禾迈股份 20260123 摘要 禾迈股份 2025 年大储相关设备营收超 3 亿元，毛利率达 15%，预计 2026 年大储业务营收至少 10 亿元，一季度或完成全年一半目标。公司 侧重欧洲、拉美、中东及亚太市场，实施差异化产品策略。 禾迈股份海外市场策略侧重欧洲、美国、澳大利亚等发达国家及中东新 兴市场，通过差异化产品和品牌优势，提升市场地位和盈利能力。澳洲 和美国市场准入门槛高，短期内贡献有限。 禾迈股份在大储领域进行全面布局，技术创新涵盖集中式、组串式逆变 器及交直流一体机，已向主流集成商供货，并在欧洲、亚太、拉美实现 百兆瓦时级别供货。大储研发团队已扩展至两三百人。 电芯涨价对禾迈股份大储业务有影响，但海外市场表现较强，整体毛利 率可控。公司通过风险控制、价格传导和国内外市场平衡，确保长期发 展目标。 禾迈股份已对外出货构网型 PCS，并获得大型订单，技术成熟。公司认 为储能市场潜力巨大，将从 PCS 延伸到电力系统，致力于三电融合，通 过技术积累和创新弥补短板。 2026 年，禾迈股份首次出现年度亏损，亏损金额超过 1 亿元。尽管如此，公 司在第四季度实现了 6 亿多元的营收，并且毛利润增加了 4 ...

艾罗能源受 5 月 1 日起电力补贴政策调整影响，刺激消费者提前下单， 厂家积极向海外仓库和子公司发货，同时出口退税政策调整也促使客户 提前备货，预计第一季度发货量达 1,500 台，接近去年全年发货量。 2025 年艾罗能源在澳大利亚市场实现 4 亿多元销售收入，主要集中在 下半年，欧洲市场占比约 62%，同时关注日本、东南亚及其他亚非拉市 场，公司正在对 25 年数据进行地区和产品细分。 艾罗能源的大储项目研发始于两三年前，2025 年推出产品，主要针对 微网项目和小型用户侧项目，聚焦欧洲等地小型项目，与资金方及 EPC 方合作，已具备成熟的大储解决方案。 艾罗能源的大储能系统定义为 5 兆瓦及以上，主要应用于工商业领域， 销售对象为资金方和 EPC 公司，市场以欧洲为主，并向亚非拉地区渗透， 公司在全球设有销售和技术支持团队。 乌克兰市场对艾罗能源户用储能产品需求不大，2025 年 11 月收到一个 来自东欧的小订单，总计约 1 万台户用储能设备，占比小，公司更看好 亚非拉地区低压户用储能产品的发展机会。 Q&A 艾罗能源 20260123 摘要 请介绍一下艾罗能源在 2026 年的排产和市场进展情况。 ...

Core Viewpoint - Airo Energy has signed a sales cooperation agreement with Raystech Group Pty Ltd for the Australian market, committing to a minimum shipment of 1 GWh of products in 2026 [1] Group 1: Agreement Details - The agreement is effective from January 1, 2026, to December 31, 2026 [1] - Raystech Group Pty Ltd will serve as the exclusive distributor for Airo Energy's household energy storage products in Australia [1] Group 2: Strategic Implications - The collaboration is expected to leverage local resources to enhance market penetration and product recognition in Australia [1] - This partnership aligns with Airo Energy's long-term development strategy and is in the interest of all shareholders [1] Group 3: Financial Impact - The agreement is a framework agreement and does not specify financial amounts, making the impact on 2026 operational performance and future growth uncertain [1] - The actual effects will depend on subsequent contracts or orders that may be signed and implemented [1]

艾罗能源公告，公司与 Raystech Group Pty Ltd 签署销售合作协议，有效期为 2026年 1月 1日至 2026年 12月 31日。根据协议，Raystech Group Pty Ltd 将作为艾罗能源在澳大利亚市场的户用储能总代理，并 承诺 2026年度合作产品累计出货/采购按产品容量合计口径不低于 1GWh。此次合作有助于艾罗能源拓 展澳大利亚市场，提升产品知名度，符合公司长期发展战略。 ...

