证券研究报告·公司点评报告·其他电源设备Ⅱ 禾迈股份（688032） 禾迈股份 2025 年业绩预告点评：大储和户储 进入收获期，微逆竞争趋缓有望平稳增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,026 | 1,993 | 1,959 | 4,018 | 5,345 | | 同比（%） | 31.86 | (1.63) | (1.70) | 105.09 | 33.03 | | 归母净利润（百万元） | 511.85 | 344.22 | (148.84) | 313.21 | 511.48 | | 同比（%） | (3.89) | (32.75) | (143.24) | 310.43 | 63.31 | | EPS-最新摊薄（元/股） | 4.13 | 2.77 | (1.20) | 2.52 | 4.12 | | P/E（现价&最新摊薄） | 29.07 | 43.23 | (99.98) | ...

Core Insights - The article emphasizes the transition of China's energy storage industry from policy-driven growth to a dual-driven model of market and technology, with projections indicating that by 2025, new energy storage installations in China will reach 103 million kilowatts, accounting for over 40% of the global market [2] - Key technological advancements include digital intelligence (5G + AI + digital twin) and long-duration energy storage, with various technologies like liquid-cooled storage systems and sodium batteries beginning to scale [2] - The industry is currently facing challenges such as high cost optimization pressure, difficulties in standardization, and insufficient functional expansion in niche application areas, necessitating a shift from price competition to value competition [2] Industry Developments - The article highlights the participation of over 30 companies in the "Expert Discussion on Energy Storage" event, indicating a collaborative effort within the industry to address current challenges and explore future opportunities [2] - Huashu Electric, a leader in special transformers, has focused on commercial energy storage since its establishment in 2022, completing a business loop from PCS (Power Conversion System) to EMS (Energy Management System) and system integration [5][6] - Huashu Electric is developing integrated energy storage solutions, aiming to differentiate its products in the competitive market by leveraging its expertise in special transformers [6] Technological Innovations - Huashu Electric is set to launch several new products by 2025, including a 125kW phase-controlled PCS and a 230kW liquid-cooled PCS, which are designed to adapt to strong grid conditions and provide rapid local response capabilities [6] - The company's EMS utilizes a layered decoupling and cloud-edge collaboration architecture, enhancing operational monitoring and decision-making capabilities [7] - The EMS is evolving into the intelligent decision-making core of energy storage stations, integrating power market interfaces and optimizing charging and discharging plans based on various predictive data [8] Business Model and Strategy - Huashu Electric's current business model focuses on driving core component development through system integration, aiming to establish its brand in the market before independently entering the supply chain [8] - The company is transitioning from being a "device supplier" to a "value enabler," emphasizing the importance of integrating hardware functionality, software performance, and innovative business models for future success in the energy storage market [8] - The article mentions Huashu Electric's participation in the latest white paper on energy storage, indicating its commitment to industry research and development [8]

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities, including site visits and conference calls, with participation from various financial institutions and analysts [1] - Notable events included a site visit on December 16 with Guangzhou Haotou Private Fund and a conference call on December 29 with Great Wall Securities [1] Group 2: Energy Storage Projects - The company is progressing with its independent energy storage projects, aiming for the following operational timelines: - Qingyuan Phase II (100MW-200MWh) and Phase III (200MW-400MWh) targeted for Q1 2026 - Meizhou Pingyuan Phase I (100MW-200MWh) expected to be operational in a specified month of 2026 [2] - The company has a robust order situation in its energy storage business, ensuring timely and quality delivery of orders [2] Group 3: Technology and Product Development - The company emphasizes its expertise in high-power power electronics technology, producing most systems in-house, including PCS, EMS, BMS, and DMS [2] - High-voltage cascade energy storage systems offer significant advantages over low-voltage systems, including: - Higher power capacity, typically over ten times that of low-voltage systems - Simplified coordination and control due to fewer parallel units in large systems - Enhanced grid support capabilities and superior response characteristics [2] - The high-voltage cascade technology allows for effective reactive power compensation, crucial for voltage stability in the grid [2] Group 4: Market and Investment Insights - The company is monitoring policies in other provinces and abroad for potential investments in independent energy storage stations, focusing on economic viability and feasibility [3] - Updates on the IPO progress of the invested Yuxin Semiconductor should be referenced from official communications from Yuxin Semiconductor and relevant regulatory bodies [3]

