调研基本信息 2026年1月30日，广州智光电气股份有限公司（以下简称"智光电气"）以电话会议形式开展特定对象调 研，接待了长城证券、平安基金共4名机构人员。公司董事会秘书熊坦、证券事务代表邱保华参与接 待，就公司储能业务技术路线、客户构成、原材料影响及独立储能电站进展等问题与机构进行交流。 锂矿涨价影响：电站业务不受影响，设备销售短期承压 针对上游锂矿涨价对储能业务的影响，公司回应称，其在广东省内投资的独立储能电站均已建设完成， 原材料涨价对这些电站业务无影响；对于储能设备销售及系统集成业务，短期内会受到一定影响，但长 期来看，随着钠电池等技术进一步推广以及价格机制向集成端下游传导，影响预计将控制在合理范围 内。 独立储能电站并网进展：平远一期力争春节前投运，多项目加速推进 在独立储能电站并网投运方面，公司透露平远一期已完成168小时试验，正在等待并网商运手续，争取 在春节前实现并网投运；清远二三期、平远二期项目也在加快相关并网手续办理，力争2026年上半年陆 续并网投运。 省外布局：关注政策动态，暂未落地具体项目 调研核心要点解读 储能系统技术路线：主推高压级联型，覆盖低压场景 交流中，公司表示目前主推高 ...

Group 1: Company Overview - The company primarily promotes high-voltage cascade energy storage systems, while also covering low-voltage intelligent string-type energy storage systems applicable in various scenarios [2]. - The main customer base consists of power grid enterprises, "Five Big and Six Small" energy groups, and large industrial enterprises [2]. Group 2: Impact of Market Conditions - The rise in upstream lithium ore prices has no impact on the independent energy storage stations already constructed in Guangdong Province [2]. - Short-term effects on energy storage equipment sales and system integration business are expected due to rising raw material prices, but long-term control is anticipated as sodium battery technology advances [2]. Group 3: Project Updates - The first phase of the Pingyuan independent energy storage station has completed the 168 test and is awaiting grid connection procedures, aiming for operation before the Spring Festival [2]. - The company plans to accelerate the grid connection procedures for the second and third phases of Qingyuan and the second phase of Pingyuan, targeting operation in the first half of this year [2]. Group 4: Future Expansion - The profitability of independent energy storage stations is closely related to provincial policies, and the company is monitoring policy releases and project information to determine implementation and cooperation models [2].

Company Performance - In the first half of 2025, the company reported revenue of approximately 1.643 billion yuan, representing a year-on-year increase of 31.71% [2][3] - The net profit attributable to shareholders was approximately -55.15 million yuan, a reduction in losses by about 35.08 million yuan compared to the same period last year [2][3] - The net cash flow from operating activities was 186.20 million yuan, a significant increase of 310.74% compared to the previous year [3] Business Segments - The growth in revenue was primarily driven by the energy storage business, which generated approximately 1.177 billion yuan, making it the largest revenue segment for the company [4][6] - The company’s independent energy storage station in Qingyuan reported revenue of 117.25 million yuan and a net profit of 7.41 million yuan during the reporting period [4] - The company has multiple production bases, and once fully operational, the total production capacity for large-scale energy storage systems is expected to reach 12 GWh [6] Industry Trends - The new energy storage industry has been experiencing rapid development, with a projected 5%-6% growth in national electricity consumption in 2025 [5] - The total installed capacity of new energy storage in the country has seen significant growth, enhancing the stability and safety of the power grid [5] - The Ministry of Industry and Information Technology has initiated a high-quality development action plan for the new energy storage manufacturing industry, which is expected to accelerate the development of high-pressure cascade storage technology [6]