储能驱动增长 技术优势持续巩固 转自：中国证券报·中证网 中证报中证网讯（王珞）智光电气8月22日晚发布2025年半年度报告。报告显示，公司上半年实现营业 收入16.43亿元，同比增长31.71%；归属于上市公司股东的净利润为-5515.06万元，同比减亏38.88%。经 营活动产生的现金流量净额同比扭亏增至1.86亿元。业绩增长主要得益于储能业务快速发展，储能设备 销售及系统集成业务实现营收10.60亿元，清远独立储能电站贡献净利润7408.20万元。公司在高压级联 储能技术领域保持领先优势，永和新型储能产业基地一期已投产，二期进入试产阶段。 技术方面，公司新增授权发明专利15项、实用新型专利11项、软件著作权17项，继续保持高压级联储能 技术领先优势。公司持续强化研发创新能力，截至报告期末累计获得专利及软件著作权1021项。上半年 研发投入占营收比例达4.36%，重点投向储能PCS、BMS、EMS等核心技术研发。 新型电力系统建设带来发展机遇 智光电气表示，随着新能源装机占比持续提升，储能行业正从"政策驱动"转向"市场驱动"。公司将把握 行业转型机遇，在构网型储能、高压级联型储能等新兴技术领域加大布局。公 ...

禾望电气（603063） 证券研究报告·公司点评报告·风电设备 2025 年中报点评：新能源业务驱动高增，传 动有望受益 AIDC 增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,752 | 3,733 | 4,514 | 5,367 | 6,420 | | 同比（%） | 33.56 | (0.50) | 20.91 | 18.89 | 19.63 | | 归母净利润（百万元） | 502.25 | 440.58 | 590.77 | 712.23 | 820.70 | | 同比（%） | 88.18 | (12.28) | 34.09 | 20.56 | 15.23 | | EPS-最新摊薄（元/股） | 1.10 | 0.97 | 1.30 | 1.57 | 1.81 | | P/E（现价&最新摊薄） | 36.00 | 41.04 | 30.61 | 25.39 | 22.03 | [Table ...

Core Insights - The storage industry saw significant growth in H1 2025, with 507 new projects and a total capacity of 21.4GW/53.8GWh, marking a year-on-year increase of 55% and 60.86% respectively [3][20] - Over 90% of storage-related companies reported positive net profit growth, indicating that the new energy sector is becoming a crucial component of corporate growth [5][14] - The number of IPO applications related to storage reached approximately 200, a sevenfold increase compared to the same period last year, with around 16 related to storage [6] Policy Analysis - The end of the tariff buffer period for storage batteries in the US and China will see tariffs rise to 64.9% by the end of 2025, and to 82.4% starting January 1, 2026 [6] Price Trends - The average price of grid-connected storage systems decreased by 0.06 yuan/Wh, a drop of 11.2%, with a 10% decrease in Q2 [8] - The average price of grid-connected storage systems fell by 0.155 yuan/Wh, with a decline of 22.6%, and a near 30% decrease in Q2 after a brief increase [8] Company Performance - As of July 31, 2025, 23% of 61 listed companies in the battery, PCS, and system integration sectors disclosed their performance, with significant growth noted in the new energy business [12] - Notable companies like Ningde Times and Southern Power Storage achieved over 28% growth in net profit and non-recurring net profit [14] Product and Technology Dynamics - The storage industry is evolving towards larger capacity cells and systems, with a focus on standardizing specifications around 587Ah and 684Ah [7][17] - The trend is moving towards larger storage systems, with capacities reaching 9MWh and 10MWh, disrupting traditional 20-foot container models [8][17] Project Dynamics - In H1 2025, 167 storage orders were publicly announced, totaling 292.739GWh, with 107 projects signed, under construction, or in operation [9][10] - The distribution of new projects shows that 13 regions exceeded 1GW in new capacity, with Yunnan, Xinjiang, and Hebei leading [20][23][28]