Core Viewpoint - The 2025 China Energy Storage CEO Summit and the 10th International Energy Storage Innovation Competition Pre-selection successfully held in Xiamen, focusing on the theme "Breaking Waves, Coexistence - Co-creating a New Ecosystem for Global Energy Storage in 2026" [2][4] Group 1: International Participation and Collaboration - The summit invited high-level representatives from energy investment institutions, project developers, owners, and EPC companies from countries including Saudi Arabia, Australia, Denmark, Austria, Bulgaria, and India to discuss project implementation, cooperation models, grid standards, and industry chain collaboration [5] - International guests emphasized the need for long-term partnerships rather than short-term transactions, highlighting the shift in investment decision-making from merely cost per kilowatt-hour to a comprehensive evaluation of system reliability and revenue stability [6][7] Group 2: Regional Insights and Market Trends - In Eastern Europe, the energy storage market is rapidly developing, with a focus on large-scale projects of 200 MWh and above, requiring deep collaboration with Chinese partners on inverter, battery system, and EMS integration [9] - In Australia, the market is transitioning from frequency regulation to a dual model of medium to long-term energy storage arbitrage and capacity assurance, necessitating higher compliance and local service requirements [11] - The Middle East is prioritizing long-duration energy storage and system integration capabilities, with a focus on safety standards and long-term operational maturity of Chinese storage enterprises [13] - In Northern Europe, the demand for energy storage is shifting towards system services and flexibility resources, with an emphasis on lifecycle services and collaboration with grid operators [15] Group 3: Future Directions and Opportunities - The summit signaled a clear message that the global market not only recognizes China's manufacturing capabilities in energy storage but also seeks deep collaboration in technology standards, ecosystem development, and long-term value [18][19] - The upcoming 14th International Energy Storage Summit and Exhibition (ESIE 2026) is set to take place from March 31 to April 4, 2026, in Beijing, aiming to facilitate international business matching and procurement needs [21]

Core Viewpoint - The global energy transition is accelerating, reshaping industry dynamics and presenting unprecedented challenges for decision-makers. The reliability of clean energy technologies and supply chains is crucial for investment decisions, requiring developers to effectively manage technological risks and equipment costs in an uncertain policy and revenue environment [2]. Group 1: BNEF Tier 1 Overview - BNEF Tier 1 is based on Bloomberg New Energy Finance's renewable energy asset and financing database, evaluating manufacturers of solar modules, inverters, PCS, batteries, and energy storage systems on bank recognition, project financing capability, and market reputation [4]. - The Tier 1 list helps developers and investors quickly identify suppliers with traceable financing records, thereby reducing project risks, while equipment manufacturers can enhance their strategic competitiveness by benchmarking against Tier 1 firms [4][10]. Group 2: Importance of the Tier 1 List - The Tier 1 list simplifies complex decision-making processes and enhances decision efficiency by articulating the advantages of listed companies in a universally understood language, aiding effective risk management [6]. - The Tier 1 selection criteria and methodology have evolved over 20 years, reflecting industry dynamics and earning widespread trust, serving as a critical tool for clients to seize opportunities [8][9]. Group 3: Characteristics of the Tier 1 List - The Tier 1 list is not merely a ranking but is based on scientific methods that ensure fairness, inclusivity, transparency, and timeliness, thus creating a truly FITT (Fair, Inclusive, Transparent, Timely) industry landscape [10]. - The definition of Tier 1 manufacturers and the assessment of their financing capabilities are continuously evolving to maintain foresight and accuracy in response to industry upgrades and market changes [10].

