CNY 25.4 billion in the first half of 2025, accounting for 58.4% of total revenue [16]. - The company's overseas production capacity for photovoltaic inverters has reached 50 GW, and it has established over 20 branches and more than 60 representative offices globally [17]. - The company's brand value has increased for six consecutive years, reaching CNY 116.14 billion in the 2025 "China's 500 Most Valuable Brands" list [18]. Group 5: Future Prospects - The IPO in Hong Kong is expected to open a new chapter for Sunshine Power, further strengthening its competitiveness in the global clean energy sector [19].