双登股份 20260108 摘要 国内 AIDC 投资建设边际回暖，备电赛道供需紧平衡，铅酸电池产能受 限，IDC 招标回暖有望加速备电市场进入上行通道，需重视国产链投资 机会。 双登股份主营通信基站和数据中心备用电源，占比对半开。数据中心备 电全球仍以铅酸为主，占比超 80%，但海外市场锂电池渗透加速，高端 算力芯片对放电倍率要求高，锂电池优势明显。 双登股份数据中心铅酸备电 2026 年出货量预计 3.5-4GWh，同比增长， 2027 年预计保持 30%-50%增长，中期有望占据 50%市场份额，贡献 约 4 亿利润。 海外锂电池备电市场由日韩厂商主导，采用三元锂电池方案，安全性较 差。中国铁锂方案在安全性和成本上具备优势，有望替代日韩三元电池， 拓展海外市场。 双登股份与阿里、字节跳动、万国等客户合作紧密，开发定制化锂电备 电产品，并与维谛、施耐德、伊顿等厂商建立合作，计划在马来西亚建 设 2GWh 高倍率产能。 在当前环境下，应如何看待备电赛道的发展前景？ 备电赛道在当前环境下需要重视，因为它属于潜在有通胀逻辑的品种。自 2025 年以来，该领域一直处于供需紧平衡状态，下游需求发生大的边际变化 时可 ...

日前，双登集团股份有限公司（以下简称"双登股份"，6960.HK）正式被中国国际金融股份有限公司 （中金公司）纳入研究覆盖范围。中金公司发布题为《双登股份：中国通信及数据中心储能龙头，受益 全球AIDC高景气成长空间广阔》的研究报告，首次覆盖双登股份，给予公司"跑赢行业"评级，并设定 目标价22.90港元。 据了解，依托在通信及数据中心储能领域十余年的技术沉淀与客户积累，双登股份已确立全球领先地 位。根据Frost & Sullivan数据，2024年，公司在全球通信及数据中心储能电池供应商中出货量排名第 一，市场份额达11.1%；其中，在全球数据中心储能（备用电源）领域，中国企业中排名第一，市占率 达16.1%；在全球电信基站储能市场亦位列第一，市占率为9.2%。 双登股份的产品矩阵覆盖通信基站、数据中心、电力储能三大场景，并同步布局锂电池、铅酸电池、钠 离子电池及固态电池多条技术路线。按2025年上半年收入构成，数据中心与通信基站储能合计贡献超 88%的营收，显示公司业务高度集中于这两大高景气场景。 中金公司研报认为，市场此前低估了双登股份的海外拓展潜力。目前，公司已在新加坡、美国设立子公 司，并通过海外 ...

上游原料端，全球铅精矿供应呈现宽松态势，价格趋于稳定，这为中游冶炼环节提供了一定的成本缓冲 空间。然而，环保标准的持续提升使得矿山的合规运营成本增加，部分资源条件或环保基础薄弱的小型 矿山面临退出压力。 需求面进入结构转换期 主导的电池行业需求正经历深刻的结构性调整。在交通动力领域，新能源汽车的快速发展对传统铅酸电 池形成了持续的替代压力。然而，在电动轻型车、后备电源及储能等特定场景，铅酸电池凭借其成本与 安全优势仍保有稳定需求，且海外市场订单成为支撑需求的重要变量。其他工业领域对铅的消费则保持 相对平稳。整体来看，需求正从过去的普遍增长转向不同细分领域的差异化发展。 当前铅产业链各环节在成本、技术及需求结构性变化的共同影响下，正经历一系列调整。 长江铅业网(pb.ccmn.cn)今日现货铅价行情预估：美国11月非农数据表面温和，深层却显露经济裂痕。 新增就业6.4万人的表象下，失业率跳升至4.6%的三年高位，叠加前值大幅下修，共同指向劳动力市场 实质性放缓。这份报告被市场果断解读为经济增长动力减弱的明确信号，并迅速强化了对美联储货币政 策即将转向的预期。数据公布后，投资者迅速启动"降息交易"布局。美元指数应 ...

关于小动力锂电池，没有明确的定义，查百度是 " 中小型车辆、便携式设备、轻中型电动工具、智能家居产品等低能耗设备提供动力的可充电 电池 " ，它的特点是电压比较低，容量比较低，成本要求很敏感。主要的应用领域，电动二轮 / 三轮车、低空经济、游艇、机器人、工程机 械。天上飞的，地上跑的，水里游的，都纳入小动力电池范畴。 根据不完全统计，中国的电动二轮车保有量差不多 4 亿辆，如果按照每两年换一次，因为铅酸电池使用寿命将近 2 年，每两年换一次铅酸电 池，如果是 2 亿辆，每一辆电动电瓶车的平均电量 1.3 度电，那就是 260GWh ，每个月差不多有 1600 多万套。 260GWh 什么概念呢？ 1000 多亿的市场。 | | | 分 : 分 : 分 : 不 : | | | | | E 親 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2015 0 2025 | | | | 国 12 | F 125 同 行 | | | | | | | | | 起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | | | | ...

