Investment Rating - The report maintains a "Positive" investment rating for the power equipment industry [4] Core Insights - The dual carbon strategy emphasizes the coexistence of highly clean power generation and highly electrified power consumption, with the grid serving as a crucial link between the two [4][7] - The development of ultra-high voltage (UHV) technology is essential for achieving carbon neutrality, but progress has been slower than expected [4][8] - The distribution network is critical for renewable energy consumption, yet investment during the 14th Five-Year Plan period has fallen short of expectations [4][39] Summary by Sections Ultra-High Voltage (UHV) - UHV is a key component of the dual carbon strategy, with a planned investment of 380 billion yuan for over 30,000 kilometers of lines and a capacity of 340 million kilovolt-amperes [8] - The actual progress of UHV projects has been below expectations, with only eight projects likely to be completed by 2025 [16][18] - The shift towards flexible direct current technology is noted, as it allows for higher proportions of renewable energy to be transmitted [22][24] Distribution Network - The distribution network's role has evolved significantly post-dual carbon strategy, requiring upgrades to accommodate distributed energy resources [39][40] - Despite a consensus on the need for increased investment in the distribution network, actual investment levels have been lower than anticipated during the 14th Five-Year Plan [47] - The rapid growth of distributed solar power has led to challenges in the capacity of the distribution network, necessitating further enhancements [50]

证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | 特定对象调研□分析师会议 | | --- | --- | | 类别 | | | | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（） | | 参与单位名称及 | 李广胜-嘉实基金 | | 人员姓名 | | | | 杨丹-银华基金 | | | 李明生-新华资产 | | | 殷中枢-光大证券 | | 时间 | 年 月 月 日 2025 6 4 日、6 5 | | 地点 | 北京 | | 上市公司参与人 | 投资者关系经理李浩轩 | | 员姓名 | 一、公司情况介绍 | | | 九洲集团创立于 1993 年，始终专注于智能配电网和网络能源领 | | | 域，是领先的新型电力和能源基础设施提供商。公司是国家重点高新 | | | 技术企业，于 2010 年在中国创业板成功上市（股票代码：300040）。 | | | 九洲集团为发电、输电、配电领域，以及交通电动化、新型储能、可 | | | 再生能源替代和多能转化等电力和能源 ...

Core Viewpoint - Jiuzhou Group is a leading provider of new power and energy infrastructure, focusing on smart distribution networks and network energy, with a strong emphasis on the new energy industry chain [1] Group 1: Business Overview - Jiuzhou Group has three main business segments: smart equipment manufacturing, new energy generation, and comprehensive smart energy, forming a dual-engine business model of wind and solar energy plus smart equipment manufacturing [1] - The company has over 200 patents and its products are distributed in more than 70 countries and regions, showcasing a strong integration advantage across the industry chain [1] Group 2: New Energy Generation Capacity - As of the end of 2024, Jiuzhou Group's wind power capacity is 246 MW, a year-on-year increase of 100 MW, while solar power capacity remains at 298.6 MW [2] - The company expects to achieve over 1 billion kWh of electricity generation from its controlled wind and solar power stations in 2024, with high grid connection rates of 90%-95% for wind and 95%-97% for solar [2] Group 3: Strategic Focus and Growth Plans - The management aims to enhance the performance of the smart equipment manufacturing segment by increasing capacity utilization and investing in R&D and market expansion [2] - For 2024, the smart distribution network business is projected to have an order volume exceeding 800 million yuan, a year-on-year growth of over 30% [2] - Jiuzhou Group plans to maintain its equity capacity between 1.5 GW and 2 GW, focusing on long-term holdings of new projects while gradually selling older projects [3] Group 4: Project Development and Future Outlook - The company has over 1 GW of projects under construction or with secured indicators, and an additional 2 GW to 3 GW in the development phase, ensuring sustained growth for the new energy generation segment over the next 3 to 5 years [3] - Jiuzhou Group's revenue growth targets for 2025 are set at 30% for the smart distribution network business, 10% for the new energy generation business, and 10% for the comprehensive smart energy business [4]

