长江证券研报指出，欧美用电问题凸显，安克创新增长势能充沛。欧美市场用电成本高，电价波动幅度 大、用电稳定性不足等问题突出，储能赛道有望持续增长，便携式储能&户储行业大盘远期复合增速均 在20%+，阳台光储、澳洲户储边际景气优异。于公司而言，作为阳台光储开创者，有望持续享受行业 优异增速红利，优异产品竞争力加持下，便携式储能和户储赛道的份额或稳中有升，预计公司2025- 2027年归母净利润分别为26.57、31.98和38.95亿元，对应PE分别为20.80、17.29 和14.19倍，维持"买 入"评级。 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the company's capability in providing thin film deposition technology support for new storage solutions, having secured significant orders from key clients in the advanced packaging sector [1] - The company is also noted for its advancements in solid-state transformers (SST) and energy storage, with high-end materials already supplied to SST clients, leading to small batch shipments in Europe [1]

Core Viewpoint - The company, Hengdian East Magnetic, has indicated that its lithium batteries are suitable for small power applications in portable energy storage, but not for large-scale storage projects [2] Group 1 - The company has extended its product line to include household storage products [2] - The company is collaborating with third parties to expand into the commercial and large storage market [2]

Performance Review - In H1 2025, the company reported revenue of 651 million yuan, a year-on-year decrease of 27.54%, and a net profit attributable to shareholders of 79 million yuan, down 9.88% year-on-year. The net profit excluding non-recurring items was 57 million yuan, a decline of 36.05% year-on-year. In Q2 2025, revenue reached 461 million yuan, a year-on-year decrease of 2.27% but a quarter-on-quarter increase of 141.36%. The net profit attributable to shareholders was 50 million yuan, up 4.96% year-on-year and 74.02% quarter-on-quarter. The net profit excluding non-recurring items was 35 million yuan, down 33.20% year-on-year but up 63.98% quarter-on-quarter [1]. Microinverter & Energy Communication Device Sales - In H1 2025, the company generated revenue of 358 million yuan from microinverters and energy communication devices, a year-on-year decline of 42.08%, primarily due to a decrease in new installations in traditional overseas photovoltaic markets. The shipment volume for H1 2025 was approximately 340,000 units, down 40.04% year-on-year, with Q2 2025 shipments at about 190,000 units, reflecting a quarter-on-quarter increase of 26.67%. This increase was attributed to the company's strategy of offering slight discounts to ensure growth in shipment volume [2]. Energy Storage Business Growth - The company's energy storage business maintained a high growth rate in H1 2025, becoming a significant driver of revenue growth. The revenue from industrial and commercial storage systems was 190 million yuan, up 6.43% year-on-year, while household storage product revenue was 20 million yuan, an increase of 34.11% year-on-year, benefiting from the global demand for commercial and industrial energy storage and the company's channel expansion. However, revenue from smart control circuit breakers was 58 million yuan, down 24.24% year-on-year, likely impacted by market demand structure adjustments and intensified industry competition [3]. Cost Management and Cash Position - The company's expense ratio for H1 2025 was 10.51%, a decrease of 6.5 percentage points compared to 2024. In Q2 2025, the expense ratio was 5.5%, reflecting a quarter-on-quarter decrease of 17.2 percentage points, mainly due to increased revenue and foreign exchange gains. As of H1 2025, the company had cash and cash equivalents of 1.38 billion yuan and trading financial assets of 530 million yuan, totaling nearly 2 billion yuan in cash, which is sufficient to support further expansion in new businesses such as energy storage [4]. Profit Forecast and Investment Recommendation - Considering industry competition, the company has revised its net profit forecasts for 2025-2027 to 195 million yuan, 249 million yuan, and 327 million yuan, respectively. The previous estimates for 2025-2026 were 360 million yuan and 450 million yuan. The current stock price corresponds to price-to-earnings ratios of 47.8, 37.5, and 28.5 times for the respective years. Given the company's position as a leading microinverter manufacturer and the expected continued growth in shipments post-inventory digestion, along with the energy storage business entering a phase of increased volume, a "buy" rating is maintained [5].

