电力设备 | 证券研究报告 — 行业周报 2025 年 7 月 27 日 强于大市 电力设备与新能源行业 7月 第 4 周周报 价格法关注 " 内卷式 " 竞争，固态电池上车应用 新能源汽车方面，16 日召开的国务院常务会议明确提出，要切实规范新能源 汽车产业竞争秩序，我们认为将利好新能源汽车行业发展；根据中国汽车工 业协会最新发布的数据显示，2025 年上半年，我国新能源汽车产销量分别为 696.8 万辆和 693.7 万辆，同比分别增长 41.4%和 40.3%，新能源汽车新车销 量达到汽车新车总销量的 44.3%；下半年随着新能源新车型不断推出，新能 源汽车产品力不断增强，2025 年国内新能源汽车销量有望保持高增，带动电 池和材料需求增长。新技术方面，本周 MG4 将全球首次量产搭载半固态动 力电池，固态电池产业化趋势明确，后续关注固态电池相关材料和设备企业 验证进展。光伏方面，中央经济工作会议明确提出综合整治"内卷式"竞争， 中央财经委员会明确将依法依规治理企业低价无序竞争，引导企业提升产品 品质，推动落后产能有序退出，本周光伏产业链价格继续上涨，但组件环节 价格反馈较弱，终端电站能否接受仍需观察。 ...

朱晓岗谈到，光伏玻璃关乎组件安全性能，一直是调查的重点产品，2014年-2016年的连续抽查，对光 伏玻璃质量有明显的促进作用。但进入2022年以后，光伏行业进入降本通道，光伏玻璃合格率回到行业 发展初期水平。 他表示，不合格项目由行业起步阶段镀膜液水平不稳定引起的湿冻试验不合格，发展为玻璃厚度走下公 差，碎片状态、弯曲强度等项目的不合格。最新一次调查共计10个批次，仍有3个批次不合格，不合格 项目主要为弯曲强度。 7月24日消息，在今天举行的2025光伏行业供应链发展研讨会上，国家太阳能光伏产品质量检验检测中 心副主任朱晓岗介绍了光伏组件及原材料质量情况。 他表示，光伏组件质量方面，2017年-2024年，调查结果显示整体合格率有明显的下降，特别是在2023 年底开始，该时间节点与行业整体降本、降价格有高度的一致性。2025年，国家太阳能光伏产品质量检 验检测中心调查企业36家，共计69个批次组件，其中不合格组件11个批次，机械载荷不合格5个批次， 光电转换效率不达工信部制造条件规范的是8个批次，功率不达标是3个批次（铭牌5‰）。 朱晓岗还谈到，边框产品的合格率一直都不理想，2022年不合格项目主要是化学成 ...

开放，对浙江来说有着特殊意义——全域"七山一水两分田"，可开发空间不大，自然资源贫乏，让曾 经"小个子"的浙江，不得不把目光转向海外。 以1979年宁波港正式对外开放为标志，浙江推开了外向型经济的大门。经过20多年发展，浙江的"块 头"不断长大，经济实力持续提升，但也面临着先发优势不再、体制活力衰减的困扰。 不进则退，慢进亦退。时任浙江省委书记习近平同志提出"八八战略"，并强调"立足全局发展浙江，跳 出浙江发展浙江"。一个"跳"字，生动描画了浙江转型之路。 从外贸大省到开放大省再到开放强省，"跳出来"的浙江一路奋楫，划出了令人瞩目的上扬线：2004年， 一般贸易出口居全国首位；2016年，实际利用外资全国第四；2023年，外贸出口居全国第二；2024年， 进出口规模突破5万亿元，出口增速位居东部沿海主要省市之首。今年上半年，浙江货物贸易出口突破2 万亿元。 坚定不移扩大高水平对外开放，浙江的脚步更坚实铿锵。 产业重构 世纪之初，中国加入世界贸易组织，迎接机遇的同时，开始面临全球竞争。浙江作为开放先行地，率先 遇到"成长的烦恼"，一些企业频遭反倾销诉讼、贸易受阻，曾是支撑浙江经济发展关键力量的块状经 济，结构性 ...

