公用事业 | 证券研究报告 — 调整盈利预测 2024 年 8 月 22 日 601222.SH 买入 原评级：买入 市场价格:人民币 6.37 板块评级:强于大市 股价表现 (26%) (20%) (13%) (6%) 1% 8% Aug-23Sep-23Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 | --- | --- | --- | --- | --- | |--------------------------------------------|---------------------------|----------------------------------|------------------------|-------------------------| | 林洋能源 \n(%) \n绝对 \n相对上证综指 | 今年 至今 \n(0.2) \n3.4 | 上证综指 \n1 个月 \n6.0 \n10.2 | 3 个月 \n(5.5) \n4.1 | 12 个月 \n(8.9) \n(1.2) | | 发行股数 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 3.463 billion yuan for H1 2024, a year-on-year increase of 7.86%, and a net profit attributable to shareholders of 599 million yuan, up 3.02% year-on-year [1]. - The electric meter business showed strong performance with a revenue of 1.15 billion yuan in H1 2024, a 12% increase year-on-year, and a gross margin of 39%, up 4 percentage points from the previous year [2]. - The energy storage business saw a revenue of 740 million yuan in H1 2024, a decrease of 25% year-on-year, but with an improved gross margin of 20%, up 4 percentage points from the previous year [2]. - The renewable energy business generated 948 million yuan in revenue in H1 2024, with a gross margin of 16%, an increase of 5 percentage points year-on-year [2]. - The company is expected to achieve net profits of 1.174 billion yuan, 1.379 billion yuan, and 1.623 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 9, and 8 times [2]. Summary by Sections Financial Performance - H1 2024 revenue: 3.463 billion yuan, up 7.86% YoY; net profit: 599 million yuan, up 3.02% YoY; Q2 revenue: 1.909 billion yuan, down 11.04% YoY [1]. - Electric meter revenue: 1.15 billion yuan in H1 2024, up 12% YoY; gross margin: 39%, up 4 percentage points [2]. - Energy storage revenue: 740 million yuan in H1 2024, down 25% YoY; gross margin: 20%, up 4 percentage points [2]. - Renewable energy revenue: 948 million yuan in H1 2024; gross margin: 16%, up 5 percentage points [2]. Market Opportunities - The company secured approximately 3.22 billion yuan in bids for electric meters from State Grid and Southern Grid in 2024 [2]. - The overseas market is expanding, with over 800 million yuan in contracts won by the subsidiary EGM and a strategic partnership with ECC in the Middle East [2]. - The energy storage joint venture with ECC in Saudi Arabia is expected to commence production in Q4 2024 [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.174 billion yuan, 1.379 billion yuan, and 1.623 billion yuan for 2024, 2025, and 2026 respectively [2]. - Current stock price corresponds to P/E ratios of 11, 9, and 8 for the years 2024, 2025, and 2026 [2].

Investment Rating - The report maintains a "Buy" rating for Lin Yang Energy (601222 SH) [2] Core Views - Lin Yang Energy's three major business segments are developing steadily with active overseas market expansion [2] - The company achieved revenue of 3 463 billion yuan in H1 2024 a YoY increase of 7 86% and net profit of 599 million yuan a YoY growth of 3 02% [2] - The smart meter segment strengthened domestic layout and expanded overseas markets with total contract value exceeding 800 million yuan in H1 2024 [3] - The new energy power station business accelerated construction with over 200MW newly connected to the grid and over 500MW new projects started in H1 2024 [3] - The energy storage business delivered nearly 3 5GWh of systems with over 6GWh of projects in the pipeline actively expanding in overseas markets [4] Financial Performance - Revenue is expected to grow from 9 222 billion yuan in 2024 to 16 937 billion yuan in 2026 with a CAGR of 34 2% 47 4% and 24 6% respectively [4] - Net profit is projected to increase from 1 167 billion yuan in 2024 to 1 494 billion yuan in 2026 with growth rates of 13 1% 18% and 8 5% respectively [4] - The company's gross margin is expected to decline from 27% in 2024 to 24% in 2026 [7] - ROE is forecasted to improve from 7 1% in 2024 to 7 7% in 2026 [7] Business Segments Smart Meter Business - Secured 322 million yuan in State Grid tenders and 322 million yuan in Southern Grid tenders in H1 2024 [3] - Expanded to over 30 countries and regions with cumulative orders exceeding 1 billion yuan in the Middle East [3] New Energy Business - Total contracted operation and maintenance capacity reached 14 65GW as of June 2024 a 50% YoY increase [3] - Expanded business to northwest and southwest China offering comprehensive services including smart O&M platforms and power trading [3] Energy Storage Business - Delivered nearly 3 5GWh of energy storage systems with over 6GWh of projects in the pipeline [4] - Accelerated project layout across multiple provinces in China and secured nearly 1GWh of shared energy storage projects [4]

在会开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间下面有请公司领导发言谢谢 好的各位投资者大家上午好欢迎大家参加0元能源2024年半年度业绩交流会我是0元能源R20P那首先介绍一下今天出席会议的公司领导公司副董事长傅丹青总公司高级副总裁方总副总裁谢峰周总副总裁董事会秘书崔总以及智能板块总经理任总 那今天我们的交流会主要分为三个部分第一部分先由我向大家做公司2024年半年度业绩的简单介绍第二部分我们直接进入投资者问题交流环节第三部分由公司副董事长甘兴总做总结发言那首先先向大家报告一下公司2024年半年度的财务情况 2024年上半年公司紧跟国家政策和行业发展动向全面推进智能、储能、新能源三大板块协同发展报告期内公司实现营业收入34.63亿元同比增长7.86%上半年公司盈利能力稳中有升综合毛利率达到31.41%同比提升约0.7个百分点 实现归属于上市公司股东净利润5.99亿元同比增长3.02%报告期内受益于智能业务持续增长电站销售体量快速提升储能发货规模逐步增加公司智能板块主要产品储能含节能节能源相关营收占比分别达到33.19%21.38%39.54%分别实现毛利润 4.47亿元 1.49亿元 4.36 ...

