Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.72 CNY per share based on a 15.0x PE for the projected net profit in 2024 [19][32]. Core Views - The company has shown steady growth in 2023 and Q1 2024, with revenue reaching 6.872 billion CNY, a year-on-year increase of 39.0%, and a net profit of 1.031 billion CNY, up 20.5% [26][32]. - The report highlights the company's strong performance in the smart power distribution sector, both domestically and internationally, and anticipates continued growth in the renewable energy and energy storage segments [26][74]. Summary by Sections Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.197 billion CNY, 1.407 billion CNY, and 1.557 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 16.1%, 17.5%, and 10.7% [18][32]. - Revenue is projected to grow from 6.872 billion CNY in 2023 to 15.759 billion CNY by 2026, reflecting a compound annual growth rate of 39.0% for 2024 and 29.5% for 2025 [11][32]. Business Segments - The smart power distribution segment is expected to grow at rates of 5.0%, 7.0%, and 5.0% from 2024 to 2026, with a gross margin of 35% [14]. - The TOPCon solar cell business is projected to see revenue growth of 141.8%, 100.0%, and 33.3% from 2024 to 2026, with a gross margin of 15% [23]. - The energy storage system integration segment is anticipated to grow by 40.0%, 35.0%, and 30.0% from 2024 to 2026, maintaining a gross margin of 16% [68]. Market Position and Strategy - The company is actively expanding its international presence, collaborating with global leaders in smart metering and establishing a strong foothold in markets such as Europe and the Middle East [26][74]. - The report emphasizes the company's competitive edge in the smart power distribution market, supported by its innovative solutions and strategic partnerships [26][74].

证券代码：601222 证券简称：林洋能源 公告编号：临 2024-27 江苏林洋能源股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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： 1 现金管理受托方：中国工商银行股份有限公司启东支行 本次现金管理金额：23,000 万元 现金管理产品名称：中国工商银行挂钩汇率区间累计型法人人民币结构性存 款产品—专户型 2024 年第 173 期 A 款 现金管理期限：94 天 履行的审议程序：江苏林洋能源股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开第五届董事会第十三次会议和第五届监事会第十二次会议， 分别审议通过了《关于使用闲置募集资金进行现金管理的议案》，同意公司 （含子公司）在确保不影响募集资金投资项目正常实施进度情况下，对公开 发行可转债部分闲置募集资金进行现金管理，用于购买低风险理财产品。本 次公开发行可转债募集资金使用额度不超过人民币 2.5 亿元，在该额度内可 循环滚动使用，期限为自董事会审议通过之日起不超过 12 个月，授权 ...

江苏林洋能源股份有限公司 2023年年度股东大会 | 2023 | 年年度股东大会会议议程 3 | | | --- | --- | --- | | 2023 | 年年度股东大会会议须知 5 | | | 2023 | 年年度股东大会议案 6 | | | | 议案一：公司 年度董事会工作报告 6 | 2023 | | | 议案二：公司 年度监事会工作报告 21 | 2023 | | | 议案三：公司 年度财务决算报告 25 | 2023 | | | 议案四：公司 年年度报告及其摘要 33 | 2023 | | | 议案五：公司 2023 年度利润分配方案的议案 34 | | | | 议案六：公司 2024 年度向银行申请综合授信额度的议案 35 | | | | 议案七：关于 2024 年度对外担保额度预计的议案 37 | | | | 议案八：关于 2024 年度预计日常关联交易的议案 38 | | | | 议案九：关于购买董监高责任险的议案 39 | | | | 议案十：关于续聘公司 2024 年度审计机构的议案 40 | | | | 议案十一：关于 2023 年度董事薪酬的议案 41 | | | | 议案十二： ...

| --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,060.17 | | 流通股 ( 百万 ) | | 2,060.17 | | 总市值 ( 人民币 百万 ) | | 13,638.32 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 114.89 | | 主要股东 | | | | 启东市华虹电子有限公司 | | 34.94 | | 资料来源：公司公告， Wind | ，中银证券 | | 公司发布 2023 年年报与 2024 年一季报，业绩分别同比增长 20.48%/10.78%， 主营业务表现稳健，盈利能力向好；维持买入评级。 支撑评级的要点 2023 年/2024 年一季度盈利分别同比增长 20.48%/10.78%：公司发布 2023 年年报，实现收入 68.72 亿元，同比增长 39.00%；实现归母净利润 10.31 亿元，同比增加 20.48%，扣非净利润 8.67 亿元，同比增加 23.61%。公司 同时披露 2024 年第 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company reported a revenue of 6.872 billion yuan in 2023, a year-on-year increase of 39%, and a net profit attributable to shareholders of 1.031 billion yuan, up 20% year-on-year [1][11]. - The company's power station business is experiencing stable growth, with significant project development and a gradual increase in TOPCon production [2][3]. - The company plans to distribute a cash dividend of 3.03 yuan per 10 shares, totaling 618 million yuan, reflecting a high dividend payout ratio of approximately 60% [24]. Financial Performance - In Q4 2023, the company achieved a revenue of 2.122 billion yuan, with a quarter-on-quarter increase of 58% and a year-on-year increase of 38% [1]. - For Q1 2024, the company reported a revenue of 1.554 billion yuan, a year-on-year increase of 46% [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.18 billion yuan, 1.36 billion yuan, and 1.55 billion yuan, representing year-on-year growth of 15%, 15%, and 14% respectively [3][11]. Business Development - The company has accelerated the construction and grid connection of power stations, with over 1GW of projects under construction and more than 600MW connected by the end of 2023 [2]. - The company has a cumulative development of over 5GW of power stations and over 4GW of photovoltaic projects in reserve, with plans to develop 1.5GW and connect 800-900MW in 2024 [2]. - The energy storage business is expected to continue high growth, with a projected shipment of 3.5GWh in 2024, primarily in the domestic market [13]. Market Position - The company has established a strong presence in the overseas market, particularly in Europe and Asia, with significant contracts and market share growth [12]. - The company has secured orders exceeding 2 billion yuan in the electric meter business, indicating stable growth prospects [12].