Group 1 - The 2025 Hangzhou International Humanoid Robot and Robotics Technology Exhibition showcased many companies from traditional sectors like bearings and motors, reflecting the strong development momentum of traditional industries in Zhejiang [1] - From January to May, the industrial added value of 17 key traditional manufacturing industries in Zhejiang increased by 6.6% year-on-year, accounting for 55.6% of the province's total industrial added value [1] - Zhejiang has issued measures to support the renewal and development of traditional industries, emphasizing that traditional industries can coexist and promote new productive forces [1] Group 2 - Companies like Noli Intelligent Equipment Co., Ltd. are innovating by integrating AI and automation into their products, such as advanced forklifts that can navigate autonomously [2] - Zhejiang Meixinda Textile Printing and Dyeing Technology Co., Ltd. has adopted a culture of "full staff innovation," increasing R&D investment from 3% to 6.1% of revenue, leading to significant product advancements [3][4] - Traditional industries in Zhejiang are increasingly adopting cutting-edge technologies like big data and AI to transform their production processes and business models [4] Group 3 - Zhejiang Changsheng Sliding Bearing Co., Ltd. has successfully transitioned from a traditional enterprise to a player in the emerging market of humanoid robots by developing key components [5] - Traditional enterprises face three main challenges in their transformation: breaking habitual thinking, acquiring talent, and achieving integration of new technologies [6][7] - The integration of AI and traditional manufacturing processes is crucial for enhancing productivity and competitiveness in Zhejiang's traditional industries [8] Group 4 - The average labor productivity in Zhejiang's traditional manufacturing sector is 261,000 yuan per person, lower than the overall industrial average of 291,000 yuan [9] - Companies are encouraged to leverage technological and industrial innovations to create new growth opportunities and improve their market positions [9][10] - The government has initiated reforms to enhance collaboration between enterprises and research institutions, facilitating the commercialization of innovative technologies [10] Group 5 - In Shaoxing, the local government is promoting advanced technologies in the printing and dyeing industry, resulting in a 30% increase in product added value through the adoption of digital printing [11] - Zhejiang has organized over 200 investment and financing roadshows this year, facilitating financing of over 3.4 billion yuan to support the transformation of small and medium-sized enterprises [12] - The government aims to provide long-term support and confidence to traditional industries to help them rejuvenate and thrive in the new economic landscape [12]

Group 1: Industry Outlook - The company views the rapid growth of the renewable energy sector, particularly in photovoltaic and new energy vehicles, as a positive trend despite short-term fluctuations. It anticipates a recovery in the photovoltaic industry by the third or fourth quarter of 2025 due to policy support and industry self-regulation [1][2]. Group 2: Product Development - The new generation of photovoltaic aluminum frames began production in June 2025, with plans for increased penetration leading to steady improvement in unit profitability [3]. - The company has established Anhui Ruibo Intelligent Robotics Co., Ltd. to enhance production efficiency and reduce costs through robotics, currently in the product development and testing phase [5]. Group 3: Strategic Acquisitions - The acquisition of Wuhu Bida aims to deepen collaboration with Chery Automobile, facilitating joint investments and enhancing cost efficiency for clients [4]. Group 4: Capacity Expansion - The Malaysian factory is designed with a total capacity of 100,000 tons, including 60,000 tons for photovoltaic aluminum frames and 40,000 tons for automotive components, with production expected to commence by the end of 2025 [6]. Group 5: Future Growth Strategies - The company plans to integrate its operations in "photovoltaics + new energy vehicles," focusing on key clients and developing new technologies and products. It will also collaborate with Central South University for research in alloy materials [7].

Group 1: Business Performance and Outlook - The company reported normal growth in orders and revenue across its four main business areas: rail transit, automotive, construction, and shipping [1] - Significant revenue growth is noted in automotive sealing and vibration damping products [1] - The company aims to leverage its market advantages to penetrate new markets and products, particularly in the fields of new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy [1] Group 2: Container Sealing Business - The container sealing business reached a historical high last year due to international political and economic changes, but current demand is fluctuating due to ongoing uncertainties [2] - Despite a decrease in revenue compared to last year, the container sealing business is expected to perform better than in 2022 and 2023, remaining at a historically high level [2] - The market for container sealing strips in the energy storage sector is rapidly growing [2] Group 3: Contractual Agreements and Product Development - The company signed a procurement framework contract with Anhui Sailaf Energy Co., Ltd., with an expected total procurement of 3.7GW of products by June 30, 2026 [2] - The newly developed short frame product aims to enhance safety and reliability, with features that improve light exposure and increase power generation [3] - The company has also signed a long-term procurement agreement with Longi Green Energy, indicating further recognition of its products [3] Group 4: Diversification and Market Position - The company possesses a high market share in various rubber product applications, allowing it to meet high technical standards and develop new products as per customer requirements [4] - The company is exploring opportunities in robotics and military sectors, leveraging its expertise in sealing and vibration damping materials [4]

