来源：市场资讯 （来源：储能早知道） 提示：点点关注不迷路，每天分享储能热点。 编者按：大家中秋节快乐，今天带给大家一则阳光电源正式冲刺港股IPO的消息。近日，全球光储行业 领军企业阳光电源，正式向香港联交所递交主板上市申请，A+H双平台布局为其全球化战略再添强劲 引擎。 据港交所10月5日披露，A股光伏逆变器龙头阳光电源(300274.SZ)已正式向港交所主板提交上市申请 书，拟发行3.38亿股，募资约9.87亿港元，独家保荐人为中金公司。 这标志着总市值超3300亿元的A股光储"一哥"正式开启港股上市征程。 阳光电源成立于1997年，如今已发展成为全球领先的清洁能源科技公司。根据弗若斯特沙利文的数据， 其光伏逆变器出货量已连续十年稳坐全球第一的宝座。 01 行业霸主 提交上市申请文件显示，阳光电源在光储领域的全球市场地位十分稳固。 以2024年出货量计算，阳光电源光伏逆变器全球市占率高达25.2%。 截至2025年6月30日，公司储能系统累计出货量达70GWh，同样处于全球领先地位。 在风电领域，阳光电源2024年风电变流器出货量44GW，市场占有率提升至39%，连续两年位居全球第 一。 公司的产品及服务 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 saw a month-on-month increase of over 10 times, reaching 17.7GW/45.7GWh, marking a year-on-year growth of 237.1% and 691.4% respectively [5][39] - The power equipment sector has outperformed the CSI 300 index, with a year-to-date increase of 38.91%, surpassing the index by 22.18 percentage points [12][18] - The report highlights significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [40] Summary by Sections Market Review - As of September 25, 2025, the power equipment industry rose by 8.19% over the past two weeks, outperforming the CSI 300 index by 7.19 percentage points, ranking second among 31 industries [12] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% [18] Valuation and Industry Data - The power equipment sector's PE (TTM) is 34.90 times, with sub-sectors like the motor sector at 67.83 times and the battery sector at 37.26 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a significant premium over historical averages [25] Industry News - The report notes China's commitment to reducing greenhouse gas emissions and increasing the share of non-fossil energy consumption to over 30% by 2035 [39] - It emphasizes the government's push for large-scale applications of energy storage equipment, focusing on safety and efficiency [39] Company Announcements - The report includes announcements from companies like Datang Group regarding a major offshore wind power project and various corporate actions from firms like Goldwind Technology and Longi Green Energy [42][43] Weekly Perspective - The report suggests focusing on leading inverter companies benefiting from the development of new energy storage technologies, highlighting specific companies such as Guodian NARI and Sunshine Power [44]

Core Viewpoint - Shanghai Haide Control System Co., Ltd. held a mid-year performance briefing on September 19, 2025, addressing investor concerns regarding industry status, operational performance, and financial conditions [1] Group 1: Business Layout and Technology Reuse - The company focuses on industrial electrical automation and industrial information technology, developing hardware and software products such as medium redundancy PLCs and edge controllers [1] - The accumulated automation and information technology can be reused in intelligent industries like robotics, integrating with the company's "two-in-one" solutions for control and data interaction layers [1] - The company is advancing its digital business by focusing on automation control technologies and developing software and hardware products and solutions for multiple industries [1] Group 2: Industrial Internet Platform Achievements - The company is enhancing its "two-in-one" solutions by developing hardware and software for control and data interaction, particularly in the metallurgy sector for unmanned intelligent systems [1] - The company is addressing user needs by integrating OT and IT systems, focusing on adaptability and improving overall digital and intelligent system levels [1] Group 3: Product-Related Responses - The company does not engage in the research and manufacturing of high-density optical components but applies relevant devices in self-developed products [1] - Currently, the company is not involved in humanoid robot research, although related technologies can be reused [1] - Automation products are applied in the renewable energy sector, with stable year-on-year orders for wind power converters and increased orders for commercial energy storage products [1] Group 4: Energy Storage Business Situation - In the first half of 2025, the company focused on risk management in the centralized energy storage market, reducing market investment and concentrating on quality clients and projects [1] - The company implemented cost reduction and efficiency improvement measures, resulting in a significant year-on-year decrease in expenses [1] - The exploration of business models and market opportunities in commercial storage has shown initial success [1] Group 5: Shareholder Reduction Situation - The actual controller of the company, Mr. Xu Hong, has never reduced his shareholding, while Mr. Guo Menglong announced a reduction plan for the first time since the company went public in 2007 due to business investment needs [1] - In 2016, the two actual controllers collectively increased their shareholding by 9,778,067 shares [1] - Any future reduction information will be disclosed in accordance with legal regulations [1]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]

