Core Insights - The article highlights significant recent orders in the energy storage sector, particularly from companies like EVE Energy, TotalEnergies, Samsung SDI, and others, indicating a growing demand for energy storage solutions globally [1][2]. Group 1: Company Developments - EVE Energy, TotalEnergies, and Samsung SDI have collectively secured nearly 4 GWh of orders in both domestic and international markets [1]. - Jingkong Energy has partnered with SolarMax and Longfellow to develop a 160 MW/430 MWh energy hub project in Texas, showcasing a blend of various energy sources [3][5]. - Jingkong Energy's PotisBank storage system is central to the Longfellow project, featuring a 5.0 MWh capacity per container and a 34% increase in energy density [5]. - Jingkong Energy has also signed an agreement with Recurrent Energy to supply a 50 MWh battery storage system for the Montalto project in Italy [6]. - Sunshine Power has established a strategic partnership with PM Service S.p.A. in Italy to sell 100 units of the ESS PowerStack, designed for commercial energy storage [8][10]. Group 2: Market Trends - Jingkong Energy's North American R&D center was inaugurated, marking a significant milestone in its global expansion strategy [7]. - Tronnmei Energy reported over 100 million RMB in new orders within a month, indicating strong demand in the European and global markets [14]. - The new projects by Tronnmei cover various applications, including data centers and industrial parks, across multiple countries [15][16].

Globeleq 可 再 生 能 源 主 管 Paolo de Michelis 表 示 ： " 我 们 很 高 兴 与 阳 光 电 源 就 我 们 在 南 非 的 153MW/612MWh 红沙 BESS 项目签署供应和 15 年长期服务协议条款清单，这是撒哈拉以南非洲迄今 为止最大的独立电池储能项目。开发 BESS 项目涉及应对复杂的挑战，需要所有项目合作伙伴做出长期战 略承诺，以确保项目的成功。阳光电源在南非的业绩记录、高质量的技术和竞争力将有助于克服这些挑 战，并提供可靠的项目和稳定的电网。" $$\underline{{{\bf\mathrm{\bf~-The~End}}}}$$ Red Sands 电池储能项目是南非首个电池储能独立发电商采购计划 （BESIPPPP） 的一部分，位于北开 普省，乌平顿东南约 100 公里处。它将成为非洲最大的独立电池储能系统。 该项目将使用大约 5 公顷（12 英亩）的土地，并将通过 Eskom Garona 变电站连接到电网。该项目的 战略定位是通过提供负载转移和电网稳定等关键服务来支持南非的电力系统，促进可再生能源的整合，并 解决持续的能源供应挑战。 根据签署 ...

核心观点 公司全年实现营业收入778.57 亿元（同比+7.76%）；归母净利润110.36 亿元（同比+16.92%）；扣非后 归母净利润109.92 亿元（同比+16.03%）。Q4 单季收入279.11 亿元（同比+8.03%， 环比+47.50%）； 归母净利润34.37 亿元（同比+55.05%，环比+30.16%）；扣非后归母净利润34.37 亿元（同比+54.80%， 环比+30.16%）。 2025Q1，公司实现营业收入190.36 亿元（同比+50.92%，环比-31.79%）；归母净利润38.26 亿元（同比 +82.52%，环比+11.32%）；扣非后归母净利润38.03 亿元（同比+76.50%，环比+10.65%）。 简评 储能：出货及收入维持高增，订单全球多点开花2024 年全球储能行业需求保持高速增长，公司作为全 球储能龙头之一，全年储能系统发货量28GWh，同比+167%，收入249. 59 亿元，同比+40.21%，增速大 幅领先全球储能行业平均水平。公司在高压直流侧集成领域的技术优势推动毛利率升至36.69%（ 同比 +4.07pct），盈利能力领跑同业。核心产品Power ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment sector [4] Core Insights - The report highlights the introduction of multiple new battery technologies by CATL, including the second-generation supercharging battery and a new sodium-ion battery brand, which are expected to enhance performance and safety in electric vehicles [6][12][13] - The lithium battery industry is anticipated to enter a 2-3 year upward cycle, with potential improvements in performance and valuation for key players like CATL and EVE Energy [6] - The energy storage sector is projected to see significant growth, with major companies like Sungrow expected to deliver 28GWh of energy storage systems in 2024, reflecting a 40.21% year-on-year revenue increase [23][24] - The report emphasizes the importance of new technologies in the photovoltaic sector, with ongoing price adjustments and market dynamics influencing the supply chain [34][35] Summary by Sections Lithium Battery Sector - CATL launched several new battery technologies, including a supercharging battery capable of charging to 80% in 15 minutes and a sodium-ion battery with a density of 175Wh/kg [12][13] - EVE Energy reported a revenue increase of 37.34% year-on-year for Q1 2025, with a net profit of 1.1 billion yuan [17] - The lithium battery industry is expected to experience a supply-demand turning point in 2025, leading to a favorable investment environment [6] Energy Storage Sector - Sungrow's energy storage system revenue for 2024 is projected at 24.959 billion yuan, with a gross margin of 36.69% [23] - The first batch of wind and solar projects in Hebei for 2025 is expected to require 896MW of energy storage capacity [26][27] Electric Power Equipment Sector - Oriental Electric reported a revenue increase of 16.47% year-on-year for 2024, with a net profit growth of 26.34% [28] - The report suggests focusing on high-voltage transmission projects and companies that are well-positioned to benefit from domestic demand [6] Photovoltaic Sector - The report notes a significant increase in photovoltaic installations, with 59.71GW added in Q1 2025, a 30.5% year-on-year growth [35] - The price of photovoltaic components continues to decline due to supply-demand imbalances, with expectations of a bottoming out in the market [35] Wind Power Sector - The report highlights ongoing projects in offshore wind power, with significant procurement activities in Liaoning and Shandong [44]