江苏林洋能源股份有限公司 关于 2024 年前三季度利润分配方案的公告 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： 一、利润分配方案内容 证券代码：601222 证券简称：林洋能源 公告编号：临 2024-55 本次利润分配方案尚需提交股东大会审议。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于2024年11月11日召开第五届董事会第十六次会议审议通过本次利润 分配方案，并同意将该方案提交至公司股东大会审议。本方案符合公司章程规定 的利润分配政策。 （二）监事会意见 截至2024年9月30日，公司母公司报表中期末未分配利润为人民币 2,026,273,921.04元。经董事会决议，公司2024年前三季度拟以实施权益分派股权 登记日登记的总股本扣减公司回购专用证券账户中的股份数量为基数分配利润。 本次利润分配方案如下： 基于公司长期稳健经营及业务长远发展的信心，兼顾公司的财务状况和对 股东合理回报的需求，公司拟向全体股东每股派发现金红利0.268元（含税）。截 至2024年9月30日 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7] Core Views - The company's performance shows steady growth, with revenue and net profit increasing by 8.76% and 6.95% respectively in the first three quarters of 2024 [5] - The company's three major businesses (smart meters, new energy, and energy storage) are developing synergistically, with strong demand for smart meters both domestically and internationally [6][7] - The company's new energy power station scale has reached 1.342GW, with most stations located in regions with strong new energy consumption capacity [6] - The company's joint venture energy storage PACK factory in Saudi Arabia is under construction and expected to start production in Q4 2024 [7] Financial Performance - In Q3 2024, the company achieved revenue of 1.703 billion yuan, a year-on-year increase of 10.63%, and net profit of 312 million yuan, a year-on-year increase of 15.41% [5] - The company's gross margin and net margin for Q3 2024 were 34.65% and 18.39% respectively [5] - The company's revenue and net profit for the first three quarters of 2024 were 5.166 billion yuan and 910 million yuan respectively [5] Business Segments Smart Meter Business - Domestic demand for smart meters is strong, with State Grid increasing its bidding batches and total equipment bidding reaching 89.33 million units, a 25% year-on-year increase [6] - The company has secured overseas smart meter orders from Poland and Saudi Arabia, with contract amounts totaling over 1.1 billion yuan [6] New Energy Business - The company's self-operated new energy power stations have reached a scale of 1.342GW (1.155GW photovoltaic and 187MW wind power) [6] - Most of the power stations are located in regions with strong new energy consumption capacity, such as Anhui and Jiangsu [6] Energy Storage Business - The company's joint venture energy storage PACK factory in Saudi Arabia is under construction and expected to start production in Q4 2024 [7] Financial Forecasts - The company's revenue is forecasted to be 10.079 billion yuan, 13.024 billion yuan, and 15.662 billion yuan for 2024, 2025, and 2026 respectively [7][11] - Net profit is expected to be 1.184 billion yuan, 1.421 billion yuan, and 1.660 billion yuan for 2024, 2025, and 2026 respectively [11] - EPS is projected to be 0.57 yuan, 0.69 yuan, and 0.81 yuan for 2024, 2025, and 2026 respectively [7][11] - The company's ROE is expected to increase from 7.3% in 2024 to 9.2% in 2026 [11]

Investment Rating - The report maintains a "Recommend" rating for Lin Yang Energy (601222) with a target price of 9.27 RMB, compared to the current price of 7.75 RMB [1] Core Views - Lin Yang Energy's Q1-Q3 2024 performance met expectations, with revenue of 5.166 billion RMB (+8.76% YoY) and net profit of 910 million RMB (+6.95% YoY) [1] - The company's gross margin improved to 32.48% (+0.58pct YoY), while net margin slightly decreased to 17.62% (-0.30pct YoY) [1] - Q3 2024 showed strong growth with revenue of 1.703 billion RMB (+10.63% YoY) and net profit of 312 million RMB (+15.41% YoY) [1] Business Segments Smart Meter Business - The smart meter segment is growing steadily, with active participation in domestic power grid tenders and expansion into over 30 international markets [2] - Strategic partnerships with global leaders like Landis+Gyr and ECC are helping to expand market share in Western Europe, Asia-Pacific, and the Middle East [2] Renewable Energy - The company's self-owned power plants reached 1.34GW by Q3 