公司研究丨深度报告丨海博思创（688411.SH） [Table_Title] 海博思创：领航国内储能，逐浪全球征途 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 海博思创成立于 2011 年，历经 14 年技术积累及市场探索，已成长为国内储能龙头企业并加 速向海外市场拓展。伴随国内储能终端商业模式改善，行业需求有望持续增长、产业链格局预 计向头部集中、盈利中枢有望逐步企稳，叠加海外市场加速放量，公司基本面具备高成长性。 2025-2030 年储能装机 CAGR 在 30%以上，强劲需求 beta 下公司有望迎来戴维斯双击。 分析师及联系人 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 2 / 32 海博思创（688411.SH） cjzqdt11111 [Table_Title2] 海博思创：领航国内储能，逐浪全球征途 [Table_Summary2] 海博思创：领航国内储能，逐浪 ...

Core Viewpoint - Midea Group's energy brand, Midea Energy, debuted at the 18th International Solar Photovoltaic and Smart Energy & Storage and Battery Technology and Equipment Conference, showcasing its energy strategy driven by "Storage + Heat Pump + AI" [1][2] Group 1: Energy Solutions - Midea Energy provides comprehensive energy solutions across various sectors, including commercial, residential, large-scale storage, green buildings, and intelligent manufacturing through subsidiaries like Beijing Hekang New Energy and Shenzhen Kelu Electronics [1] - Kelu Electronics presented a range of products at the conference, including the Aqua-C series all-liquid cooling storage system and integrated energy management solutions [1] - Hekang New Energy focuses on new energy solutions, offering virtual power plants and energy trading platforms, along with residential energy solutions that create smart microgrids for homes [1][2] Group 2: AI and Technology Integration - Midea Energy introduced the next-generation AI energy management system and home energy stations, optimizing energy management through advanced algorithms and dynamic pricing [2] - The company has developed core technologies in the storage sector, including AI battery management and thermal management technologies, aiming for a full-link approach to energy supply, storage, and usage [2] - KUKA showcased automation solutions for the new energy sector, with a market share exceeding 25% for its heavy-duty robots [2] Group 3: Strategic Vision - Midea Group's Vice President and CTO, Wei Chang, emphasized the importance of integrating next-generation storage, heat pump solutions, and advanced AI technologies to drive the energy sector's growth [2][3] - The energy sector is positioned as a pillar industry for Midea Group, with ongoing investments in research and development to enhance sustainable growth [3] - The current energy system is viewed as a complex network requiring real-time optimization, with Midea Energy aiming to lead an "energy efficiency revolution" through its innovative technologies [3]

文 | 高泰昊能 在 "双碳" 战略推动下，中国储能行业进入规模化发展阶段。据CNESA DataLink数据显示，截至 2024 年 底 ， 我 国 新 型 储 能 累 计 装 机 规 模 达 78.3GW/184.2GWh ， 功 率 与 能 量 规 模 同 比 分 别 增 长 126.5% 和 147.5% ， 首 次 超 越 抽 水 蓄 能 成 为 电 力 储 能 主 力 。 2024 年 新 增 投 运 规 模 43.7GW/109.8GWh，连续三年保持翻倍增长。政策层面，八部门联合发布的《新型储能制造业高质 量发展行动方案》明确提出，到2027年实现储能产业高端化、智能化、绿色化发展目标，这一政策红 利与市场需求的双重驱动，使得光储一体化成为能源基础设施升级的核心方向。 然而，行业快速扩张的背后，同质化竞争正成为制约发展的 "达摩克利斯之剑"。当前市场上，储能产 品在容量升级、液冷技术应用等方面呈现高度趋同，企业陷入"比容量、拼价格"的恶性竞争循环。公 开数据显示，2024年储能电芯价格下降趋势明显，最低成交价跌破0.3元/Wh；系统集成商报价也普 遍降至0.5-0.6元/Wh。这种同质化困局不 ...

全球LED照明系统巨头，英飞特（300582.SZ）发布2025年一季度报告显示，公司实现总营业收入5.67 亿元，实现归母净利润0.03亿元，同比增长51.72%。 英飞特作为一家深耕LED驱动电源及智能照明系统解决方案的高科技企业，已位列全球LED照明行业中 第一梯队。公司自成立以来持续专注于LED驱动电源的研发与制造，并通过技术积累和市场拓展，逐步 成长为提供"一站式"LED照明系统解决方案的领先供应商。 目前，公司完成了对各类功率LED驱动电源的全面覆盖，并具备传感器、控制系统及LED模组供应能 力，成为行业内少数可提供完整LED照明系统解决方案的企业之一。 2024年，LED照明行业迎来回暖周期，市场需求逐步复苏。在此背景下，英飞特凭借其强大的研发能 力、全球化布局以及成功整合欧司朗DS-E业务，实现了营收稳定增长、净利润大幅扭亏。数据显示， 2024年，公司实现营业总收入26.68亿元，同比增长1.41%；营业利润达到2,422.95万元，较上年同期增 长114.50%；实现归属于上市公司股东的净利润907.18万元，同比实现由负转正，成功扭转亏损局面。 对于业绩扭亏为盈，英飞特称，公司通过强化管 ...

