证券代码： 300693 证券简称：盛弘股份 深圳市盛弘电气股份有限公司投资者关系活动记录表 | 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 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长、总经理方兴 | | 员姓名 | 2、董事、副总经理、财务总监杨柳 | | | 3、董事会秘书胡天舜 | | | 1、多位领导减持股份，那么不看好自己公司的发展吗？ | | | 答：尊敬的投资者，您好！感谢您对公司的关注。近期公 | | | 司部分高管委托公司发布了减持预披露公告，其减持行为均严格 | | | 遵守了相关法律法规的规定，并 ...

Group 1 - The core viewpoint of the article highlights the supply crisis in the energy storage PCS (Power Conversion System) market, driven by increased demand and supply chain challenges [3][7][9] - The delivery cycle for large PCS units (≥3.45 MW) has extended from 45 days to 75 days, resulting in a price increase of approximately 10%-15% for domestic and international large-scale PCS [7][9] - Major companies like Sungrow, Huawei Digital Energy, and Nari Technology are operating at over 90% capacity utilization, while smaller firms face significant delays due to IGBT module shortages [3][7] Group 2 - In response to the supply challenges, Inovance Technology has launched a 50GW energy storage PCS production base in Xi'an, which is expected to become a leading facility globally [9][11] - The Xi'an facility has a total investment of around 1 billion yuan and aims for an annual revenue of 8 billion yuan upon reaching full capacity [11] - Inovance Technology is also focusing on product innovation, planning to release new high-power PCS inverters and has secured significant contracts, including a 1.2GW project in Australia [11]

中信证券发布研报称，国内政策铺路下储能需求扩容，高景气下涨价预期兑现。海外美欧放量带动出海 业绩高增，亚非拉市场多点开花。美国制造业回流及AIDC批量并网带来电力紧缺，放大美国电网扩容 诉求，OBBB法案通过抢装加速储能需求释放，Nvidia明确AIDC配储方案打开长期天花板。中国储能厂 商有望凭借丰富的项目经验、显著的性价比优势和供应链保障能力，强化全球份额优势和龙头话语权， 推动业绩持续高增。在此基础上，看好具备出海(尤其美国)储能解决方案能力的头部厂家切入AIDC配 电解决方案，以及绑定龙头出海、技术及品牌能力领先的PCS及电芯供应商：1)大储系统集成商;2)大储 PCS环节;3)储能电芯龙头。 中信证券主要观点如下： 美国储能景气上行，全球市场多点开花。 25H2以来，美国贸易政策扰动影响钝化，强需求和高收益驱动装机增长。通过加大海外基地布局，中 国储能厂商可有效规避"301"和"芬太尼"等关税，实际关税基本保持在50%以下，且基本由下游客户承 担。美国大储增长受电网升级改造和可再生能源消纳需求驱动，项目收益丰厚且盈利模式多元化(测算 IRR10%-20%)，增长潜能巨大。随着中国输美储能产品关税充分 ...

