明阳智慧能源集团股份公司 关于变更首席财务官的公告 证券代码：601615 证券简称：明阳智能 公告编号：2025-003 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。 根据《公司法》和《公司章程》规定，经公司董事长兼首席执行官（总经理） 张传卫先生提名，董事会提名委员会和董事会审计委员会审核，公司于 2025 年 1 月 24 日召开第三届董事会第十六次会议，审议通过了《关于变更首席财务官 的议案》，同意聘任房猛先生为公司首席财务官，任期自本次董事会审议通过之 日起至本届董事会任期届满之日止。房猛先生简历详见附件。 董事会 2025 年 1 月 25 日 房猛先生简历： 房猛先生，1979 年出生，中国国籍，无境外永久居留权，本科学历。2003 年 6 月至 2010 年 5 月，就职于海尔集团公司，历任计算机本部海外财务经理、 财务计划与分析负责人、财务部长；2010 年 5 月至 2014 年 12 月，就职于比德 文控股集团有限公司，历任事业部财务总监、副总经理；2014 年 12 月至 2017 年 7 月，就职于 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-004 明阳智慧能源集团股份公司 关于使用闲置自有资金进行委托理财的公告 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: 投资种类：安全性高、流动性较好、投资回报相对较好的中低风险理财 产品，包括但不限于债券投资、货币市场基金投资、委托理财（含金融机构理财 产品、信托产品、资产管理计划）等。 投资金额及期限：公司拟以单日最高额度不超过人民币 50 亿元（含本数） 的闲置自有资金进行委托理财，期限自董事会审议通过之日起不超过 12 个月。 在前述额度及期限范围内，资金可以循环滚动使用。 已履行的审议程序：公司于 2025 年 1 月 24 日召开公司第三届董事会第 十六次会议，审议通过了《关于使用闲置自有资金进行委托理财的议案》。本议 案无需提交股东会审议。 特别风险提示：尽管公司计划投资的委托理财产品属于中低风险的投资 品种，但可能存在市场风险、流动性风险、信用风险及其他风险。受各种风险影 响，收益率将产生波动，理财收益具有不确定性。 明阳智慧能源 ...

Group 1 - The core point of the article is the establishment of Xuyi Yufeng (Weifang) New Energy Development Co., Ltd., which is involved in power generation, transmission, and distribution services [1] - The company has a registered capital of 10 million yuan [1] - The legal representative of the company is Zhang Ronghua [1] Group 2 - The business scope includes installation, maintenance, and testing of power transmission and distribution facilities [1] - The company is jointly held by Shandong Mingyang Intelligent Technology Co., Ltd. and other entities [1]

证券研究报告·公司研究简报·风电设备 明阳智能（601615） 国内海风龙头，出海订单持续落地 2025 年 01 月 15 日 | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 30748 | 27859 | 29111 | 37496 | 40759 | | 同比（%） | 12.98 | (9.39) | 4.49 | 28.80 | 8.70 | | 归母净利润（百万元） | 3,444.71 | 372.45 | 1,032.37 | 2,852.17 | 3,425.47 | | 同比（%） | 9.09 | (89.19) | 177.18 | 176.27 | 20.10 | | EPS-最新摊薄（元/股） | 1.52 | 0.16 | 0.45 | 1.26 | 1.51 | | P/E（现价&最新摊薄） | 7.33 | 67.82 | 24.47 | 8.86 | 7.37 | 买入（维持） [Table ...

北京市天元律师事务所 关于明阳智慧能源集团股份公司 2019年限制性股票激励计划首次授予部分第四期及预留部 分第三期解除限售条件成就、回购注销部分激励对象已获授 但尚未解除限售的限制性股票的法律意见 京天股字（2020）第 173-13 号 致：明阳智慧能源集团股份公司 根据北京市天元律师事务所（以下简称"本所"）与明阳智慧能源集团股份公 司（以下简称"公司"或"明阳智能"）签订的《专项法律顾问协议》，本所担任公 司本次实行 2019 年限制性股票激励计划（以下简称"本次股权激励计划"或"本计 划"）的专项法律顾问，就公司 2019 年限制性股票激励计划首次授予部分第四期 及预留部分第三期解除限售条件成就（以下简称"本次解除限售"）及回购注销部 分激励对象已获授但尚未解除限售的限制性股票（以下简称"本次回购注销"） 事项出具法律意见。 本所及经办律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）、《律师事务所从事证券法 律业务管理办法》、《律师事务所证券法律业务执业规则（试行）》、《上市公司股 权激励管理办法》（以下简称"《管理办法》"）等规定及本 ...

本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | --- | --- | --- | --- | --- | | 97,500 | 97,500 | 2025 年 1 月 | 16 | 日 | 证券代码：601615 证券简称：明阳智能 公告编号：2025-001 明阳智慧能源集团股份公司 关于部分股权激励限制性股票回购注销的实施公告 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: 回购注销原因：因明阳智慧能源集团股份公司（以下简称"公司"或"明 阳智能"）2019 年限制性股票激励计划部分被激励对象因个人原因离职或考核不 合格而不具备激励对象资格，根据公司激励计划的相关规定，公司对前述已获授 但尚未解除限售的 97,500 股限制性股票进行回购注销。 三、回购注销限制性股票后公司股份结构变动情况 一、本次限制性股票回购注销的决策与信息披露 根据公司 2019 年年度股东大会的授权，公司于 2024 年 10 月 21 日召开第三 届董事会第十四次会议及第三 ...

