证券日报网讯 九联科技11月19日在互动平台回答投资者提问时表示，公司旗下子公司广东九联智慧能 源有限公司，为客户提供专业的能源数字化、智能化整体解决方案，包括能源管理、微电网、虚拟电厂 等。九联智慧能源目前已参与了《综合能源站建设运营服务评价规范》《虚拟电厂建设运营服务评价技 术要求》等团体标准起草与制定。 ...

Core Insights - Jinko Technology's net profit attributable to shareholders for Q1-Q3 2025 reached 360 million yuan, representing a year-on-year increase of 61.8% [1] - In Q3 2025, the net profit attributable to shareholders was 230 million yuan, with quarter-on-quarter and year-on-year growth of 76.5% and 47.8% respectively [1] Business Performance - The energy storage business is experiencing significant growth, with large independent energy storage projects in Gansu and Anhui expected to be connected to the grid by the end of the year [1] - Planned independent energy storage projects include 2000 MWh in North China, 800 MWh in Northwest China, 800 MWh in East China, and a total of 500 MWh in Southeast and Central China, with construction expected to commence soon [1] Market Outlook - The economic viability of energy storage projects is anticipated to improve as policies regarding capacity pricing are gradually implemented [1] - The company is actively expanding its sales business and is poised to leverage virtual power plants when the timing is right [1] Strategic Initiatives - Jinko Technology is strategically positioning itself in the integration of solar and storage, electricity sales, virtual power plants, and microgrids, aiming to build a smart operation and maintenance platform [1] - The company is extending its independent energy storage capabilities to include virtual power plants and direct green electricity connections, offering comprehensive energy services [1] Valuation Perspective - With ongoing market developments, the value of green energy assets is expected to be reassessed, with a reasonable price-to-book ratio greater than 1 [1] - However, the release of detailed local regulations following Document No. 136 may require time for market participants to adapt, potentially impacting the operation and transfer of power stations [1] - The core focus remains on the continuous upgrade of operational capabilities in electricity trading, maintaining an "overweight" rating [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][8]. Core Views - The company has accelerated its layout in the energy storage business, enhancing its comprehensive energy supply capabilities [4]. - For the first three quarters of 2025, the company reported revenue of 3.12 billion yuan, a year-on-year decrease of 19.7%, while the net profit attributable to shareholders increased by 61.8% to 360 million yuan [4]. - The operating cash flow has significantly improved, with a net cash flow from operating activities of 3.27 billion yuan compared to 590 million yuan in the same period last year [4]. - The energy storage business is expected to continue expanding, with several large independent energy storage projects planned to commence soon [4][5]. Financial Summary - Revenue projections for 2025-2027 are estimated at 5.49 billion, 5.53 billion, and 5.41 billion yuan, respectively, with corresponding net profits of 510 million, 520 million, and 550 million yuan [6][7]. - The company’s PE ratios for the same period are projected to be 26, 26, and 24 times [6][7]. - The company’s asset-liability ratio is currently at 62.5%, expected to rise to 65.5% by 2025 [9].

Core Insights - China has established the world's most comprehensive carbon reduction policy system and has become a leader in renewable energy development, achieving significant progress in carbon neutrality goals [1] Group 1: Carbon Market Development - The national carbon emissions trading market was officially launched in July 2021, covering over 60% of carbon emissions from key industries such as electricity, steel, cement, and aluminum [1] - As of September 2023, the cumulative trading volume of carbon emission allowances reached approximately 728 million tons, with a total transaction value of about 49.83 billion yuan [1] - The carbon market is expected to significantly reduce carbon reduction costs and improve pricing levels in industries like power generation, cement, and coal [2] Group 2: Renewable Energy Growth - The share of non-fossil energy consumption in China is projected to increase from 16% in 2020 to 19.8% by 2024 [3] - By August 2023, the installed capacity of wind and solar power exceeded three times that of 2020, contributing to approximately 80% of new power installations [3] - The comprehensive adjustment capability of the domestic power system is continuously improving, with significant growth in cross-regional and cross-provincial electricity transmission expected by 2024 [3] Group 3: Emerging Energy Solutions - New entities such as virtual power plants and energy storage systems are anticipated to develop at scale, providing multiple benefits including cost savings and enhanced reliability of electricity supply [4] - The distribution network is evolving into a platform for integrating distributed energy resources and new loads, moving away from its traditional role of one-way electricity transmission [4] - The emergence of new energy solutions is expected to foster innovative business models, transitioning from simple economic incentives to market-oriented operations [4]

Core Viewpoint - The "14th Five-Year Plan" emphasizes green development as a fundamental aspect of China's modernization, aiming to achieve carbon peak and carbon neutrality while enhancing ecological safety and green development momentum [3][4]. Group 1: Green Development Initiatives - The plan advocates for the integration of pollution prevention and ecological system restoration, focusing on source governance and multi-pollutant control [5]. - It highlights the importance of large-scale land greening actions and the protection of critical ecological areas, such as the Tibetan Plateau and major river systems [6]. - The establishment of a new energy system is prioritized, with an emphasis on increasing the share of renewable energy and improving the efficiency of fossil fuel usage [7][8]. Group 2: Market and Policy Mechanisms - The plan calls for the development of market and pricing mechanisms that align with the new energy system, including a carbon emissions trading market and a comprehensive green low-carbon standard system [9]. - It emphasizes the need for financial, fiscal, and technological policies to promote green and low-carbon development, alongside incentives for green consumption [12]. Group 3: Urban and Industrial Transformation - The focus is on promoting green and low-carbon transitions in key sectors such as transportation and energy, with an emphasis on optimizing industrial layouts [11]. - The plan encourages the integration of ecological environment management with national spatial planning to enhance overall sustainability [10].