2024, including 1.16GW of solar and 187MW of wind projects [2] - With a 94% utilization rate, these projects are well-positioned in economically developed regions of Eastern China [2] Energy Storage - Lin Yang Energy is aggressively expanding its overseas energy storage business, focusing on Europe, the Middle East, and Southeast Asia [2] - The company is establishing a joint venture with Saudi ECC for a battery pack factory in Jeddah, expected to start production in Q4 2024 [2] Financial Performance - Operating cash flow significantly improved to 625 million RMB in Q1-Q3 2024, compared to -411 million RMB in the same period last year [2] - The company's PE ratio is projected at 14x for 2024, 12x for 2025, and 10x for 2026 [2] - Revenue is expected to grow from 7.988 billion RMB in 2024 to 13.103 billion RMB in 2026, with net profit increasing from 1.128 billion RMB to 1.597 billion RMB over the same period [3] Market Position - Lin Yang Energy has a total market capitalization of 15.966 billion RMB, with a P/B ratio of 1.0 and a debt-to-asset ratio of 35.21% [4] - The company's 12-month stock price range is between 5.13 RMB and 7.88 RMB [4]

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 7.75 [1] - The sector rating is **Outperform** [1] Core Views - The company's three major business segments are developing synergistically, accelerating its global expansion [3] - The company reported a 6.95% YoY growth in net profit for the first three quarters of 2024, with Q3 net profit growing 15.41% YoY [3] - The company's smart meter business is expanding overseas, with significant orders in Central and Eastern Europe, and partnerships with global leaders like Landis+Gyr [3] - The energy storage business is launching new products, with a joint venture factory in Saudi Arabia expected to start production soon [3] - The company's new energy power station construction is progressing, with a 150MW photovoltaic project successfully connected to the grid in October 2024 [3] Financial Performance - Revenue for the first three quarters of 2024 reached RMB 5.17 billion, up 8.76% YoY [3] - Net profit attributable to shareholders was RMB 910 million, up 6.95% YoY [3] - Gross profit margin increased by 0.58 percentage points to 32.48% [5] - The company's self-owned power station capacity reached approximately 1.34GW by the end of Q3 2024, including 187MW of wind power projects [3] Valuation and Forecast - The report adjusts the EPS forecast for 2024-2026 to RMB 0.56/0.65/0.74, up from the previous forecast of RMB 0.55/0.60/0.71 [3] - The P/E ratio for 2024-2026 is estimated at 13.8x, 11.9x, and 10.4x respectively [3] - The company's EV/EBITDA ratio is expected to decrease from 8.2x in 2024 to 5.9x in 2026 [4] Business Highlights - The company secured domestic smart meter orders worth approximately RMB 800 million, with overseas orders reaching RMB 806 million by October 2024 [3] - The new Power Key 2.0 modular P2G energy storage system was launched in September 2024, marking a significant advancement in the industry [3] - The joint venture factory in Jeddah, developed in collaboration with ECC, is expected to start production in Q4 2024 [3] Market Performance - The company's stock price has outperformed the Shanghai Composite Index by 7.2% year-to-date, with a 25.2% increase over the past three months [2] - The company's total market capitalization is RMB 15.97 billion, with a three-month average daily trading volume of RMB 182.84 million [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Views - The company reported a revenue of 5.166 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 8.76%. The net profit attributable to the parent company was 910 million yuan, up 6.95% year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 1.703 billion yuan, which is a year-on-year increase of 10.63%, but a quarter-on-quarter decrease of 10.82%. The net profit for Q3 was 312 million yuan, reflecting a year-on-year growth of 15.41% and a quarter-on-quarter decline of 18.18% [3][4]. Summary