Investment Rating - The investment rating for the company is "Buy (Maintain)" [27] Core Views - The company has shown strong growth in its core business areas, including smart meters, photovoltaic (PV) technology, and energy storage solutions, with significant market expansion both domestically and internationally [8][29] - The company achieved a revenue of 6.872 billion yuan in 2023, representing a year-on-year growth of 39%, and a net profit of 1.031 billion yuan, up 20% year-on-year [24] - The company is expected to continue its growth trajectory, with projected revenues of 10.079 billion yuan in 2024 and 13.024 billion yuan in 2025, alongside an increase in net profit [12][29] Summary by Sections Smart Meter Business - In 2023, the company won bids for smart meters worth 6.26 billion yuan from State Grid and 2.99 billion yuan from Southern Grid, while also expanding its market share in Europe and Asia [8] - The company has established a strong presence in the Central and Eastern European markets, achieving over 30% market share in Poland [8] Photovoltaic Technology - The company's high-efficiency N-type TOPCon photovoltaic cell production base has successfully completed its first phase with a capacity of 6GW [9] - The company has signed multiple operation and maintenance contracts, with a total installed capacity exceeding 12GW, marking a 50% year-on-year growth in operational capacity [9] Energy Storage Solutions - The company has seen a significant increase in its energy storage revenue, growing over 2.5 times, with system deliveries exceeding 2GWh [9][29] - The company has established a joint venture for lithium iron phosphate battery production, achieving full production capacity of 10GWh [29] Financial Projections - The company forecasts revenues of 10.079 billion yuan in 2024, 13.024 billion yuan in 2025, and 15.662 billion yuan in 2026, with corresponding net profits of 1.184 billion yuan, 1.421 billion yuan, and 1.660 billion yuan respectively [12][29] - The projected earnings per share (EPS) are expected to rise from 0.50 yuan in 2023 to 0.81 yuan in 2026 [12][29]

丨证券研究报告丨 [Table_Title] 业绩稳增长，分红比例高 分析师及联系人 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 林洋能源（601222.SH） cjzqdt11111 2024-05-05 [Table_Summary2] 事件描述 事件评论 公司研究丨点评报告丨林洋能源（601222.SH） | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | ...

| --- | --- | |------------------------------------|-----------| | | | | 基础数据 | | | | | | [Table_BaseData] 总股本 ( 亿股 ) | 20.60 | | 流通 A 股 ( 亿股 ) | 20.60 | | 52 周内股价区间 ( 元 ) | 5.13-8.27 | | 总市值 ( 亿元 ) | 129.58 | | 总资产 ( 亿元 ) | 230.16 | | 每股净资产 ( 元 ) | 7.64 | 相关研究 [Table_Report] 1. 林洋能源（601222）：三驾马车协同推 进，驱动业绩增长 (2023-08-29) 数据来源：聚源数据 电站销售或不及预期；储能订单或不及预期；光伏电池销售或不及预期。 | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------------|--------|--------| | | | | | | | 营业收入（ ...