Group 1 - The company is enhancing product research and development, improving product range, and integrating channel resources to quickly respond to market demands [1] - The company is leveraging favorable policies in regions like Australia to continuously increase market share [1] - The company's energy storage capacity is currently in a growth phase, with overall order reserves showing a stable and positive trend [1]

Core Viewpoint - The company is actively enhancing its market share by strengthening product research and development, improving product variety, and integrating channel resources, while also benefiting from favorable policies in regions like Australia [1] Group 1 - The company is in a phase of ramping up its household energy storage capacity [1] - The overall order reserve situation is stable and positive [1]

Summary of the Conference Call for 德业股份 Industry Overview - The global household energy storage market is expected to maintain an annual growth rate of approximately 20% over the next five years, with emerging markets experiencing even higher growth rates [2][4] - The industrial and commercial energy storage sector will also support 德业股份's long-term growth, particularly in regions with low per capita electricity generation and photovoltaic power ratios, such as Latin America, Africa, and the Middle East [2][4] Key Growth Markets - Significant growth is anticipated in Africa and Southeast Asia by 2025, with Africa's growth expected to exceed three times due to local electricity shortages [2][6] - Indonesia plans to achieve a distributed solar storage capacity of 320GW over the next five years, with overall distributed energy storage growth in Southeast Asia approaching double [2][6] - India and Pakistan are expected to maintain growth in 2025, driven by policy and local supply chain factors, with 德业股份 achieving approximately 30% growth in Pakistan in recent months [2][7][8] - The Middle East market shows demand differentiation, with wealthy countries like Israel and UAE driving energy transition through policy, while war-affected countries like Lebanon and Syria exhibit off-grid demand [2][9] - Eastern Europe is expected to see a decline in Ukraine's demand by 2025, but countries like Bulgaria and Romania are experiencing good growth due to reduced reliance on Russian electricity [2][10] Competitive Advantages - 德业股份 possesses three core competitive advantages in emerging markets: product development tailored to different countries, partnerships with local major distributors, and high self-manufacturing rates [4][13] - The company has a strong cost control strategy, leveraging over 30 years of experience in sheet metal manufacturing to maintain high self-manufacturing rates and reduce costs [17][18] Business Performance and Projections - The industrial and commercial energy storage business is projected to grow significantly, with revenues expected to double from approximately 20 billion yuan in 2024 to 40 billion yuan in 2025, potentially accounting for 40%-50% of total revenue [4][19][20] - Overall, 德业股份's revenue for 2025 is anticipated to reach 35 billion yuan, with a profit of approximately 15 billion yuan achieved in the first half of the year [23] Emerging Products and Strategies - In addition to industrial storage, 德业股份 is developing new products such as balcony micro-storage and solar air conditioning, which will complement its home appliance business [21][22] - The company employs a sales strategy that includes forming exclusive agency relationships with local distributors and utilizing brand partnerships to expand market reach [15][16] Market Outlook - The global distributed energy storage market is expected to continue expanding, with emerging markets likely to become significant growth segments in the coming years [12] - The company is well-positioned to maintain its market share and profitability in the household storage sector while benefiting from the growth of new business lines [22]

Core Viewpoint - The user-side energy storage market is experiencing a recovery with a concentrated market structure, while high-growth new markets are emerging, indicating a return to stable growth in global installations [1][6] Group 1: Household Energy Storage - The household energy storage market has undergone significant restructuring, leading to a gradual recovery and emergence of new growth opportunities [1] - It is expected that global household energy storage installations will see an accelerated growth inflection point by 2025, with a projected CAGR of nearly 15% over the next three years, particularly in markets like Australia and Asia-Pacific [2] - Australia's household storage penetration rates are relatively low at approximately 7% for existing installations and 20% for new installations, indicating substantial growth potential compared to Europe [2] Group 2: Industrial and Commercial Energy Storage - The commercial energy storage market is maturing, with significant growth expected due to improved business models and application scenarios, particularly in Europe where the CAGR is projected to reach around 55% from 2024 to 2029 [3] - The economic advantages of commercial energy storage over diesel generators, along with its suitability for off-grid backup power needs, present considerable replacement opportunities [3] - The increasing acceptance of green energy storage solutions is anticipated to further enhance long-term growth prospects for industrial and commercial energy storage [3] Group 3: Market Opportunities for Domestic Manufacturers - Domestic manufacturers are actively enhancing their product offerings and market expansion strategies to capitalize on the rising demand in overseas user-side energy storage markets [4] - Chinese household storage suppliers are leveraging manufacturing advantages and financial strength to deepen partnerships with leading channel providers in mature markets while exploring high-growth potential markets like Australia and Asia-Pacific [4] - The growing demand in the overseas commercial storage market is prompting domestic battery, inverter, and system manufacturers to accelerate product upgrades and business model expansions [4]