Core Viewpoint - The recent surge in lithium carbonate prices is primarily driven by unexpected growth in energy storage demand, indicating a strong market trend in the energy storage industry [3][7]. Group 1: Lithium Carbonate Price Trends - As of November 10, the price of battery-grade lithium carbonate increased by 3,050 CNY/ton, averaging 83,900 CNY/ton, with the main contract rising over 7%, reaching a three-month high [2]. - From mid-October, the average price of battery-grade lithium carbonate rebounded from 73,000 CNY/ton on October 15 to 81,000 CNY/ton on November 3, before slightly decreasing and then rising again to 80,750 CNY/ton on November 10, reflecting a month-on-month increase of 350 CNY/ton [4]. Group 2: Energy Storage Demand and Supply Dynamics - The current price rebound is attributed to strong demand from the new energy vehicle battery sector and the energy storage market, alongside expectations of supply tightening due to winter production cuts in salt lakes and ongoing inventory depletion [7]. - Morgan Stanley has raised its forecast for energy storage battery production for the fiscal years 2025 and 2026 by 50% and 43%, respectively, predicting a shift to a "shortage scenario" for medium to long-term energy storage demand, with expected shipments reaching 1,630 GWh by 2030 [7]. Group 3: Energy Storage Cell Pricing - The prices for 314Ah and 280Ah energy storage cells remain high, with the average price for 314Ah cells in October at 0.3076 CNY/Wh, a 0.39% increase from September, and stabilizing around 0.308 CNY/Wh in November [7]. - The 280Ah energy storage cell prices have remained stable between 0.274 and 0.332 CNY/Wh, averaging 0.303 CNY/Wh [7]. Group 4: Energy Storage System Pricing - The average price for centralized energy storage PCS (1752kW) has remained stable since August 29, with a range of 0.062 to 0.069 CNY/W and an average of 0.0666 CNY/W [11]. - The average bid price for 2-hour energy storage systems in October was 0.5767 CNY/Wh, a month-on-month increase of 7.19%, while the 4-hour systems saw an 18.44% increase to 0.6017 CNY/Wh, driven by multiple project bids [20]. Group 5: Cost Pressures and Market Dynamics - Energy storage system integrators are facing upward cost pressures, with cell prices rising by 0.04 to 0.05 CNY/Wh since late 2024, although leading integrators have managed to limit price increases through long-term procurement strategies [21]. - The average price for commercial energy storage cabinets decreased slightly from 0.65 CNY/Wh in September to 0.63 CNY/Wh in October, reflecting increased competition and a shift in investment strategies due to changes in provincial time-of-use pricing policies [23].

Core Viewpoint - The company aims to strengthen its energy storage business by expanding into large-scale and overseas markets, while also enhancing product applications in residential and commercial energy storage systems [1] Group 1 - The company will continue to grow its energy storage business, focusing on large-scale and overseas market development [1] - The company plans to accelerate the application of residential and commercial energy storage systems to achieve full-scenario coverage in energy storage [1] - The company intends to maintain its position in the domestic high-power energy storage PCS market [1] Group 2 - The company is committed to continuous technological innovation in energy storage products [1] - The company will implement cost reduction for mainstream products and expand its energy storage product family [1] - The company aims to enhance the market competitiveness of its energy storage products [1]

Group 1: Financial Performance - The company achieved a revenue of 5.706 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 5.79% [3] - The net profit attributable to shareholders for the same period was 344 million CNY, a significant increase of 44.71% [3] - In Q3 2025, the revenue reached 1.973 billion CNY, marking an 18.65% increase year-on-year, while the net profit soared to 101 million CNY, reflecting a remarkable growth of 711.41% [3] - Total credit impairment and asset impairment losses amounted to 172.6362 million CNY, impacting the profit total for the first three quarters [4] Group 2: Data Center Business - The data center industry is transitioning from CPU-based to GPU-based systems, with increased capital expenditure on AI computing capabilities [5] - The company has made significant progress in serving major clients in the internet, telecommunications, finance, and semiconductor sectors [5] - The IDC service business has seen growth, with the launch of a new computing power platform (V2.0) aimed at optimizing resource allocation across multiple computing clusters [5][6] - The company is integrating quantum computing technologies into its existing data center infrastructure to enhance capabilities [6] Group 3: New Energy Business - The new energy sector has shown growth, with the company maintaining its leading position in the domestic energy storage market [7] - According to S&P Global, the company ranks first in global energy storage PCS (>500kW) shipments and second in overall energy storage PCS shipments [7] - The company has successfully developed a new model that integrates energy storage and computing power, enhancing its competitive edge in the market [7] - In 2025, the company's new energy product shipments to Europe and the US have more than doubled compared to the previous year [7] Group 4: Future Outlook - The company plans to expand its overseas market presence, particularly in Southeast Asia, the Middle East, Europe, and the US [8] - It aims to enhance product development and enter client product whitelist systems in response to market demands [8] - The company has allocated 348 million CNY for R&D in 2025, with a 102.94% increase in development expenditures [9] - The company is focusing on technological innovation, particularly in high-voltage direct current (HVDC) systems, to meet the growing power demands of data centers [9]

