Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6]. Core Views - The National Grid's planned fixed asset investment of 4 trillion yuan during the "14th Five-Year Plan" period represents a 40% increase compared to the previous plan, marking a historical high. This investment will focus on the construction of a new power system, including smart grid and energy storage, which is expected to benefit the company significantly [3][4][9]. - The company is expected to focus on smart grid and new electrochemical energy storage businesses, which are projected to thrive due to the high demand in these sectors. Profit forecasts for the company from 2025 to 2027 are 260 million, 640 million, and 830 million yuan, respectively, indicating a turnaround from losses and growth rates of +149% and +30% year-on-year [3][9]. Summary by Relevant Sections Investment Overview - The National Grid's investment will primarily target the intelligent transformation of distribution networks and the construction of new energy storage and regulation capabilities [3][9]. - The company is well-positioned to benefit from the high growth potential in the smart grid and energy storage sectors, with a focus on these areas since 2023 [3][9]. Financial Forecasts - The company's profit forecasts for 2025, 2026, and 2027 are 260 million, 640 million, and 830 million yuan, respectively, with corresponding price-to-earnings ratios of 52.1, 20.9, and 16.1 times [3][9]. - The company is expected to achieve a turnaround in profitability, with significant year-on-year growth anticipated [3][9].

证券研究报告 | 2026年01月16日 科陆电子（002121.SZ） 国网"十五五"计划投资 4 万亿元，公司智能电网及储能业务有望受益 公司研究·公司快评 电力设备·电网设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 事项： 国家电网宣布"十五五"期间固定资产投资预计达 4 万亿元，较"十四五"增长 40%，创历史新高，重点 投向新型电力系统建设。"十五五"期间，国家电网将初步建成主干电网、配电网和智能微电网协同的新 型电网平台；加快推进城市、农村、边远地区配网建设，探索末端保供型、离网型微电网模式；夯实数智 基础设施，实施"人工智能+"专项行动，强化电网数字赋能。此外，国家电网将提升系统调节能力，优 化抽蓄站点布局，支持新型储能规模化发展，提高新能源运行支撑和并网消纳水平。 国信电新观点：国家电网"十五五"期间 4 万亿投资是我国能源转型和新型电力系统建设的关键举措，重 点投资方向包括配电网智能化改造、新型储能与调节能力建设等。2023 年以来科陆电子聚焦智能电网与新 型电化学储 ...

Group 1: BYD Energy - BYD Energy signed a strategic cooperation agreement with CCS Wuhan to promote green ship technology standards innovation [2][5] - The collaboration aims to establish a joint laboratory for battery-powered ships, focusing on safety research, technical innovation, and industry standards [5][4] - CCS Wuhan is a key research institution responsible for drafting China's new energy ship regulations and participating in global maritime rules [4] Group 2: BOE Energy - BOE Energy, Chengdu High-tech Development, and Sichuan Chuan Investment Energy signed a strategic cooperation agreement to develop commercial energy storage [6][7] - The initial focus will be on new electrochemical storage and virtual power plant projects in Sichuan, enhancing energy supply stability and reducing electricity costs [10] - The project aims to support the construction of a zero-carbon park in Chengdu and address peak electricity demand challenges [10]

Group 1 - The collaboration focuses on developing new electrochemical energy storage and virtual power plant projects in Sichuan, enhancing energy supply stability and reducing electricity costs for the Chengdu High-tech Zone's zero-carbon park initiative [3][4] - The project aims to support Sichuan's goal of reaching 5 million kilowatts of new energy storage capacity by 2027, serving as a benchmark for large-scale energy storage development in the region [4] - Chengdu High-tech Zone has established a "4+1" new energy and materials industry framework, including digital energy and new energy storage, with ongoing projects like the Huawei Clean Energy Innovation Center [5] Group 2 - The partnership integrates capital operation capabilities, technological advantages, and localized service resources to create a comprehensive "technology + capital + scenario" empowerment model [4] - The project will act as a flexible and adjustable resource for the Chengdu virtual power plant, addressing peak electricity demand and contributing to grid stability [4] - Chengdu High-tech Zone aims to build a replicable digital energy application model, enhancing the attraction of upstream and downstream enterprises to the region [5]