派能科技 20251009 摘要 派能科技从户用储能起家，通过垂直整合产业链，具备电芯到储能系统 全自主研发生产能力，并已拓展至工商储、大型储能、电动工具电芯、 换电及两轮车等多元领域。 欧洲户用储能市场库存去化明显，户用电芯价格因供不应求上涨，表明 供需关系改善。派能科技等企业季度环比改善，预示户用储能业务前景 向好。 2025 年上半年，派能科技户储业务占比降至 50%左右，工商储占比超 20%，两轮车市场贡献显著，多元化业务结构初步形成，标志公司战略 转型。 派能科技户储产品毛利率最高，其次是工商储，再次是大储和两轮车。 海外户储市场定价是国内两倍，高毛利率有助于提升公司盈利能力。 公司预计 2025 年出货量达 4GWh，同比增长约 150%，主要依赖大储 订单交付和两轮车市场放量，户储业务回升亦有贡献，全年业绩有望反 转。 派能科技预计 2026 年出货量增长 50%-60%，达 6-7GWh。若单位盈 利恢复至每瓦时 0.2 元，利润有望达 12-14 亿元，业绩增长弹性大。 派能科技产品在系统输出稳定性和生命周期方面表现优异，且价格较三 星、索尼低 20%-40%，具备性价比优势，在全球分布式能 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 6.098 billion yuan in the first half of 2025, representing a year-on-year increase of 14.03%, and a net profit attributable to shareholders of 117 million yuan, up 14.77% year-on-year [1]. - In Q2 2025, the company reported a revenue of 3.599 billion yuan, a year-on-year increase of 28.63%, and a net profit of 141 million yuan, reflecting a year-on-year growth of 53.26% [2]. - The company is experiencing growth across multiple business segments, with significant increases in sales of lithium batteries for laptops and smartphones, as well as a rising self-supply ratio in the PACK segment [3]. - The company is focusing on high-rate scenarios in dynamic storage, achieving breakthroughs in its power and storage business, particularly in low-voltage lithium batteries for automobiles and drone batteries [4]. Financial Forecasts - The company is projected to achieve revenues of 14.189 billion yuan, 16.844 billion yuan, and 20.026 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.9%, 18.7%, and 18.9% [5][9]. - The net profit attributable to shareholders is expected to reach 611 million yuan, 1.393 billion yuan, and 1.913 billion yuan for the same years, with growth rates of 41.9%, 128.1%, and 37.3% [5][9]. - The report indicates a projected PE ratio of 39, 17, and 13 for the years 2025, 2026, and 2027, respectively [4][5].

Event Overview - The 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 10-11, 2025, in Shenzhen [1] - The event theme is "Battery Swap City, Smart Two-Wheelers" [1] Key Highlights - The conference will feature over 300 influential companies in the two-wheeled vehicle battery swap and battery sectors, with more than 600 executives attending [2][3] - The event aims to establish brand benchmarks in battery swap operations, lithium batteries, sodium batteries, and related technologies [2] - The rapid growth of the two-wheeled vehicle battery swap market is driven by policy support, demand for instant delivery, and technological upgrades [2] Industry Trends - The conference will focus on high safety, high energy density, long cycle life, and low-cost battery products, addressing challenges in battery safety and market coverage [2] - AI technology is accelerating the development of new battery technologies, including sodium batteries, lithium iron phosphate, and solid-state batteries [2] Agenda Highlights - The event will include a series of specialized forums discussing trends in electric two-wheeled vehicles, battery safety, and new national standards [4][5][6] - Keynote speeches will be delivered by executives from leading companies such as Yadi Technology Group, Dudu Battery Swap, and Cainiao Group [4][5][6] Participation and Sponsorship - Major sponsors and partners include Yadi Technology Group, Tailing Group, New Day Co., and various battery technology firms [1][2] - The event will also feature a closed-door dinner for selected CEOs from the battery and two-wheeled vehicle sectors [4] Registration Information - Registration packages are available, with prices starting at 2888 yuan per person, including accommodation and access to industry reports [9][10]

Group 1 - The event is the 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit, focusing on the growth and innovation in the battery swap and electric vehicle industry [3][4] - The conference will feature over 300 key enterprises in the two-wheeled vehicle battery swap and battery sectors, with more than 600 executives attending, highlighting the industry's rapid growth and technological advancements [3][4] - The event aims to establish brand benchmarks in the industry by awarding the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper" and the "Luban Awards" for various technological leadership categories [3][4] Group 2 - The conference will take place on July 10-11, 2025, at the Shenzhen Baoan DENGXILU International Hotel, under the theme "Swap City, Smart Two-Wheels" [4] - Key topics include advancements in battery technology, safety, and the impact of new national standards on the two-wheeled vehicle battery swap industry [5][6] - The event will also feature discussions on the commercialization of unmanned delivery vehicles and the application of cylindrical batteries in electric motorcycles [5][6] Group 3 - The conference will address the challenges and opportunities in the two-wheeled vehicle battery swap market, driven by policy support, demand for instant delivery, and technological upgrades [3][4] - The industry is expected to see a new wave of market growth, with Chinese companies poised to capitalize on integration advantages and address challenges such as battery safety and cost optimization [3][4] - The event will include specialized forums focusing on lithium batteries, sodium batteries, and solid-state battery technologies, emphasizing the need for high safety, high energy density, and low-cost battery products [6][9]

Group 1 - The event focuses on new technologies and market expansion in the electric two-wheeler battery swap industry [3] - The conference will feature the release of the "2025 China Two-Wheeler Battery Swap and Battery TOP Rankings and Industry White Paper," which includes rankings for top electric two-wheeler manufacturers and battery suppliers [3] - The global battery swap market for two-wheelers is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [3] Group 2 - The event will take place on July 10-11, 2025, at the Hongdoushan Villa in Wuxi, with an expected attendance of over 500 participants [4] - The agenda includes various specialized forums discussing trends in electric two-wheeler technology, battery safety, and the impact of new national standards [5] - Key topics will include high-safety sodium-ion batteries, lithium battery technology advancements, and the application of new materials and processes [5] Group 3 - Notable participating companies include major players in the electric two-wheeler and battery sectors, such as Yadea, Aima, and CATL, among others [7][8] - The event will also attract companies from the IoT and communication module sectors, as well as battery management system (BMS) providers [7][8] - The conference aims to facilitate collaboration and knowledge sharing among industry stakeholders, including manufacturers, investors, and media [8]

Group 1 - The event focuses on new technologies and expanding new markets in the electric two-wheeler and battery sectors [4][5] - The conference will feature the release of the "2025 China Two-Wheeler Battery and Swap Industry White Paper," which includes rankings of top companies in various categories [4] - The global two-wheeler battery swap market is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [4][6] Group 2 - The event will include discussions on high-safety, high-rate, high-energy density, long-cycle life, and low-cost battery products [4] - Emerging applications such as low-altitude flight, mobile electric tools, humanoid robots, and smart homes are driving the growth of lightweight power and small-scale energy storage markets [4][8] - AI technology is accelerating the development of new battery technologies like sodium batteries and full-tab cylindrical batteries for two-wheeler applications [4] Group 3 - The agenda includes specialized forums on electric two-wheeler technology, battery technology, and battery swap technology [6][8] - Key topics will cover trends in lithium battery development, challenges in battery safety, and the impact of new national standards on battery technology [8] - The event will host over 500 participants, including leading companies in the electric two-wheeler and battery sectors [7]

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