%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨明阳智能（ ） 601615.SH [明Ta阳b智le_能T：itle] 盈利同比增长，毛利率显著 2024Q1 改善 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报和2024年一季报，2023年收入279亿元，同比下降9%；归属净利3.7 亿元，同比下滑89%。2024Q1收入51亿元，同比增长85%；归属净利3亿元，同比扭亏。 ...

2023年年度报告 公司代码：601615 公司简称：明阳智能 明阳智慧能源集团股份公司 2023 年年度报告 ...

Financial Performance - Net profit attributable to parent company shareholders in 2023 was RMB 372.45 million, with a cash dividend payout ratio of 176.25%[2] - Revenue for 2023 decreased by 9.39% to RMB 27.86 billion compared to RMB 30.75 billion in 2022[12] - Net profit attributable to shareholders dropped significantly by 89.19% to RMB 372.45 million in 2023 from RMB 3.44 billion in 2022[12] - Basic earnings per share (EPS) decreased by 89.81% to RMB 0.16 in 2023 from RMB 1.57 in 2022[13] - Weighted average return on equity (ROE) fell by 13.20 percentage points to 1.33% in 2023 from 14.53% in 2022[13] - Operating cash flow was negative RMB 2.59 billion in 2023, compared to negative RMB 795.90 million in 2022[12] - Revenue for the reporting period was 278.59 billion yuan, a year-on-year decrease of 9.39%[41][43] - Net profit attributable to shareholders was 3.72 billion yuan, a year-on-year decrease of 89.19%[41] - Operating costs increased by 0.56% year-on-year to 247.39 billion yuan[43] - R&D expenses decreased by 30.67% year-on-year to 585 million yuan[42] - Net cash flow from operating activities was -2.59 billion yuan, compared to -795.9 million yuan in the same period last year[42] Dividend and Share Repurchase - The company plans to distribute a cash dividend of RMB 3.041 per share (tax included), totaling RMB 656.43 million[2] - Total share repurchases in 2023 amounted to 89.81 million shares, with an additional 23.18 million shares repurchased in 2024[2] - The company's total share capital is 2.27 billion shares, with a cumulative distributable profit of RMB 5.49 billion[2] - The company has repurchased 89,813,484 shares through centralized bidding from May 4, 2023, to February 2, 2024, and an additional 23,176,000 shares as of April 22, 2024, which are not eligible for the 2023 profit distribution[129] Wind Power Technology and Operations - The company's MySE series wind turbines are designed for low wind speed, mountainous, and offshore environments, emphasizing efficiency and reliability[7] - The company's total installed capacity for wind power generation is measured in MW and GW, with 1 GW equal to 1,000 MW[7] - The company's EPC (Engineering Procurement Construction) projects focus on wind power generation and related infrastructure[7] - The company's wind power generation technology is designed to minimize environmental impact, aligning with clean energy goals[7] - Revenue from wind turbine sales reached 23.517 billion yuan, a year-on-year increase of 3.11%[21] - Wind turbine sales volume was 9.69GW, up 32.66% year-on-year[21] - Gross margin for wind turbine and related parts sales was 6.35%, down 11.42 percentage points year-on-year[21] - Power station operating income was 1.499 billion yuan, up 12.24% year-on-year[22] - Gross margin for power station operations was 63.00%, up 3.12 percentage points year-on-year[22] - Operating power station capacity reached 2.56GW, up 70.47% year-on-year[22] - Power generation from operating power stations was 4.016 billion kWh, up 40.46% year-on-year[22] Market and Industry Trends - China's new wind power grid-connected capacity in 2023 was 75.9GW, up 102% year-on-year[25] - China's cumulative wind power grid-connected capacity reached 441.34GW by the end of 2023, up 20.7% year-on-year[25] - China's new photovoltaic grid-connected capacity in 2023 was 216.88GW, up 148.12% year-on-year[26] - National electricity market transaction volume reached 5.7 trillion kWh in 2023, a year-on-year increase of 7.9%, accounting for 61.4% of total electricity consumption[27] - Global wind power installed capacity added 116.6GW in 2023, with 105.8GW onshore and 10.8GW offshore[28] Corporate Governance and Leadership - The company's key shareholders include China Ming Yang Wind Power Group Limited and other strategic investors[7] - The company's governance structure is in compliance with Chinese laws and regulations, with a focus on board diversity and scientific decision-making[84] - The company's board of directors includes specialized committees such as strategy, audit, nomination, and compensation, ensuring comprehensive governance[84] - Chairman and CEO Zhang Chuanwei increased his shareholding by 833,400 shares through secondary market purchases, bringing his total holdings to 833,400 shares[89] - Director Wang Jinfa's shareholding increased by 3,730,120 shares due to non-trading transfers, reaching a total of 4,654,620 shares[89] - Director Fan Yuanfeng increased his shareholding by 4,000 shares through secondary market purchases, totaling 334,000 shares[89] - Supervisory Board Chairman Wang Limin reduced his shareholding by 91,000 shares through secondary market sales and share cancellations, leaving him with 75,000 shares[89] - The total pre-tax compensation for Chairman and CEO Zhang Chuanwei was RMB 3.8552 million[89] - Director Ge Changxin received a total pre-tax compensation of RMB 867,800[89] - CTO and COO Zhang Qiying received a total pre-tax compensation of RMB 2.5154 million[89] - Director Zhang Rui received a total pre-tax compensation of RMB 1.0033 million[89] - Independent directors Zhu Tao, Liu Ying, Shi Shaobin, and Wang Rongchang each received a total pre-tax compensation of RMB 25,300[89] - Supervisory Board Chairman Wang Limin