证 券 研 究 报 告 林洋能源（601222）2024 年半年报点评 推荐（维持） 公司业绩稳健增长，经营性现金流明显改善 目标价：8.47 元 当前价：6.36 元 事项： 公司发布 2024 年半年报。2024H1 公司实现营收 34.63 亿元，同比+7.86%；归 母净利润 5.99 亿元，同比+3.02%；毛利率 31.41%，同比+0.70pct；归母净利 率 17.28%，同比-0.81pct。其中 2024Q2 公司实现营收 19.09 亿元，同比-11.04%， 环比+22.83%；归母净利润 3.81 亿元，同比-0.95%，环比+74.74%；毛利率 32.54%，同比+4.54pct，环比+2.53pct；归母净利率 19.94%，同比+2.03pct，环 比+5.92pct。业绩符合预期。 评论： 智能板块持续强化国内市场布局，不断拓展海外市场空间。2024H1 公司智能 配用电业务实现营收 11.50 亿元，同比+11.7%，毛利率 38.9%。2024 年上半 年，公司在国网、南网招标中，合计分别中标 3.22/3.22 亿元。海外市场方面， 公司与全球表计行业龙头企业兰吉尔展 ...

来源：公司年报、国金证券研究所 林洋能源 (601222.SH) 买入（维持评级） 买入（维持评级） 电表订单高速增长，储能业务盈利改 业绩简评 2024 年 8 月 19 日公司披露半年报，上半年实现营收 34.6 亿元， 同比增长 7.9%；实现归母净利润 6.0 亿元，同比增长 3.0%。其中， Q2 实现营收 19.1 亿元，同比下降 11.0%；实现归母净利润 3.8 亿 元，同比下降 1.0%。 经营分析 全球智能电网建设加速，电表类产品订单高增：上半年公司电表 类产品实现营业收入 11.5 亿元，实现毛利率 38.9%，较 2023 全年 增长 4.0pct。受益于全球智能电网建设加速，公司国内、海外电 表产品订单高增。国内方面，上半年公司国网、南网中标电表类产 品 6.44 亿元，同比增长 40.6%；海外方面，上半年公司全资子公 司 EGM 中标合同金额超 8 亿元，其中在中东地区与当地知名企业 ECC 以战略投资方式合作以来，累计订单金额超 10 亿元。 新能源电站加速并网，运维规模持续扩大：公司电站销售实现收 入 9.5 亿元，实现毛利率 16.4%，较 2023 全年增长 4.9pct ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-41 江苏林洋能源股份有限公司 2024年1-6月募集资金存放与实际使用情况的 专项报告 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、 募集资金基本情况 (一) 2016 年 4 月非公开发行股票募集资金基本情况 经中国证券监督管理委员会《关于核准江苏林洋能源股份有限公司非公开发行股票 的批复》（证监许可[2016]323 号文）核准，公司于 2016 年 4 月向 7 名特定对象非 公开发行人民币普通股（A 股）股票 91,264,663 股，每股面值 1 元，发行价为每股 人民币 30.68 元，募集资金总额为人民币 2,799,999,860.84 元，扣除发行费用人民 币 43,711,262.57 元后实际募集资金净额为人民币 2,756,288,598.27 元。上述资金 于 2016 年 4 月 28 日到位，且经立信会计师事务所（特殊普通合伙）验证，并出具 信会师报字[2016]第 114500 号验资报告。 截至 20 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-42 江苏林洋能源股份有限公司 2024 年半年度主要经营数据公告 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。 江苏林洋能源股份有限公司（以下简称"公司"）2024年半年度新能源电站 发电业务主要经营数据如下： 地区 电站类型 装机容量 （MW） 发电量 （万千瓦时） 上网电量 （万千瓦时） 结算电量 （万千瓦时） 平均上网电价 （元/千瓦时， 含税） 内蒙古 光伏 135 9,899.54 9,899.54 9,899.54 0.81 江苏 光伏 473 28,283.12 24,303.97 24,303.97 0.78 安徽 光伏 330 16,523.94 16,387.30 16,387.30 0.64 风电 156 7,328.75 7,328.75 7,328.75 0.38 山东 光伏 5 239.43 239.43 239.43 0.99 辽宁 光伏 24 1,428.23 1,428.23 1,428.23 0.90 河北 光伏 21 ...

