资料显示，大烨智能主营业务涵盖智能配电、新能源和储能三大领域。公司曾表示，2025年上半年公司 开展的光伏业务主要为工商业屋顶分布式光伏电站业务，所属行业为光伏行业的分布式光伏细分领域。 12月30日晚间，创业板上市公司大烨智能(300670.SZ)在深交所投资者互动平台回应投资者提问时表 示，目前，公司各项生产经营活动均正常开展，此次立案调查事项不会对公司的正常生产经营活动产生 重大影响，公司不存在退市风险。 受上周五公司公告收到证监会下发《立案告知书》事项影响，大烨智能周一开盘后股价下跌明显，一度 接近跌停，但很快从底部拉升。昨日，大烨智能一度涨幅超4%，最终以上涨2.39%至6.85元报收。今日 大烨智能以6.9元/股微涨开盘，股价已企稳。 11月初，大烨智能公告，公司称其全资子公司锦华零壹、锦华零贰拟与承租方OOS International B.V.签 署《光船租赁合同》，将船舶锦华01、锦华02以光船租赁的形式出租，以每船每天2.23万美元的价格出 租给承租方，服务于巴西国家石油公司的海上油气项目。此次交易预计能为公司带来租金收入共计约 4,873万美元，明显提高公司抗风险能力以及综合竞争实力，改 ...

据悉，惟远能源为一间于中国成立的公司，主营业务涵盖开发、制造及销售智能配电产品。其被认定为 一家专注数字能源领域的国家高新技术企业。惟远能源以数字技术为核心驱动力，坚定推进国际化、数 字化与绿色化转型，构建覆盖数据中心产品和解决方案、智能电网、新型储能相关三大核心业务板块， 打造数字能源生态的全球化解决方案。 博裕投资入股惟远能源，将为企业注入资本实力与产业资源，依托博裕在相关领域的广泛布局与跨境投 资经验，有效赋能集团业务拓展与市场竞争力提升，助力加速推进全球化战略布局。 格隆汇12月24日丨威胜控股(03393.HK)宣布，于2025年12月24日，公司在中国注册成立的非全资附属公 司惟远能源技术有限公司("惟远能源")与博裕投资订立增资协议。据此，博裕投资同意以总金额人民币 3.8亿元认购惟远能源48,810,742股新增股份，占其经扩大股本约8%。 公告称，博裕投资创立于2011年，是一家深耕中国市场、布局全球的另类资产管理公司。公司在香港、 北京、上海和新加坡设有办公室，投资组合超过200家企业，构建了涵盖私募股权、公开市场、基础设 施及创业投资的多元化投资管理平台。博裕通过为远见卓识的企业家提供资 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Insights - The company achieved a revenue of 3.507 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 12.23%. However, the net profit attributable to the parent company was 275 million yuan, a year-on-year increase of only 2.23%. In Q3 alone, revenue was 1.173 billion yuan, up 5.22% year-on-year, but the net profit attributable to the parent company dropped to 51 million yuan, down 27.09% year-on-year, indicating a significant short-term decline in profitability [1][4] - The decline in gross margin in Q3 was primarily due to changes in sales structure and fluctuations in product prices. The rapid growth of emerging businesses such as smart distribution and DC contactors, along with an increased share of the new energy sector in the main business, has affected the overall gross margin. Additionally, market competition and annual pricing negotiations with customers have impacted product price differences, leading to a decrease in net margin as a result of the decline in gross margin [1][2] Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 409 million yuan, 526 million yuan, and 663 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30.9%, 28.7%, and 26.0%. The earnings per share (EPS) are projected to be 0.36 yuan, 0.47 yuan, and 0.59 yuan for the same years [2][3] - The company’s revenue is forecasted to be 4.696 billion yuan in 2025, with a growth rate of 10.8%, and is expected to reach 5.770 billion yuan and 7.357 billion yuan in 2026 and 2027, with growth rates of 22.9% and 27.5% respectively [3][8]

Group 1: Company Overview and Operations - Jiangsu Daye Intelligent Electric Co., Ltd. is involved in the leasing of vessels, specifically the "Jinhua 01" and "Jinhua 02" to OOS, a company with extensive operational experience in the Brazilian offshore oil and gas service market [1] - The leasing arrangement is expected to provide stable cash flow, alleviating financial pressure from high debt levels primarily associated with vessel loans [2] Group 2: Business Performance and Strategy - The company's offshore wind power business will be paused during the vessel leasing period, with future opportunities to be explored based on market conditions [2] - Revenue and gross margin for the intelligent distribution business have declined due to intensified competition and reduced contract amounts, prompting the company to focus on expanding its market presence in southern power grids and direct sales [2] - The company plans to redirect resources towards product development and market expansion in the intelligent distribution and renewable energy sectors following the vessel leasing [2] Group 3: Financial Health and Future Outlook - The company currently faces a high asset-liability ratio and elevated financial costs, but expects improvements in financial health with the leasing of vessels [2] - There are no plans to sell other assets at this time, as the leasing is anticipated to provide sufficient resources for strategic business development [2]

