中化新网讯 近日，宁德时代与思源电气签署为期三年的储能合作备忘录，目标合作电量50吉瓦时。双 方将基于各自传统优势领域，推广储能市场化双采模式，共同提升产业链协同效率，助力储能行业高质 量发展。 图为签约现场。(企业供图) 据了解，思源电气专注于电力领域的技术研发、设备制造及工程服务，积极推动能源行业的数字化转 型。此次宁德时代与思源电气签署合作备忘录，是双方继2022年建立合作以来的一次战略性深化与全新 探索，进一步强化了双方在储能产业链中的协同深度。 未来三年，双方将围绕储能系统、输配电等配套设备，实现产业链上下游的双向协同。在此基础上，双 方还将加强技术交流与项目合作，持续优化整体解决方案能力，提升项目交付效率与可靠性，加速储能 系统在新型电力网络中的规模化应用。 ...

Group 1 - The core viewpoint of the news is that Siyuan Electric has shown a significant increase in revenue and net profit for the first nine months of 2025, indicating strong financial performance [2] - As of January 12, 2025, Siyuan Electric's stock price decreased by 2.04% to 156.30 CNY per share, with a total market capitalization of 1220.84 billion CNY [1] - The company has a main business focus on the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector [1] Group 2 - For the period from January to September 2025, Siyuan Electric achieved an operating income of 13.827 billion CNY, representing a year-on-year growth of 32.86%, and a net profit attributable to shareholders of 2.191 billion CNY, up 46.94% year-on-year [2] - The company has distributed a total of 2.509 billion CNY in dividends since its A-share listing, with 930 million CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders of Siyuan Electric increased by 5.11% to 21,000, while the average circulating shares per person decreased by 4.44% to 29,059 shares [2][3]

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry is experiencing significant changes, particularly in high-voltage equipment demand domestically and supply shortages overseas. Domestic demand for high-voltage switches is high, while high-voltage transformer supply is sufficient. Conversely, overseas markets face a shortage of high-voltage transformers, with lower demand for high-voltage switches compared to domestic needs [1][3]. Key Insights and Arguments - **Market Demand and Supply Dynamics**: - Post-2022, global high-voltage power equipment supply decreased by approximately 15% due to the pandemic. However, in 2023, the acceleration of new energy construction has led to a surge in demand for supporting booster substations, which is 4-5 times that of traditional power stations. Overall demand is expected to grow by 20%-30% due to grid upgrade investment plans [1][10]. - Data centers are significantly increasing the demand for power equipment, requiring substations rated between 200-500 kV, with faster delivery times. A single GW data center typically requires 8-10 transformers, with North America's 40 GW installation capacity corresponding to 30%-40% of traditional demand [1][11]. - **Revenue Projections**: - By 2025, total revenue in the power equipment sector is projected to reach 2 trillion RMB, encompassing domestic grid markets, non-grid systems, and overseas markets. The investment in the transmission and transformation segment is expected to be 160 billion RMB, with 90 billion RMB allocated for equipment [1][12]. - **Investment Framework**: - The core investment framework for the power equipment sector includes six business categories: intelligence, high-voltage equipment, medium-voltage equipment, meters, materials, and low-voltage electrical appliances. Each category plays a distinct role within the power system [2]. Company-Specific Insights - **Siyuan Electric**: - Siyuan Electric is entering the high-voltage switch supplier system for 750 kV and above and is actively expanding its overseas market for high-voltage transformers. The company is expected to see significant growth in North American orders, projected to exceed 1.5 billion RMB by 2026 [3][19]. - The company aims to increase market share through enhanced switch offerings domestically and by capitalizing on the high demand for high-voltage transformers overseas [7][8]. Competitive Landscape - **Mid to Low-End Products**: - The market for mid to low-end products, such as distribution equipment and meters, is characterized by low barriers to entry and intense competition. However, in specialized scenarios like data centers and rail transit, mid-range components can achieve gross margins exceeding 35% due to higher safety and reliability requirements [5]. - **Solid-State Transformers**: - Solid-state transformers are emerging as a significant trend, offering advantages such as space-saving, reduced copper and energy consumption. They are seen as the ultimate solution for data centers due to their modular design and rapid load adjustment capabilities [20]. Risks and Challenges - **Market Risks**: - The solid-state transformer sector faces risks including challenges in overseas certification for domestic manufacturers, the need for technological breakthroughs due to the small capacity of current solid-state devices, and intense competition leading to price pressures [22]. Conclusion - The power equipment industry is poised for growth driven by new energy demands and technological advancements. Companies like Siyuan Electric are well-positioned to capitalize on these trends, particularly in high-voltage equipment and solid-state transformer markets. However, investors should remain cautious of the competitive landscape and potential risks associated with emerging technologies.