Group 1 - The photovoltaic industry chain is experiencing price increases, with polysilicon manufacturers raising prices to a range of 45,000 to 50,000 yuan per ton, although actual transactions at this level have not yet been observed [1] - There is a strong determination among polysilicon manufacturers to maintain prices, and some downstream companies may accept slight price increases to avoid future risks of further price hikes [1] - The macro-level supply-side clearing guidance is expected to provide a framework for the industry's "anti-involution," but actual implementation may take time [1] Group 2 - Zhongyuan Securities suggests focusing on "capacity clearing" and "new technology iteration" as two main lines for investment [2] - In terms of capacity clearing, attention should be paid to leading companies in the polysilicon and photovoltaic glass sectors, particularly those with significant losses and clear capacity clearing expectations [2] - New technology advancements, particularly in BC cells and perovskite cell commercial applications, are also highlighted as areas of interest [2]

Core Viewpoint - Anhui Shijiaheli New Energy Co., Ltd. is advancing its 5GWh energy storage system project, emphasizing green development and automation in production, with a planned operational date of June 2025 [1]. Group 1: Project Overview - The energy storage system project covers an area of 128 acres in Huainan City, Anhui Province, and includes the construction of a research and development building and production workshops [1]. - Upon completion, the project will have an annual production capacity of 5GWh lithium battery storage packs, 100,000 energy storage PCS, 20,000 energy storage cabinets, and container units [1]. Group 2: Technological Innovation - Anhui Shijiaheli has made significant advancements in new energy technology, focusing on energy storage systems and photovoltaic power generation [1]. - The company has applied for a total of 27 patents, including 4 industry-leading invention patents and 23 utility model patents [1]. Group 3: Industry Recognition - The company has received multiple industry awards, including the "National Service Industry Technology Innovation Award" and "Annual Energy Storage Rising Star Enterprise" [1]. - Anhui Shijiaheli is committed to increasing research and development investment to drive green development and contribute to the energy structure transformation in Huainan and the achievement of carbon neutrality goals [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][3]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is expected to reach 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established a presence in major global solar storage markets, including Europe, India, the Middle East, and North America, enhancing its localized marketing network [3]. Profitability Forecast - The company anticipates rapid growth in its overseas solar storage business in 2024, leading to an acceleration in overall performance. Revenue forecasts for 2025-2027 have been adjusted to 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively, with net profit forecasts of 639 million, 844 million, and 1.007 billion yuan [4][12]. Valuation Metrics - The current price of the company's stock is 29.25 yuan, with a projected price-to-earnings ratio (P/E) of 16, 12, and 10 for the years 2025, 2026, and 2027, respectively [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][4]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is forecasted at 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established subsidiaries in key overseas markets such as Germany, Greece, and Spain, enhancing its localized marketing network [3]. Growth Projections - The company anticipates rapid growth in its overseas solar storage business, with adjusted revenue forecasts for 2025-2027 set at 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively [4]. - The net profit forecasts for the same period are adjusted to 640 million, 840 million, and 1.01 billion yuan, respectively, reflecting a strong growth trajectory [4]. Market Position - The company has established a presence in major global solar storage markets, including North America, Europe, and Asia, positioning itself for future growth [3].

Investment Rating - The report maintains a "Positive" rating for the photovoltaic industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% in the next six months [5]. Core Insights - The photovoltaic industry experienced a significant decline in profitability in 2024, with total revenue dropping to 841.08 billion yuan, a decrease of 24.4%, and a net profit of -34.798 billion yuan, down 140% year-on-year. However, Q1 2025 showed signs of recovery with a reduced loss of -6.838 billion yuan, a 72.2% improvement from the previous quarter [1][19]. - The main industry chain faced a complete shift from profit to loss in 2024, while the supporting materials sector, including brackets and inverters, saw growth. Revenue growth rates for these segments were 39.6%, 37.2%, 31.4%, 20.4%, and 6.3% respectively [2][31]. - In Q1 2025, driven by policy-induced demand, the industry saw a recovery in performance, with revenue growth in segments such as junction boxes and battery cells, with respective increases of 21.7% and 17.0% [3][36]. Summary by Sections Industry Overview - The global photovoltaic market is projected to add approximately 530 GW of new installations in 2024, a year-on-year increase of 35.9%. In China, new installations are expected to reach 277.57 GW, up 28.3% from the previous year [12][19]. Segment Analysis - The main industry chain, including silicon materials, wafers, cells, and modules, saw a complete transition to losses in 2024. In contrast, the supporting materials sector performed well, with brackets and inverters achieving net profit growth rates of 40.4% and 4.6% respectively [2][31]. - In Q1 2025, the main industry chain showed signs of recovery, with significant reductions in losses across all segments, particularly in silicon materials and wafers, which saw reductions of 32.7% and 65.5% in losses respectively [3][36]. Investment Strategy - The report suggests that the recent policy changes have led to a slight recovery in prices across the industry chain, which may improve profitability. However, the overall industry remains in a state of overcapacity, and the sustainability of profit recovery is uncertain [4][39]. - Key investment themes include focusing on leading companies in the supporting materials sector, such as Tongling Co. and Yubang New Materials, as well as monitoring the rapidly evolving battery cell and silicon material segments for potential opportunities [4][40].