Core Viewpoint - The company, HeKang New Energy, forecasts a significant increase in net profit for the year 2025, projecting a range of 50 million to 75 million yuan, representing a substantial growth of 385.62% to 628.43% compared to the previous year's profit of 10.2961 million yuan [3]. Group 1 - The expected net profit attributable to shareholders for 2025 is projected to be between 50 million and 75 million yuan, a dramatic increase from 10.2961 million yuan in the previous year [3]. - The net profit, excluding non-recurring gains and losses, is anticipated to be between 8 million and 12 million yuan, reflecting a growth of 4.75% to 57.17% compared to the previous year's figure of 7.6372 million yuan [4]. - The primary driver for this significant profit increase is attributed to the company's enhanced focus on expanding its photovoltaic EPC business, leveraging its resources and industry experience to boost revenue and profits [3]. Group 2 - The household energy storage business is still in the cultivation stage, with the company concentrating on product development and market capability enhancement while accelerating the expansion of its overseas sales network [4]. - The impact of non-recurring gains and losses on net profit for 2025 is estimated to be around 50 million yuan [4].

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector, particularly in the development, production, and sales of component-level power electronic devices for distributed photovoltaic systems, with a significant emphasis on energy storage solutions and international market expansion [2][4]. Group 1: Company Overview - YN Technology specializes in component-level power electronic devices for distributed photovoltaic systems, including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][4]. - The company has established a comprehensive product layout in energy storage, covering portable, residential, and commercial energy storage systems, with its single-phase residential energy storage series already in mass production and sold in Europe and the United States [2][3]. - As of September 30, the company reported a revenue of 943 million yuan, a year-on-year decrease of 38.48%, and a net profit of 66.48 million yuan, down 55.52% year-on-year [9]. Group 2: Business Performance - The distributed photovoltaic power station business has made steady progress, achieving a grid-connected capacity of over 60 MW, including notable projects like the 25 MW photovoltaic power station at Nanjing International Expo Center [3]. - The company’s overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the RMB [4]. - The main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and others [8]. Group 3: Market Activity - On January 15, YN Technology's stock fell by 0.49%, with a trading volume of 121 million yuan and a turnover rate of 1.42%, bringing the total market capitalization to 8.497 billion yuan [1]. - The stock has seen a net outflow of 10.12 million yuan from major investors today, with a lack of clear trends in major holdings [5][6].

Core Viewpoint - The company, YN Technology, is focused on the photovoltaic power generation sector, particularly in the development, production, and sales of component-level power electronic devices for distributed photovoltaic systems, benefiting from the depreciation of the RMB and the push for common prosperity demonstration zones [2][4]. Group 1: Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices in distributed photovoltaic power generation systems, with key products including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][4]. - The company was established on March 24, 2010, and went public on June 8, 2022, with its main business revenue composition being: micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and others (3.89%) [8]. Group 2: Financial Performance - For the period from January to September 2025, YN Technology achieved a revenue of 943 million yuan, a year-on-year decrease of 38.48%, and a net profit attributable to shareholders of 66.48 million yuan, down 55.52% year-on-year [9]. - The company's overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the RMB [4]. Group 3: Product Development and Market Position - The company has completed the product layout for energy storage products, including portable mobile storage, household storage, and commercial energy storage systems, with the single-phase household energy storage series products entering mass production and being sold in Europe and the United States [2][3]. - YN Technology's distributed photovoltaic power station business has made steady progress, achieving a grid-connected capacity of over 60 MW, including benchmark projects like the 25 MW photovoltaic power station at Nanjing International Expo Center [3].

