城市升维 从"能源消费者"到"能源产业领跑者" 佛山航拍图。佛山正在加快建设现代化产业体系。 南都记者 郑俊彬 摄 富湾湖能源电力设备产业园。 谭颂江 摄 2025年9月29日，两项关乎佛山未来发展的重要议程同日启幕：500千伏楚庭第二电源通道工程建设动员 会暨粤港澳大湾区新型电力系统装备产业发展高地对接会。这标志着，一个旨在提升广佛两市电力安全 的重要工程即将全面启动，同时，佛山首次明确提出了建设粤港澳大湾区新型电力系统装备产业高地的 工作目标、细化举措和保障机制。 作为工业总产值突破3万亿元的制造业大市，佛山强劲的"制造业心跳"正对能源供给提出更高要求。 2024年，佛山用电负荷突破1500万千瓦，并于2025年8月创下1665.6万千瓦的新高。站在能源革命与产 业升级的十字路口，佛山清醒认识到，曾经的路径已不足以支撑未来。 发展新型电力系统装备产业，不仅是落实省委省政府部署的具体措施，更是"再造一个新佛山"的战略支 点。借助藏粤直流工程和粤西电力通道送电能力提升的机遇，以及千亿产业基金矩阵的支撑，一场从传 统"制造大市"向新兴产业强市的深刻变革，正在这片制造业热土上全面展开。 佛山产业转型的紧迫感，源于 ...

华宝绿色领先股票（007590）成立日期2019年9月18日，最新规模5733.59万。今年以来收益16.67%，同 类排名3028/4220；近一年收益36.33%，同类排名2105/3835；成立以来收益41.59%。 9月29日，锦浪科技涨5.05%，截至发稿，报88.17元/股，成交11.61亿元，换手率4.16%，总市值351.02 亿元。 资料显示，锦浪科技股份有限公司位于浙江省象山县经济开发区滨海工业园金通路57号，成立日期2005 年9月9日，上市日期2019年3月19日，公司主营业务涉及组串式逆变器研发、生产、销售和服务,主要产 品为组串式逆变器。主营业务收入构成为：并网逆变器47.97%，户用光伏发电系统21.28%，储能逆变 器20.91%，新能源电力生产8.01%，其他1.83%。 从基金十大重仓股角度 数据显示，华宝基金旗下1只基金重仓锦浪科技。华宝绿色领先股票（007590）二季度减持5200股，持 有股数3.04万股，占基金净值比例为3.04%，位居第八大重仓股。根据测算，今日浮盈赚取约12.89万 元。 华宝绿色领先股票（007590）基金经理为闫旭。 截至发稿，闫旭累计任职时 ...

Core Insights - The company is undergoing a strategic transformation by divesting from its high-margin residential photovoltaic (PV) power stations to focus on the burgeoning energy storage inverter market, aiming to emulate the success of competitors like Deye [1][15][18] Financial Performance - In the first half of 2025, the company's net profit attributable to shareholders increased by 70.96%, despite long-term borrowings surging 50 times to 7.339 billion yuan [1][11] - Revenue structure shifted significantly, with the PV power station business's revenue share dropping from 68% in 2023 to 45%, while inverter business revenue rose to 55%, driven by a 313.51% increase in energy storage inverters [6][11] Strategic Moves - The company has strategically abandoned residential PV projects, focusing instead on commercial and industrial energy storage [7][15] - A total of 505 subsidiaries were deregistered and 72 were transferred, indicating a significant shift in strategy [2][11] Investment and Growth - The company plans to raise 1.677 billion yuan in 2025, with 625 million yuan allocated for inverter capacity upgrades, particularly in commercial energy storage [9][10] - The new HJT series inverters have achieved a conversion efficiency of 99.2%, surpassing the industry average of 98.5% [10] Market Position and Future Outlook - The company is transitioning from a heavy asset model, where fixed assets accounted for over 70% of total assets, to a lighter asset model, enhancing flexibility in market response [11][16] - The energy storage market is expected to see explosive growth, with commercial energy storage projected to grow over 100% in 2025 [15][16] - The company aims to complete a full range of commercial energy storage product lines by the end of 2025 and increase the gross margin of energy storage inverters to over 35% [16]