Financial Performance - The company reported a half-year performance summary, ensuring the accuracy and completeness of the financial report[1]. - The company's operating revenue for the first half of 2024 reached ¥3,463,335,234.69, representing a 7.86% increase compared to ¥3,210,825,541.65 in the same period last year[15]. - Net profit attributable to shareholders of the listed company was ¥598,604,658.11, up 3.02% from ¥581,059,515.04 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was ¥565,762,667.27, reflecting a 2.45% increase from ¥552,257,282.86 year-on-year[15]. - The net cash flow from operating activities was ¥464,710,564.21, a significant recovery from a negative cash flow of ¥206,288,390.14 in the same period last year[15]. - The total assets at the end of the reporting period amounted to ¥23,833,660,880.30, an increase of 2.79% from ¥23,185,872,521.48 at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company were ¥15,508,375,099.04, showing a slight increase of 0.14% from ¥15,486,938,064.03 at the end of the previous year[15]. - Basic earnings per share for the reporting period (1-6 months) remained stable at CNY 0.29, while diluted earnings per share increased by 3.57% to CNY 0.29 compared to the same period last year[16]. - The company reported a 3.70% increase in basic earnings per share after deducting non-recurring gains and losses, reaching CNY 0.28[16]. - The weighted average return on equity decreased by 0.05 percentage points to 3.80% compared to the previous year[16]. Corporate Governance and Compliance - There were no profit distribution plans or capital reserve conversion proposals approved by the board during this reporting period[2]. - The company confirmed that there were no non-operating fund occupations by controlling shareholders or related parties[3]. - The company has not faced any violations in decision-making procedures regarding external guarantees[3]. - The board of directors was fully present during the meeting to discuss the half-year report[2]. - The report is unaudited, and the management team has committed to the authenticity of the financial data presented[2]. - The company has not proposed any profit distribution or capital reserve transfer plans for the current period[62]. - The company has not engaged in any significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[79]. - The company has not reported any significant changes in the audit opinion from the previous annual report, suggesting consistency in financial reporting[79]. - The company maintains a good integrity status, with no outstanding court judgments or significant debts due[79]. - The company is committed to ensuring compliance with the Company Law and its Articles of Association, reflecting a strong governance framework[76]. Risk Management - The management has detailed the risks faced by the company in the half-year report, urging investors to pay attention to these risks[3]. - The company faces risks related to tightening photovoltaic land policies and market competition, which may impact its business development[54]. - The company emphasizes the importance of adapting to market changes in product technology upgrades and marketing strategies to mitigate competition risks[55]. - The company is implementing risk management strategies for overseas projects, including signing hedging contracts with domestic banks to mitigate currency fluctuation risks[57]. Renewable Energy Initiatives - The company has developed and constructed over 5GW of photovoltaic power stations, with a total of over 1.1GW of renewable energy stations held as of June 2024[20]. - The company’s renewable energy operation capacity increased by 2.65GW during the reporting period, bringing the total operational capacity to 14.65GW[20]. - The company is actively pursuing partnerships with state-owned enterprises to enhance its renewable energy business through a "development + EPC/BT + operation" model[20]. - The company is focusing on carbon asset management and green certificate trading to enhance the value of its renewable energy assets[20]. - The company is focusing on renewable hydrogen production and green hydrogen applications, having established a joint venture to develop and maintain various types of water electrolysis hydrogen production equipment[21]. - The company is developing advanced energy storage systems, including the Power Atlantic series and Power Key series, focusing on high safety, long lifespan, and high efficiency[21]. - The company aims to provide full lifecycle value-added services for distributed energy storage and microgrid scenarios, targeting commercial users[21]. - The company has established a dual-driven development