中新社上海1月17日电 题：陈立东院士：在"好玩"与"好用"之间探寻热电科学新突破 作者 范宇斌 "把体温转化为电能驱动电子手表，让深空探测设备靠温差持续供电，这就是热电技术的魅力。"中国科 学院院士、中国科学院上海硅酸盐研究所研究员陈立东近日接受中新社专访时表示，新年伊始，他正致 力于利用人工智能新技术创制更高效率的新型热电材料，并加快高效热电转换技术的应用。 陈立东深耕热电材料与器件技术研究数十年，带领团队攻克多项关键技术，让中国在这一小众领域实现 从"跟跑"到"领跑"的跨越。 1984年，陈立东赴日本东北大学攻读硕博士学位。"毕业后，导师建议我先去企业积累实践经验，正是 多元工作场景的锻炼，让我养成从实用角度和问题导向出发做研究的习惯。" 2001年，积累了扎实基础的陈立东决定回国投身科研。这一选择背后，既有导师"多经历不同工作场 景"的期许，也有著名材料科学家严东生院士的感召。陈立东回国后选择了当时国内少有人涉足的热电 材料领域，"这个领域能解决温差发电特种电源的核心需求，值得研究"。 近日，中 国科学院院士、中国科学院上海硅酸盐研究所研究员陈立东在办公室专注工作。 范宇斌 摄 在陈立东的科研"字典" ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [5][11]. Core Insights - The company reported a revenue of 26.98 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.8%, and a net profit attributable to shareholders of 450 million yuan, down 15.1% year-on-year. The decline in performance was primarily due to lower coal prices and reduced sales volume [3][5]. - The company is actively expanding its renewable energy business, participating in various industry standards and projects, including a 200MW/400MWh shared energy storage project in Yunnan [4][5]. - The earnings forecast for 2025-2027 has been adjusted downward due to low coal prices, with projected revenues of 40.55 billion yuan, 41.78 billion yuan, and 43.20 billion yuan respectively, and net profits of 720 million yuan, 790 million yuan, and 850 million yuan [5][7]. Summary by Sections Company Overview - The latest closing price is 14.29 yuan, with a total market capitalization of 8 billion yuan. The company has a debt-to-asset ratio of 44.0% and a price-to-earnings ratio of 10.83 [2]. Financial Performance - For Q3 2025, the company reported a revenue of 8.56 billion yuan, with a year-on-year decline of 22.4% and a quarter-on-quarter increase of 1.0%. The net profit for the same period was 150 million yuan, reflecting a year-on-year decrease of 13.3% but a quarter-on-quarter increase of 1.7% [3][5]. Profitability Metrics - The gross margin and net margin for the first three quarters of 2025 were 5.0% and 2.1%, respectively, showing slight improvements year-on-year. However, the overall expense ratio increased by 0.2 percentage points, which slightly impacted profitability [3]. Future Projections - The company’s revenue and net profit forecasts for 2025-2027 have been revised downwards due to the impact of low coal prices. The projected earnings per share (EPS) for 2025 is 1.29 yuan, with a price-to-earnings ratio of 11.05 [5][7].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.19 yuan based on a 12x PE for 2025 [4][6]. Core Views - The company's revenue for Q1-Q3 2025 was 26.979 billion yuan, a year-on-year decrease of 12.84%, while the net profit attributable to shareholders was 453 million yuan, down 15.10% year-on-year. The decline in revenue is primarily attributed to falling coal prices [1][2]. - Despite the overall revenue decline, the company managed to increase coal sales volume by 3.95 million tons, or 14.13%, in the first half of 2025, showcasing its procurement advantages [2]. - The company is enhancing its renewable energy business and has successfully launched several projects, including a 200MW/400MWh shared energy storage project in Yunnan [3]. Financial Performance Summary - For Q1-Q3 2025, the company reported a net operating cash flow of 1.781 billion yuan, a significant improvement from a negative cash flow of 352 million yuan in the same period of 2024 [1]. - The projected revenues for 2025-2027 are 43.622 billion yuan, 44.692 billion yuan, and 45.692 billion yuan, with corresponding net profits of 753 million yuan, 905 million yuan, and 944 million yuan [4][12]. - The company’s PE ratios for the projected years are 11.0, 9.1, and 8.7, indicating a favorable valuation trend [12][4].