倒计时1天 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点储能、起点研究院SPIR 赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远 东电池/诺达智慧/奥鸿智能/中天和/超业精密/北测新能源/蓝京新能源/贤辰智享/东唐智能/达力智能/ 亿鑫丰/爱签/和明机械/金力股份/孚悦科技/乾纳智能装备/多氟多/科迈罗/三合一体/果曼钠电/新能安/ 海辰储能/瑞浦兰钧/鹏辉能源/国轩吉泰美/创明新能源/德赛电池/先导智能/亿纬锂能/移族/新日股份/ 弘正储能/亮见钠电/易事特/清陶云能/信宇人/星恒电源/昆仑化学/星翼能源 /汇创新能源 /力通威 等 近期有媒体报道称， 江西悦海新能源有限公司的多名员工血铅含量异常，最高检测值接近700μg/L。 12月16日，江西贵溪经济技术开发区管理委 ...

Core Insights - The explosive growth of AI computing power is driving the demand for energy storage in AI Data Centers (AIDC), marking a significant shift in the energy landscape [1][3][5] - AIDC energy storage is expected to transition from demand explosion to large-scale deployment by 2025, becoming a key driver for the energy storage market [2][5] Industry Growth - Global data center energy storage capacity is projected to increase from 4 GWh in 2020 to 16.5 GWh in 2024, with a compound annual growth rate (CAGR) of 43.0%, and further to 209.4 GWh by 2030, with a CAGR of 52.7% from 2024 to 2030 [1] - In China, energy storage capacity is expected to grow from 2.9 GWh in 2020 to 8 GWh in 2024, with a CAGR of 29.2%, and to 101.6 GWh by 2030, with a CAGR of 52.8% from 2024 to 2030 [1] Technological Advancements - AIDC requires high reliability and stability in power supply, leading to advancements in energy storage technology towards high power and reliability [2][4] - The role of energy storage is evolving from a backup power source to a core infrastructure component for AIDC [5][6] Market Dynamics - Major tech companies like Google, Meta, Microsoft, and Amazon are increasing capital expenditures focused on AIDC infrastructure, while domestic giants like Alibaba and Tencent are also ramping up investments [3][6] - The demand for energy storage in AIDC is characterized as rigid, driven by the high energy consumption and reliability requirements of AI computing [5][6] Competitive Landscape - Companies such as Ningde Times, Sunshine Power, and Haibo Si Chuang are accelerating their investments in AIDC energy storage, recognizing it as a significant growth driver [6][9] - The market is currently dominated by lead-acid batteries, but lithium batteries are expected to capture a larger market share by 2030, with projections of 73.5% for lithium and 14.5% for lead-acid in China [7] Policy Support - The Chinese government is actively promoting the integration of new energy storage solutions for data centers, emphasizing the need for reliable power supply and energy quality [5][8] - Policies are being established to support the green transformation of AIDC, further enhancing the role of energy storage in stabilizing power supply [4][5] International Expansion - Companies are looking to expand into international markets, with North America, Southeast Asia, Europe, the Middle East, and Australia identified as key target regions for AIDC energy storage solutions [9] - The demand for AIDC energy storage is particularly strong in regions with less stable power supply, highlighting the global opportunity for energy storage solutions [9]

Core Viewpoint - Camel Group's revenue for the first three quarters of 2025 reached 12.142 billion, showing a year-on-year growth of 7.14%, indicating stable growth [1] - The net profit attributable to the parent company increased by 26.95% year-on-year, although there was a decline in profit for Q3 due to loss impacts [1] Group 1: Financial Performance - Revenue for the first three quarters of 2025 was 12.142 billion, with a year-on-year growth of 7.14% [1] - Net profit attributable to the parent company grew by 26.95% year-on-year [1] - Q3 profit declined due to loss impacts, but the growth trend in low-voltage lithium batteries remains strong [1] Group 2: Business Development - The company has a broad customer base for low-voltage lithium batteries, securing 23 new automotive low-voltage lithium battery projects in the first half of the year [1] - Among these, there are 16 projects for 12V lithium batteries, including models from major manufacturers such as XPeng Motors, Seres, Lantu, Geely, Great Wall, Chery, Dongfeng Nissan, Beijing Hyundai, and SAIC Motor [1] - Additionally, there are 7 projects for 24V lithium batteries, including projects from Dongfeng Commercial Vehicle, Dongfeng Huashan, and JAC Motors [1] Group 3: Strategic Initiatives - The company is committed to advancing its international strategy, with overseas business becoming an important growth engine [1] - The lead-acid main business remains stable, while the low-voltage lithium battery business is entering a high-growth phase [1] - Increased industry competition has short-term impacts on gross margins, leading to a downward adjustment in profit forecasts [1]