received a total pre-tax compensation of RMB 678,000[89] - Total shares held by executives and directors increased from 10,513,600 to 17,148,261, a growth of 6,634,661 shares[90] - The company elected new board members and executives in 2023, with terms extending to September 25, 2026[91] - The company appointed Pan Yongle as the new Board Secretary, effective from December 14, 2023, to September 25, 2026[92] - The company's total executive and director compensation amounted to 2,793.21 million units[90] - The company's board and executive team underwent significant changes in 2023, with new appointments and resignations[91] - The company's new executive team includes roles such as Chief Risk Officer and Vice Presidents for various business lines[92] - The company's total shares held by executives and directors saw a significant increase due to non-trading transfers[90] - The company's new board includes both re-elected and newly appointed members, with a focus on diverse expertise[91] - The company's executive team includes a mix of long-serving and newly appointed members, indicating a blend of experience and fresh perspectives[92] - The company's total shares held by executives and directors increased by 63.1% from the previous period[90] Environmental and Social Responsibility - The company's wind power generation technology is designed to minimize environmental impact, aligning with clean energy goals[7] - The company invested RMB 110 million in environmental protection during the reporting period[140] - The company's main solid waste includes domestic waste, general industrial solid waste, and hazardous waste, which are classified and managed accordingly[146] - The company has established a wastewater treatment facility system to monitor and ensure the effectiveness of wastewater treatment[146] - The company uses advanced exhaust gas treatment equipment to purify and control emissions, ensuring compliance with regulations and standards[146] - Noise pollution is mitigated through soundproofing measures and equipment maintenance, with a focus on reducing impact on surrounding residents[146] - The company has passed ISO14001 environmental management system certification and established environmental management procedures and emergency plans[147][148] - The company's production of wind turbine blades does not involve the use of coal, petroleum coke, oil, or gas as fuel[144] - The company's wind turbine production does not involve boilers, industrial furnaces, surface treatment, or water treatment processes[144] - The company's wastewater treatment includes domestic wastewater and cadmium-containing wastewater, which is treated and reused[142] - The company's noise control measures ensure that factory boundary noise complies with national standards, typically below 70dB[142] - The company's hazardous waste, such as waste lubricating oil from wind turbines, is stored and disposed of by qualified third-party companies[142] - The company reduced carbon emissions by 3,014.5 tons through the use of renewable and clean energy[151] - The company invested 8,566.93 million yuan in external donations and public welfare projects, benefiting 583 people[155] - The company allocated 3,800 million yuan to poverty alleviation and rural revitalization projects, benefiting 583 people[156] - The company implemented environmental monitoring actions, including hydrodynamics, marine ecology, and water quality monitoring[149] - The company conducted annual environmental training for all employees to enhance environmental awareness[149] - The company used non-reflective materials on wind turbine blades to reduce bird collision risks and established bird observation stations[150] - The company avoided construction during fish spawning seasons and set up danger and warning zones to protect marine life[150] - The company actively participated in biodiversity conservation, including fish stock enhancement programs[150] - The company disclosed climate-related risks and opportunities in its 2023 Social Responsibility Report, following TCFD recommendations[152] - The company promoted rural energy transformation through initiatives like the "Thousand Villages Wind Action" and "Hundred Counties, Thousand Towns, Ten Thousand Villages" projects[157] Risk Management and Commitments - The company's main business is wind turbine manufacturing and new energy power station construction and operation, which is subject to cyclical risks from global economic development[80] - The company is actively developing new businesses in photovoltaic, energy storage, and hydrogen energy, but there is a risk of short-term underperformance due to the time gap between capital investment and business development[81] - The company is expanding its overseas market, but faces risks of slower-than-expected progress due to differences in business environments and the need for experienced teams and technical support[82] - The actual controllers Zhang Chuanwei, Wu Ling, and Zhang Rui have committed to a 24-month lock-up period after the lock-up expires, starting from February 1, 2018[159] - The controlling shareholder Nengtou Group and other shareholders have committed to a 24-month lock-up period after the lock-up expires, starting from February 1, 2018[159] - The actual controllers and other key personnel have committed to a 6-month lock-up period after leaving their positions, starting from February 1, 2018[159] - The company and its controlling shareholders have committed to long-term resolutions regarding related-party transactions, starting from October 15, 