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（ ...

Summary of LinYuan Energy 2023 & Q1 2024 Earnings Call Company Overview - **Company**: LinYuan Energy - **Date of Call**: April 28, 2024 - **Participants**: Chairman Lu Yonghua, Vice Chairman Lu Danqing, Senior Vice Presidents Fang Zhuangzhi, Yu Haijuan, Pei Jun, Secretary of the Board Cui Dongxu, Investor Relations Director Lu Ling, and LinYuan Solar Chairman Shen Dongdong Financial Performance 2023 Financial Results - **Total Revenue**: CNY 6.872 billion, up 39% YoY - **Net Profit**: CNY 1.03 billion, up 20.48% YoY - **Q1 2024 Revenue**: CNY 1.554 billion, up 45.95% YoY - **Q1 2024 Net Profit**: CNY 218 million, up 10.78% YoY - **Dividends**: CNY 618 million in cash dividends for 2023, up 70.25% YoY, with a payout ratio of 60%, up 17.55% YoY - **2024 Revenue Target**: Over CNY 10 billion, with profit growth of approximately 15% [2][3][12] Revenue Breakdown by Business Segment - **New Energy**: 41% of total revenue, CNY 2.804 billion - **Smart Distribution and Power Supply**: 36% of total revenue, CNY 2.476 billion - **Energy Storage**: 22% of total revenue, CNY 1.506 billion - **Gross Margins**: - Smart Meter Products: 34.93% - Energy Storage Products: 16.09% - Power Station Sales: 11.48% - Photovoltaic Power Generation: 69.83% - Photovoltaic Products: 15.38% [2][3][4] Business Developments Smart Distribution and Power Supply - **Geographic Focus**: Europe, Middle East, Asia-Pacific - **Orders on Hand**: CNY 2 billion in Q1 2024 [2][4][21] New Energy - **TOPCon Technology**: Expected shipment of 4GW in 2024, with sales of CNY 1.5 billion and breakeven point reached in 2024 - **Market Impact**: Minimal impact from new energy consumption policies on existing power stations, favorable for future growth [2][3][4][12] Energy Storage - **Delivery Scale**: 3.5GWh in 2023, with domestic large storage accounting for 80-85% - **Future Focus**: Transitioning from reliance on domestic large storage to include commercial storage and overseas markets [2][5][6][29] Hydrogen Energy - **Joint Venture**: Established with Shanghai Shunhua for hydrogen energy development - **Future Directions**: Focus on modular intelligent technology and integrated hydrogen production [2][5][17] Strategic Insights - **Cost Management**: Emphasis on R&D with a 55.39% increase in R&D expenses, accounting for 16% of personnel [3][4] - **Asset Management**: Total assets reached CNY 23.186 billion, with a debt ratio of 32.79%, indicating strong risk resistance [3][4] - **Market Strategy**: Plans to expand overseas markets, particularly in Europe, Middle East, and Southeast Asia, leveraging partnerships with local enterprises [6][11][12] Future Outlook - **2024 Projections**: Targeting over CNY 10 billion in revenue with a 15% profit increase, driven by growth in smart meters, energy storage, and new energy sectors [2][12] - **Market Dynamics**: Anticipated fluctuations in electricity prices due to market trading and consumption policies, with a focus on enhancing operational efficiency and service quality [13][18] Additional Considerations - **Investor Confidence**: Management expresses strong confidence in the company's ability to navigate industry challenges and maintain competitive advantages [14] - **Technological Advancements**: Continuous investment in technology to improve efficiency and reduce costs, particularly in the TOPCon solar cell production [15][16][18] This summary encapsulates the key points from LinYuan Energy's earnings call, highlighting financial performance, business developments, strategic insights, and future outlook.

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 ...