Core Insights - The largest user-built microgrid cluster in China has been established in Jiangsu, featuring five typical application scenarios to support the construction of a new energy system and accelerate the green low-carbon transition [1][2] Group 1: Microgrid Development - Jiangsu plans to build 137 pilot projects for user-built microgrids, which are independently invested, operated, and managed by enterprises or parks, focusing on distributed power sources and smart management systems [1] - The core value of user-built microgrids lies in meeting users' dual demands for cost reduction and environmental benefits while enhancing grid resilience [1] Group 2: Renewable Energy Growth - Jiangsu's renewable energy development has been rapid, with installed capacity exceeding 110 million kilowatts, and distributed photovoltaic growth leading the nation this year [1] - By August 2025, the installed capacity of commercial and industrial distributed photovoltaics in Jiangsu is expected to reach 41.162 million kilowatts, a year-on-year increase of 41.71% [1] Group 3: Application Scenarios - Jiangsu has built 86 pilot projects for microgrids, leveraging the province's 3.16 million electric vehicles and advanced manufacturing clusters [2] - The microgrid in Wuxi enables electric vehicles to act as mobile energy storage units, participating in charging and discharging based on grid signals [2] - The microgrid in Changzhou has achieved a 100% local consumption of 5.35 million kilowatt-hours of photovoltaic power, reducing the park's electricity cost by approximately 0.2 yuan per kilowatt-hour [2] Group 4: Future Projections - By 2030, Jiangsu aims to establish 36 park demonstration microgrids, aggregating energy storage capabilities of approximately 11.5 million kilowatts for 6 hours and interactive load scales exceeding 3.6 million kilowatts [3]

Core Viewpoint - The article discusses the recent release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," which emphasizes accelerating the construction of a new energy system in China, aiming to establish a clean, low-carbon, safe, and efficient energy framework during the 15th Five-Year Plan period [1][2]. Group 1: Key Tasks and Goals - The "Suggestions" outline major tasks for energy development over the next five years, including the establishment of a new energy system, promoting strategic emerging industries, optimizing energy resource layouts, and ensuring energy resource security [1][2]. - The goal is to create a new energy system with a high proportion of non-fossil energy, supported by fossil energy as a backup, and to develop a new power system that is efficient and sustainable [2][3]. Group 2: New Energy System Construction - The article details six key components for constructing the new energy system, including increasing the supply ratio of renewable energy, ensuring the safe and orderly replacement of fossil energy, and building a new power system [3][4]. - Non-fossil energy has become the main source of new power supply, with 84% of new installed capacity in the past four years coming from non-fossil sources, reaching 2.23 billion kilowatts, which accounts for 60.8% of total installed capacity as of July this year [4]. Group 3: Challenges and Solutions - The rapid development of wind and solar energy has led to challenges in the coordination of generation, grid, and load, resulting in issues such as curtailment of wind and solar power [4][5]. - The "Suggestions" propose a multi-energy approach, integrating wind, solar, hydro, and nuclear energy, to enhance the utilization of renewable energy and improve the stability of power output [5][6]. Group 4: Storage and Grid Development - The article highlights the importance of developing new energy storage and smart grid technologies, with the new storage capacity reaching approximately 95 million kilowatts, growing nearly 30 times in five years [6][8]. - The storage sector is expected to experience explosive growth, with a focus on both short-term and long-term storage technologies to support the new power system [7][8]. Group 5: Market Mechanisms and Pricing - The "Suggestions" call for the establishment of market and pricing mechanisms that adapt to the new energy system, emphasizing the need for a unified national electricity market [9][10]. - Companies will face challenges in a fluctuating electricity pricing environment, requiring them to adjust their energy strategies to manage costs and risks effectively [10][11].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.122 billion yuan and a net profit attributable to shareholders of 356 million yuan, continuing a steady growth trend [1] - The net profit for the first three quarters increased by 61.82% year-on-year, surpassing the total net profit for the entire year of 2024 [1] - The net cash flow from operating activities significantly increased by 454.05% year-on-year, reaching 3.273 billion yuan, indicating improved profit quality and market competitiveness [1] Group 2: Cash Flow and Financial Stability - As of the end of the third quarter, the company had cash and cash equivalents of 5.394 billion yuan, providing a solid financial foundation for operational flexibility and strategic upgrades [1] - The company is actively exploring investment and merger opportunities, focusing on new financial models such as digital assets to inject liquidity into the industry [1] Group 3: Energy Storage Business Development - The domestic energy storage industry is experiencing rapid growth, with the company successfully connecting the 100MW/200MWh energy storage project in Feidong, marking it as the first large-scale grid-side storage project in Hefei [2] - Since entering the new energy storage business in 2022, the company has established multiple applications across various provinces, with a planned additional storage capacity of 6GWh in 2025 [2] - The company plans to adopt a mixed commercial model for its energy storage business, which is expected to become a new profit growth point [2] Group 4: Strategic Initiatives - The company is actively advancing in areas such as solar-storage integration, overseas projects, and market-oriented electricity trading, aiming to build a competitive moat for future development [2] - By engaging in emerging businesses like solar-storage integration, power sales, virtual power plants, and microgrids, the company aims to provide more services to customers while generating greater revenue [2]