长江商报消息 逆变器龙头锦浪科技（300763.SZ）加快业务拓展。 9月23日，锦浪科技发布公告称，公司向不特定对象发行可转换公司债券申请获得中国证券监督管理委 员会同意注册批复。 此次发行可转债，锦浪科技计划募集资金总额不超过16.77亿元，扣除发行费用后，将用于光伏及储能 产业的进一步布局以及补充流动资金，以巩固其在行业内的领先地位。 作为全球组串式逆变器头部企业，锦浪科技资产规模实现跨越式增长，截至2025年6月底，锦浪科技总 资产达202.6亿元，较2018年的6.49亿元增长超30倍。 值得一提的是，锦浪科技也进入现金流修复期。2025年上半年其投资活动产生的现金流量净额为3.28亿 元，2018年以来首次回正。这一定程度上也缓解了负债压力，截至2025年上半年底，其资产负债率降至 56.35%。 拟募资16.77亿扩产 据募集说明书，锦浪科技拟发行可转债，募集资金总额不超过16.77亿元，这笔扣除相关费用后，除了 3.51亿元用于补充公司流动资金外，其余用于五个实体项目建设。 其中"分布式光伏电站项目"拟使用募集资金3.55亿元，该项目采用"自发自用、余电上网"的售电模式， 不仅能为公司带来稳定 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [20]. Core Insights - The company reported a revenue of 5.535 billion yuan for the first half of 2025, representing a year-on-year increase of 16.58%. The net profit attributable to shareholders was 1.522 billion yuan, up 23.18% year-on-year [2][4]. - The inverter business showed significant growth, with revenue reaching 2.644 billion yuan in the first half of 2025, a 13.9% increase year-on-year. The shipment volume was 763,800 units, up 7.32% year-on-year [4][3]. - The battery pack business experienced remarkable growth, with revenue of 1.422 billion yuan in the first half of 2025, marking an 85.8% year-on-year increase [5]. - The company launched an employee stock ownership plan, covering up to 800 individuals, with a total scale not exceeding 50 million yuan, reflecting confidence in future performance [6]. Financial Performance Summary - For the second quarter of 2025, the company achieved a revenue of 2.969 billion yuan, a 3.65% year-on-year increase and a 15.7% quarter-on-quarter increase. The net profit attributable to shareholders was 817 million yuan, up 1.72% year-on-year and 15.74% quarter-on-quarter [2][4]. - The gross margin for the inverter business was 47.8% in the first half of 2025, showing a slight increase of 0.8 percentage points year-on-year [4]. - The company expects net profits for 2025-2027 to be 3.52 billion, 4.33 billion, and 5.19 billion yuan respectively, with year-on-year growth rates of 19%, 23%, and 20% [7].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by the demand for energy storage inverters and battery packs [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [2]. - In Q2 2025, the company recorded revenue of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.7% [2]. Inverter and Battery Pack Business - The inverter segment generated revenue of 2.644 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, with a total shipment of 763,800 units, up 7.32% year-on-year [3]. - The energy storage inverter shipments reached 315,600 units, a significant increase of 47% year-on-year, while the shipments of string and micro inverters decreased by 10% [3]. - The battery pack business saw revenue growth of 85.8% year-on-year, reaching 1.422 billion yuan in H1 2025, driven by increased global demand for household storage solutions [3]. Home Appliance Business - The dehumidifier segment reported revenue of 408 million yuan in H1 2025, down 10.3% year-on-year, primarily due to a shorter rainy season and increased export uncertainties [4]. - The heat exchanger segment experienced a revenue decline of 17.83% year-on-year, totaling 868 million yuan, although there were signs of recovery in Q2 2025 with a quarter-on-quarter increase of 38% [4]. Employee Stock Ownership Plan - The company announced a 2025 employee stock ownership plan covering up to 800 individuals, with a total scale not exceeding 50 million yuan, aimed at enhancing employee motivation and company competitiveness [4]. Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 3.52 billion yuan, 4.33 billion yuan, and 5.19 billion yuan for 2025-2027, representing year-on-year growth rates of 19%, 23%, and 20% respectively [5]. - The current stock price corresponds to a price-to-earnings ratio of 17.8, 14.5, and 12.1 for the years 2025-2027, indicating a favorable investment outlook [5].