Core Viewpoint - The company aims to reduce losses and achieve a turning point in performance, with positive results observed in the first half of the year [2] Group 1: Company Performance and Goals - The company has set a key goal of reducing losses and turning around its performance, with some success noted in the first half of the year [2] - The company reported a main revenue of 657 million yuan, a year-on-year increase of 24.76%, and a net profit attributable to shareholders of -37.04 million yuan, a year-on-year increase of 39.81% [8] Group 2: Independent Energy Storage Projects - The first phase of the Qingyuan independent energy storage station is operational, with the second and third phases expected to be commissioned within the year [3] - The company has invested in multiple independent energy storage stations and holds a significant regional scale advantage, being the largest in the province [4] Group 3: Product Development and Production - The company produces energy storage system products, with core components like PCS, BMS, EMS, and battery packs developed in-house, while some components like cells and containers are sourced externally [5] Group 4: Revenue Sources and Market Strategy - The main revenue from the Qingyuan independent energy storage station comes from frequency regulation services, with potential plans to explore additional revenue sources in the future [6] - Following the issuance of Document No. 136, the market policies are favorable for the company, allowing for a focus on system performance and economic indicators [7] Group 5: International Expansion - The company established an international division in 2023, focusing on markets in Europe and Africa, with a representative office set up in Italy and products certified to European standards [8]

Core Viewpoint - The article discusses the current state and future prospects of the global household energy storage market, highlighting significant growth in shipments and the impact of geopolitical events on demand [2][3]. Group 1: Market Overview - In 2024, the global household energy storage shipment volume reached 27.8 GWh, a year-on-year increase of 19%, with China accounting for 21 GWh, or 75% of the global total [2]. - The top 10 companies in terms of shipment volume include Huawei, BYD, Airo Energy, and others, indicating a competitive landscape [3]. Group 2: Demand Trends - The demand for household storage products has been influenced by geopolitical tensions, particularly the Russia-Ukraine conflict, which initially spurred demand in Europe [3]. - Despite a slowdown in demand in some European countries, regions like Central and Eastern Europe, as well as the UK, continue to see growth [3]. Group 3: Company Performance - Companies like Hekang New Energy reported a revenue of approximately 4.7 billion yuan in 2024, a 220% increase year-on-year, while net profit reached 10.29 million yuan, marking a turnaround [6]. - Deye Co., Ltd. achieved a revenue of about 11.2 billion yuan in 2024, up 49.8% year-on-year, with a net profit of 2.96 billion yuan, reflecting a 65.3% increase [7]. - Airo Energy's Q1 2025 report showed a revenue of approximately 790 million yuan, a 16.7% increase year-on-year, with a net profit of 45.94 million yuan, up 35% [8]. Group 4: Market Dynamics - The performance disparity among companies is attributed to their market focus, with those targeting Asia, Africa, and Latin America experiencing significant demand growth [9]. - The U.S. market, despite tensions regarding Chinese lithium batteries, is expected to see increasing demand for household storage products due to frequent natural disasters and a fragile power grid [9]. Group 5: Technological Advancements - The introduction of 300Ah+ battery cells into the household storage market is a significant technological advancement, with a rapid transition from 280Ah cells [11]. - Companies like Jieneng Home Storage and others have launched products featuring 300Ah+ cells, indicating a shift towards higher capacity solutions [12]. - The trend towards modular and high-voltage systems in household storage design is aimed at better accommodating larger capacity cells [13]. Group 6: Future Outlook - The potential for large-capacity battery cells to enhance household storage systems is significant, particularly in remote areas where reliable power supply is critical [15]. - Safety concerns associated with larger capacity cells necessitate stringent manufacturing standards and improved battery management systems [15].