浙商证券研报指出，弘元绿能储能产品首次发布、弘元与尚德联合亮相，期待海外成长空间打开。11月 13日公司储能产品首次发布，产品矩阵广泛覆盖户用、工商业、微电网/移动储能及虚拟电厂等多元应 用场景。HD3600户用低压储能系统具备3600W高功率输出，系统容量达13.8kWh，支持最高1600W光 伏输入。公司依托完善的全产业链协同体系，实现了从原料制造到终端应用的高效贯通，构建起更具竞 争力的光储一体化解决方案，打开公司在组件市场的成长空间。今年7月，弘元绿能正式参与无锡尚德 预重整，无锡尚德为曾经中国光伏行业龙头，成立于2001年，销售区域遍布全球80多个国家和地区。拥 有37年海外市场分布式项目的经验。有望加速弘元未来在海外市场业务的发展速度。2025年前三季度归 母净利润2.4亿元，期待全年业绩提速。维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for Hongyuan Green Energy [4] Core Insights - Hongyuan Green Energy has launched its energy storage products, which are expected to drive growth in overseas markets [1] - The company is positioned as a leader in integrated photovoltaic solutions, likely to achieve profitability ahead of its peers in the industry [2] - The company has implemented stock incentive and employee shareholding plans, reflecting confidence in achieving a turnaround in performance by 2025 [2] Summary by Sections Product Launch and Strategic Importance - The company unveiled its energy storage products on November 13, covering various applications including residential, commercial, microgrid, and virtual power plants. The HD3600 home energy storage system features a high power output of 3600W and a capacity of 13.8kWh, supporting up to 1600W of photovoltaic input [1] - The strategic significance lies in the company's comprehensive supply chain, enabling efficient integration from raw material manufacturing to end-user applications, enhancing its competitive edge in the integrated photovoltaic market [1] Financial Performance and Projections - As of Q3 2025, the company reported cash and financial assets totaling 7.9 billion yuan, with a debt-to-asset ratio of 55%, indicating strong operational management and resilience against industry risks [2] - The company is expected to achieve a net profit of 942 million yuan in 2025, with projections of 1.4 billion yuan and 1.77 billion yuan for 2026 and 2027, respectively, marking a turnaround from a loss of 2.7 billion yuan in 2024 [4] Valuation and Earnings Forecast - The forecasted net profits for 2025-2027 are 940 million yuan, 1.4 billion yuan, and 1.77 billion yuan, respectively, indicating a significant recovery and growth trajectory with corresponding P/E ratios of 27, 18, and 14 [3][4] - The report emphasizes that Hongyuan Green Energy is one of the strongest competitors in the photovoltaic sector due to its high integration and low cost structure [3]