Core Viewpoint - The article discusses the challenges and advancements in the reliability assessment of energy storage systems, emphasizing the need for a comprehensive evaluation framework that incorporates lessons from other industries and various assessment methodologies [2][4][10]. Group 1: Reliability Assessment Challenges - Current energy storage systems face challenges such as incomplete reliability assessment methods and difficulties in overall evaluation [2] - The roundtable discussion aimed to explore the reliability assessment of energy storage systems by leveraging experiences from data center UPS power supplies and automotive battery management systems (BMS) [4] Group 2: Evaluation Framework - A three-stage evaluation system for lithium battery reliability was proposed, focusing on research and development, production, and application phases [5] - The evaluation metrics include market failure rates, which rely on big data platforms for real-time tracking of customer complaints and product performance [5][6] Group 3: Comparison of UPS and PCS - A comparison between data center UPS and energy storage PCS highlighted differences in application scenarios and power supply architectures [7] - UPS systems require a reliability level of 99.999%, while PCS systems do not have such extreme requirements, indicating a growing trend towards lithium battery applications in data centers [7] Group 4: BMS Safety and Reliability - The development trends in BMS safety standards were discussed, with a focus on the GB/T39086 standard and the automotive industry's requirement for C-level safety [8] - Continuous optimization of safety measures through improved sensor accuracy and control strategies is expected to enhance BMS reliability [8] Group 5: Safety Analysis of Energy Storage Systems - The safety challenges of energy storage systems are increasing due to higher energy density and longer lifespans [9] - A method combining fault tree analysis (FTA) and Bayesian networks was proposed to evaluate failure probabilities and establish safety levels for energy storage products [9] Group 6: Overall Reliability Evaluation System - A reliability evaluation system for energy storage systems was proposed, focusing on accident occurrence models and integrating subsystem evaluations [10] - The system categorizes energy storage operations into four protective layers, allowing for a comprehensive assessment of overall reliability [10]

Core Viewpoint - The Polish solar and energy storage market is experiencing rapid growth, with sustainable installation trends, particularly in centralized and commercial energy storage systems, indicating significant development potential. The demand for inverters and energy storage PCS in Poland reflects broader European market trends, with Chinese inverter manufacturers holding a substantial market share, warranting continued attention [2][3][4]. Demand Side: Multi-Factor Support for Inverter and Energy Storage PCS Demand - The demand for inverters and energy storage PCS in Poland is driven by domestic installation needs and distribution demands from neighboring countries. Domestic installation is influenced by power supply structure adjustments, increased arbitrage profits, concerns over continuous electricity supply, and government subsidies. The distribution demand is primarily driven by price differentials [6][7]. Domestic Installation Demand is Strengthening - Poland's reliance on coal for electricity generation (56% of total) has led to increased acceptance of solar power as a stable energy solution, especially after the ban on Russian coal imports in April 2022. The country saw record installation levels in 2022-2023, with new installations reaching 4.5GW and 4.8GW. By the end of 2024, cumulative installations are expected to exceed 21GW, with projections for 2025 indicating new installations could reach 5GW, a 25% increase [7][9]. Energy Storage Installation Expected to Double - According to BNEF data, Poland's energy storage installations are projected to reach 543MW/1013MWh in 2023, representing year-on-year growth of 102%/131%. Long-term forecasts suggest a 5-year CAGR of 27.85% for energy storage installations from 2026 to 2030 [9][10]. Policy Support as a Major Driver for 2025 Solar and Energy Storage Installations - Since 2021, Poland has implemented green energy policies to promote solar PV adoption, including household subsidies, tax incentives, and green bonds, attracting significant domestic and foreign investment. The "Mój Prąd" subsidy program has been crucial for household solar PV growth, with subsidy amounts increasing significantly in 2024 [19][20]. Supply Side: Chinese Inverter Brands Gaining Recognition in Poland - Chinese inverter manufacturers dominate the Polish market, with approximately 75% of the product categories offered by leading distributors being Chinese brands. The competitive advantage lies in product variety and cost-effectiveness, allowing for greater market penetration [23][24]. Installation Cost Declines Attracting More Potential Customers - The competitive landscape in the European inverter market has led to significant price reductions, with household solar storage systems seeing a price drop of about 21.42% and commercial systems by 9.15% from January to September. This trend is expected to attract more customers to invest in solar storage systems [30][31]. Profitability of Household and Commercial Storage Projects - The profitability of commercial storage projects is increasing, driven by the demand for stable power supply and attractive project returns. The combination of DAM arbitrage and aFRR services is creating a more reliable revenue model, attracting more investors [37][38].

