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]

本报告已经董事会审计委员会审议通过，并同意提交公司董事会审议。 具体内容详见公司于 2024 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn） 发布的《公司 2024 年第三季度报告》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 特此公告。 江苏林洋能源股份有限公司 证券代码：601222 证券简称：林洋能源 公告编号：临 2024-49 江苏林洋能源股份有限公司 第五届董事会第十五次会议决议公告 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 10 月 29 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十五次会议。本次会议 通知提前 5 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 ...

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-48 江苏林洋能源股份有限公司 关于对外担保的进展公告 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、担保情况概述 （一）担保基本情况 为满足子公司生产经营业务发展需要，江苏林洋能源股份有限公司（以下简 称"公司"）为子公司提供担保，具体内容如下： 1、公司子公司五河耀洋向由中国工商银行股份有限公司启东支行作为牵头 行和代理行，中国工商银行股份有限公司五河支行、中国银行股份有限公司南通 分行、中国银行股份有限公司蚌埠分行作为贷款人组成的银团申请人民币50,000 万元授信额度，在额度内申请贷款，贷款期限不超过 10 年，公司为其提供连带 责任保证担保。 2、公司子公司启东华尔晟向中国进出口银行江苏省分行申请综合授信额度 不超过人民币 50,000 万元，在额度内申请贷款，期限为 2 年，公司为其提供连 1 被担保人名称：五河耀洋新能源科技有限公司（以下简称"五河耀洋"）、 启东市华尔晟新能源科技有限公司（以下简称"启东华尔晟"） 本次担保 ...

江苏林洋能源股份有限公司 证券代码：601222 证券简称：林洋能源 公告编号：临 2024-47 关于召开 2024 年半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： 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 11 日下午 14:00-15:00 （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 8 月 20 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 10 月 11 日下午 14:00-15:00 举行 2024 年半年度业绩说明会，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 ...