Core Viewpoint - The stock of Siyuan Electric has shown a positive trend with a 2.09% increase on January 9, 2025, reflecting strong market interest and financial performance indicators [1] Group 1: Stock Performance - As of January 9, 2025, Siyuan Electric's stock price reached 156.08 yuan per share, with a market capitalization of 121.91 billion yuan [1] - The stock has increased by 0.96% year-to-date and has seen a significant 45.08% increase over the past 60 days [1] - The trading volume on January 9 was 2.46 billion yuan, with a turnover rate of 0.26% [1] Group 2: Financial Performance - For the period from January to September 2025, Siyuan Electric reported a revenue of 13.827 billion yuan, representing a year-on-year growth of 32.86% [2] - The net profit attributable to shareholders for the same period was 2.191 billion yuan, showing a year-on-year increase of 46.94% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Siyuan Electric increased to 21,000, up by 5.11% from the previous period [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 165 million shares, which is an increase of 10.4543 million shares compared to the last period [3] - The average number of circulating shares per shareholder decreased by 4.44% to 29,059 shares [2]

Group 1 - Morgan Stanley reports a significant increase in solar wafer and battery prices by December 2025, primarily due to rising costs of key materials such as polysilicon and silver paste, along with some influence from anti-involution policies [1] - The establishment of a polysilicon industry consolidation platform is expected in early December 2025, with policy-driven industry consolidation anticipated to occur in 2026 [1] - The firm has given "overweight" ratings to GCL-Poly Energy (03800) and Daqo New Energy (DQ.US) [1] Group 2 - Goldwind Technology (02208) H-shares and A-shares saw price increases of 17% and 18% respectively from December 31, 2025, to January 6, 2026, while the Hang Seng China Enterprises Index rose by 4% and the Shenzhen Component Index by 3% [1] - The price surge is attributed to market expectations regarding the value release of Goldwind's 4.14% stake in Blue Arrow Aerospace, which has IPO plans [1] - Since December 31, 2025, Goldwind's market capitalization has increased by approximately 14 billion RMB, with an estimated valuation multiple for Blue Arrow Aerospace reaching 88 times the 2024 fiscal year price-to-book ratio [1] Group 3 - Siyuan Electric (002028.SZ) has signed a three-year memorandum of understanding for energy storage cooperation with CATL (03750), with a total scale of 50GWh [2] - This collaboration demonstrates Siyuan Electric's ambition to develop its energy storage system business, which could support annual revenues of approximately 20 billion RMB once fully operational [2] - Preliminary estimates suggest that this 50GWh partnership may provide over 10% upside to Siyuan Electric's market consensus earnings forecast for the fiscal years 2027 to 2028 [2]

Group 1 - Morgan Stanley reports a significant increase in solar wafer and battery prices by December 2025, driven by rising costs of key materials such as polysilicon and silver paste, along with policies against internal competition [1] - The establishment of a polysilicon industry consolidation platform is expected by early December 2025, with policy-driven consolidation anticipated to occur in 2026 [1] - The firm maintains an "overweight" rating on GCL-Poly Energy (03800) and Daqo New Energy (DQ.US) [1] Group 2 - Goldwind Technology (02208) H-shares and A-shares saw price increases of 17% and 18% respectively from December 31, 2025, to January 6, 2026, outperforming the Hang Seng Index and Shenzhen Component Index [1] - The market's expectation of value release from Goldwind's 4.14% stake in Blue Arrow Aerospace, which has IPO plans, is believed to be a key factor in this price surge [1] - Goldwind's market capitalization increased by approximately 14 billion RMB since December 31, 2025, with an estimated valuation multiple for Blue Arrow Aerospace reaching 88 times the 2024 fiscal year price-to-book ratio [1] Group 3 - Siyuan Electric (002028.SZ) signed a three-year memorandum of understanding for energy storage cooperation with CATL (03750), with a total scale of 50GWh [2] - This collaboration indicates Siyuan Electric's ambition to develop its energy storage system business, potentially supporting annual revenues of around 20 billion RMB upon full capacity [2] - The partnership is expected to provide over a 10% upside to Siyuan Electric's market consensus earnings forecast for the fiscal years 2027 to 2028 [2]

