Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [1]. Core Insights - The recent release of the national capacity price policy for energy storage marks a significant step towards high-quality development in the energy storage sector. This policy establishes a capacity price mechanism for independent energy storage stations that support the safe operation of the power system [6][7]. - The capacity price will be based on local coal power capacity price standards and adjusted according to peak capacity, which is essential for ensuring stable power supply and promoting investment in energy storage [10][11]. - The demand for long-duration energy storage is expected to increase significantly, with independent energy storage becoming a major contributor to new installations [9][16]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 7,610.8 billion [2]. - The energy storage sector is experiencing rapid growth, with cumulative installed capacity expected to reach 136 GW/351 GWh by 2025, reflecting an 80% year-on-year increase in new installations [9][10]. Key Companies and Financial Metrics - **Ningde Times (300750.SZ)**: Market Cap: 1611.1 billion, 2024 EPS: 11.5, 2025 EPS: 14.9, 2025 PE: 23, PB: 5, Investment Rating: Strongly Recommended [1]. - **Yiwei Lithium Energy (300014.SZ)**: Market Cap: 132.3 billion, 2024 EPS: 2.0, 2025 EPS: 2.2, 2025 PE: 28, PB: 3, Investment Rating: Strongly Recommended [1]. - **Sungrow Power Supply (300274.SZ)**: Market Cap: 313.1 billion, 2024 EPS: 5.3, 2025 EPS: 5.9, 2025 PE: 26, PB: 7, Investment Rating: Strongly Recommended [1]. - **Huaibei Technology (688411.SH)**: Market Cap: 43.0 billion, 2024 EPS: 4.9, 2025 EPS: 5.5, 2025 PE: 43, PB: 10, Investment Rating: Not Rated [1]. - **Shenghong Co., Ltd. (300693.SZ)**: Market Cap: 11.9 billion, 2024 EPS: 1.4, 2025 EPS: 1.5, 2025 PE: 25, PB: 6, Investment Rating: Strongly Recommended [1]. - **Kehua Data (002335.SZ)**: Market Cap: 32.2 billion, 2024 EPS: 0.7, 2025 EPS: 1.2, 2025 PE: 53, PB: 5, Investment Rating: Strongly Recommended [1]. Market Performance - The absolute performance of the energy equipment and new energy sector has shown significant growth, with a 12-month increase of 59.4% [4].

Investment Rating - The report recommends an "Overweight" rating for the energy storage sector [2][3]. Core Insights - The introduction of the first national capacity price policy for energy storage is expected to enhance economic viability across the country, leading to significant growth in the domestic energy storage market over the next few years [3][5]. - The capacity price mechanism is crucial for the economic feasibility of energy storage projects, with examples such as Gansu province providing a capacity price of 330 RMB/kW·year, which supports a capital IRR of 11% [5]. - The impact of the capacity price on end-user electricity prices is minimal, maintaining current pricing structures for residential and agricultural users while balancing costs for commercial users [5]. Summary by Sections - **Investment Recommendations**: The report suggests that the establishment of a national capacity price will accelerate the development of a new energy system, with expected high growth in domestic energy storage. Key companies mentioned include Haibo Shichuang, Sunshine Power, and CATL among others [5]. - **Policy Impact**: The national capacity price policy, announced on January 30, aims to create a unified pricing mechanism for energy storage, which previously lacked a national standard. This policy lays a solid foundation for the nationwide promotion of capacity pricing [5]. - **Economic Viability**: The report emphasizes that the capacity price is essential for making energy storage economically viable, with projections indicating that as the share of renewable energy in the grid increases, the utilization and configuration duration of energy storage will improve [5].

证券代码：688472 证券简称：阿特斯 公告编号：2026-002 阿特斯阳光电力集团股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为人民币90,000.00万元 到110,000.00万元，与2024年同期（法定披露数据）相比，将减少134,735.02万元到114,735.02万元，同 比减少60%到51%。 （2）预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为人民币90,000.00万元到 110,000.00万元，与2024年同期（法定披露数据）相比，将减少132,646.82万元到112,646.82万元，同比 减少60%到51%。 （三）公司本期业绩预告未经注册会计师审计。 二、2024年同期业绩情况和财务状况 （一）利润总额：257,973.45万元。归属于母公司所有 ...