Core Viewpoint - The company, Sunshine Power, is experiencing a decline in stock price while planning to expand its global presence through an H-share issuance on the Hong Kong Stock Exchange, aiming to enhance its international brand image and diversify financing channels [1] Financial Performance - For the first half of 2025, the company reported a revenue of 43.533 billion yuan, representing a year-on-year growth of 40.34% [1] - The net profit attributable to shareholders reached 7.735 billion yuan, showing a year-on-year increase of 55.97% [1] - The company plans to distribute a cash dividend of 9.50 yuan for every 10 shares [1] Business Operations - Sunshine Power specializes in the research, production, sales, and service of renewable energy equipment, including solar, wind, energy storage, and electric vehicle systems [1] - The company has established the AIDC division, focusing on overseas markets, leveraging its technological expertise in power supply and electronic power conversion [1] - The company is recognized as a national key high-tech enterprise, with a product range that includes photovoltaic inverters, wind power converters, energy storage systems, and electric vehicle drive systems [1]

Financial Performance - In the first half of 2025, the company achieved total revenue of 1.884 billion, a year-on-year increase of 36.39% [1] - The net profit attributable to shareholders was 243 million, reflecting a year-on-year growth of 56.79% [1] - The net profit after deducting non-recurring gains and losses was 228 million, up 40.11% year-on-year [1] - The net cash flow from operating activities was -173 million, compared to -96.05 million in the same period last year [1] Business Segments - The new energy control segment remains the largest revenue source, generating 1.524 billion, a year-on-year increase of 44.97%, accounting for over 80% of total revenue [1] - The engineering transmission business reported revenue of 226 million, with a year-on-year growth of 11.5% and a gross margin increase to 47.71% [1] - Revenue from overseas markets reached 148 million, marking a year-on-year increase of 54.46%, with a gross margin of 54.65% [1] Competitive Position and Market Strategy - The company has established a solid competitive barrier in the wind power converter sector, achieving technological breakthroughs in offshore wind power protection and reliability [2] - The company’s product shipment capacity and sales in the photovoltaic inverter sector continue to rise steadily [2] - Revenue from energy storage and transmission businesses is growing annually, with ongoing expansion in hydrogen energy product sales [2] - Leveraging core technologies and product platforms, the company is extending its product lines into new fields, supporting the development of integrated wind-solar-storage, hydrogen energy, and large-capacity power supply sectors [2] - The company contributes to the achievement of carbon peak and carbon neutrality goals, aiding various industries in transitioning to high-quality development [2]

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, highlighting lessons for supply-demand rebalancing, including the long-term depression in the late 19th century in Europe and the US, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][6]. - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if not controlled, and government intervention is more effective than non-intervention in addressing such imbalances [1][6]. - Successful rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][6]. Fixed Income - The new bond value-added tax (VAT) regulation, effective from August 8, 2025, reinstates VAT on interest income from newly issued government bonds, local government bonds, and financial bonds, while maintaining tax exemption for bonds issued before this date [2][7]. - The adjustment is expected to enhance the relative value of credit bonds, as their interest income is not subject to VAT, making them more attractive compared to government bonds and financial bonds [2][7]. - The report estimates that the yield spread between credit bonds and other interest rate bonds will narrow by approximately 10 basis points, with potential relative value increases of 5-15 basis points for proprietary trading departments and 3-10 basis points for asset management products and public funds [2][7]. Industry Analysis Hewei Electric (603063) - The company reported a revenue of 1.884 billion yuan for the first half of 2025, a year-on-year increase of 36.39%, with a net profit of 243 million yuan, up 56.79% [4][10]. - The growth is driven by the new energy control business, which generated 1.524 billion yuan in revenue, reflecting a 44.97% increase year-on-year [4][10]. - The company maintains a "buy" rating, with projected net profits of 590 million, 710 million, and 820 million yuan for 2025-2027, corresponding to P/E ratios of 31, 25, and 22 times [4][10]. Tonghui Electronics (833509) - The company achieved a revenue of 101 million yuan in the first half of 2025, a 16.81% increase year-on-year, with a net profit of 29 million yuan, up 55.40% [5][12]. - The growth is attributed to the implementation of the "old-for-new" policy and the gradual recovery of domestic industrial demand, particularly in the consumer electronics and new energy sectors [5][12]. - The report raises the net profit forecast for 2025-2027 to 71 million, 87 million, and 106 million yuan, maintaining a "buy" rating based on the company's long-term growth potential [5][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 reached 1.884 billion, a year-on-year increase of 36.39%, with a net profit attributable to shareholders of 243 million, up 56.79% year-on-year [7] - The growth is driven by the new energy business, with significant contributions from wind power converters and photovoltaic inverters [7] - The company is expanding its international market presence, with overseas revenue increasing by 54% year-on-year, now accounting for 8% of total revenue [7] - The engineering transmission business also showed growth, with revenue of 226 million, an increase of 11.5% year-on-year, benefiting from the export of frequency converters [7] - The company maintains strong cost control, with a gross margin of 36.66% and a decrease in expense ratio [7] - Future profit forecasts for 2025-2027 are 590 million, 712 million, and 821 million respectively, with corresponding P/E ratios of 31, 25, and 22 [7] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 3.752 billion, 3.733 billion, 4.514 billion, 5.367 billion, and 6.420 billion respectively, with year-on-year growth rates of 33.56%, -0.50%, 20.91%, 18.89%, and 19.63% [1] - Net profit attributable to shareholders for the same years is projected at 502.25 million, 440.58 million, 590.77 million, 712.23 million, and 820.70 million, with growth rates of 88.18%, -12.28%, 34.09%, 20.56%, and 15.23% [1] - The latest diluted EPS for 2023A, 2024A, 2025E, 2026E, and 2027E are 1.10, 0.97, 1.30, 1.57, and 1.81 respectively [1]