Core Viewpoint - Jiuzhou Group is focusing on the smart distribution network and network energy sectors, positioning itself as a leading provider of new power and energy infrastructure, with a dual-engine business model combining renewable energy and smart equipment manufacturing [1][2]. Group 1: Business Overview - Jiuzhou Group has established three main business segments: smart equipment manufacturing, renewable energy generation, and comprehensive smart energy [1]. - The company has a significant global presence, with products covering over 70 countries and regions, and has a strong integration advantage across the supply chain [1]. - As of December 2024, Jiuzhou Group will have a cumulative installed capacity of over 2.7 GW in renewable energy power stations, with an additional 1 GW in projects under construction and over 2 GW in development [1]. Group 2: Strategic Initiatives - The management views enhancing the performance of the smart equipment manufacturing segment as a key focus for future growth, aiming to improve capacity utilization and gross margins through scale effects [2]. - A new sales team targeting large clients is being established in Beijing, with plans for an overseas sales team starting in Q3 2024 [2]. - Jiuzhou Group is leveraging partnerships within the energy sector to expand its equipment sales market and drive growth in the transmission and distribution equipment business [2]. Group 3: Market Performance - The order value for the smart distribution network business exceeded 800 million yuan in 2024, representing a year-on-year increase of over 30% [3]. - The company has achieved a historical high in bid amounts, exceeding 260 million yuan in Q1 2025 [3]. - Jiuzhou Group's wind power assets reached an installed capacity of 246 MW by the end of 2024, a year-on-year increase of 100 MW, while solar power assets remained stable at 298.6 MW [3]. Group 4: Project Development - Jiuzhou Group is engaging in equity cooperation for wind and solar power projects with state-owned enterprises, with plans to sell 100% equity of newly connected projects to realize resource and equipment value [4]. - The expected internal rate of return for the decentralized wind + clean energy heating projects is over 10%, benefiting from the advantages of decentralized wind power and decreasing construction costs [4]. Group 5: Market Potential - The potential market for decentralized wind + clean energy heating in Northeast China is substantial, with nearly 300 county-level administrative units and over 3,000 towns [5]. - Jiuzhou Group aims to optimize and adjust its business model based on operational results after launching its first project in Heilongjiang Province, with plans to replicate this model across Northeast and North China [5].

Group 1 - Qizhou Group's smart distribution network business is projected to exceed 800 million yuan in orders for 2024, representing a year-on-year growth of over 30% [1] - In Q1 2025, the company has already secured contracts worth over 260 million yuan, with grid orders accounting for approximately one-third of total orders [1] - The company plans to establish an overseas market team starting Q3 2024, focusing on markets in the Far East, ASEAN, Belt and Road Initiative countries, and BRICS nations [1] Group 2 - The installed capacity for wind power is expected to reach 246 megawatts and solar power capacity to 298.6 megawatts by the end of 2024, with total on-grid electricity generation exceeding 1 billion kilowatt-hours [1] - Qizhou Group aims to continue equity cooperation on wind and solar power projects with central state-owned enterprises, planning to sell 100% equity of already connected projects [1] - The company anticipates a 10% revenue growth target for its new energy generation business and a 30% growth target for its smart distribution network business in 2025 [1] Group 3 - The company is facing challenges in its biomass power generation assets due to fuel shortages, price volatility, and cash flow issues, leading to a planned impairment of 422 million yuan in 2024 [1] - The internal rate of return for distributed wind power and clean energy heating projects can exceed 10%, with power generation revenue accounting for over 90% of total revenue [1] - Qizhou Group has over 1 GW of capacity under construction and approximately 2 GW to 3 GW in the development stage [1]

哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研□分析师会议 | | | | | --- | --- | --- | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | | | | □新闻发布会路演活动 | | | | | | □现场参观 | | | | | | □其他（） | | | | | 参与单位名称及 | 王璐-华安证券 | | | | | 人员姓名 | 王泽雷-长城证券 | | | | | | 谢斯尘-长城证券 | | | | | | 张天浩-国联证券 | | | | | | 张帆远-麦高证券 | | | | | | 蒲楠昕-华宝证券 | | | | | | 谢谨贤-华泰证券 | | | | | | 张宇涵-中名企业管理（上海）有限公司 | | | | | | 刘禹龙-元一产融 | | | | | | 朱大兵-华永信资本 | | | | | | 张子维-渤海证券上海分公司 | | | | | | 朱凌云-中财招商投资集团 | | | | | | 周立峰-个人投资者 | | | | | | 袁彭-长江证券 | | | ...

证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | | 动类别 | □媒体采访 | □业绩说明会 | | | | □新闻发布会 | 路演活动 | | | | □现场参观 | | | | | □其他 （ | | ） | | 参与单位名称 | 王建伟-汇百川基金 | | | | 及人员姓名 | 于航-北京中凯兴邦资产管理公司 | | | | | 柘雨函-昊泽致远投资管理有限公司 | | | | | 钟津莹-华创自营 | | | | | 黄逸凡-富荣基金 | | | | | 曹伟-金信基金 | | | | | 冯健饶-麻王集团 | | | | | 喻明-华安证券 | | | | | 申琳-天风证券 | | | | | 黄自成-辰峰资本 | | | | | 邓童-招商基金 | | | | | 纪成纬-广发证券 | | | | | 杨温迪-广发证券 | | | | | 欧阳仕华-国信证券 | | | | | 万欢-荣信泰私募基金 | | | ...