阿特斯表示，2025年，光伏行业整体供需失衡状态仍未缓解，行业继续在底部徘徊，产业链各环节开工 率整体下行，叠加国际贸易保护政策以及硅料、银浆等成本大幅上涨，使得光伏行业内企业盈利能力进 一步承压。 北京商报讯（记者 王蔓蕾）1月30日晚间，阿特斯（688472）发布2025年业绩预告显示，经财务部门初 步测算，预计2025年年度实现归属净利润为9亿—11亿元，同比减少51%—60%。 ...

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

2025年，光伏行业整体供需失衡状态仍未缓解，行业继续在底部徘徊，产业链各环节开工率整体下行， 叠加国际贸易保护政策以及硅料、银浆等成本大幅上涨，使得光伏行业内企业盈利能力进一步承压。 格隆汇1月30日丨阿特斯(688472.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司所 有者的净利润为人民币90,000.00万元到110,000.00万元，同比减少60%到51%。预计2025年年度实现归 属于母公司所有者的扣除非经常性损益的净利润为人民币90,000.00万元到110,000.00万元，同比减少 60%到51%。 ...

每经AI快讯，阿特斯(688472)1月30日发布业绩预告，预计2025年净利润在9亿元到11亿元之间，同比减 少51%到60%。2025年，光伏行业整体供需失衡状态仍未缓解，行业继续在底部徘徊，产业链各环节开 工率整体下行，叠加国际贸易保护政策以及硅料、银浆等成本大幅上涨，使得光伏行业内企业盈利能力 进一步承压。 ...

证券代码：688472 证券简称：阿特斯 公告编号：2026-003 阿特斯阳光电力集团股份有限公司 关于为控股子公司提供授信担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | | 嘉兴阿特斯阳光能源科技有限公 | | | --- | --- | --- | --- | --- | | | 被担保人名称 | 司、Canadian Limited | Solar 等 5 | International 家子公司 | | | 本次担保金额 | 133,480 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 1,192,103 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 一、担保情况概述 （一）担保的基本情况 2025 年 12 月 31 日至 2026 年 1 月 30 日，因阿特斯阳光电力集团股份有限公 司 ...

证券代码：688472 证券简称：阿特斯 公告编号：2026-002 阿特斯阳光电力集团股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （2）预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利 润为人民币 90,000.00 万元到 110,000.00 万元，与 2024 年同期（法定披露数据） 相比，将减少 132,646.82 万元到 112,646.82 万元，同比减少 60%到 51%。 （三）公司本期业绩预告未经注册会计师审计。 二、2024 年同期业绩情况和财务状况 （一）利润总额：257,973.45 万元。归属于母公司所有者的净利润： 224,735.02 万元。归属于母公司所有者的扣除非经常性损益的净利润： 222,646.82 万元。 （二）每股收益：0.61 元。 三、本期业绩变化的主要原因 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经财务部门初步测 ...

南财智讯1月30日电，阿特斯发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为9亿元 —11亿元，同比预减51%—60%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为 9亿元—11亿元，同比预减51%—60%。本期业绩变化的主要原因：2025年，光伏行业整体供需失衡状 态仍未缓解，行业继续在底部徘徊，产业链各环节开工率整体下行，叠加国际贸易保护政策以及硅料、 银浆等成本大幅上涨，使得光伏行业内企业盈利能力进一步承压。在光伏行业竞争加剧及外部环境不确 定性增加的背景下，公司积极响应和落实国家"反内卷"的号召，在销售策略上坚持"利润第一性"原则， 主动优化出货结构与节奏，聚焦高价值区域和长期战略客户，稳步提升在重点市场的份额占比。公司前 期大量的储能项目储备和在手合同订单进入收获期，储能业务在市场端的全球化品牌和渠道、一体化解 决方案能力和长期服务能力，为公司健康的盈利水平提供了有力支撑。公司将通过供应链全球化、客户 需求导向、重视碳足迹和ESG等方面，承担起更多的社会责任，通过全球跨文化的经营能力，为客户及 全球创造价值、分享利益，在逆全球化中坚持全球化；在技术差异化进程中，加 ...