Core Viewpoint - The report highlights Shenzhen Hopewind Electric Co., Ltd.'s strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by the increasing demand for renewable energy solutions and the company's strategic focus on innovation and technology [2][7][8]. Company Overview and Financial Indicators - Shenzhen Hopewind Electric Co., Ltd. reported a revenue of approximately 1.88 billion yuan, representing a 36.39% increase compared to the same period last year [2][8]. - The total profit reached approximately 271.6 million yuan, up 48.44% year-on-year [2][8]. - The net profit attributable to shareholders was approximately 242.7 million yuan, reflecting a 56.79% increase compared to the previous year [2][8]. - The company's total assets increased by 10.06% to approximately 8.75 billion yuan, while net assets rose by 10.78% to approximately 4.77 billion yuan [2][8]. Industry Context - The renewable energy sector is gaining momentum globally, with a strong emphasis on wind and solar power as key components in achieving carbon neutrality goals [3][4]. - The National Energy Administration reported that in the first half of 2025, the newly installed wind power capacity reached 51.39 million kilowatts, a year-on-year increase of 22.7% [4][5]. - Solar power installations also saw significant growth, with a total installed capacity of approximately 110 million kilowatts, marking a 54.1% increase year-on-year [5]. Business Operations - The company focuses on power conversion technology, providing solutions for wind power, solar energy, energy storage, and hydrogen production [6][9]. - Hopewind Electric has established a strong competitive position in the wind power converter market, with ongoing innovations in offshore wind power technology [9][10]. - The company has developed a comprehensive range of products, including full-power converters, dual-fed converters, and energy management systems, catering to various renewable energy applications [11][12]. Research and Development - The company has a robust R&D team with over 764 engineers, focusing on continuous innovation and product development [13][14]. - As of June 30, 2025, Hopewind Electric holds 821 authorized patents, including 146 invention patents, demonstrating its commitment to technological advancement [13][14]. - The company has received multiple national and industry awards, recognizing its contributions to the renewable energy sector and technological innovation [14][15].

Core Insights - The global energy investment landscape has undergone a significant transformation over the past decade, with a historic shift towards low-carbon investments, projected to reach $3.3 trillion by 2025, where renewable energy, grid, and storage will account for $2.2 trillion, double that of fossil fuel investments [2][4]. Investment Trends - The period from 2015 to 2025 is identified as a watershed moment, with renewable energy investments surpassing fossil fuel investments by over 50% [4]. - The Asian Infrastructure Investment Bank reported that its renewable energy investment share increased from 28% in 2016 to 80% in 2025, indicating a decisive shift towards clean energy [4]. Investment Structure Changes - Investment in the electricity sector is projected to exceed $1 trillion by 2025, with wind and solar energy growing at an annual rate of over 15% [5]. - The cost of solar photovoltaic and battery technologies has decreased by 60% over the past decade, facilitating the growth of distributed solar projects in developing countries like Pakistan [5]. - Geopolitical tensions post-2022 have accelerated the shift towards clean energy, with examples such as the EU's hydrogen strategy and the U.S. Inflation Reduction Act [5]. China's Role in Global Energy Investment - China is projected to account for over 30% of global energy investments by 2025, with over 70% of that in clean energy [7]. - China's unique approach involves a closed-loop system of resource assurance, technological breakthroughs, and policy coordination, significantly impacting the global energy market [8]. Challenges in Energy Transition - The transition to low-carbon energy is fraught with challenges, including disparities in development among countries, as seen in India and Turkey, which face rising costs due to local industry growth [11]. - The competition for critical mineral resources has intensified, with countries like the U.S. and EU updating their strategic mineral lists, highlighting the importance of supply chain resilience [11]. Solutions for Energy Investment Imbalance - Addressing energy investment imbalances requires multi-dimensional efforts, including policy design, market cultivation, technological breakthroughs, and international cooperation [13]. - Innovative financing tools, such as those introduced by the Asian Infrastructure Investment Bank, are essential for supporting the development of renewable energy policies in developing countries [13]. Future Directions - The evolution of energy investment reflects a shift from policy-driven to market-driven approaches, emphasizing the need for a balance between safety, development, and sustainability [15].