分红方面，能辉科技A股上市后累计派现1.51亿元。近三年，累计派现9059.59万元。 责任编辑：小浪快报 资料显示，上海能辉科技股份有限公司位于上海市长宁区通协路288弄2号楼3楼，成立日期2009年2月24 日，上市日期2021年8月17日，公司主营业务涉及光伏电站设计、系统集成及投资运营一站式服务。主 营业务收入构成为：光伏电站系统集成96.43%，电站运营3.21%，新能源及电力工程设计0.21%，储能 系统集成0.13%，其他业务0.02%。 截至6月30日，能辉科技股东户数1.27万，较上期减少4.55%；人均流通股8904股，较上期增加4.77%。 2025年1月-6月，能辉科技实现营业收入8.99亿元，同比增长44.80%；归母净利润2877.48万元，同比减 少9.47%。 10月9日，能辉科技跌2.08%，成交额1.52亿元。两融数据显示，当日能辉科技获融资买入额2429.19万 元，融资偿还1619.31万元，融资净买入809.88万元。截至10月9日，能辉科技融资融券余额合计1.13亿 元。 融资方面，能辉科技当日融资买入2429.19万元。当前融资余额1.13亿元，占流通市值的2.8 ...

证券代码：301046 证券简称：能辉科技 上海能辉科技股份有限公司投资者关系活动记录表 编号：2025-010 | ☐ 投资者关系活动类 | 特定对象调研 | 分析师会议 ☐ | | --- | --- | --- | | ☐ 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） | | | 参与单位名称及人 | 投资者网上提问 | | | 员姓名 | | | | 时间 | 2025年9月19日 (周五) | 下午 15:00~17:00 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 地点 | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人员姓 | 董事长 罗传奎 | | | 名 | 董事、财务总监 | 宋月月 | | | 副总经理、董事会秘书 | 罗联明 | | 投资者关系活动主 | 投资者提出的问题及公司回复情况 1、对比近年数据，今年光伏与储能业务的协同效应 | | | | 公司就投资者在本次说明会中提出的问题进行了回 | | ...

Group 1: Company Overview - Shanghai Nenghui Technology Co., Ltd. focuses on photovoltaic power station R&D, system integration, and investment operations, while also engaging in new energy products and services such as energy storage and smart microgrids [3] - In the first half of 2025, approximately 96.43% of the company's revenue came from photovoltaic system integration, with other businesses contributing about 3.55% [3] Group 2: Financial Performance - The company's photovoltaic system integration revenue grew by 44.80% in the first half of 2025, while power engineering design revenue more than doubled, and station operation revenue increased by 76.66% [3] - Operating cash flow turned positive, increasing by 179.26% year-on-year [3] - The company reported a decline in profitability due to intense competition in the photovoltaic industry and a stock incentive expense of 11.225 million [7] Group 3: Strategic Initiatives - The company plans to collaborate with Ant Group on "Energy AI Intelligent Agents" to explore new business models and profit growth [4] - The company is actively developing its overseas energy storage business, with projects in Eastern Europe and the Middle East, and has established an overseas energy storage company in the Netherlands [5] Group 4: Market Outlook and Challenges - The company is adapting to new market policies and aims to selectively develop higher-quality projects with better returns [5] - The company has approximately 40 million yuan in contracts signed or under negotiation for heavy-duty vehicle battery swap projects, with optimistic orders expected by the end of Q4 and into next year [6]