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector, particularly in the development, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems [2][4]. Group 1: Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters, smart control disconnectors, and energy communication and monitoring systems [2][4]. - The company was established on March 24, 2010, and went public on June 8, 2022. Its main business revenue composition includes micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), smart control disconnectors (8.94%), and others (3.89%) [8]. Group 2: Financial Performance - For the period from January to September 2025, YN Technology achieved a revenue of 943 million yuan, a year-on-year decrease of 38.48%, and a net profit attributable to shareholders of 66.48 million yuan, down 55.52% year-on-year [9]. - The company has distributed a total of 349 million yuan in dividends since its A-share listing [9]. Group 3: Market Position and Trends - As of January 9, the company's stock price decreased by 0.98%, with a trading volume of 164 million yuan and a turnover rate of 1.92%, resulting in a total market capitalization of 8.486 billion yuan [1]. - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 66.03% of total revenue [4]. Group 4: Product Development and Projects - YN Technology has completed the product layout for energy storage products, including portable mobile storage, household storage, and commercial energy storage systems, with the single-phase household energy storage series entering mass production and being sold in Europe and the United States [2][3]. - The company's distributed photovoltaic power station business has achieved a grid-connected capacity of over 60 MW, including benchmark projects like the 25 MW photovoltaic power station at Nanjing International Expo Center and the 6.45 MW power station at Yangzhou Hisense Rongsheng [3].

Core Insights - The 14th Energy Storage International Conference and Expo (ESIE 2026) will be held from March 31 to April 3, 2026, at the Capital International Exhibition & Convention Center in Beijing, covering an exhibition area of 160,000 square meters and expecting over 200,000 professional visitors [2][4]. Group 1: Event Overview - The event will feature over 1,000 exhibitors and sponsors, along with 5,000 upstream and downstream enterprises in the energy storage industry [2]. - Six themed exhibition halls will be established, with all naming rights secured by major industry players [2][12]. Group 2: Key Exhibitors and Themes - The B2 Energy Storage Application Hall is sponsored by Sungrow Power Supply Co., focusing on "full-scenario penetration of energy storage and integrated energy development" [6][4]. - Major brands such as Sungrow, Nandu Power, and BYD will showcase cutting-edge technologies and products in the energy storage sector [7][16]. Group 3: Comprehensive Solutions - The exhibition will cover a wide range of energy storage products, including residential, commercial, and large-scale storage solutions, as well as hybrid storage technologies and portable power sources [7]. - Solutions will be tailored to various scenarios, including renewable energy integration, independent storage, and virtual power plants [8]. Group 4: Lifecycle Management - The event will emphasize the full lifecycle management of energy storage projects, showcasing services from design and planning to EPC contracting and operational management [9]. Group 5: Innovative Technologies - The exhibition will highlight advanced technologies for energy efficiency, flexible transformation of thermal power, and integrated energy services [10].

Core Viewpoint - The company, YN Technology, focuses on the photovoltaic power generation sector, particularly in distributed photovoltaic systems and energy storage solutions, with a significant portion of its revenue coming from overseas markets due to the depreciation of the RMB [2][4]. Group 1: Company Overview - YN Technology specializes in the research, production, and sales of component-level power electronic devices for distributed photovoltaic power generation systems, including micro-inverters and energy communication systems [2][8]. - The company was established on March 24, 2010, and went public on June 8, 2022, with its headquarters located in Jiaxing, Zhejiang Province [8]. - The revenue composition of YN Technology includes micro-inverters and energy communication products (54.95%), commercial energy storage systems (29.14%), intelligent control disconnectors (8.94%), and other products (3.89%) [8]. Group 2: Financial Performance - As of September 30, the company reported a revenue of 943 million yuan for the first nine months of 2025, a year-on-year decrease of 38.48%, and a net profit attributable to shareholders of 66.48 million yuan, down 55.52% year-on-year [9]. - The company has distributed a total of 349 million yuan in dividends since its A-share listing [9]. Group 3: Market Position and Trends - YN Technology's distributed photovoltaic power station business has achieved a grid-connected capacity of over 60 MW, including notable projects like the 25 MW photovoltaic power station at the Nanjing International Expo Center [3]. - The company has successfully entered the mass production phase for its single-phase household energy storage products, which are now being sold in European and American markets [2][3]. - The overseas revenue accounted for 66.03% of total revenue, benefiting from the depreciation of the RMB [4]. Group 4: Technical Analysis - The average trading cost of the company's shares is 57.15 yuan, with the stock price currently near a resistance level of 52.57 yuan, indicating potential for upward movement if this level is surpassed [7].