国海证券主要观点如下： 数据中心建设如火如荼，驱动供电稳定性要求提升 2024年北美四大云厂商(亚马逊、微软、谷歌、Meta)/国内阿里巴巴及腾讯控股CAPEX合计同比增速分 别为57%/169%，2025年投入有望进一步加大，全球迎AIDC建设元年。在AIDC向大规模、高功率密 度、高能耗三大趋势发展的背景下，驱动用电需求持续提升，SemiAnalysis预计美国数据中心用电量从 2023年的196TWh增加至2028年的672TWh，用电占比从4.5%增长至14.6%。 但由于北美AI数据中心建设密集，以及考虑到AIDC负载波动为IDC的10倍，预计对北美电网形成区域 性冲击。此外，受AIDC需求激增影响，北美燃气轮机供货紧张，电力供需不匹配导致停电风险剧增， 新能源等发电占比有望提升，考虑到经济性及电网稳定性，配储需求有望持续增长。 数据中心配储已经从"可选配置"转为"刚需要求" 智通财经APP获悉，国海证券发布研报称，在AIDC向大规模、高功率密度、高能耗三大趋势发展的背 景下，驱动用电需求持续提升，SemiAnalysis预计美国数据中心用电量从2023年的196TWh增加至2028 年的672TW ...

Core Viewpoint - Jinko Technology's stock price has shown a year-to-date increase of 38.21%, but it has recently experienced a slight decline in the short term, indicating potential volatility in the market [2]. Group 1: Stock Performance - As of November 17, Jinko Technology's stock price was 84.13 CNY per share, with a market capitalization of 33.493 billion CNY [1]. - The stock has seen a 0.91% decline over the last five trading days, but a 10.15% increase over the last 20 days and a 29.03% increase over the last 60 days [2]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with a net buy of 433 million CNY on September 5 [2]. Group 2: Financial Performance - For the period from January to September 2025, Jinko Technology reported a revenue of 5.663 billion CNY, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million CNY, reflecting a 29.39% increase [2]. - The company has distributed a total of 660 million CNY in dividends since its A-share listing, with 318 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 79,700, with an average of 4,033 circulating shares per person, a slight decrease of 1.16% [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [3].

11月14日，锦浪科技盘中上涨2.01%，截至09:47，报87.60元/股，成交5.31亿元，换手率1.92%，总市值 348.75亿元。 资金流向方面，主力资金净流出569.89万元，特大单买入5579.87万元，占比10.50%，卖出4937.07万 元，占比9.29%；大单买入1.20亿元，占比22.59%，卖出1.32亿元，占比24.87%。 锦浪科技今年以来股价涨43.91%，近5个交易日涨2.23%，近20日涨16.35%，近60日涨36.45%。 今年以来锦浪科技已经1次登上龙虎榜，最近一次登上龙虎榜为9月5日，当日龙虎榜净买入4.33亿元； 买入总计7.34亿元 ，占总成交额比16.56%；卖出总计3.01亿元 ，占总成交额比6.80%。 资料显示，锦浪科技股份有限公司位于浙江省象山县经济开发区滨海工业园金通路57号，成立日期2005 年9月9日，上市日期2019年3月19日，公司主营业务涉及组串式逆变器研发、生产、销售和服务,主要产 品为组串式逆变器。主营业务收入构成为：并网逆变器47.97%，户用光伏发电系统21.28%，储能逆变 器20.91%，新能源电力生产8.01%，其他1.83% ...

Group 1 - The core viewpoint of the news is that Jinlang Technology's stock has seen a significant increase, with a rise of 5.81% to 84.86 CNY per share, and a total market capitalization of 33.784 billion CNY [1] - Jinlang Technology, established on September 9, 2005, specializes in the research, production, sales, and service of string inverters, with its main products being string inverters [1] - The revenue composition of Jinlang Technology includes grid-connected inverters at 47.97%, household photovoltaic power generation systems at 21.28%, energy storage inverters at 20.91%, new energy power production at 8.01%, and others at 1.83% [1] Group 2 - From the perspective of fund holdings, Zhejiang Merchants Securities Asset Management has a fund that heavily invests in Jinlang Technology, specifically the Zhejiang Merchants Zhijiang Phoenix ETF (512190), which held 22,700 shares in the third quarter, accounting for 3% of the fund's net value [2] - The Zhejiang Merchants Zhijiang Phoenix ETF (512190) was established on August 5, 2019, with a latest scale of 70.0671 million CNY, and has achieved a year-to-date return of 36.43% [2] - The fund has a one-year return of 30.73% and an overall return since inception of 153.74%, ranking 1253 out of 4216 and 969 out of 3951 in its category, respectively [2]