Financial Performance - In 2024, the company achieved operating revenue of 8.27 billion yuan, representing a year-on-year growth of 18.44% [1] - The net profit attributable to shareholders was 648 million yuan, with a year-on-year increase of 12.06% [1] - The company plans to distribute a cash dividend of 11 yuan per 10 shares (including tax), amounting to a total of 196 million yuan, which is 30.18% of the net profit for the year [1] Technological Innovation - The company has made significant advancements in technology and products, particularly in energy storage system solutions, covering various applications such as shared and independent storage, new energy integration, and emergency safety [1] - Ongoing research includes semi-solid state energy storage battery systems and integrated technologies to enhance energy density and grid stability [2] - The company has developed a new generation of energy storage inverters that have been commercially applied, providing innovative solutions to clients [1][2] AI and Smart Manufacturing - The company is leveraging artificial intelligence to enhance the energy storage value chain, integrating AI models, domain knowledge, and real-time data [2] - It has established smart manufacturing bases in multiple locations, focusing on intelligent production lines, warehousing, and logistics, which significantly improve efficiency and reduce labor costs [2] - Plans for 2025 include further advancing AI, big data, and digital twin technologies in the energy storage sector to enhance operational safety and asset value [2]

本报讯(记者贺王娟)4月26日，北京科锐（002350）集团股份有限公司(以下简称"北京科锐")发布2025年 一季度报告，报告显示，公司实现营业收入4.34亿元，同比增长60.22%；归属于上市公司股东的净利润 1056.11万元，同比扭亏为盈。北京科锐披露，营业收入大幅增长主要系一季度公司储能新能源行业相 关收入同比增加。 北京科锐披露，在新能源发电、储能方面，公司多款产品得到广泛应用。公司研发生产的储能变流升压 一体机是电化学储能系统的重要组成部分，主要功能是实现蓄电池与电网之间的能量交换，对蓄电池进 行充放电的控制和管理，支持并网和离网两种运行模式。 此外，公司高低压成套设备种类齐全，是风电/光伏发电系统并网输出的专用设备。公司模块化变电站 产品采用标准化设计、工厂化生产、装配式建设，十余年来被广泛应用在全国各地，也是光伏、风电等 新能源升压变电站的首选技术。全资子公司北京科锐博润电力电子有限公司(以下简称"科锐博润")SVG 产品可应用于新能源场站，在研产品集中式储能PCS、组串式DC/DC储能PCS、户用光储一体机(混合逆 变器)可应用于储能及户用光储系统领域。 对于2025年的经营计划，北京科锐 ...

Core Viewpoint - In 2024, the company demonstrated resilience and recovery in performance despite multiple challenges, achieving a revenue of 2.668 billion yuan and a net profit of 9.0718 million yuan, marking a turnaround from losses [1] Group 1: Financial Performance - The company reported a revenue of 2.668 billion yuan, representing a year-on-year growth of 1.41% [1] - The net profit attributable to shareholders was 9.0718 million yuan, indicating a return to profitability [1] - Operating cash flow improved significantly, reaching 470 million yuan [1] - Research and development expenditure increased to 182 million yuan, up 8.32% year-on-year [1] Group 2: Global Strategy and Operations - The company's "local production + global collaboration" strategy has shown enhanced resilience amid global trade tensions and geopolitical risks [2] - The company has established production bases in multiple countries, including China, India, Mexico, and Italy, creating a global manufacturing network [2] - The flexible global production layout allows for backup production capabilities across regions, improving service proximity to customers and enhancing supply chain security [2] Group 3: Market Presence - The company's products are sold in over 100 countries, with nearly 50% of revenue coming from the European market [3] - The company has successfully participated in notable international projects, showcasing its brand influence and delivery capabilities in the global lighting market [3] Group 4: Asset Restructuring and Integration - Following the acquisition of Osram's Digital Systems Eurasia business in 2023, the company has been optimizing integration paths and enhancing operational synergy [4] - The company is implementing management changes and building a process-oriented organizational structure to improve cross-departmental collaboration [4] - Initial integration effects are visible in brand collaboration, product expansion, and supply chain alignment [4] Group 5: New Energy Business Development - The company is expanding its new energy business, focusing on energy storage and charging products, while maintaining steady growth in its LED core business [5] - New energy products include commercial and residential energy storage solutions, with some products already receiving international certifications [5] - The company has increased its stake in Shanghai Gongshun New Energy Technology Co., enhancing its collaborative potential in the new energy ecosystem [5] Group 6: Strategic Direction - The ongoing development in the new energy sector reflects the company's proactive strategy to build new growth curves under the "dual carbon" goals [6] - The integration of LED lighting, intelligent systems, and energy storage is accelerating the company's progress towards high-quality development [6]

