编 译 / 钱亚光 设 计 / 赵昊然 来 源 / w w w. b l o o m b e r g . c o m , w w w. t h e v e r g e . c o m , i n si d e e v s. c o m 在内华达沙漠中的山丘上，两座巨大的建筑物之间，805块退役电动汽车电池整齐地排列着，每一 块都用不起眼的白色防水布包裹着——而且就静静地躺在那里，毫不起眼。这就是Redwood Energy 为人工智能基础设施公司数据中心供电的微型电网。 6月27日，电池回收企业Redwood Materials公司的子公司Redwood Energy公司在其位于内华达州斯 帕克斯的工厂举行的活动中宣布，将推出一项能源存储业务。该业务将利用其在电池回收业务中收 集到的电动汽车电池来为各类企业提供电力支持，而他们首先将从人工智能数据中心入手。 即使经过多年的使用，电动汽车电池仍能为不同的应用场景提供大量可用容量。Redwood Materials 表示，电池在被回收之前可以被重新用于构建固定式储能系统。这类系统有助于稳定电力电网，并 帮助各国摆脱化石燃料。 过去十年间，电动汽车的销量一直在迅速增 ...

Summary of Sungrow Power Supply (300274.SZ) Conference Call Company Overview - **Company**: Sungrow Power Supply - **Ticker**: 300274.SZ - **Market Cap**: Rmb121,946 million (approximately US$16,733 million) [11] Key Financial Highlights - **2024 Net Profit**: Rmb11,036 million, up 16.9% year-over-year, aligning with consensus estimates [2] - **1Q25 Net Profit**: Rmb3,826 million, a significant increase of 82.5% year-over-year, driven by: - Inverter shipment volumes increased by 19% year-over-year to 34GW - Energy-storage system (ESS) shipments surged to 12GWh, a 4.7x increase year-over-year [2] - **Gross Profit Margin**: Increased by 2.8 percentage points year-over-year to 29.9% in 2024 [2] Shipment and Revenue Projections - **Inverter Shipment Target for 2025**: Expected to rise by 10-20% year-over-year, with an assumption of 162GW [3] - **ESS Shipment Target for 2025**: Initially projected at 40-50GWh, now revised down to 35GWh (+25% year-over-year) due to anticipated tariff increases [3] Market and Tariff Impact - **US Market Importance**: Accounts for 10-20% of revenue, but is crucial for higher margins [1] - **Tariff Impact**: ESS shipments to the US have been suspended due to tariffs exceeding 100%, while inverter shipments remain unaffected as they are produced in Thailand [4] - **Mitigation Strategies**: The company is focusing on cost control and exploring sales in non-US markets to offset tariff impacts [4] Regulatory Environment - **PRC Government Policy No.136**: Introduced on February 9, 2025, adds uncertainty to ESS demand, with a rush in renewable capacity installations expected before June 1, followed by a sharp decline [5] Valuation and Recommendations - **Target Price**: Increased by 10.4% to Rmb53/share [1] - **Current Valuation Metrics**: - Price-to-Earnings Ratio (PER): 12.4x for 2025E - Price-to-Book Ratio (PB): 2.7x - Dividend Yield: 1.7% [1][7] - **Analyst Rating**: Cautious outlook with a "Sell" rating due to uncertainties despite the earnings beat [1] Additional Insights - **Future Earnings Projections**: Net profits are expected to increase by 12% for 2025E and 9% for 2026E [1] - **Overall Market Sentiment**: Despite strong performance in 1Q25, the company faces significant uncertainties that could impact future profitability and growth [1][14]