2018[160] - The company has committed to using the funds raised from the 2020 private placement within 36 months of the funds being received[160] - The controlling shareholder Nengtou Group has committed to a lock-up period starting from February 14, 2022, as part of the 2021 commitments[160] - The actual controllers Zhang Chuanwei, Wu Ling, and Zhang Rui, along with major shareholders, have committed to a lock-up period for their shares until 2024.02.07, 2024.02.18, and 2024.02.19[162] - The company plans to repurchase shares within the next 3 to 6 months following the board's approval on 2023.08.13[162] - Shareholders are restricted from selling more than 25% of their total shares annually during their tenure as directors, supervisors, or senior managers, and are prohibited from transferring shares for six months after leaving their positions[163] - The company has committed to avoiding competitive business activities with its subsidiaries and will prioritize acquiring any competitive assets or equity from related parties[164] - The company has completed the acquisition of 100% equity of Guangdong Mingyang Longyuan Power Electronics Co., Ltd., which was consolidated into the company's financial statements on 2024.01.16[165] - The company has pledged to minimize related-party transactions and ensure that any unavoidable transactions are conducted fairly and transparently[165] - The company has committed to not engaging in any activities that would harm its interests, including unauthorized investments or excessive spending[165] - The company has established a compensation system linked to the execution of measures to fill returns, ensuring alignment with shareholder interests[165] - The company has committed to linking the exercise conditions of future equity incentive plans with the execution of measures to fill returns[166] - If the company fails to pay social insurance and housing provident funds for employees, the responsible party will unconditionally bear all the company's payable amounts and economic losses[166] - In case of failure to fulfill public commitments, the responsible party must propose new commitments and accept constraints such as public apologies, suspension of profit distribution, and reduction or suspension of salaries[167] - Violations of share lock-up commitments or shareholding intentions will result in the responsible party forfeiting all gains to the company and bearing unlimited joint liability for losses[169] - The company has committed to promptly obtaining property ownership certificates for certain properties, and the responsible party will bear all penalties or legal liabilities if delays cause economic losses[170] - The responsible party has pledged not to interfere with the company's management activities or encroach on the company's interests[171] Audit and Compliance - The company's internal control audit was conducted by Grant Thornton LLP (Special General Partnership) with a fee of 80[180] - The company's financial audit was conducted by Grant Thornton LLP (Special General Partnership) with a fee of 330[180] - The company's financial audit has been conducted by Grant Thornton LLP for 8 years[180] - The company's sponsor, CITIC Securities Co., Ltd., received a fee of 500[180] - The company's financial audit was performed by certified public accountants Zheng Jianbiao and Tong Xitao, each with 3 years of cumulative audit service experience[180] - Audit fees decreased by more than 20% compared to the previous year[181] - No significant litigation or arbitration matters occurred during the year[183] - A company director mistakenly executed a short-term trade, resulting in a profit of 10,000 shares being returned to the company[184] - A company supervisor's family members conducted short-term trading, resulting in a combined profit of 76,224 yuan being returned to the company[185][186] - The company and its controlling shareholders maintained good credit status with no significant unpaid debts or court judgments[187] - The company's 2023 daily related-party transaction quota was approved by the board and shareholders[188] - The company provided a guarantee of 304.5267 million yuan for Taonan Baiqiang New Energy Co., Ltd., with the guarantee period starting from September 9, 2021, and lasting for three years[193] - The total guarantee amount for subsidiaries during the reporting period was 248,800.00, with a total guarantee balance of 1,000,800.01 at the end of the reporting period[194] - The total guarantee amount (including guarantees for subsidiaries) was 1,031,252.68, accounting for 37.61% of the company's net assets[194] - The company's entrusted wealth management products totaled 15,000, with no overdue or unrecovered amounts[195] - The company's entrusted wealth management products with Huaxia Bank and China Minsheng Bank had annualized yields ranging from 0.75% to 3.52%[196] - The total amount of funds raised through initial public offerings, convertible bonds, and private placements was 1,081,363.73, with a cumulative investment of 923,288.26 as of the end of the reporting period[199] - The cumulative investment progress of the raised funds was 94.33% for the initial public offering, 95.93% for the convertible bonds, and 77.27% for the private placements[199] - The Yangjiang High-tech Zone Mingyang Wind Turbine Equipment Manufacturing Project achieved a cumulative investment of 41,528.05, with an investment progress of 86.00%[200] - The Yangjiang High-tech Zone Mingyang Wind Turbine Equipment Manufacturing Project achieved a total benefit of 255,426.51[200]

