摘要 威腾电气 20250827 威腾电气 2025 年上半年高低压母线营收同比下降 7%，但威腾和 APP 品牌在手订单增长，预计全年母线业务仍有望实现增长，尤其下半年 APP 品牌发力，四季度单月销售额或突破 4,000 万元。 APP 品牌在数据中心领域已获万国数据等较大平台订单，并与国内大厂 有合作，订单量较大且持续交付，AI 相关数据中心订单成为增长点。 与 ABB 合资工厂上半年收入仅 1,000 多万元，全年目标调整为 2.5 亿 元以上，但整体订单有望突破 5 亿元，预计明年收入至少翻倍，超过 5 亿元。 公司正积极参与核聚变项目高压直流传输系统招标，虽盈利能力尚难评 估，但旨在积累经验，为长期战略布局。 光伏新材料业务受行业周期性波动影响，面临"增量不增利"挑战，公 司通过研发创新、拓展品类和优化结构应对。 公司深化产业协同，延伸至光通信领域，开展基于硅光技术的光模块业 务，构建新的业务生态链，并已组建相关团队。 储能业务方面，大储能板块营收预计翻倍，全产业链优势有望维持两位 数以上毛利率，新厂房投运将提高自制率，增强竞争力。 Q&A 2025 年上半年威能电器的整体经营情况如何？ 2025 ...

Core Viewpoint - Witten Electric Group Co., Ltd. reported a revenue increase of 22.23% in 2024, but faced a significant decline in net profit due to industry challenges, particularly in the photovoltaic sector [2][4]. Financial Performance - The company achieved an operating income of 3.48 billion yuan in 2024, up from 2.85 billion yuan in 2023 [3]. - The net profit attributable to shareholders decreased by 21.25% to 95 million yuan, compared to 120 million yuan in the previous year [3]. - The net profit after deducting non-recurring items also fell by 21.76% to approximately 91.77 million yuan [3]. Business Segment Analysis - The photovoltaic welding strip business saw a shipment and revenue increase of over 30%, but profit margins were pressured due to a 15% decline in average prices [4]. - The energy storage systems and distribution equipment segments emerged as growth highlights, with energy storage revenue increasing by over 30% [6]. - The low-voltage complete equipment revenue doubled, driven by breakthroughs in data centers and new energy sectors [6]. Product Performance - The production and sales of photovoltaic welding strips increased by 33.83% and 33.75%, respectively, while inventory rose by 50.70% [5]. - The low-voltage complete equipment segment experienced a significant revenue increase of 250.08% [7]. - Financial costs surged by 95.22% due to increased bank borrowings, impacting overall profitability [5]. Strategic Outlook - The company aims to focus on "three major businesses + intelligent manufacturing + globalization" as its strategic direction [6]. - The feasibility of this strategy hinges on overcoming cost challenges in photovoltaic materials and leveraging intelligent capabilities in energy storage and distribution equipment to create brand premium in high-end overseas markets [6].