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]

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].

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-51 江苏林洋能源股份有限公司 三、经营数据相关说明 1、平均上网电价由脱硫标杆电价和可再生能源补贴价格组成，不包含地方 度电补助部分。 2、江苏、安徽地区部分电量用于屋顶业主自用，该电量未统计在内。 3、河南电站全部出售，山东、安徽、江苏部分电站已出售。 特此公告。 江苏林洋能源股份有限公司 2024 年第三季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年第三季度新能源电 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 14,610.65 14,610.65 14,610.65 0.82 江苏 光伏 474 43,656.11 37,235.98 37,235.98 0.79 安徽 光伏 496 30,628.80 30,402.59 3 ...

江苏林洋能源股份有限公司 第五届监事会第十四次会议决议公告 本公司监事会及全体监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。 证券代码：601222 证券简称：林洋能源 公告编号：临 2024-50 江苏林洋能源股份有限公司（以下简称"公司"）第五届监事会第十四次会 议于 2024 年 10 月 29 日在江苏启东市林洋路 666 号公司会议室以现场表决方式 召开，会议应到监事 3 人，实到 3 人，符合公司章程规定的法定人数。本次会议 通知于 2024 年 10 月 24 日以书面送达形式发出会议的通知和召开符合《公司法》 与《公司章程》的规定，会议由张桂琴女士主持，公司董事会秘书列席本次会议。 经与会监事认真审议，通过了以下决议： 一、审议并通过了《公司 2024 年第三季度报告》 监事会对公司董事会编制的 2024 年第三季度报告提出如下审核意见：公司 第三季度报告的编制和审议程序符合法律、法规、公司章程和公司内部管理制度 的各项规定；公司第三季度报告的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息能从各方面真实地反映 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,702,555,082.04, representing a year-on-year increase of 10.63%[2] - Net profit attributable to shareholders was ¥311,525,976.93, reflecting a 15.41% increase compared to the same period last year[2] - The basic earnings per share (EPS) for the quarter was ¥0.16, up 23.08% year-on-year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 5,165,890,316.73, an increase of 8.74% compared to CNY 4,749,762,245.54 in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was CNY 1,122,929,113.21, compared to CNY 1,056,417,336.67 in 2023, indicating a growth of 6.27%[15] - The company's net profit for the first three quarters of 2024 was CNY 1,120,612,099.50, compared to CNY 1,055,180,800.67 in 2023, reflecting an increase of 6.19%[15] - The net profit for Q3 2024 reached CNY 916.65 million, an increase of 5.4% compared to CNY 869.56 million in Q3 2023[16] - The net profit attributable to shareholders of the parent company was CNY 910.13 million, up from CNY 850.98 million, reflecting a growth of 7%[16] - The total comprehensive income for Q3 2024 was CNY 920.36 million, compared to CNY 874.91 million in Q3 2023, indicating a growth of 5.2%[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥24,516,099,123.23, an increase of 5.74% from the end of the previous year[3] - Non-current assets totaled CNY 10,439,990,754.61, an increase from CNY 9,533,729,821.17 in the previous year, representing a growth of 9.51%[14] - Current liabilities increased to CNY 6,129,098,712.40 from CNY 5,400,561,053.11, reflecting a rise of 13.52%[14] - Long-term borrowings rose to CNY 2,051,033,195.01, compared to CNY 1,895,996,293.97 in the previous year, showing an increase of 8.14%[14] Cash Flow - The company reported a net cash flow from operating activities of ¥624,510,223.85 for the year-to-date[2] - Operating cash flow for the first nine months of 2024 was CNY 624.51 million, a significant recovery from a net outflow of CNY 410.71 million in the same period of 2023[18] - The company’s cash inflow from operating activities totaled CNY 5.74 billion in the first nine months of 2024, up from CNY 3.81 billion in the same period of 2023[18] - The company reported a net cash outflow from investing activities of CNY 893.54 million in the first nine months of 2024, a decline from a net inflow of CNY 542.52 million in the same period of 2023[19] - The cash and cash equivalents at the end of Q3 2024 stood at CNY 3.61 billion, slightly down from CNY 3.66 billion at the end of Q3 2023[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 76,155[6] - The largest shareholder, Qidong Huahong Electronics Co., Ltd., held 723,127,427 shares, accounting for 35.10% of the total shares[6] - The company repurchased 18,949,000 shares, representing 0.92% of the total share capital[7] - The controlling shareholder, Qidong Huahong Electronics Co., Ltd., increased its stake by acquiring 7,886,000 shares, totaling RMB 50.07 million, which is 0.38% of the total share capital[11] - The company has not reported any significant changes in its shareholder structure due to margin trading activities during the reporting period[10] Inventory and Current Assets - The company's total current assets increased to RMB 14,076,108,368.62 from RMB 13,652,142,700.31, reflecting a growth of about 3.1%[12] - Inventory levels rose significantly to RMB 2,142,522,444.83, up from RMB 1,333,222,658.59, indicating an increase of approximately 60.7%[12] - The total accounts receivable decreased slightly to RMB 4,391,260,952.39 from RMB 4,521,592,969.16, a reduction of about 2.9%[12] Investments and R&D - The company’s long-term equity investments increased to RMB 293,051,420.92 from RMB 246,058,697.61, marking an increase of approximately 19.1%[12] - Research and development expenses for the first three quarters of 2024 were CNY 176,112,922.24, up from CNY 153,979,726.07 in 2023, indicating a growth of 14.43%[15] Market Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[1] - The company plans to continue expanding its market presence and may pursue further acquisitions as part of its growth strategy[11]