Core Viewpoint - The company reported strong revenue growth in H1 2025, driven by accelerated project turnover in the photovoltaic EPC business, although net profit showed a decline year-on-year [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 900 million yuan and net profit attributable to shareholders of 30 million yuan, representing a year-on-year increase of 44.8% and a decrease of 9.5%, respectively [1]. - Q2 2025 revenue and net profit were 590 million yuan and 20 million yuan, showing a year-on-year increase of 56.7% and 5.5% [1]. - The gross profit margin for H1 2025 was 12.4%, down 4.9 percentage points year-on-year, with the photovoltaic system integration gross margin at 10.5%, down 5.9 percentage points [1][2]. Cost Management - The company's expense ratio decreased slightly to 8.3% in H1 2025, down 1.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 2.6%, 3.3%, 1.6%, and 0.8%, respectively [2]. - Operating cash flow improved significantly, reaching 200 million yuan, an increase of 460 million yuan year-on-year, primarily due to increased collections [2]. Business Expansion - The company successfully entered overseas markets for its energy storage systems, targeting Europe and the Middle East, and aims for growth in overseas business volume and local operations [2]. - A new dual-side battery swapping station for electric mining trucks has been established in Xinjiang, indicating potential growth in the heavy truck battery swapping business [2]. Profit Forecast and Valuation - The company adjusted its revenue forecasts upward while lowering profit margin assumptions, predicting net profits of 80 million, 110 million, and 130 million yuan for 2025-2027, with a CAGR of 35.5% [3]. - The target price for the company's stock is set at 26.78 yuan, reflecting a slight increase from the previous target of 21.60 yuan, based on a PEG ratio of 1.5x for 2025 [3].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 26.78 [1][5]. Core Views - The company reported a significant revenue growth of 44.8% year-on-year in H1 2025, with Q2 revenue increasing by 56.7% [1]. - The acceleration in project turnover in the photovoltaic EPC business is expected to drive new growth opportunities, particularly in heavy-duty vehicle battery swapping [1][5]. - The gross margin has been under pressure, decreasing by 4.9 percentage points year-on-year to 12.4% in H1 2025, primarily due to intense market competition [2]. - The company has successfully entered overseas markets with its energy storage systems and is actively expanding its heavy-duty vehicle battery swapping business [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 90 million and a net profit of RMB 3 million, with Q2 figures reaching RMB 59 million and RMB 2 million, respectively [1]. - The photovoltaic power station system integration and operation businesses generated revenues of RMB 87 million and RMB 3 million, reflecting year-on-year increases of 44.5% and 76.7% [2]. - The operating cash flow improved significantly, with a net cash flow of RMB 200 million, an increase of RMB 46 million year-on-year, driven by improved collections [3]. Business Development - The company has successfully launched its energy storage systems in Europe and the Middle East, aiming for growth in overseas business volume and local operations [4]. - A new dual-side battery swapping station for electric mining trucks has been established in Xinjiang, indicating potential for new growth in the heavy-duty vehicle sector [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of RMB 80 million, RMB 110 million, and RMB 130 million for 2025 to 2027, reflecting a CAGR of 35.5% [5]. - The target price has been revised to RMB 26.78, based on a PEG ratio of 1.5x for 2025, considering the continued growth in the core photovoltaic business [5].

责任编辑：小浪快报 资料显示，上海能辉科技股份有限公司位于上海市长宁区通协路288弄2号楼3楼，成立日期2009年2月24 日，上市日期2021年8月17日，公司主营业务涉及光伏电站设计、系统集成及投资运营一站式服务。主 营业务收入构成为：光伏电站系统集成93.66%，电站运营3.82%，商用车充换电系统集成1.36%，储能 系统集成0.87%，新能源及电力工程设计0.29%，其他业务0.01%。 截至3月31日，能辉科技股东户数1.33万，较上期减少3.93%；人均流通股8499股，较上期增加4.09%。 2025年1月-3月，能辉科技实现营业收入3.10亿元，同比增长26.60%；归母净利润573.98万元，同比减少 42.35%。 分红方面，能辉科技A股上市后累计派现1.51亿元。近三年，累计派现9059.59万元。 8月25日，能辉科技涨2.36%，成交额1.10亿元。两融数据显示，当日能辉科技获融资买入额864.29万 元，融资偿还996.79万元，融资净买入-132.50万元。截至8月25日，能辉科技融资融券余额合计6686.56 万元。 融资方面，能辉科技当日融资买入864.29万元。当前融资余 ...