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry is experiencing significant growth in overseas demand, particularly in North America, with a notable increase in exports from China to the region. [1][2] - In the first 11 months of 2025, China's transformer exports to North America surged by 154%, with exports to the U.S. increasing by 173%. [2] Key Insights and Arguments - **Foreign Brands Performance**: Major foreign brands like Eaton, GE, and ABB have shown strong performance in the North American market, with Eaton reporting a 70% increase in new orders and a 40% rise in revenue. GE's orders doubled, and ABB's orders also saw significant growth. [3] - **Supply-Demand Gap**: The U.S. market faces a substantial supply-demand gap, with medium and high-voltage transformers in demand exceeding supply by 30% and 10%, respectively. The shortage is most severe for transformers rated at 330 kV and above. [4] - **Pricing and Profit Margins**: Transformer prices in the U.S. are approximately 3-4 times higher than in China, with a 138 kV transformer priced around $2.6 million, potentially exceeding $3 million for urgent deliveries. Profit margins for 35 kV distribution transformers exceed 50%. [5] Domestic Companies Opportunities - Domestic companies such as Siyi Electric, Jiangsu Huapeng, and Jinpan Technology are poised to expand their business in North America. Siyi Electric anticipates a net profit growth of about 40% in 2025 and 2026, while Jinpan Technology expects a 25% growth in 2026. [6] Saudi Arabia's Investment in Power Equipment - Saudi Arabia plans to invest approximately 930 billion RMB (around $500 billion) in power transmission and distribution from 2024 to 2030, with a significant increase in renewable energy capacity expected. [7] - The country requires a 75% localization rate by 2030, prompting many domestic companies to consider establishing manufacturing facilities in Saudi Arabia. [8] Company-Specific Developments - **Hua Ming Equipment**: The company is seeking partnerships in Saudi Arabia, with an estimated demand for 7,000 high and ultra-high voltage transformers. [9] - **TBEA**: The company has made significant inroads in Saudi Arabia, winning a bid for 1,200 high and ultra-high voltage transformers, with plans to establish a production base in the region. [11] - **Samsung Medical**: The company has seen substantial growth in overseas distribution orders, particularly in Europe, Saudi Arabia, and Latin America, and plans to expand its product line and country coverage. [12] Domestic Investment Trends - The domestic power grid investment is expected to grow at a compound annual growth rate of 5% during the 14th Five-Year Plan, with a focus on accelerating investment in the latter half of the plan. [13] - Price increases for domestic distribution equipment have been noted, with margins recovering from previous lows, indicating a potential turning point in profitability. [14] Conclusion - The power equipment industry is positioned for growth, driven by strong demand in North America and significant investments in regions like Saudi Arabia. Domestic companies are well-placed to capitalize on these opportunities, with favorable market conditions and increasing profitability expected in the coming years.

Group 1 - Morgan Stanley has set a target price of 180 RMB for Suyuan Electric (002028.SZ) and 650 HKD for CATL H-shares (03750), with a target price of 520 RMB for CATL A-shares (300750.SZ), all rated as "Overweight" [1] - Suyuan Electric and CATL have signed a three-year memorandum of cooperation for energy storage, targeting a collaboration of 50 GWh [1] - Morgan Stanley believes this cooperation indicates Suyuan Electric's intention to expand its energy storage system business, potentially generating approximately 20 billion RMB in annual revenue if capacity is fully realized [1] Group 2 - Although Suyuan Electric's current energy storage business scale is relatively small, its market share is continuously expanding [1] - The company's relationships with grid operators and renewable energy operators facilitate cross-selling of power equipment and energy storage solutions [1] - Suyuan Electric's foundation in super-capacitors also aids in the development of differentiated energy storage products [1] Group 3 - For CATL, while the contract size is not particularly significant compared to its overall business volume, the collaboration with Suyuan Electric is expected to further solidify CATL's position in the energy storage market [1]

Group 1 - Morgan Stanley has set a target price of 180 RMB for Suyuan Electric (002028.SZ) and 650 HKD for CATL H-shares (03750), with a target price of 520 RMB for CATL A-shares (300750.SZ), all rated as "Overweight" [1] - Suyuan Electric and CATL have signed a three-year memorandum of understanding for energy storage cooperation, aiming for a collaboration of 50 GWh [1] - Morgan Stanley believes this cooperation indicates Suyuan Electric's intention to expand its energy storage system business, potentially generating approximately 20 billion RMB in annual revenue if the related capacity is fully realized [1] Group 2 - Although Suyuan Electric's current energy storage business scale is relatively small, its market share is continuously expanding [1] - The company's relationships with grid and renewable energy operators facilitate cross-selling of power equipment and energy storage solutions [1] - Suyuan Electric's foundation in super-capacitors also aids in the development of differentiated energy storage products [1] Group 3 - For CATL, while the scale of this contract is not particularly significant compared to its overall business volume, the collaboration with Suyuan Electric is expected to further solidify CATL's position in the energy storage market [1]

Core Viewpoint - Morgan Stanley has set a target price of 180 RMB for Suyuan Electric (002028) and 650 HKD for CATL (300750.HK), with a target price of 520 RMB for CATL A-shares (300750.SZ), all rated as "Overweight" [1] Group 1: Suyuan Electric - Suyuan Electric and CATL have signed a three-year memorandum of understanding for energy storage cooperation, targeting a collaboration of 50 GWh [1] - This partnership indicates Suyuan Electric's intention to expand its energy storage system business, potentially generating approximately 20 billion RMB in annual revenue if capacity is fully realized [1] - Although Suyuan Electric's current energy storage business is relatively small, its market share is continuously increasing [1] Group 2: Market Relationships - The company's relationships with grid operators and renewable energy operators facilitate cross-selling of power equipment and energy storage solutions [1] - Suyuan Electric's foundation in super-capacitors will aid in the development of differentiated energy storage products [1] Group 3: CATL - For CATL, while the scale of this contract is not particularly significant compared to its overall business volume, the collaboration with Suyuan Electric is expected to further solidify CATL's position in the energy storage market [1]