Core Viewpoint - Jinlang Technology's stock has shown a significant increase of 34.45% year-to-date, despite a recent decline of 3.91% over the last five trading days, indicating volatility in its performance [1][2]. Company Overview - Jinlang Technology, established on September 9, 2005, and listed on March 19, 2019, specializes in the research, production, sales, and service of string inverters, with its main products being string inverters [1]. - The company's revenue composition includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1]. Financial Performance - For the period from January to September 2025, Jinlang Technology achieved a revenue of 5.663 billion yuan, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, reflecting a growth of 29.39% [2]. - The company has distributed a total of 660 million yuan in dividends since its A-share listing, with 318 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders for Jinlang Technology reached 79,700, an increase of 1.17% from the previous period, with an average of 4,033 circulating shares per shareholder, a decrease of 1.16% [2]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings, such as Hong Kong Central Clearing Limited reducing its stake by 267,500 shares [3].

Core Viewpoint - The report from Huazhong Securities indicates that Deye Co., Ltd. achieved a net profit attributable to shareholders of 2.347 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 4.79% [1] - The company has decided to terminate its previous investment in a project for an annual production capacity of 25.5 GW for string and energy storage inverters, and instead will invest in a new project for an annual production capacity of 7 GWh for industrial and commercial energy storage, expected to be completed by April 2028 [1] Financial Performance - In Q3, the net profit attributable to shareholders was 825 million yuan, showing a quarter-on-quarter increase of 1% but a year-on-year decrease of 17.84% [1] - The new energy storage project is projected to generate an annual revenue of 4.88 billion yuan and a net profit of 730 million yuan once completed [1] Market Position and Strategy - The company maintains a strong advantage in emerging markets, with industrial and commercial energy storage enhancing its growth potential [1] - Deye Co., Ltd. has significant first-mover advantages and channel barriers in the Africa, Asia, and Latin America markets, with new off-grid energy storage inverters tailored to meet the demands of these regions [1] - The European market is showing signs of steady recovery, further supporting the company's growth strategy [1] Investment Rating - The report maintains a "Buy" rating for Deye Co., Ltd. based on its market position and growth prospects [1]

Core Viewpoint - Jinko Technology's stock price has shown significant fluctuations, with a year-to-date increase of 39.44% and a recent 6.10% rise over the last five trading days, indicating strong market interest and potential growth in the renewable energy sector [1][2]. Company Overview - Jinko Technology, established on September 9, 2005, and listed on March 19, 2019, specializes in the research, production, sales, and service of string inverters, with its main products including grid-connected inverters (47.97% of revenue), household photovoltaic systems (21.28%), energy storage inverters (20.91%), and other renewable energy products [1][2]. Financial Performance - For the period from January to September 2025, Jinko Technology reported a revenue of 5.663 billion yuan, reflecting a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, which is a 29.39% increase compared to the previous year [2][3]. Shareholder Information - As of October 31, 2025, Jinko Technology had 78,800 shareholders, an increase of 2.56% from the previous period, with an average of 4,080 circulating shares per shareholder, down by 2.49% [2][3]. Dividend Distribution - Since its A-share listing, Jinko Technology has distributed a total of 660 million yuan in dividends, with 318 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with both experiencing a reduction in shares held, while new entrants include the Photovoltaic ETF and Tianhong CSI Photovoltaic A [3].

Core Viewpoint - The company, DeYee Co., Ltd. (605117.SH), announced a change in its fundraising project, reallocating 6.51 billion RMB of unused funds from a previously planned inverter production line to a new project focused on commercial energy storage systems, with a total investment of 11.12 billion RMB [1][6]. Financial Performance - In Q3 2025, the company reported a revenue of 3.31 billion RMB, a year-on-year increase of 1.32%, while the net profit attributable to shareholders was 824.77 million RMB, a decrease of 17.84% [2][3]. - The total profit for the period was 1.00 billion RMB, reflecting a decline of 13.68% compared to the previous year [2]. - The basic earnings per share were 0.92 RMB, down 19.30% year-on-year [1]. Investment Projects - The new project, "Annual Production of 7GWh Commercial Storage Production Line," is expected to generate an annual net profit of 734 million RMB upon reaching full production [9]. - The original project aimed at producing 25.5GW of string and storage inverters had a total investment of 19.99 billion RMB, with 14.92 billion RMB planned to be funded through the raised capital [3][5]. - The company has already invested 8.64 billion RMB in the original project, with a progress rate of 57.94% [5]. Market Trends - The inverter market is experiencing a stabilization in demand, with a 5.1% increase in export quantity and a 7.6% increase in export value in the first half of the year [10]. - The commercial storage market is witnessing robust demand, driven by policy support and increasing economic viability, particularly in overseas markets [10][11]. - The global energy storage market is projected to grow at a compound annual growth rate of 23% from 2024 to 2030, with significant demand expected in emerging markets [11]. Profitability Analysis - The gross profit margin for commercial storage products is significantly higher than that of string inverters, with margins of 62.15% for commercial storage inverters compared to 42.80% for string inverters in 2023 [12]. - The company aims to leverage its competitive pricing and product offerings in the energy storage sector to enhance profitability [11][12].