【CT电新】林洋能源2023年&2024年一季度业绩交流会 时间：2024年4月28日 嘉宾：董事长陆永华，副董事长陆丹青，高级副总裁方壮志，高级副总裁虞海娟，高级副总裁裴骏，董秘崔东旭，投资者关系 总监卢娉，林洋太阳能董事长沈东东 【摘要】 一、财务状况 1、总营收和归母净利：2023年营收68.72亿，同比+39%，归母净利10.3亿，同比+20.48%；2024Q1营收15.54亿，同比 +45.95%，归母净利2.18亿，同比+10.78% 2、分业务营收占比和毛利：新能源/智能配用电/储能占比分别为41%/36%/22%；电表及系统类产品/储能产品/电站销售/光伏 发电/光伏产品毛利分别为34.93%/16.09%/11.48%/69.83%/15.38% 3、分红情况：23年现金分红总额6.18亿元，同比+70.25%，股利支付率60%，同比+17.55% 4、24年预期：目标营收超100亿，利润增长15%左右 二、业务状况 1、智能配用电： （1）电表区域布局：集中在欧洲、中东、亚太 （2）在手订单：Q1在手订单20亿 2、新能源 （1）TOPCon:预计24年出货量4GW，销售额15亿，24年 ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 放台 向您开始播报声明本次会议仅服务于邀请参会的广大投资者会议PPT 音频及文字记录等内容仅供参会者内部使用 获得公开发布西洋能源未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属性权西洋能源将保留追究品法律责任的权利西洋能源不承担因转载转发而产生 市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提醒各位投资者在主讲嘉宾发言结束后将留有几分时间下面有请公司领导发言谢谢 各位投资者大家下午好欢迎大家参加林阳能源2023年和2024年一季度业绩交流会我是林阳能源I2主席那首先介绍一下今天出席的公司领导公司董事长董财路总以及管理层的各位领导那今天我们的业绩交流会主要分为三个部分 第一部分呢就由我向大家简单的做2023年度及2024年一季度的业绩的简单介绍第二部分我们将直接进入问题交流环节那最后由我们公司董事长总裁陆总做总结发言那首先呢先向大家报告一下公司2023年度和2024年度一季度的采购情况2023年公司顶端 全面推进业务发展整体来看我们取得了不错的成绩受益于电站 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-26 江苏林洋能源股份有限公司 关于召开 2023 年度业绩说明会的公告 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）会议召开时间：2024 年 5 月 10 日下午 16:00-17:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长兼总经理：陆永华先生 董事、副总经理兼财务负责人：周辉先生 独立董事：崔吉子女士、甘丽凝女士、苏凯先生 董事会秘书：崔东旭先生 江苏林洋能源股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日发 布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经 营成果、财务状况，公司计划于 2024 年 5 月 10 日下午 16:00-17:00 举行 2023 年 度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度的经营成果 及财务指标的具体 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][23]. Core Views - The company is experiencing steady growth across its three main business segments, with the energy storage sector showing significant expansion. The report adjusts the profit forecasts for 2024-2025 and introduces a forecast for 2026, expecting revenues of 9.22 billion, 13.59 billion, and 16.94 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 34.2%, 47.4%, and 24.6% [7][21]. - The net profit for the same years is projected to be 1.17 billion, 1.38 billion, and 1.49 billion yuan, with growth rates of 13.1%, 18%, and 8.5% [7][21]. Financial Summary - The total revenue for 2023 is reported at 6.87 billion yuan, a year-on-year increase of 39%, driven by increased sales in energy storage products and power station sales [18][21]. - The gross profit margin for 2023 is 28.43%, a decrease of 7.86 percentage points compared to the previous year, primarily due to the lower margin from the energy storage and photovoltaic sectors [18]. - The company plans to distribute a cash dividend of 0.303 yuan per share, with a payout ratio of 59.97% [18]. Business Segment Performance - The energy storage segment has shown remarkable growth, with a revenue increase of 253.62% year-on-year, and a gross margin of 16.09% [18]. - The photovoltaic segment reported a revenue of 2.80 billion yuan, a year-on-year increase of 44.27%, but with a gross margin decrease of 18.9 percentage points [18]. - The company has successfully secured multiple energy storage projects, with a total project reserve exceeding 6GWh, which is expected to support the performance of the energy storage segment [7][19]. Market Position and Strategy - The company has established a strong market presence, with its products covering over 30 countries and regions globally, and has achieved significant market share in Poland and other Eastern European markets [25]. - The company is actively expanding its energy storage business and has completed the construction of several production lines, increasing its annual production capacity to 6GWh [19].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1]. Core Insights - The company, LinYuan Energy, achieved a revenue of 6.872 billion RMB in 2023, representing a year-on-year growth of 39.0%, with a net profit of 1.031 billion RMB, up 20.5% [32]. - The company is experiencing a shift in its revenue structure, with a significant increase in low-margin businesses such as energy storage and power station sales, leading to a decrease in overall gross margin to 28.4%, down 7.86 percentage points year-on-year [27]. - LinYuan Energy has a robust project reserve, with 6 GWh of energy storage projects and 4 GW of photovoltaic projects, enhancing its competitive edge in the "new energy + storage" sector [27]. - The company has a high dividend payout ratio, proposing a cash dividend of 0.303 RMB per share, translating to a total of 618 million RMB, which corresponds to a dividend yield of 4.75% [27]. Summary by Sections Financial Performance - In 2023, LinYuan Energy's revenue reached 6.872 billion RMB, with a growth rate of 39.0% compared to the previous year [32]. - The net profit for 2023 was 1.031 billion RMB, reflecting a 20.5% increase year-on-year [32]. - The gross margin for the company decreased to 28.4%, primarily due to the rising proportion of lower-margin businesses [27]. Business Segments - The smart power distribution business generated 2.48 billion RMB in revenue, with a gross margin of 33.9% [27]. - The energy storage and energy-saving segment saw a revenue increase of 253.6% to 1.51 billion RMB, with a gross margin of 16.1% [27]. - Power station sales revenue surged by 167.0% to 1.30 billion RMB, with a gross margin of 11.48% [27]. Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 1.2 billion RMB and 1.375 billion RMB, respectively, with a projected net profit of 1.552 billion RMB for 2026 [27]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 11, 9, and 8 times [27].

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-21 江苏林洋能源股份有限公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的 特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前 具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监 督委员会（PCAOB）注册登记。 一、拟聘任会计师事务所的基本情况 1 截至 2023 年末，立信已提取职业风险基金 1.66 亿元，购买的职业保险累计 赔偿限额为 12.50 亿元，相关职业保险能够覆盖因审计失败导致的民事赔偿责任。 近三年在执业行为相关民事诉讼中承担民事责 ...

江苏林洋能源股份有限公司 董事会审计委员会2023年度履职情况报告 江苏林洋能源股份有限公司（以下简称"公司"）董事会审计委员会根据 《上市公司治理准则》《上海证券交易所股票上市规则》和《公司章程》《公 司董事会审计委员会工作细则》的有关规定，本着恪尽职守、勤勉尽责的原则， 切实履行了审计委员会各项职责，现就审计委员会2023年度工作情况汇报如下： 一、审计委员会基本情况 公司第五届董事会审计委员会由独立董事甘丽凝、崔吉子及董事陆丹青3名 委员组成。其中主任委员由具有专业会计资格的独立董事甘丽凝女士担任。 二、审计委员会会议召开情况 2023年，公司董事会审计委员会共召开6次会议，具体情况如下： 1、2023年3月20日，第五届董事会审计委员会、公司管理层与年审会计师 召开了沟通会，充分听取公司管理层关于公司年度生产经营情况和重大事项的 进展报告。审计委员会与会计师事务所协商确定了本年度财务报告审计工作的 时间安排，并对公司编制的财务会计报表初稿进行沟通，对审计程序和要求提 出了明确的要求。 2、2023年4月12日，会计师事务所出具初步审计意见后，第五届董事会审 计委员会、公司管理层与年审会计师召开了沟通会 ...