2025年我国新型储能装机已达1.03 亿千瓦，全球占比40%+，储能行业的发展已从政策驱动 逐步 转为市场与技术 的 双轮驱动方向。 技术层面，数智化（ 5G+AI +数字孪生）与长时储能（千安时电池量产）成为 储能技术向上 突破主线，组串式液冷 储能 系统、钠电 、 固态电池 等技术开 始规模化落地。在商业化方面，市场 逐步 形成 "容量补偿 + 现货套利 + 辅助服务" 的 多元收益模式。但当下行业仍面临成本优化 压力高 、标准对接 难 、细分应用领域功能拓展 不足 等挑战，未来如何让储能设备脱离价格竞争， 走进 价值竞争已经成为 整个储能产业 迫切需要 讨论 的命题 …… 据最新消息，在行家说储能召开的 2026年开年盛会电力市场与数智化储能企业创新实践峰会上，苏州华储电气有限公司研发总监陈星将以《数智赋能，储 能技术迭代与商业化实践探索》为题，对上述问题做出解答。 插播： 1月8日，中车株洲所、弘正储能、海辰储能、海尔新能源、融和元储、华储电气、天合光能、万帮数字能源、星纪云能、汇能科技等超30家企业 出席【行家说储能开盛年会】，报名欢迎联系行家说储能辛迪 Cindy：15989092696 （微信 ...

证券代码：300183 证券简称：东软载波 青岛东软载波科技股份有限公司投资者关系活动记录表 编号：2025 -003 答：公司该核心业务收入的阶段性承压，其直接原因是主要客户国家 电网和南方电网招标节奏的周期性调整导致市场需求总量波动，这反映了 当前行业正处于一个关键的调整与转型期。面对这一形势，公司研发与战 略布局的核心正紧密围绕两大方向纵深推进：一是聚焦于解决现有庞大存 量台区中日益复杂的通信可靠性与管理效率等深度痛点；二是全力攻关面 向未来新型电力系统（如分布式能源互联、秒级精准负荷控制等业务）所 需的"高实时、高可靠、高并发"通信技术。公司正全面参与下一代PLC 通信技术的研讨与产品研发工作，旨在从技术底层构建面向未来的核心竞 争力。 4.集成电路业务在2025年上半年营收增长12.81%的同时，毛利率却出 现显著下降。导致"增收不增利"的具体原因是什么（如产品结构、价格 压力、原材料成本）？公司计划如何提升该板块的盈利能力？ 答：公司集成电路业务毛利率明显下滑的主要原因是市场竞争加剧带 来的产品价格下滑，同时部分库存商品形成时原材料采购价格较现在采购 价格高，现在按照现时市场价格销售，进一步拉低了 ...

格隆汇12月9日丨东软载波(300183.SZ)在互动平台表示，公司完成1.5GWh磷酸铁锂储能PACK产线建 设，并批量生产验证。针对工商业储能需求，研发了储能一体机产品，完成储能风冷、液冷储能一体机 产品开发及量产，已在多个省份交付运行。公司位于佛山市南海区九江镇土地准备建设大湾区智能电力 装备创新谷。 ...

格隆汇12月9日丨东软载波(300183.SZ)在互动平台表示，公司完成1.5GWh磷酸铁锂储能PACK产线建 设，并批量生产验证。针对工商业储能需求，研发了储能一体机产品，完成储能风冷、液冷储能一体机 产品开发及量产，已在多个省份交付运行。公司位于佛山市南海区九江镇土地准备建设大湾区智能电力 装备创新谷。 ...

Group 1: Financial Performance - The company achieved a revenue of 42,910.97 million yuan in the first three quarters of 2025, an increase of 24.05% compared to the same period last year [2] - The net profit for the same period was -6,970.96 million yuan, reflecting a growth of 46.43% year-on-year [2] - The decline in international business orders was noted, but cumulative growth for the year was observed [2] Group 2: Employee Incentives - The company approved a restricted stock incentive plan for 2024, granting 10.77 million shares to eligible employees [3] - This plan aims to establish a long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and the core team [3] Group 3: Market and Customer Insights - Direct export revenue to the U.S. accounts for a low percentage of total revenue, indicating limited exposure to U.S. trade policies [3] - Major overseas clients include Ericsson and Nokia, located in Sweden and Finland, respectively [3] Group 4: Product Compliance and Innovation - The company's energy storage products meet national green low-carbon requirements and have received multiple international certifications [4] - The development of AI technology is expected to increase demand for high-efficiency power systems, which the company is strategically positioning itself to meet [5]

Core Viewpoint - The company TBEA (特变电工) has indicated that its products, including transformers, wires and cables, switchgear, and energy storage integrated machines, are applicable to data center projects [1] Group 1 - TBEA's product offerings include transformers, wires and cables, switchgear, and energy storage integrated machines [1] - These products are specifically designed for use in data center projects [1]