Core Viewpoint - Jinlang Technology's stock rose by 5% on October 31, reaching 84.00 CNY per share, with a trading volume of 1.033 billion CNY and a turnover rate of 3.88%, resulting in a total market capitalization of 33.442 billion CNY [1] Company Overview - Jinlang Technology Co., Ltd. is located in Xiangshan Economic Development Zone, Zhejiang Province, and was established on September 9, 2005. The company went public on March 19, 2019. Its main business involves the research, production, sales, and service of string inverters, with the primary product being string inverters [1] - The revenue composition of Jinlang Technology includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1] Fund Holdings - According to data from the top ten heavy stocks of funds, Guodu Securities has one fund heavily invested in Jinlang Technology. Guodu Innovation Drive (002020) held 3,000 shares in the third quarter, accounting for 2.57% of the fund's net value, ranking as the fifth-largest heavy stock. The estimated floating profit today is approximately 12,000 CNY [2] - Guodu Innovation Drive (002020) was established on December 28, 2015, with a latest scale of 10.7923 million CNY. Year-to-date returns are 30.9%, ranking 3055 out of 8154 in its category; the one-year return is 10.56%, ranking 5766 out of 8046; and since inception, it has incurred a loss of 21.61% [2] Fund Manager Performance - The fund managers of Guodu Innovation Drive (002020) are Liao Xiaodong, Zhang Xiaolei, and Wang Yi. As of the report, Liao Xiaodong has a tenure of 5 years and 171 days, with a total fund asset size of 22.455 million CNY, achieving a best return of -24.14% and a worst return of -64.72% during his tenure [3] - Zhang Xiaolei has a tenure of 6 years and 321 days, with the same total fund asset size of 22.455 million CNY, achieving a best return of 80.09% and a worst return of -23.54% during his tenure [3] - Wang Yi has a tenure of 4 years and 139 days, with a total fund asset size of 10.7885 million CNY, achieving a best return of 35.82% and a worst return of -31.14% during his tenure [3]

Core Viewpoint - The article discusses the strategic adjustments made by DeYe Co., Ltd. in response to market dynamics, particularly focusing on the shift towards high-margin products in the energy storage sector and the anticipated growth in the commercial energy storage market. Group 1: Financial Adjustments and New Projects - DeYe Co., Ltd. plans to redirect approximately 651 million RMB of unused fundraising from the original "25.5GW string and storage inverter production line" project to a new "7GWh commercial storage production line" project, with a total investment of about 1.112 billion RMB [2][3] - The new project is expected to generate annual revenue of approximately 4.87635 billion RMB and a net profit of about 734 million RMB upon reaching full production [2] Group 2: Market Growth and Demand - The commercial energy storage market is projected to add nearly 10GWh in new capacity by 2025, with a conservative estimate suggesting that the domestic market could reach 20GWh by 2028, reflecting a compound annual growth rate (CAGR) of approximately 108% over three years [7] - Global demand for commercial energy storage is being driven by policy support and rising electricity prices, particularly in regions like Europe, Pakistan, and Nigeria [7] Group 3: Revenue and Profitability - In the third quarter of 2025, DeYe Co., Ltd. reported total revenue of 8.846 billion RMB, a year-on-year increase of 10.36%, and a net profit of 2.347 billion RMB, up 4.79% [4] - The company’s revenue from energy storage battery packs is expected to grow significantly, from 884 million RMB in 2023 to 2.451 billion RMB in 2024, marking a year-on-year increase of 177.19% [8] Group 4: Product Margin and Strategy - The company is shifting its focus towards high-margin products, with the gross margin for commercial storage inverters and energy storage battery packs being significantly higher than that of string inverters [10] - The gross margin for commercial storage inverters is projected to be 60.28% in 2024, while the gross margin for energy storage battery packs is expected to reach 41.30% [10][11] - DeYe Co., Ltd. aims to enhance its competitive position by accelerating product technology updates and expanding into emerging markets [10]