公 电力设备及新能源 司 2024年05月 07日 报 明阳智能(601615.SH) 告 风机盈利水平大幅调整，后续量、利修复可期 推荐（维持） 事项： 公司发布2023年年报和2024年一季报，2023年实现营收278.59亿元，同比 股价：10.09 元 减少 9.39%，归母净利润 3.72 亿元，同比减少 89.19%，扣非后净利润 2.06 亿元，同比减少93.36%；EPS 0.16元，拟每10股派发现金红利3.041元； 公 主要数据 2024年一季度实现营收50.75亿元，同比增长84.60%，归母净利润3.04亿元， 司 实现扭亏为盈。 行业 电力设备及新能源 年 公司网址 www.mywind.com.cn 大股东/持股 WISER TYSON INVESTMENT 平安观点： 报 CORP LIMITED/6.91%  风机毛利率的大幅下降等因素导致2023年业绩大幅下滑。2023年公司归 点 实际控制人 吴玲,张传卫,张瑞 母净利润同比下降89.19%，主要影响因素是风机业务毛利率的下降，2023 总股本(百万股) 2,272 评 流通A股(百万股) 2,264 年公司风机及配件业 ...

证券代码：601615 证券简称：明阳智能 明阳智慧能源集团股份公司 投资者关系活动记录表 编号：2024-002 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □一对一沟通 ■其他 （业绩交流会） 长江证券、花旗银行、国泰君安证券、中金公司、平安证券、国信 参与单位名称 证券、朱雀基金、汇丰晋信基金、财通证券、长江养老保险、天风 及人员姓名 证券、广发基金、国海证券、易方达基金、平安养老保险等 时 间 2024年5月6日 15:00-17:10 地 点 线上 ...

2024年05月06日 公司研究●证券研究报告 明阳智能（ ） 公司快报 601615.SH 电力设备及新能源 | 风电Ⅲ 新能源装备综合经营，业务多点开花 投资评级 买入-B(首次) 股价(2024-04-30) 9.81元 投资要点 交易数据 事件： 总市值（百万元） 22,285.96 流通市值（百万元） 22,210.80 公司发布2023年年报及2024年一季报。2023年，公司实现营业收入278.59亿 总股本（百万股） 2,271.76 元，同比下滑9.39%，归母净利润3.72亿元，同比下滑89.19%，扣非后归母净 流通股本（百万股） 2,264.10 利润为2.06亿元，同比下滑93.36%。2024Q1，公司实现营业收入50.75亿元， 12个月价格区间 18.84/8.52 同比增长84.6%，归母净利润3.04亿元，扣非后归母净利润为2.91亿元。 一年股价表现 海陆并进，引领风电新技术。公司是国内风电整机龙头企业，产品种类丰富，包括 单机功率覆盖 1.5-11MW 系列陆上型风机和单机功率覆盖 5.5-22MW 系列海上 型风机。2023年，公司实现风机对外销售 9.69GW， ...