Core Viewpoint - The transition of power within Deye shares is marked by the succession of Zhang Dongye, the son of founder Zhang Hejun, as the new legal representative in 2024, indicating a significant leadership change in the company [1][5][7]. Group 1: Leadership Transition - Zhang Dongye has been with Deye for over 20 years, starting from grassroots positions, which has prepared him for his current leadership role [3][5]. - The company has seen a gradual and low-key transition of power, with Zhang Dongye becoming the second-in-command in 2023 and officially taking over as the legal representative in 2024 [5][7]. - The leadership change is significant as it marks a new chapter for Deye, which has been in the energy storage sector for a decade and is now seeking new growth opportunities [3][6]. Group 2: Company Performance - Deye reported a revenue of 5.535 billion yuan in the first half of 2025, a year-on-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% [9][10]. - Despite the overall photovoltaic industry facing losses, Deye has managed to maintain profitability and growth, distinguishing itself as one of the few profitable companies in the A-share photovoltaic sector [9][10]. - The company's growth is primarily driven by its energy storage segment, with a 48% increase in the shipment of storage inverters and an 86% increase in revenue from storage battery packs in the first half of 2025 [10][11]. Group 3: Future Outlook - Deye plans to focus on developing commercial storage products to meet the growing market demand, with a significant expansion project for a 16GWh commercial storage production line underway [11]. - The total investment for this project exceeds 2.1 billion yuan, with plans for phased construction to enhance production capacity [11]. - The company faces intensified competition in the energy storage market, which will be a critical factor in determining whether it can replicate its past successes [10][11].

Core Insights - The leadership transition at Deye shares a significant milestone as Zhang Dongye, the son of founder Zhang Hejun, becomes the new legal representative in 2024, indicating a shift in power dynamics within the company [1][5][6] - Deye has been actively seeking new growth opportunities after a decade of transformation into the solar and energy storage sector, aiming to capitalize on the booming market [2][10] Leadership Transition - Zhang Hejun, the founder of Deye, has stepped down as general manager, passing the role to Zhang Dongye, marking a substantial change in the company's core leadership [3][5] - Zhang Dongye has been with Deye for 20 years, starting from the grassroots level, which positions him well for his new role [1][3] Company Performance - Deye reported a strong performance in the first half of 2025, achieving revenue of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% [7] - Despite the overall photovoltaic industry facing challenges, Deye stands out as one of the few profitable companies in the A-share solar sector, with its energy storage segment driving growth [8][9] Market Position and Future Plans - Deye's energy storage business has become its largest revenue source, accounting for over 70% of total revenue, with plans to further develop commercial storage products to meet market demand [9][10] - The company is set to invest over 2.1 billion yuan in a new production line for commercial energy storage, with an expected annual capacity of 16 GWh [9][10]