strategy of "centralized shared energy storage + distributed user-side energy storage," enhancing the efficiency and reducing the operational costs of energy storage stations[21]. Environmental Responsibility - The report includes a comprehensive analysis of the company's governance and social responsibility initiatives[4]. - The company has established an annual environmental monitoring plan to regularly test various pollutants, ensuring compliance with national standards[66]. - The company has implemented a self-monitoring plan for wastewater and air emissions, with real-time online monitoring of key pollutants[70]. - The company aims to create a "resource-saving and environmentally friendly" enterprise, integrating environmental protection into its sustainable development strategy[72]. - The company has reduced sulfur dioxide emissions by approximately 4,000 tons and nitrogen oxides by about 1,400 tons through its green energy initiatives[74]. Shareholder Information - There are no significant changes in shareholder structure or stock movements reported in this period[4]. - The total number of ordinary shareholders as of the end of the reporting period was 83,451[89]. - The largest shareholder, Qidong Huahong Electronics Co., Ltd., holds 723,127,427 shares, accounting for 35.10% of the total shares[90]. - The second-largest shareholder, Lu Yonghua, holds 79,852,500 shares, representing 3.88% of the total shares[90]. - The company’s repurchase account holds 18,949,000 shares, accounting for 0.92% of the total share capital[91]. - The company completed a share repurchase plan, acquiring 21,956,999 shares, which is 1.25% of the total share capital, at an average price of 4.58 CNY per share, totaling 100.48 million CNY[64]. - A second share repurchase plan was executed, with 18,949,000 shares bought back, representing 0.92% of the total share capital, at an average price of 8.34 CNY per share, amounting to 157.99 million CNY[64]. Research and Development - The company obtained 37 new patents during the reporting period, including 31 invention patents, bringing the total to 292 patents, of which 128 are invention patents[32]. - Research and development expenses increased by 29.07% to approximately CNY 115 million, reflecting a commitment to innovation[43]. - The company is focusing on increasing its R&D investment to enhance technological competitiveness and is focusing on new energy and storage technology development, which is crucial for market acceptance and scalability[56]. Financial Management - The company has a total asset of 23.8 billion yuan and a net asset attributable to shareholders of 15.5 billion yuan as of June 2024[35]. - The company’s total liabilities included RMB 119.24 million in other payables, a decrease of 30.98% compared to the previous year[44]. - The company’s total liabilities increased to CNY 7,873,052,000.00, up from CNY 7,200,000,000.00, indicating a growth of about 9.34%[95]. - The company’s total equity attributable to shareholders reached ¥15,508,375,099.04, slightly up from ¥15,486,938,064.03, showing a marginal increase of about 0.1%[96]. - The company’s retained earnings decreased by CNY 363,337,186.79 due to profit distribution and other adjustments[112]. Market Trends and Projections - In the first half of 2024, the national electricity consumption reached 4.66 trillion kWh, a year-on-year increase of 8.1%, with an expected total consumption of 9.82 trillion kWh for the year, representing a growth of approximately 6.5%[23]. - The newly installed photovoltaic capacity in China for the first half of 2024 was 102.48 GW, representing a year-on-year growth of 30.7%[24]. - By the end of 2024, the cumulative installed capacity of wind and solar power is expected to exceed 3 billion kW, with a cumulative share surpassing 40% for the first time[24]. - The compound annual growth rate for new energy storage installations in China is projected to be 37.4% from 2024 to 2028, reaching 168.7 GW by 2028 under conservative scenarios[26]. - The hydrogen industry is rapidly developing in China, with over 30 provinces setting renewable hydrogen production targets exceeding 900,000 tons by 2025[28].

具体内容详见公司于 2024 年 8 月 20 日在上海证券交易所网站（www.sse.com.cn） 发布的《公司 2024 年半年度报告及其摘要》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 二、审议并通过了《公司 2024 年 1-6 月募集资金存放与实际使用情况的专项报 告》 证券代码：601222 证券简称：林洋能源 公告编号：临 2024-39 江苏林洋能源股份有限公司 第五届董事会第十四次会议决议公告 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。 江苏林洋能源股份有限公司于 2024 年 8 月 19 日在江苏省启东市林洋路 666 号 公司会议室，以现场结合通讯表决方式召开第五届董事会第十四次会议。本次会议 通知提前 10 日以电话、电子邮件等方式送达全体董事。本次会议应参加董事 7 人， 实际参加 7 人，公司监事会成员及有关人员列席了会议，会议由董事长陆永华先生 召集和主持，会议的通知和召开符合《公司法》、《公司章程》及《董事会议事规则》 的有关规定。经与会董事认真审议并表决，通过了以下决议： ...