Core Insights - The article provides an overview of the energy storage bidding market in November 2025, highlighting significant trends and data points related to project bids and market dynamics [2][3][4]. Bidding Market Overview - In November 2025, a total of 259 energy storage bidding segments were tracked, showing a year-on-year decrease of 27.9% but a month-on-month increase of 42.3% [2]. - The bidding scale for energy storage systems reached 2.8GW/8.8GWh, reflecting a year-on-year increase of 17.5% but a significant decline of 76.6% compared to the previous month [3][4]. - The EPC (Engineering, Procurement, and Construction) bidding scale reached a record high of 20.2GW/55.3GWh, with year-on-year increases of 98.3% and 105.2%, and month-on-month increases of 95.4% and 249.1% [3][4]. Regional Distribution - Inner Mongolia led the EPC bidding market with a scale of 13.5GWh, driven by multiple GWh-level projects, including a notable compressed air energy storage project exceeding 6GWh [6]. - Shanxi province's EPC bidding scale was 5.6GWh, with independent energy storage projects making up 92.8% of the total, showcasing a diverse range of technologies including flywheels and supercapacitors [6]. Technology Classification - Lithium-ion battery projects dominated the bidding landscape, accounting for 80.5% of the total EPC project scale at 44.5GWh, with a month-on-month increase of 209.6% [7]. - Compressed air energy storage projects saw a significant increase, with a total bidding scale of 10.3GWh, reflecting a month-on-month growth of 635.7% [7]. Bidding Entities - A total of 55 entities participated in the energy storage system bidding, marking a year-on-year decrease of 37.5% and a month-on-month decrease of 16.7% [10]. - For EPC bidding, 139 entities were involved, showing a year-on-year decrease of 32.2% but a month-on-month increase of 52.7% [10].

Core Viewpoint - Trina Solar's subsidiary, Trina Storage, has secured a significant energy storage order of 1.4GWh in North America, utilizing the Elementa 2 Pro liquid-cooled storage system, with plans for delivery by the end of 2027 [2] Group 1: Recent Orders and Partnerships - Trina Storage has expanded its strategic partnership with Lightshift Energy to develop over 1GWh of energy storage projects across the U.S. [2] - In the past month, Trina Solar has accumulated a total of 3.46GWh in orders from the U.S. market [2] - The company has multiple GWh-level orders signed in the third quarter, contributing to an overseas order backlog exceeding 10GWh by the end of Q3 2025 [3] Group 2: Future Projections - Trina Solar aims for an energy storage shipment target of 8-10GWh by 2025, with an expected growth rate exceeding 50% in 2026 [3] - By 2025, the total number of energy storage orders and project collaborations is projected to exceed 23GWh, primarily in North America, Europe, and Australia [4] Group 3: Detailed Order Breakdown - A summary of recent energy storage orders includes: - 1.4GWh contract in North America on December 16 [5] - 1GWh grid-level storage system with Lightshift Energy on December 10 [5] - 2.66GWh contract with various clients in North America, Europe, and Latin America on November 17 [5] - 5GWh supply of battery storage systems from 2026 to 2028 with Pacific Green on November 4 [5] - Additional contracts totaling over 1GWh in Europe and various other projects [5]

Core Viewpoint - Trina Solar has signed sales contracts for a total of 1.4 GWh of energy storage products with customers in the North American region, indicating a significant expansion in its energy storage business [1] Group 1: Company Developments - The contracts were signed by Trina Storage, a subsidiary of Trina Solar, highlighting the company's focus on energy storage solutions [1] - The project utilizes the Elementa2Pro liquid-cooled energy storage system, showcasing Trina Solar's commitment to advanced technology in energy storage [1] Group 2: Product and Technology - The energy storage solution includes a market-leading next-generation PCS, which enhances the efficiency and reliability of the storage system [1] - The solution is designed to provide a 4-hour independent grid-connected energy storage solution, indicating its capability for sustained energy supply [1] - The project integrates a complete set of software and hardware EMS provided by a local North American supplier, forming a comprehensive AC-side integrated solution [1]

Core Viewpoint - Trina Solar (688599.SH) announced that its subsidiary, Trina Storage, has signed sales contracts for a total of 1.4 GWh of energy storage products with customers in North America [1] Group 1: Company Developments - Trina Storage has recently entered into contracts for energy storage solutions, indicating a strong demand for its products in the North American market [1] - The project utilizes the Elementa2Pro liquid-cooled energy storage system, showcasing the company's commitment to advanced technology [1] - The solution includes a market-leading next-generation PCS and integrates a complete hardware and software EMS provided by a local North American supplier, highlighting a comprehensive approach to energy storage solutions [1]

Core Viewpoint - Trina Solar (688599.SH) announced that its subsidiary, Trina Storage, has signed sales contracts for a total of 1.4 GWh of energy storage products with customers in North America [1] Group 1: Company Developments - Trina Storage has recently entered into contracts for energy storage solutions, indicating a strong demand for its products in the North American market [1] - The project utilizes the Elementa2Pro liquid-cooled energy storage system, showcasing the company's innovative technology [1] - The solution includes a market-leading next-generation PCS and integrates a complete hardware and software EMS provided by a local North American supplier, forming a comprehensive AC-side integrated solution [1]