by Sections Intelligent Metering Segment - The intelligent segment is experiencing steady growth, driven by the demand for meter upgrades from State Grid and Southern Grid. The company has won bids worth approximately 800 million yuan this year and is actively expanding into overseas markets, with notable performance in Central and Eastern Europe [4][5]. - The company has secured overseas orders amounting to 806 million yuan and is collaborating with global leaders to enhance market share in Western Europe and Asia-Pacific [4]. New Energy Power Stations - The company is accelerating the construction and grid connection of new energy power stations. A 150MW photovoltaic project in Hebei successfully connected to the grid in October, boosting the sales business [4]. - As of the end of Q3 2024, the company has a self-owned power station capacity of approximately 1.34GW, including a 187MW wind power project, with a 100% consumption rate for its projects located in favorable regions [4]. Energy Storage Business - The energy storage segment is seeing accelerated delivery and profitability. The company has delivered nearly 3.5GWh of energy storage devices and systems, with multiple projects now operational [5]. - In September, the company launched the Power Key 2.0 intelligent modular P2G energy storage system, enhancing its market competitiveness [5]. Financial Data - For the first three quarters of 2024, the company reported an operating net cash flow of 625 million yuan, attributed to improved collection quality. The expense ratio for Q3 was 14.04%, an increase of 2.07 percentage points year-on-year, mainly due to rising financial costs [5]. - The company is expected to achieve a net profit of 1.2 billion yuan in 2024, corresponding to a PE ratio of 13 times [5].

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-52 江苏林洋能源股份有限公司 关于子公司签订海外经营合同的公告 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： 3、注册资金：200 万沙特里亚尔（约合 380 万元人民币） 4、注册地址：4th Al Amoudi Building Madina (Al) Nazil Street Hay Al Baghdadiyah Al Gharbiyah (West) ，吉达市，沙特阿拉伯 5、经营范围：智能电表进口、制造和相关贸易 6、沙特 ECC 是沙特本地最大的智能电表制造商之一，沙特电力局 SEC 的智能 电表长期稳定供应商。 1 合同类型：销售合同 合同金额：根据合同报价测算，合同总金额为 1,365.99 万美元，约合人民币 9,698.53 万元（含税，按汇率 7.10 折算成人民币）。 一、交易概述 近日，江苏林洋能源股份有限公司（以下简称"公司"）全资子公司林洋能源 科技（上海）有限公司（以下简称"上海林洋"）与沙特 Energy ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown steady revenue growth, with a 8.76% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.166 billion yuan. The net profit attributable to shareholders increased by 6.95% year-on-year to 910 million yuan [1]. - The company is actively expanding its overseas market presence, particularly in Eastern and Southeast Asia, with significant orders and partnerships established [2]. - The energy storage business is being enhanced with new product launches and the establishment of joint ventures, which are expected to support future growth [2]. - The renewable energy segment is also growing, with a total self-owned power station capacity of approximately 1.34 GW as of Q3 2024 [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.703 billion yuan, a 10.63% increase year-on-year, and a net profit of 312 million yuan, reflecting a 15.41% year-on-year growth [1]. - The company forecasts net profits of 1.174 billion yuan, 1.380 billion yuan, and 1.624 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 9 [3]. Business Segments - **Intelligent Business**: The domestic market is growing steadily, with a focus on expanding into overseas markets, including winning contracts worth approximately 800 million yuan in domestic tenders [2]. - **Energy Storage Business**: The launch of the Power Key 2.0 smart modular P2G energy storage system enhances market competitiveness, with a joint venture in Saudi Arabia expected to commence production this year [2]. - **Renewable Energy**: The company has accelerated the construction and grid connection of renewable energy power stations, with a focus on regions with favorable power consumption conditions [3].