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application, highlighting its position as a leading manufacturer of fiber-reinforced materials in the clean energy sector [1][2]. Group 1: Company Overview - Zhenshi New Materials specializes in the research, production, and sales of fiber-reinforced materials for clean energy applications, serving various industries including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1]. - The company has become a global leader in wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024, according to the China Glass Fiber Industry Association [1]. Group 2: Clientele and Market Position - Zhenshi New Materials has a diverse customer base, including major domestic companies such as Mingyang Smart Energy Group, Envision Energy, and China National Materials Group, as well as international clients like Vestas, Siemens Gamesa, and others, covering the top ten wind turbine manufacturers globally [2]. - The company is actively expanding the application of its materials in other clean energy sectors, having developed a photovoltaic frame that received the world's first certification from TÜV Rheinland Group [2]. Group 3: Fundraising and Project Significance - The funds raised from the IPO will be primarily allocated to the construction of fiberglass product production bases, composite material production bases, a facility in Spain, and the establishment of a research and development center [2]. - The implementation of these projects will enhance the company's technological and product advantages in wind turbine blade materials, optimize production capacity, and improve responsiveness to market demands, while also fostering innovation in advanced composite materials for photovoltaic applications [3].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise approximately 3.98 billion yuan, focusing on the clean energy sector and advanced composite materials [1] Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials for clean energy applications [1] - The company has become a global leader in manufacturing wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024 [1][2] - Zhenstone has established stable partnerships with renowned clients both domestically and internationally, including Mingyang Smart Energy, Envision Energy, Vestas, and Siemens Gamesa [2] Group 2: Technological Advancements - In 2023, Zhenstone successfully developed high-modulus fiberglass fabric for ultra-long blades used in a domestically developed 16 MW offshore wind turbine [2] - The company has been involved in setting multiple industry standards and has received recognition as a "Little Giant" enterprise in specialized and innovative manufacturing [2] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several projects, including the construction of fiberglass product production bases and a composite materials production base, totaling approximately 398.1 million yuan [3][4] Group 4: Financial Performance - Zhenstone's projected revenues for 2022, 2023, and 2024 are approximately 5.27 billion yuan, 5.12 billion yuan, and 4.44 billion yuan, respectively, with net profits of about 781 million yuan, 793 million yuan, and 610 million yuan [4] - As of the end of 2024, the total assets are expected to reach approximately 904.21 million yuan, with a debt-to-asset ratio of 67.75% [5]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") is pursuing an IPO on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for various projects related to clean energy materials [1][4]. Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [3]. - The company has become a global leader in the manufacturing of wind turbine blade materials, holding over 35% of the global market share for wind fiberglass fabric as of 2024 [3][4]. - Zhenstone has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blades, contributing to advancements in the industry [3]. Group 2: Product Development and Innovation - In the photovoltaic sector, Zhenstone's self-developed solar frame has received the world's first certification from the Rhine Group, demonstrating superior performance in aging resistance, flame retardancy, and mechanical properties [3]. - The company has established multiple production bases globally and has developed high-modulus fiberglass fabric for the world's first 16-megawatt offshore wind turbine, showcasing its commitment to technological breakthroughs [4]. Group 3: Financial Performance - Zhenstone's revenue for the years 2022 to 2024 is reported as 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, respectively, with net profits of 774 million yuan, 790 million yuan, and 608 million yuan [4]. Group 4: Future Plans and Market Strategy - The funds raised from the IPO will be allocated to the construction of production bases for fiberglass products and composite materials, as well as a research center and information technology projects [4]. - Zhenstone aims to leverage its core technologies in clean energy materials to expand production capacity and solidify its market leadership, while also enhancing its global competitiveness through investments in overseas bases [5].

Core Viewpoint - Shanghai Ailu Packaging Co., Ltd. maintains a long-term credit rating of A+ with a stable outlook, reflecting its competitive advantages in technology research and development, production processes, and customer resources [1][5]. Company Overview - The company was established in August 2006 and went public on the Shenzhen Stock Exchange in September 2021, with a total share capital of 432 million shares as of March 2025 [12]. - The main business includes the research, production, and sales of industrial paper packaging, plastic packaging, and intelligent packaging systems [12]. Financial Performance - In 2024, the company achieved an operating revenue of 1.191 billion yuan, a year-on-year increase of 11.63%, while the total profit was 44 million yuan, a decrease of 45.41% compared to the previous year [19][20]. - The total assets as of the end of 2024 were 2.935 billion yuan, with total liabilities of 839 million yuan, resulting in a debt-to-asset ratio of 47.70% [11][12]. Production and Sales - The company has significantly increased its production capacity, with industrial paper packaging capacity at approximately 525 million pieces per year and composite plastic products at about 475 million linear meters per year [17]. - However, the capacity utilization rate has decreased due to new production lines and insufficient downstream demand, leading to significant pressure on capacity digestion [9][19]. Industry Environment - The packaging industry in China faced challenges in 2023, with a slight decline in revenue and an increase in profit margins, indicating a competitive market environment [13][16]. - The overall demand for packaging is closely tied to consumer sentiment, which has shown slight improvement in 2024, contributing to a modest increase in industry revenue [16]. Competitive Advantages - The company maintains a competitive edge through its strong R&D capabilities, advanced production technology, and a diverse customer base, which includes over 700 clients across various industries [17][19]. - R&D expenses in 2024 amounted to 43.27 million yuan, representing 3.63% of total revenue, highlighting the company's commitment to innovation [17]. Challenges - The company faces significant cost control pressures due to high raw material prices, particularly for paper and plastic, which are influenced by market fluctuations [21][22]. - The profitability of the photovoltaic component business remains uncertain, with potential risks related to market demand and supply chain stability [5][9].