明阳智能(601615) /风电设备 /公司点评 /2024.05.04 扭亏为盈，能源电站贡献新增量 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件:公司发布 2024 年一季报，实现营业总收入 50.75 亿元，同比+86.62%； 基本数据 2024-04-30 实现归母净利润 3.04 亿元，同比+233.83%；实现销售毛利率 20.62%，同比 收盘价(元) 9.81 流通股本(亿股) 22.64 +7.25pct；实现销售净利率6.19%，同比+14.64pct。 每股净资产(元) 11.94 ❖ 布局风光储氢一体化，滚动开发贡献利润增量：公司通过持续加大对光伏产 总股本(亿股) 22.72 业、电力电子储能产业和氢能产业的投入，以实现平衡可再生能源的间歇性和 最近12月市场表现 不稳定性，从而提高能源整体利用效率和电网的稳定性，从而提升自身新能源 电站的开发和运营能力，从而进一步提高公司自建自营新能源电站的收益能 明阳智能 沪深300 上证指数 力。截至 2023 年末，公司在运营的新能源电站装机容量 2.56GW，相比去年 2% 同期增长70.47%；在建装机容量3.30GW，同比 ...

明阳智能(601615) /风电设备 /公司点评 /2024.05.03 业绩阶段性波动，风机大型化持续推进 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件:公司发布2023年报，2023年全年公司实现营业总收入278.59亿元，同 基本数据 2024-04-30 比-9.39%；实现归母净利润 3.72 亿元，同比-89.22%；毛利率 11.20%，同比- 收盘价(元) 9.81 流通股本(亿股) 22.64 8.79pct；实现销售净利率1.36%，同比-9.86pct。 每股净资产(元) 11.94 总股本(亿股) 22.72 最近12月市场表现 ❖ 现金股利跃升，强化股东回报：公司 2023 年度拟向全体股东每 10 股派发现 金红利3.0410元（含税）。公司当前的总股本为22.7亿股，合计拟派发现金红 明阳智能 沪深300 利 6.56 亿元（含税）。本年度现金分红占归属于母公司股东的净利润比例为 上证指数 2% 176.25%。 -9% -21% ❖ 持续推进风机大型化、轻量化：2023年公司实现风机对外销售9.69GW，同比 -32% 增长32.66%；对应实现风机及相关配件销售2 ...

证券研究报告·公司点评报告·风电设备 明阳智能（601615） 2023 年报及 2024 一季报点评：23Q4 部分海 2024年 05月 01日 风及电站转让延期，24 年看好海风出货修复 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 30,748 27,859 51,111 57,601 54,436 执业证书：S0600523070003 同比（%） 12.98 (9.39) 83.46 12.70 (5.50) guoyn@dwzq.com.cn 归母净利润（百万元） 3,444.71 372.45 2,443.80 3,034.44 3,328.46 同比（%） 9.09 (89.19) 556.14 24.17 9.69 股价走势 EPS-最新摊薄（元/股） 1.52 0.16 1.08 1.34 1.47 明阳智能 沪深300 P/E（现价&最新摊薄） ...

业绩简评 2024 年 4 月 28 日，公司发布年报及一季报，2023 年实现营收 278.59 亿元，同比下降 9.4%；归母净利润 3.72 亿元，同比下降 89.2%。1Q24 实现营收50.75 亿元，同比增长 84.6%；归母净利润 3.04 亿元，同比增长 233.8%，主要由于主要是风机交付规模上升、 运营电站规模上升以及电站产品出售规模增加。 经营分析 行业竞争加剧导致价格下降，大容量风机占比进一步提高：公司 2023 年实现风机对外销售 9.69GW，同比增长 32.7%，整机收入 210.24亿元，同比下降4.58%，毛利率为6.0%，同比下降18.04pct， 主要由于下游招标价格下降。分功率段来看，大容量风机占比进一 人民币(元) 成交金额(百万元) 步提高，2023 年 6.XMW 以上机组实现销售收入122.47 亿元，同比 22.00 1,600 增长 37.0%，占整机收入的 58.25，同比提升 17.79pct，毛利率为 20.00 1,400 18.00 1,200 7.9%，同比下降17.52pct。 1,000 16.00 电站业务稳步增长，盈利能力有所提升：公司 ...