Core Insights - The 12th China (Suzhou) Battery New Energy Industry International Summit Forum (ABEC) focuses on technological innovation and ecological restructuring in the battery new energy industry, highlighting the rapid development of next-generation battery technologies such as sodium batteries and solid-state batteries [1][3] Industry Trends - The forum emphasizes that sodium batteries have achieved batch applications, while semi-solid batteries are gradually moving towards mass production and commercialization. Solid-state batteries are entering a critical development phase, indicating a clear progression in battery technology [3] - The solid-state battery market is projected to exceed 156 GWh by 2030, driven by its potential applications in emerging fields like low-altitude economy and robotics [11] Challenges and Opportunities - The battery industry is currently undergoing a deep adjustment period, facing challenges such as price wars, international trade barriers, and raw material price volatility. The industry must navigate these uncertainties while focusing on technological breakthroughs and strategic positioning [5][6] - Key challenges for solid-state batteries include quality, cost, and delivery, with various technical routes facing production difficulties. The industry is exploring solutions to overcome these challenges [8] Technological Innovations - Sodium-ion batteries are highlighted for their resource abundance, cost advantages, and safety features compared to traditional lithium-ion and lead-acid batteries. The sodium's crustal abundance is significantly higher than lithium, and sodium-ion batteries can reduce raw material costs by approximately 50% [13] - Solid-state batteries are seen as a transformative technology in the lithium battery industry, offering high energy density, improved safety, and cost optimization. However, their development requires systemic innovation across materials science, electrochemistry, and interface engineering [12][13]

Core Insights - The 2025 Changsha International Procurement and Industrial Collaborative Innovation Conference was held, releasing over 220 international procurement demand orders [1][2] - The event attracted nearly 800 representatives from domestic and international enterprises, including over 390 international buyers and suppliers from 30 countries and regions [1] - Key procurement areas include intelligent manufacturing, aerospace, inspection and testing, new materials, and energy storage equipment, featuring high-end manufacturing products and advanced components [1] Group 1 - The procurement information covers various sectors such as rail transit parts, industrial automation equipment, lightweight aerospace components, intelligent driving systems, and energy-efficient building engineering testing [1] - Changsha ranks 44th in the global technology cluster and 23rd among global research cities, indicating its growing significance in the tech landscape [1] - The focus for Changsha's development during the 14th Five-Year Plan includes digital transformation, AI, aerospace, low-altitude economy, and integrated services in inspection and testing [1] Group 2 - The conference reflects a broader consensus on "buying global, selling global," emphasizing the importance of industrial complementarity and collaborative innovation in global industrial development [2] - The event is a practical measure for Changsha to optimize its industrial ecosystem and deepen global and regional industrial cooperation and investment connections [2]

Financial Data and Key Metrics Changes - Net sales increased by 8% year over year, reaching a record high of $951 million for the second quarter [4][15] - Adjusted diluted EPS rose by 21% to $2.56 per share, marking a record high for the fiscal second quarter [16] - Adjusted operating earnings increased by 13%, with adjusted EBITDA also up by 13% [4][15] Business Line Data and Key Metrics Changes - Energy systems revenue grew by 14% year over year to $435 million, with adjusted operating earnings up 38% [17] - Motive power revenue decreased by 2% to $360 million, with adjusted operating earnings down by $10 million [18] - Specialty revenue increased by 16% to $157 million, driven by organic volume growth and the Bren-Tronics acquisition [19] Market Data and Key Metrics Changes - Data center market revenue grew by 29% year over year, indicating strong demand [35] - Communications sector showed signs of recovery, with increased spending on network refreshes rather than expansions [11][39] - A&D (Aerospace and Defense) demand remained robust, with expectations for increasing sales in upcoming quarters [12][40] Company Strategy and Development Direction - The company is focusing on its Energize strategic framework to optimize core operations and accelerate growth [5][6] - Three centers of excellence have been launched to enhance innovation and reduce costs [6][7] - The company is evaluating its lithium cell supply options and plans to provide updates on a new lithium factory [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in offsetting tariff impacts through proactive supply chain actions [10] - The order book reflects dynamic market conditions, with expectations for improving macro conditions to stabilize demand [11] - The company anticipates continued earnings growth, with adjusted operating earnings growth expected to outpace revenue growth [25][46] Other Important Information - Free cash flow for the quarter was strong at $197 million, with a conversion rate of 288% [21] - The company repurchased 636,000 shares for $68 million during the quarter, demonstrating a commitment to returning value to shareholders [23] - The next Investor Day is scheduled for June 11, 2026, in New York City [14] Q&A Session Summary Question: What end markets are most impacted by demand pull-ins and customer spending shifts? - Management noted that the communication sector was significantly impacted, with customers front-loading their orders due to large acquisitions [27][28] Question: How are elevated lithium costs affecting margins? - Management explained that higher costs are due to sourcing from China and that margins will be pressured until production ramps up [30] Question: What is the outlook for gross margins? - Management indicated that gross margins are expected to improve, driven by price mix improvements and ongoing cost reduction initiatives [32][34] Question: Can you provide an update on the data center revenue? - Data center revenue was up 29% year over year, with strong opportunities for growth in lead-acid and UPS systems [35][36] Question: What is the impact of the government shutdown on A&D demand? - Management reported that while there were some impacts, overall A&D demand remains strong, particularly in advanced defense applications [40]