证券研究报告 行业研究 / 行业点评 2025 年 12 月 16 日 一年内行业指数与沪深 300 指数对比走势： 行业及产业 11 月国内新型储能新增招标规模环比 大增，储能电芯持续高景气 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 资料来源：聚源数据，爱建证券研究所 相关研究 《锂电行业跟踪：11 月国内动力电池装车量和 出口量同比增长，锂电材料价格趋于稳定》 2025-12-15 《数据中心及 AI 景气上行，电力设备需求持续 增长》2025-12-12 《动力和储能锂电需求增长，锂电材料价格价 格趋于稳定》2025-12-09 《11 月国内光伏组件产量环比下降，储能电芯 延续高景气态势》2025-12-08 跌互现》2025-12-02 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 电力设备 ——光储行业跟踪 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2025 年 11 月光伏组件整体产量环比 10 月下降 2.43%。国 内方面，12 月终端装机进展不及企业心 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 02 日 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心能耗和功率提升推动供电架构革新， SST 市场空间广阔》2025-11-26 《储能锂电需求向好，锂电材料价格温和抬升》 2025-11-25 《10 月光伏出口环比下滑，储能需求旺盛》 2025-11-25 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 行业及产业 10 月国内光伏装机量环比上涨，储能电 芯排产延续增长态势 ——光储行业跟踪 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2025 年下半年以来，光伏组件排产较为稳定。11 月国内组 件企业排产增减不一，头部企业排产稍有上升，其他大多数企业减产清库 ...

Investment Rating - The industry is rated as "Outperform" compared to the market [2][37]. Core Insights - The report highlights strong demand for energy storage and power batteries, with a notable recovery in raw material and cell prices [2][5]. - The photovoltaic (PV) component production is expected to be below 44.5 GW in November 2025, with potential for profit recovery leading to increased production [5][9]. - The report suggests focusing on energy storage-related companies due to significant growth in tender capacity for energy storage projects [2][21]. Summary by Sections Production - PV component production has been stable since the second half of 2025, with leading companies slightly increasing production while most others are reducing to clear inventory [5]. - In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [5][9]. Prices - As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [9][16]. - The average price for lithium iron phosphate battery storage systems is reported at 0.5547 CNY/Wh, with a month-on-month increase of 10% [16][21]. Domestic Demand - In September 2025, the domestic PV installation capacity increased by 31.3% month-on-month to 9.7 GW, but saw a year-on-year decline of 53.8% [20][21]. - The cumulative new PV installation from January to September 2025 reached 240.27 GW, representing a year-on-year growth of 49.3% [20]. Overseas Demand - In October 2025, the export value of PV components was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [26][27]. - The cumulative export value from January to October 2025 reached 23.473 billion USD, a year-on-year decrease of 4.89% [26].