在全球能源消费结构转型和能源技术革命的热潮中，林洋能源（601222.SH）凭借拓展海外业务版图、 完善全产业链布局、积累研发综合实力，再次交出了一份亮眼的财报。 10月29日晚间发布的三季报显示，公司Q3实现营收、净利润的双增长，且同比增速均在10%以上。另 外经营现金流同比增加超10亿元，表现出业务稳健推进下的经营质效改善。 今年以来，公司较密集披露中标重大项目、签订海外合同等，智能电网、新能源、储能三大板块在手订 单较为充足，随着公司加速推进"出海"，或将形成对未来业绩的有力支撑。 智能业务地位稳固 国内外市场双开花 根据财报，林洋能源前三季度实现营收51.66亿元，同比增长8.76%，归母净利润9.10亿元，同比增长 6.95%。 其中，Q3单季度实现营收约17.03亿元，同比增长约10.63%，归母净利润约3.12亿元，同比增长约 15.41%。 另外，现金流表现明显向好，前三季度经营活动产生的现金流量净额为6.25亿元，上年同期为-4.11亿 元，同比增加10.35亿元。 从过往财报来看，对林洋能源营收贡献比例最大的系智能电网业务，而受益于国网和南网的电表改造升 级带动了招标需求增长，公司今年在该 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 8.20 [6][5]. Core Insights - The company reported a Q3 revenue of RMB 1.703 billion, a year-on-year increase of 10.6%, while the net profit attributable to shareholders was RMB 312 million, up 15.4% year-on-year [2][3]. - The gross margin for Q3 was 34.7%, reflecting a year-on-year increase of 0.27 percentage points, indicating stable growth in profitability [3]. - The company is expanding its overseas operations, focusing on Europe, the Middle East, and Southeast Asia, which is expected to contribute to future profit growth [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 5.166 billion, a year-on-year increase of 8.8%, and a net profit of RMB 910 million, up 7.0% year-on-year [2][3]. - The Q3 net profit margin was 18.4%, showing a year-on-year increase of 1.06 percentage points [3]. Business Segments - The company operates in three main segments: smart power distribution, energy storage, and renewable energy, with significant efforts in overseas market development [4]. - The company has initiated customized product development and certification for its smart power distribution products in international markets [4]. Profitability and Valuation - The report forecasts the company's net profit for 2024-2026 to be RMB 1.163 billion, RMB 1.292 billion, and RMB 1.454 billion, respectively [5][14]. - The target price of RMB 8.20 is based on a 13x PE valuation for 2025, reflecting the company's strong financial health and competitive positioning in the market [5][6].

Investment Rating - The investment rating for Linyang Energy is "Buy" with a maintained rating [1]. Core Views - The company reported a revenue of 5.17 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 8.8%. The net profit attributable to shareholders was 910 million RMB, up 7.0% year-on-year [1]. - The company has a strong order backlog in its electric meter business, with domestic orders from State Grid and Southern Grid amounting to approximately 800 million RMB, and an expected new order of 150 million RMB in Q3 [1]. - The company is accelerating the construction and grid connection of its renewable energy power stations, with a self-owned power station capacity of approximately 1.34 GW as of Q3 2024 [1]. - The energy storage business is progressing steadily, with multiple projects completed and a joint venture factory in Saudi Arabia expected to start production in Q4 [1]. - The profit forecast for 2024-2026 is set at 1.22 billion, 1.42 billion, and 1.65 billion RMB, corresponding to PE ratios of 12, 10, and 9 times, respectively [1]. Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 1.70 billion RMB, a year-on-year increase of 10.6%, but a quarter-on-quarter decrease of 10.8%. The net profit for Q3 was 310 million RMB, up 15.4% year-on-year, but down 18.2% quarter-on-quarter [1]. Business Operations - The overseas expansion of the electric meter business is progressing well, with a total of 806 million RMB in overseas orders for the year. A joint venture factory in Jeddah is expected to commence production in Q4 [1]. - The company has a high proportion of quality assets in its renewable energy power stations, with projects primarily located in regions with good power consumption conditions [1]. - The energy storage business is advancing, with several projects completed and a new factory expected to enhance overseas business [1]. Financial Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 1.22 billion, 1.42 billion, and 1.65 billion RMB, with corresponding PE ratios of 12, 10, and 9 times. The "Buy" rating is maintained based on these projections [1].