Summary of the Conference Call for Songsheng Co., Ltd. Company Overview - **Company Name**: Songsheng Co., Ltd. - **Industry**: LED Power Supply and Energy Storage Key Points and Arguments Business Expansion and Financial Performance - Songsheng Co., Ltd. is actively expanding its energy storage business, expecting revenue from energy storage inverters to reach **150 million to 200 million** yuan this year, with a projected profit of **20 million** yuan for the year [2][3][8] - The company anticipates turning a profit in the second half of **2025**, with an estimated annual net profit of **20 million** yuan [2][8] - For **2026**, the revenue target is **1.2 billion** yuan from the main business (LED power supply) and **500 million** yuan from energy storage inverters, with an overall profit target of **200 million** yuan [2][8] Strategic Partnerships and Technological Development - Songsheng has partnered with Professor Li Junyang from Chongqing King Kong Transmission to establish Songsheng Robot Transmission Company, focusing on harmonic reducer technology originally used in aerospace, now applied to the civilian market [2][3][6] - The collaboration has already resulted in signed agreements with key clients in Zhejiang, South China, and other major enterprises [3][6] Market Position and Competitive Advantage - Songsheng Co., Ltd. has become a leading player in the LED power supply sector, achieving a compound annual growth rate of **10% to 20%** in the plant lighting segment [3][15] - The company maintains a robust supply chain and has engaged Huawei supply chain experts for management optimization, expecting a gross margin increase to **40%** next year [4][18] - The company has a strong reputation in the outdoor lighting market, with a production capacity utilization rate of **60% to 70%** in high-power segments due to early market entry and high technical barriers [15] International Market Expansion - The company is expanding its overseas market channels through private label agreements with domestic clients and exclusive agency agreements in regions like Southeast Asia and South Africa [4][17] - Anticipated explosive growth in orders next year, with ongoing discussions with the largest U.S. integrator, Solar [4][17] Future Outlook and Industry Trends - The plant lighting sector is expected to see significant replacement demand, particularly due to the booming cannabis market in the U.S. [19][20] - The industry concentration has increased, with smaller competitors struggling to survive, while Songsheng's customer base includes major domestic and international lighting manufacturers [21] Challenges and Risk Management - The company will not redeem convertible bonds in a lump sum but will gradually resolve them, considering shareholder interests [9] - Quality issues in LED lighting exports can lead to high maintenance and replacement costs, which the company aims to mitigate through strict quality control [16] Technological Capabilities of Chongqing King Kong - Chongqing King Kong has over a decade of experience in the harmonic reducer field, focusing on high performance, reliability, and lifespan [10][12] - The company has developed a comprehensive design and testing evaluation system, with an annual production capacity of **40,000 to 60,000** units [11][12] Production and Capacity Considerations - Songsheng is considering placing production lines in Chongqing due to its complete supporting facilities, with flexibility to establish additional lines based on client demands [23] Conclusion - Songsheng Co., Ltd. is well-positioned for growth in both the LED power supply and energy storage markets, with strategic partnerships and a focus on technological innovation driving its expansion efforts. The company is optimistic about its financial outlook and market opportunities in the coming years.

Core Viewpoint - The article discusses the upcoming energy storage project in Egypt, led by Sungrow Power Supply Co., which aims to establish a 10GW battery factory, significantly contributing to the country's energy transition and localizing the renewable energy industry chain [2][3]. Group 1: Project Overview - Sungrow Power's chairman met with Egypt's President Sisi to propose a large-scale energy storage project, which is expected to support Egypt's renewable energy goals [2]. - Scatec, a Norwegian company, has already invested $3.6 billion in various renewable energy projects in Egypt, including solar power and battery storage systems [3]. - The Egyptian government is committed to supporting the project, indicating a favorable policy environment for renewable energy development [3]. Group 2: Company Performance - Sungrow Power has been active in international markets, securing projects in Japan (500MWh), Finland (100MWh), Chile (1GWh), and Africa (612MWh) [3]. - The company has a long history in the energy storage sector, having established a dedicated division in 2006 and formed a joint venture with Samsung SDI in 2014 [4]. - The energy storage segment has seen explosive growth, with revenues reaching approximately 17.8 billion yuan in the first half of the year, doubling year-on-year and surpassing the inverter business to account for about 41% of total revenue [7]. Group 3: Market Dynamics - The surge in energy storage has positively impacted related photovoltaic companies, with Sungrow Power reporting a net profit of 7.8 billion yuan in the first half of 2025, despite challenges in the broader photovoltaic supply chain [5][6]. - The integration of solar and storage technologies is becoming a reality, with storage inverters emerging as a key growth area for manufacturers [8]. - Sungrow Power has significantly invested in R&D, with a team of 7,120 people and R&D expenditure reaching 2.037 billion yuan, a 37.08% increase year-on-year [8].