Core Insights - The "15th Five-Year Plan" aims to enhance China's energy sector, focusing on achieving carbon peak targets and establishing a clean, low-carbon, safe, and efficient energy system [1][7] Group 1: Energy Sector Development Goals - The overall goal for the energy sector during the "15th Five-Year Plan" is to achieve carbon peak targets and establish a new energy system [1] - The plan emphasizes the importance of energy transition, with a focus on enhancing energy supply capacity and accelerating green transformation [1][7] Group 2: Emerging Industries and Future Technologies - The plan highlights the need to cultivate emerging industries, particularly in new energy, new materials, aerospace, and low-altitude economy [2] - Hydrogen energy and nuclear fusion are specifically mentioned as future industries to explore diverse technological routes and business models [2][3] Group 3: Infrastructure Development - The plan calls for the construction of modern infrastructure to support energy transition, including optimizing energy transmission channels and building new energy facilities [3][4] - The development of charging stations and energy storage systems is deemed essential for the new energy infrastructure [5] Group 4: Market Regulation and Competition - The plan aims to eliminate barriers to building a unified national market and address "involution" in competition within the energy sector [5][6] - Establishing a unified electricity market is crucial for optimizing resource allocation and supporting energy transition [5] Group 5: Achievements and Future Directions - As of mid-2025, China's renewable energy installed capacity reached 2.159 billion kilowatts, accounting for 59.2% of total installed capacity [7] - The plan emphasizes the need for further acceleration of low-carbon and clean transformation in the energy sector to support economic development [7]

Core Viewpoint - The article emphasizes the importance of the 15th Five-Year Plan in achieving socialist modernization, focusing on high-quality development, energy transition, and enhancing national security while addressing domestic and international challenges [4][6][7]. Group 1: Energy Transition and Carbon Neutrality - The plan aims to accelerate the construction of a new energy system, increasing the share of renewable energy and promoting the clean and efficient use of fossil fuels [2][3]. - It includes measures for carbon peak and carbon neutrality, implementing dual control of total carbon emissions and intensity, and developing a national carbon trading market [2][3]. Group 2: Economic Development Goals - The 15th Five-Year Plan sets high-quality development as a significant goal, aiming for stable economic growth, improved productivity, and enhanced domestic demand [13][14]. - It emphasizes the importance of technological self-reliance and innovation, aiming to significantly improve the national innovation system and enhance core technologies [13][14]. Group 3: Modernization of Industry - The plan focuses on building a modern industrial system, prioritizing the development of advanced manufacturing and the optimization of traditional industries [16][17]. - It aims to foster emerging industries and future industries, including new energy, aerospace, and digital economy sectors [17][18]. Group 4: Infrastructure Development - The plan outlines the need for a modern infrastructure system, emphasizing the integration of new and traditional infrastructure, including digital and energy infrastructure [18][19]. Group 5: Domestic Market Expansion - The strategy includes measures to strengthen the domestic market, focusing on boosting consumption and effective investment to drive economic growth [24][25]. - It aims to eliminate barriers to a unified national market, enhancing market efficiency and competition [26]. Group 6: High-Level Opening Up - The plan advocates for expanding high-level opening up, promoting trade and investment cooperation, and enhancing the international competitiveness of Chinese enterprises [30][31]. - It emphasizes the importance of building a robust international trade network and improving the global economic governance system [30][31]. Group 7: Agricultural Modernization - The plan prioritizes agricultural modernization, aiming to enhance agricultural productivity and quality while ensuring food security [33][34]. - It focuses on rural revitalization, improving living conditions in rural areas, and promoting the integration of urban and rural development [34][35]. Group 8: Cultural Development - The plan highlights the importance of cultural innovation and development, aiming to enhance the influence of Chinese culture and promote cultural industries [39][40]. - It emphasizes the need for a robust cultural ecosystem and the promotion of cultural heritage [40][41]. Group 9: Social Welfare and Common Prosperity - The plan aims to improve social welfare, focusing on employment, income distribution, and enhancing the quality of life for all citizens [42][43]. - It emphasizes the importance of achieving common prosperity through equitable income distribution and support for low-income groups [43].