买入-A 投资评级，6 个月目标价 45.45 元。我们预计 2025-2027 年公 司收入分别为 33.82 亿元、35.89 亿元、38.10 亿元（增速：33.9%、 6.1%、6.1%），归母净利润分别为 3.18 亿元、3.96 亿元、4.74 亿元 （增速：29.1%、24.4%、19.7%），对应当前 PE 分别为 22.0 倍、17.7 倍、14.8 倍（估值日期为 2025/8/13）。成长性突出，首次给予买入 -A 的投资评级。 2025 年 08 月 13 日 同力日升(605286.SH) 算电协同，乘势而升 转型成效显著，新能源业务擎动业绩增长： 公司的传统业务为电梯部件及电梯金属材料业务，2022 年 5 月，公 司敏锐把握机遇，通过并购北京天启鸿源成功切入新能源领域，构建 起储能系统集成与新能源电站开发两大新业务。转型效果显著：2024 年，新能源业务营收增长 103.61%至 8.79 亿元，营收占比达 34.76%， 毛利贡献高达 64.75%。新能源业务已超越传统电梯业务，成为公司 重要增长引擎，有效抵御了电梯行业的周期波动。 136 号文促储能价值回归，储能容量电价有望 ...

从"塞北风电商"逐步转型为"全国能源解决方案商"，嘉泽新能（601619）董事长陈波这样总结公司发展 十五年的历程。他强调，嘉泽新能的核心价值在于通过创新的"滚动开发+核心持有"商业模式、强大的 运维能力和五大业务板块协同，逐步转型综合性新能源电力供应商。 "用现金流思维重构重资产行业"——这是陈波对公司发展路径的精辟概括。他表示，嘉泽新能正通过资 产流动化、业务全国化和价值链延伸这"三重跃迁"，重塑自身发展坐标系，开辟高质量发展新路径。 ● 本报记者 何昱璞 重构发展逻辑 打造独特增长模式 嘉泽新能是一家致力于可再生能源发电、售电及其配套服务的综合性新能源电力供应商。2025年是嘉泽 新能上市的第8年，也是公司成立的第15年。陈波认为，嘉泽新能不应再被简单归类为传统的公用事业 板块。 "我内心认为一个公司最重要的价值是长期性、稳定性和增长性。"他坦言，早期嘉泽作为新能源发电企 业，确实具有类似公用事业的属性——重资产、收益率相对固定、成长性受限。这直接导致了2018年定 增的遇冷，因为投资者看不到每股收益的显著提升：新增资产带来的利润增长被同步扩大的股本稀释。 "转折点发生在2020年。"陈波回忆说，"双碳 ...

Core Viewpoint - Baoxin Technology reported a significant decline in financial performance for 2024, with total revenue of 336 million yuan, a year-on-year decrease of 42.16%, and a net profit attributable to shareholders of -767 million yuan, a decline of 297.90% [1] Group 1: Smart Manufacturing Business - The smart manufacturing segment generated revenue of 253 million yuan, accounting for 75.42% of total revenue, reflecting a substantial year-on-year decline [4] - Despite investments in capacity expansion and technology upgrades, the segment's performance was hindered by weak market demand and intensified industry competition [4] - The company needs to optimize its production processes and sales channels to meet the growing demand for high-end manufacturing products [4] Group 2: New Energy Business - The new energy segment, which includes photovoltaic cells and components, faced challenges due to an imbalance in supply and demand within the industry, leading to a failure to achieve expected growth [5] - The company explored advanced technologies such as heterojunction (HJT) and perovskite tandem technology but did not see significant revenue improvement [5] - The divestiture of Baoxin Smart Energy for 8.9 million yuan was aimed at optimizing assets, but its short-term impact on overall performance was limited [5] Group 3: Operational Model and Performance Drivers - The company employs a strategic control model to ensure stable operations across subsidiaries, utilizing a "sales-driven production" and "production-driven procurement" approach [6] - Despite operational optimizations, the financial results showed a significant decline in profitability, with a weighted average return on net assets of -14.30%, down 10.17 percentage points year-on-year [6] - The return on invested capital was -1.93%, a decrease of 0.51 percentage points compared to the previous year, indicating that strategic adjustments did not effectively counteract the adverse economic conditions [6] Group 4: Overall Business Outlook - Baoxin Technology faces considerable operational pressure in 2024, with unmet performance expectations despite strategic initiatives in smart manufacturing and new energy [6] - The company must further optimize its industrial structure and enhance core competitiveness to adapt to market changes and industry challenges [6]