Core Insights - The Polish solar and energy storage market is experiencing rapid growth, with sustainable installation trends, particularly in centralized and commercial energy storage systems, due to favorable returns and significant development potential [1] - China's inverter manufacturers have a strong market presence in Poland, suggesting continued investment interest in companies like Deye Co., Ltd. (605117.SH) [1] Group 1: Market Growth and Projections - Poland's new installations are expected to reach 5GW this year, a 25% year-on-year increase, with cumulative installations surpassing 26GW [1] - Energy storage installations are projected to be 543MW/1013MWh this year, reflecting a 102%/131% year-on-year growth [1] - The five-year CAGR for Poland's energy storage installations from 2026 to 2030 is anticipated to be 27.85%, with average storage hours for commercial, residential, and centralized systems expected to double [1] Group 2: Project Returns and Profitability - Household solar storage projects (5KW+5KWh) have an IRR of approximately 15.71% over a 25-year lifecycle, with payback periods of 5-8 years without government subsidies [2] - Current subsidies reduce the payback period for household investors by about one year, enhancing project attractiveness [2] - In the commercial storage sector, Polish energy storage projects rank highly in profitability within the European market, with a 31% quarter-on-quarter revenue increase for 1MWh systems, reaching €41,985, and a 35% increase for 2MWh systems, reaching €55,319 [2] Group 3: Competitive Advantages of Chinese Manufacturers - Chinese inverter manufacturers hold a competitive edge in distribution coverage, product power range, and system compatibility [3] - Analysis shows that Chinese inverter brands account for approximately 75% of the inventory categories of major distributors, while storage PCS brands from China dominate with a 90% share [3] - The influence of Chinese storage PCS in the Polish market is notably stronger compared to inverters [3]

Core Insights - Dongyuan Venture Capital has successfully listed its investment project Nengzhiguang on the Beijing Stock Exchange, marking it as Ningbo's first A-share listing by 2025, increasing the number of listed companies in which Dongyuan has invested to eight [2] - The company has invested in over 30 enterprises across various sectors including advanced manufacturing, new energy, new materials, semiconductors, IT and software services, biomedicine, and energy conservation and environmental protection, demonstrating a preference for local enterprises and a long-term holding strategy [2][3] Company Overview - Established in May 2005 with a registered capital of 100 million yuan, Dongyuan Venture Capital is the first venture capital institution in Ningbo, with its equity structure showing that Ningbo Electronic Information Group holds 51.25% of the shares, followed by two state-owned enterprises [3] - The company has experienced significant growth, doubling its asset management scale since its inception, and has undergone three key phases: foundational exploration, industry focus, and platform operation [3] Investment Strategy - The decisive factor for investment decisions is the "scientific content" of the target enterprises, which has been a guiding principle since the company's early investments [3] - Dongyuan has adopted a "patient capital" approach, exemplified by its long-term investment in Jinlang Technology, which has yielded good returns for shareholders [4] - The company has shifted to a dual investment strategy since 2016, focusing on both early-stage and more mature projects, leading to successful investments in several notable listed companies [4] Market Positioning - Dongyuan Venture Capital strategically invests in industries before they experience significant growth, such as the solar energy sector, where Jinlang Technology achieved a market value of over 100 billion yuan shortly after its listing [7] - The company emphasizes the importance of understanding the target enterprises and their industries to capitalize on market opportunities effectively [7] Operational Challenges - The company faces challenges in exit strategies due to tightening IPO channels and a cooling primary market, which necessitates a focus on quality over quantity in investment decisions [7][8] - Dongyuan has developed internal standards for evaluating potential investments, considering factors such as the industry chain, local industrial support, and the characteristics of the founders [8] Future Outlook - Dongyuan plans to enhance its investment strategies by expanding long-term capital supply, innovating investment approaches, and improving exit mechanisms to strengthen the relationship between capital markets and quality enterprises [8]