公司作为国内领先的LED 封装与照明应用综合解决方案提供商，我们看好公司长期发展潜力，维持公 司"买入"评级。 风险提示：技术与产品研发风险；贸易环境影响。 2025 年全球LED 照明市场将实现恢复性增长。TrendForce 预测，2025 年，伴随全球经济回暖、建筑与 基础设施翻新项目逐步复苏，以及高光品质、健康照明需求的持续提升，全球LED 照明市场规模将实 现恢复性增长，预计达566.26 亿美元。 未来传统照明市场仍是全球照明市场增长的主导力量。尽管智能照明的兴起为行业带来了新的增长点， 但传统LED 照明产品在全球市场的渗透率依然持续增长。 特别是在国内外对于建筑、道路、公共设施等传统领域的光源升级改造需求日益增加，传统照明市场依 旧保持强劲增长势头。预计在未来几年内，全球传统LED照明市场仍将占据主导地位，尤其是在新兴市 场和老旧建筑翻新改造项目中，传统照明产品仍将占据大部分市场份额。 盈利预测、估值与评级：我们认为2025 年LED 照明行业复苏性增长仍相对较弱，因此下调公司2025- 2026 年归母净利润预测分别为6.81 亿元（下调25.41%）、10.37 亿元（下调9.75%），新 ...

Group 1 - The ASEAN region's largest solar industry exhibition, the Indonesia 2025 Solar Exhibition, concluded on April 25, attracting over 1,000 global exhibitors, including numerous leading Chinese solar companies, indicating strong optimism about Indonesia's solar and photovoltaic market potential [1][3] - JinkoSolar, the world's largest module manufacturer, highlighted its technological and manufacturing advantages, with 70% of its revenue coming from overseas markets. Indonesia, as Southeast Asia's largest economy, presents significant market opportunities in renewable energy transition, particularly in rooftop solar and energy storage [2] - Jiangsu Zhonglai New Material Technology Co., a leading global solar backsheet manufacturer, emphasized the trend towards integrated solar and storage solutions in Indonesia, driven by the relaxation of rooftop solar quotas and the implementation of user-side energy storage policies [2] Group 2 - The Indonesian Ministry of Energy and Mineral Resources has authorized the state-owned electricity company to advance rooftop solar power station projects, with a total development quota of 5,746 megawatts set for the period from 2024 to 2028 [4] - Daqin Digital Energy Technology Co., which participated for the first time, noted that Indonesia's numerous islands face electricity supply challenges, making solar energy a promising renewable energy option to achieve the country's net-zero emissions target by 2060 [4] - The exhibition attracted many Indonesian buyers, with local renewable energy companies expressing interest in exploring new products and market dynamics, highlighting the significant market potential as less than 10% of Indonesia's energy users currently rely on renewable sources [5]

◎记者 于瑶 近日，上海证券报记者实地走访凯添燃气，与公司董事长龚晓科面对面，探寻燃气企业如何突破发展瓶 颈，积极拓展"天然气+"新路径，积极拥抱人工智能，更加经济、便捷、高效地满足终端用户需求，实 现从清洁能源向绿色能源、数字能源的快速转型。 做优做强燃气主业 凯添燃气是一家以城市燃气输配、光伏储能产品研发销售为主的上市公司。经过20余年的发展，凯添燃 气立足银川，并将业务扩展至重庆、甘肃、贵州等省市。 "我们投资数亿元建设了银川天然气应急调峰储气库，罐容8万立方米，是国内最大的城市燃气储气设施 之一。这为我们可持续发展提供了有力保障，而且在区域经营方面更有话语权。"龚晓科说。 经过多年发展，凯添燃气已成为国内燃气运用场景最齐全的上市企业之一。除天然气开采外，从天然气 井口处理、CNG和LNG的生产加工及使用、天然气长输门站和城市门站及区域场站、天然气高中低压 管道、大型城市燃气应急调峰储气库，到各类工商业用户、供暖用户，凯添燃气几乎实现了全覆盖。 凯添燃气在深耕城市燃气市场的同时，研发移动液化装置，解决非常规燃气、边缘气井利用难题，突破 城市燃气的区域限制和发展瓶颈。 "我们在多个省市开展LNG服务，包括 ...