上市坎坷， 分布式光伏错过时机？ 遭遇行业寒冬之时，资金比任何时候都重要。 文 | 《能见派》栏目 刘丽丽 4 月末，多家光伏企业上市计划仍处于"烂尾"状态。 东立集团就是其中之一。跨界进入光伏的东立集团下属东立光伏目前上市处于停滞状态，启 动 IPO 辅导逾一年半仍未有实质性进展。同时，另一家企业正泰安能的 IPO 审核状态也变 更为"中止"，这是其第三次因财务资料过期而审核"中止"。 还有企业在另谋出路。例如创业板闯关失败的中润光能如今已转战港股。内部人士称，目前 已经递交了招股书，正在被要求补充材料，涉及历次增资、转让等。同时被要求补充材料的 还有华为离职高管创办的思格新能源，该企业被要求说明股权代持情况以及是否违反竞业禁 止规定。 虽然港股上市备案难度也在增大，但业内人士表示，港股较 A 股上市要相对容易，虽然融 资能力不强，但也属于上市公司，"一方面是能融资，另一方面资本也有了退出机制"。 户用光伏龙头企业正泰安能的上市之路已经走了 1 年多。目前，因财务资料过期，正泰安 能的 IPO 审核状态已经显示为"中止"。正泰安能由正泰电器控股，是正泰电器的户用光伏 开发的运营主体，此次上市属于分拆上市，即 ...

文 | 《能见派》栏目 刘丽丽 4 月末，多家光伏企业上市计划仍处于"烂尾"状态。 东立集团就是其中之一。跨界进入光伏的东立集团下属东立光伏目前上市处于停滞状态，启 动 IPO 辅导逾一年半仍未有实质性进展。同时，另一家企业正泰安能的 IPO 审核状态也变 更为"中止"，这是其第三次因财务资料过期而审核"中止"。 还有企业在另谋出路。例如创业板闯关失败的中润光能如今已转战港股。内部人士称，目前 已经递交了招股书，正在被要求补充材料，涉及历次增资、转让等。同时被要求补充材料的 还有华为离职高管创办的思格新能源，该企业被要求说明股权代持情况以及是否违反竞业禁 止规定。 虽然港股上市备案难度也在增大，但业内人士表示，港股较 A 股上市要相对容易，虽然融 资能力不强，但也属于上市公司，"一方面是能融资，另一方面资本也有了退出机制"。 上市坎坷， 分布式光伏错过时机？ 遭遇行业寒冬之时，资金比任何时候都重要。 户用光伏龙头企业正泰安能的上市之路已经走了 1 年多。目前，因财务资料过期，正泰安 能的 IPO 审核状态已经显示为"中止"。正泰安能由正泰电器控股，是正泰电器的户用光伏 开发的运营主体，此次上市属于分拆上市，即 ...

4月10日，第十三届储能国际峰会暨展览会（ESIE2025）在京开幕，海博思创本次参展主题 为"AI新时代 智储新未来"，公司在展会发布了"智慧储能解决方案"，以"电网（Grid）、人 工智能（AI）、感知（Sense）、芯片（Chip）"四大技术基因为核心，通过"储能+X"驱动 多场景能源生态重构，追求"让能源存储更简单，每一度电价值最大化"的目标。 面对行业发展新趋势，海博思创首席技术官钱昊在本次峰会上表示，全生命周期价值管理理念已 成为实现储能系统高效运维的必由之路。储能系统在项目建设、运行维护、运营交易等全流程环 节实现闭环管控，不仅可显著提升整体经济效益，更能助力环保目标的达成。 本次展会，海博思创集中展示了涵盖8MWh交直流一体全液冷储能系统、储能变流器、液冷电池 包、光储一体机、交直流一体户外柜等在内的多款主打产品，覆盖各差异化市场需求, 更大、更 强、更智能，综合满足用户对于安全、效率、可靠、长寿命的需求，为客户提供储能全生命周期 的解决方案和价值增值。 智慧储能解决方案发布 随着电力市场化进程深化，新能源并网波动性、电网稳定性挑战日益凸显。 海博思创提出"储能 +X"全域融合模式，覆盖风电、 ...