Group 1: Financial Performance - The company's gross margin and net margin both declined year-on-year and quarter-on-quarter in Q3 2025, primarily due to changes in sales structure and product price fluctuations [1] - The gross margin decrease was influenced by the rapid growth of emerging businesses like smart distribution and DC contactors, as well as increased competition and customer negotiations affecting product pricing [1] - The net margin decline was a direct result of the drop in gross margin [1] Group 2: Strategic Initiatives - The company plans to improve profitability through several measures: optimizing pricing strategies, promoting high-margin products, expanding overseas markets, and analyzing cost structures for low-margin products [1] - Continuous efforts will be made to enhance product reliability, quality stability, and cost reduction in the emerging DC contactor business, which is currently in a rapid growth phase [3] Group 3: Industry Focus and Market Segmentation - The renewable energy sector accounts for over 50% of the company's revenue, including wind power, photovoltaics, energy storage, and electric vehicle charging stations [3] - The digital energy sector contributes nearly 20% of revenue, benefiting from favorable market conditions in storage and wind power [3] - The infrastructure sector shows stable growth, while the smart building sector is experiencing negative growth due to reduced demand in the real estate market [3] Group 4: Employee Incentives - The company has terminated its employee stock ownership plan based on performance assessment and cost considerations, but will continue to explore new long-term incentive schemes [4]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 7.46 CNY for the next six months [5][10][18]. Core Insights - The company reported a total revenue of 2.481 billion CNY for H1 2025, a year-on-year decrease of 28.35%, and a net profit of 324 million CNY, down 45.88% year-on-year. However, overseas revenue increased significantly by 61.73% to 693 million CNY [1]. - The smart meter segment achieved revenue of 1.427 billion CNY in H1 2025, reflecting a growth of 24.15% year-on-year, with substantial domestic and international market wins [2]. - The company is expanding its operations in the renewable energy sector, particularly in smart operation and maintenance services, with a signed operational capacity exceeding 20 GW and a 40% year-on-year growth in operational capacity [3]. - The energy storage segment has delivered over 5 GWh and has a project reserve of 10 GWh, with significant progress in both domestic and international markets [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 7.345 billion CNY, 8.115 billion CNY, and 8.971 billion CNY, respectively, with growth rates of 8.94%, 10.48%, and 10.55% [10][13][18]. - Net profit estimates for the same years are 768 million CNY, 861 million CNY, and 959 million CNY, with growth rates of 2.1%, 12.1%, and 11.3% [10][13][18]. - The gross margin is expected to improve from 28.19% in 2025 to 30.02% in 2027 [15]. Business Segments - The smart energy meter and system products are projected to generate revenues of 3.245 billion CNY, 3.894 billion CNY, and 4.478 billion CNY from 2025 to 2027, with a gross margin of around 35% [13][14]. - The energy storage and energy-saving business is expected to achieve revenues of 1.057 billion CNY, 1.216 billion CNY, and 1.337 billion CNY, maintaining a gross margin of 17% [14]. - The photovoltaic power generation segment is projected to generate revenues of 925 million CNY, 972 million CNY, and 1.020 billion CNY, with a gross margin of approximately 62% [14].

Group 1: Smart Distribution Business - The smart distribution business is a strategic investment area for the company, focusing on industrial and commercial building sectors [2] - The company is enhancing its smart distribution products in terms of materials, manufacturing, processes, and electrical performance to remain competitive [2] - Future breakthroughs will involve personalized smart distribution solutions tailored to different customer electricity usage scenarios [2] Group 2: Data Center Business - The data center business focuses on power distribution, smart monitoring, and intelligent operations, including integrated smart distribution systems and low-voltage solutions [3] - The company maintains a competitive edge in operator procurement tenders and collaborates closely with major domestic clients to develop customized products [3] - The company is actively working on import substitution and enhancing its core technology system in overseas markets [3] Group 3: Financial Performance - The improvement in gross margin for Q1 2025 is attributed to product structure optimization, cautious price control, and better cost reduction effects compared to the previous year [3] - The fastest-growing sectors in Q1 2025 include renewable energy, electricity, and data center industries, with a focus on creating value through technological innovation and scenario-based solutions [3]