AG10 battery.Energy storage technology is the core of the future new energy revolution

　　The good development of new energy vehicles, especially electric vehicles, is beneficial to the development of the power battery energy storage industry. Four ministries and commissions have launched a pilot program for private purchase of new energy subsidies in five cities. The program focuses on subsidies for pure electric and plug-in hybrid vehicles. With the development of electric vehicles, high-efficiency energy storage batteries will gradually replace internal combustion engines. As battery costs gradually decline and their maturity increases, their ability to replace internal combustion engines will gradually increase.

　　Energy storage technology can be said to be the core of the new energy industry revolution. The huge development potential of the energy storage industry will inevitably lead to fierce competition in this market. If policies are in place, my country's energy storage industry can quickly grow into an emerging strategic industry with important global influence, and will also greatly promote the large-scale development of domestic new energy.

　　The absolute leading position of the inverter business is stable, and the rebound in gross profit margin demonstrates the continuous cost reduction ability transformed from R&D results: Photovoltaic inverters are still the company's core business, accounting for approximately 50% of revenue and 60% of profit contribution respectively. In 2014, Although there was almost no year-on-year growth in newly installed photovoltaic capacity in China, the company's inverter shipments still increased by 11% year-on-year, mainly due to the gradual regaining of domestic market share lost due to vicious competition in the industry in the past few years, as well as export sales. rapid growth; while product unit prices dropped significantly, the company's product gross profit margin increased by 3 percentage points to 33.4%, showing the effectiveness of continued R&D investment in cost reduction. Whether from the perspective of market share or gross profit margin, the market's previous concerns about Huawei's threat to the company have been completely dispelled.

　　The inverter and power station EPC business has fully benefited from the strong domestic installation year, and the inverter industry's prosperity will continue to rebound: We estimate that with the strong policy support and supervision of the Energy Bureau, the probability of new domestic photovoltaic installed capacity in 2015 will be more than 50% Growth, the company's inverter and power station EPC business will fully benefit, and as domestic photovoltaic power station owners pay more attention to product quality and the threshold for scale efficiency gradually increases, we expect that the concentration of the inverter industry and the company's market share The rate will continue to increase.

　　The additional issuance focuses on strengthening core business advantages and developing new businesses, and strives to position itself in the energy Internet: The company's additional issuance of funds will focus on photovoltaic power station investment, inverter production expansion, and new energy vehicle motor control products. On the one hand, holding high-quality power stations will provide The company provides stable income and cash flow. On the other hand, it will also provide the company with basic resources for business innovation in the context of power reform. The expansion of the inverter business will help the company continue to consolidate its absolute leading position in the domestic market and accelerate its expansion into the global market. expansion.

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