Financial Performance - The company's revenue for the first half of 2025 reached 1.94 billion CNY, representing a year-on-year growth of 67.43% [2] - The overall revenue increased by 20.16% compared to the previous year, while R&D investment rose by 30.20% and sales expenses increased by 43.53% [3] - Employee stock incentive costs amounted to 17 million CNY, significantly impacting current profits [2] Product Development and Market Expansion - The company is focusing on the data center transformer market, with production capacity gradually being released in the first half of 2025 [5] - The product range has expanded from phase-shifting transformers to epoxy resin cast dry-type transformers and oil-immersed transformers, with sales extending to overseas markets such as Japan [5] - The company is developing a 35KV/10MVA solid-state transformer prototype, expected to undergo testing in Q4 2025, potentially making it one of the first in China with mass production capabilities [4] Competitive Landscape - The company is analyzing its competitive position against Jinpan Technology, noting significant differences in business operations and market value [3] - The management acknowledges the need to enhance the sales team's performance to better compete in the market [3] Investment and Production Capacity - The U.S. factory is projected to produce 21,000 distribution transformers annually, while the Mexican factory is expected to produce 6,000 new energy transformers [7] - The company has invested heavily in fixed assets and construction projects, totaling around 3 billion CNY, while net assets are slightly above 3 billion CNY [8] Strategic Outlook - The company plans to continue investing in the data center power equipment sector, leveraging smart manufacturing advantages to meet domestic and international customer needs [5] - The management is optimistic about future growth opportunities in the global power equipment market, driven by increasing electricity demand and infrastructure investments [9]

Group 1: Company Overview and Product Applications - The company specializes in various transformer products, including frequency conversion transformers, power transformers, small transformers, and marine transformers, with a focus on expanding the application of phase-shifting transformers in data centers [2][4]. - The company is actively developing solid-state transformers (SST) and has completed the development of medium-frequency isolation transformers for the DC side, aiming to meet the growing demand in data centers [4]. Group 2: Competitive Advantages and Market Position - The company has extensive experience in high-voltage frequency conversion technology, being one of the earliest manufacturers in this field, which provides a strong technical advantage in transformer design and manufacturing [4]. - Established long-term partnerships with major clients in the industry enhance the company's ability to deliver solid-state transformer products [4]. Group 3: Storage Business and Future Growth - The company is expanding its storage market presence, with products like storage integrated machines and inverters receiving certifications and achieving batch sales [4]. - Future growth is expected to come from continuous innovation in special transformers, power transformers, and reactors, alongside the development of new technologies and products such as solid-state transformers and epoxy-encapsulated transformers [5]. Group 4: Capital Operations and Strategic Planning - The company adopts a dual approach of industrial operation and capital operation, focusing on synergistic acquisitions that align with its core business and technological advantages [5]. - The company is committed to maintaining steady growth in its main business while exploring new market opportunities in renewable energy and data centers [5].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company operates in the variable frequency transformer industry, which primarily serves industrial energy efficiency, renewable energy, and high-end equipment sectors. The demand for variable frequency transformers has been steadily increasing due to the national "dual carbon" strategy, which promotes energy efficiency in industrial sectors [19]. - The company is actively expanding its energy storage market, with products like energy storage integrated machines and converters undergoing certification and small-scale sales. However, these efforts have not yet achieved significant scale to impact overall company performance [19]. - The company’s transformer products, including variable frequency transformers, power transformers, and small transformers, are being explored for applications in data centers, although this market has not yet formed a significant impact on the company's financials [19]. Summary by Sections 1. Basic Research Information - The research was conducted on New Special Electric, focusing on the power grid equipment industry, with the meeting held on February 27, 2025 [13]. 2. Detailed Research Institutions - The research involved several institutions, including E Fund, GF Fund, Zhongyou Fund, Huaxia Jiuying, and CITIC JianTou Fund, among others [14][15]. 3. Research Institution Proportions - The research institutions included 4 fund management companies, 1 other type, and 1 securities company, with fund management companies making up 67% of the participants [15]. 4. Main Content Information - The company is focused on enhancing core technologies and optimizing product structures to adapt to structural changes in market demand due to intense competition [19]. - The company emphasizes talent development and team incentives, planning to arrange long-term incentive programs based on market conditions and business development [21].

Group 1: Market Demand and Industry Trends - The demand for variable frequency transformers is steadily increasing, driven by the national "dual carbon" strategy and the need for energy efficiency in industrial sectors [2] - The company focuses on core technology enhancement and product structure optimization to address structural changes in market demand [2] Group 2: Energy Storage Business Development - The company is actively expanding its energy storage market, with products like energy storage integrated machines and converters certified by multiple professional institutions [3] - Currently, small-scale sales have been achieved, but significant scale effects have not yet formed, which will not substantially impact the company's performance [3] Group 3: Product Applications and Market Opportunities - The company's transformer series includes variable frequency transformers and power transformers, with applications in data centers being explored [3] - The company is monitoring emerging fields, including data centers, for technical requirements related to special transformers [3] Group 4: Employee Incentives and Long-term Plans - The company values talent development and team incentives, planning to arrange related matters based on market conditions and employee needs [3] - There has been no implementation of share repurchase for employee stock ownership plans or equity incentives to date [3]