Group 1: Company Growth and Performance - The company aims for significant growth in 2025 by focusing on expanding its energy storage business, enhancing global market presence, and improving operational management [2] - In 2024, the company achieved a revenue of CNY 4.773 billion, a decrease of 3.23% year-on-year, primarily due to reduced domestic energy storage system integration business [2] - The net profit attributable to shareholders was CNY 419 million, an increase of 46.49% year-on-year, driven by rapid growth in overseas solar and storage business [2] Group 2: Market Position and Competitive Advantage - The company ranked fourth globally in solar inverter shipments according to S&P Global's 2023 report, maintaining a top ten position for several years [3] - It has been among the top two in domestic energy storage inverter shipments for four consecutive years (2021-2024) [3] - The company has established a strong reputation and competitive advantage in the solar inverter and energy storage inverter markets [3] Group 3: Global Expansion Strategy - The company has completed market entries in Europe, India, the Middle East, South America, Southeast Asia, Central Asia, and the United States, with plans to strengthen its presence in emerging markets along the Belt and Road Initiative in 2025 [3] - It has set up subsidiaries in key European countries such as Germany, Greece, and Spain to enhance local marketing networks [3] - A recent framework cooperation agreement with Europower for 750MW of energy storage products marks a significant step in expanding into the European market [3] Group 4: Industry Outlook and Challenges - The company views the ongoing global push for carbon neutrality and the significant reduction in solar LCOE costs as positive indicators for future growth in the solar and storage sectors [4] - Despite concerns about potential vicious competition in the inverter market, the company remains optimistic about the industry's future and is committed to increasing R&D investments to maintain product competitiveness [4] - The impact of U.S. tariff policies on the company's North American business is considered limited due to its low market share in that region [3]

Core Viewpoint - The article highlights the strategic advancements of Huichuan Technology in the energy storage sector, particularly through its collaboration on the Bundey project in Australia, aiming to establish a global benchmark for energy storage solutions [2][5]. Group 1: Project Collaboration - Huichuan Technology has partnered with China Energy Construction Corporation's subsidiary Zhongchu Technology and Australia's Genaspi Energy to develop the Bundey project, which has a capacity of 1.2GW/3.9GWh [2][3]. - The project is currently in a substantive advancement phase, with the three parties having submitted core technology solutions for certification by the Australian National Grid [3]. Group 2: Strategic Partnerships - Huichuan Technology is actively building an "ecosystem" in the energy storage field, forming strategic partnerships with various companies, including Haibo Shichuang, Cairi Energy, Pengcheng Unlimited, and TGOOD [8][10]. - The partnerships focus on technology research and market development, with Huichuan Technology's 2024 annual report indicating a three-year period of preparation leading to a "harvest period" in energy storage [10]. Group 3: Product Development and Market Expansion - Huichuan Technology has developed a series of energy storage products, including PCS for generation and grid sides, commercial energy storage, and household storage solutions, with a significant increase in shipments, surpassing 7GW in 2024 [11][14]. - The company has introduced innovative products such as the All-liqcool full liquid cooling energy storage system and a new generation of high-power centralized PCS, which has reduced the footprint by over 20% compared to previous models [16][14]. Group 4: Future Outlook - The company plans to enhance its capabilities in providing comprehensive energy solutions for commercial enterprises and aims to make breakthroughs in overseas energy business [16][18]. - A new energy storage factory in Xi'an is set to commence operations in 2025, which will significantly improve the delivery efficiency of energy storage products and strengthen the company's market competitiveness [18].