Core Viewpoint - The value proposition of villas is shifting from traditional factors like space and location to green attributes and smart energy management, driven by the global carbon neutrality goals and the awakening of green consumption awareness [1] Group 1: Energy Management Transition - Villas typically have higher energy demands due to their expansive space and luxury features, necessitating advanced energy management solutions [2] - A mature solar energy storage system can meet diverse energy needs, utilizing solar power during the day and storing excess energy for use at night, thus reducing electricity costs [2][4] Group 2: Safety and Reliability - For high-end villa owners, electricity safety is a fundamental requirement; traditional reliance on the grid can lead to disruptions during extreme weather or outages [4] - Solar energy storage systems with off-grid capabilities can provide emergency power, ensuring continuous electricity supply for essential devices [4] Group 3: Value Recognition - The elite class is increasingly seeking deeper value expressions in their living spaces, focusing on lifestyle, cultural experiences, and environmental responsibility rather than mere luxury [5] - Green energy solutions are becoming a new status symbol, reflecting a forward-thinking lifestyle and commitment to environmental stewardship [5] Group 4: Aesthetic Integration - The "泰墅绿能" product line features aesthetic designs that seamlessly integrate solar components with villa architecture, enhancing overall visual appeal [7] - The service model includes comprehensive support from surveying to installation, catering to high-end clients' expectations for convenience and peace of mind [7] Group 5: Asset Appreciation - A comprehensive green energy solution should be viewed as a "green financial engine" that enhances property value and resilience against market fluctuations [8] - The integration of green energy and smart technology aligns with the high-net-worth demographic's pursuit of intelligent living solutions [8] Group 6: Environmental Impact - The tangible benefits of green energy solutions extend beyond financial savings, contributing significantly to environmental sustainability, such as reducing carbon emissions equivalent to planting over a thousand trees annually [10] - The definition of high-end living is evolving, with villas becoming symbols of green philosophy, smart management, and future-oriented lifestyles [10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is expected to see significant growth in its energy storage business, driven by a solid foundation in the U.S. market and continuous breakthroughs in new markets [5] - The company specializes in solar storage products and metal products, with a strong market position in the U.S. and Korea [5] - The report highlights the company's competitive advantages, including brand strength, after-sales service capabilities, and backing from the Zhejiang Chint Group [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 2,518 million yuan in 2023 to 5,715 million yuan in 2027, with a compound annual growth rate (CAGR) of 20.7% [4] - The net profit attributable to the parent company is expected to increase from 64 million yuan in 2023 to 494 million yuan in 2027, reflecting a significant recovery after a decline in 2023 [4] - The earnings per share (EPS) is forecasted to rise from 0.18 yuan in 2023 to 1.36 yuan in 2027 [4] - The gross margin is expected to stabilize around 30% over the forecast period, with a slight decline anticipated in 2027 [4] Industry and Company Situation - The company is positioned as a leader in the commercial inverter market in the U.S. and Korea, with a revenue share of 61.65% from solar storage products and 37.82% from metal products in the first half of 2025 [5] - The global demand for solar storage is expected to grow as carbon neutrality initiatives advance, providing a favorable environment for the company's growth [5] - The company has secured significant projects in Europe and Japan, indicating successful market penetration and product innovation [5][13] Key Assumptions - The inverter business is projected to grow at a steady rate of 20% annually from 2025 to 2027 [5] - The energy storage business is expected to experience rapid growth, with revenue growth rates of 80%, 70%, and 60% for the years 2025 to 2027, respectively [5] Catalysts - Continued acquisition of energy storage orders and a potential shift in U.S. policies towards more favorable conditions for renewable energy [5]

Group 1 - The core viewpoint of the news is the rapid construction and strategic significance of the new manufacturing base for Sig新能源 in Nantong, which highlights the efficiency of the project and the collaboration with local services [2][4]. - The Nantong smart factory covers an area of 115 acres with a total construction area of approximately 136,000 square meters, focusing on the mass production of photovoltaic inverters and energy storage products [2]. - Sig新能源 has quickly become a world-class player in the AI and renewable energy storage sector since its establishment in 2022, with its products being distributed in over 60 countries and regions [2]. Group 2 - The CEO of Sig新能源 emphasized the importance of digitalization and smart manufacturing in the new factory, aiming for a fully integrated digital management system that ensures quality traceability throughout the production lifecycle [4]. - The Nantong area is witnessing significant progress in multiple key projects, indicating a strong trend of high-end manufacturing and continuous improvement of the industrial chain [4]. - The local government is committed to providing precise and professional support to ensure the timely production launch of the factory by the end of the year, aiming to enhance Sig新能源's global competitiveness [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [6][18]. Core Views - The company has a strong order book in the overseas energy storage market, which supports its profit margins. The energy storage business achieved a shipment of approximately 3.1 GWh in the first half of 2025, representing a year-on-year growth of 19.23% [2]. - The company prioritizes profit in its photovoltaic business, limiting production to maintain prices. The shipment of photovoltaic modules was 14.8 GW, remaining stable year-on-year, contributing approximately 143.62 billion yuan in revenue [3]. - The report adjusts the company's revenue forecast for 2025-2027, estimating revenues of 416.74 billion yuan, 452.7 billion yuan, and 525.75 billion yuan, with net profits of 19.08 billion yuan, 26.08 billion yuan, and 31.97 billion yuan respectively [4]. Financial Performance Summary - The company reported a revenue of 47,536 million yuan in 2022, with a projected revenue of 51,310 million yuan in 2023, followed by a decline to 41,674 million yuan in 2024, and a recovery to 45,270 million yuan in 2025 [1]. - The net profit attributable to the parent company was 2,157 million yuan in 2022, expected to rise to 2,903 million yuan in 2023, but forecasted to drop to 1,908 million yuan in 2024 before increasing to 2,608 million yuan in 2025 [1]. - The company's return on equity (ROE) is projected to decline from 18.3% in 2022 to 8.4% in 2024, before recovering to 10.3% in 2025 [1]. Market Position and Strategy - The company has signed contracts worth 30 billion USD in its energy storage segment, with significant projects in the Americas, Australia, and Europe [2]. - The company is actively responding to market conditions by adjusting its production and shipment strategies to maintain a balance between scale and profitability [3].