那么在过程当中呢我们也相应的基于我们对风电的后面需求弹性和引力弹性的一个期待同时呢我们也给出了对光伏行业的一个谨慎的一个保守的一个判断那么底层原因呢在需求逻辑来说都是共通的都是基于对今年就2025年已经迈入新年的这样的一个整个交纳形式上的一个这个理性的一个分析看到了今年在新的这个新闻市场的一个体系建设当中那么风电的一个建设的一个经济性和机会比光伏有更好的一个优势 那么我们其实从四季度开始啊,我们就一直在强调系统性反转性机会,那么理电和风电是绕不开的,而且是整个反转的这个空间最大。那么所以呢,从十月份之后我们再强调后面这个反转机会,我们组织计划会强调后面改善的一个空间。 那么因此今年在陆丰的这样的需求环境上会比大家预期的可能更有看见包括海丰上在去年九月份之后律师解释的军事问题在今年得到一个体现所以在陆丰和海丰在今年的这样一个背景下都有不错的一个量产性从而构成了总体需求来说更大的一个生存空间这是第一点那么同时我们 这个招标啊甚至这个降价竞争中也没有走出他应有的像如今的一个逆变期产业的地位那么整机呢在过去啊这个五年当中也是类似这样的一个状态啊就是来自于国内的啊通过这个这个制造业本土化啊那个属地化啊反投去换取更多的竞 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.07 CNY per share based on a 15x PE valuation for 2025 [35][59]. Core Insights - The company has achieved significant growth in offshore wind power, with a shipment volume of 2.48 GW in 2023, representing a 203% year-on-year increase and capturing a 25.7% market share, making it the second-largest offshore wind turbine manufacturer in China [1]. - The company is recognized for its early adoption of semi-direct drive technology, which has led to a competitive advantage in the offshore wind market [3]. - The company has successfully developed floating wind turbine technology, with the MySE16.6(T) platform being the largest floating wind power platform globally, capable of generating approximately 54 million kWh annually [5][7]. - The company is actively expanding its domestic and international market presence, with a focus on government collaborations and establishing production bases in various provinces [8][9]. Summary by Sections Offshore Wind Power Market - The company has a strong position in the offshore wind market, with a gross margin of 7.92% for its 6MW and above offshore models, significantly higher than the overall wind turbine sales margin of 6.35% [1]. - The company ranked third in bidding capacity with 400 MW in the first three quarters of 2024, indicating a robust pipeline despite potential declines in offshore wind business due to high delivery volumes in 2023 [1]. Technological Advancements - The company has developed a comprehensive product line of semi-direct drive offshore wind turbines ranging from 5 to 25 MW, showcasing its technological leadership [3]. - The MySE18.X-20MW model won a gold award in the "Best Drive System" category at the Windpower Monthly awards, highlighting the company's innovation in offshore wind technology [5]. Domestic and International Expansion - The company is leveraging its geographical advantages in Guangdong, where it has established significant production capacity and enjoys favorable policies for offshore wind projects [7]. - The company has signed agreements with local governments in multiple provinces to enhance its order acquisition capabilities and has established over 20 production bases nationwide [8]. Financial Performance and Projections - The company is projected to achieve revenues of 30.9 billion CNY in 2024, with a growth rate of 10.9%, and expects to reach 45.1 billion CNY by 2026 [35][59]. - The forecasted net profit for 2024 is 1.416 billion CNY, with significant growth anticipated in subsequent years [35][59].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that Mingyang Smart Energy, as a leading domestic wind turbine manufacturer, is experiencing positive changes in its fundamentals, with a focus on short, medium, and long-term growth logic [7][11]. - The company is expected to benefit from the stabilization of wind turbine prices and cost reduction initiatives, which will aid in profit recovery [8][11]. - The report emphasizes the significant growth potential in the offshore wind sector, particularly in Guangdong, where the company has a strong market share [10][11]. Short-term Summary - In the short term, the company is actively promoting cost reduction and efficiency improvements, which are expected to enhance profitability. The average installation capacity of offshore and onshore wind turbines has increased, indicating a trend towards larger turbines [8][63][65]. - The company anticipates delivering 1.5-2GW of offshore wind turbines in 2024, with a significant portion expected in the second half of the year [71][73]. Medium-term Summary - For the medium term, the report forecasts a high increase in offshore wind installations in 2025, with a projected capacity of 15GW, particularly in Guangdong [10][77]. - The company is expected to deliver around 4GW of offshore wind turbines in 2025, benefiting from its historical market share in Guangdong [11][86]. - The report notes that the recent stabilization of onshore wind turbine prices and the potential for price increases will contribute to the company's earnings flexibility [11][88]. Long-term Summary - In the long term, the company is focusing on expanding its overseas offshore wind market, with significant growth opportunities anticipated due to the slow progress of product large-scale production by foreign competitors [10][111]. - The report outlines that various countries have set ambitious offshore wind installation targets, which will create a favorable environment for the company's international expansion [111][114].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 20.2 billion yuan in the first three quarters of 2024, a year-on-year decline of 4%, with a net profit attributable to shareholders of 800 million yuan, down 35% year-on-year. In Q3 2024, the revenue was 8.4 billion yuan, a year-on-year decline of 19%, and the net profit was approximately 150 million yuan, down 75% year-on-year [5][6]. - The decline in revenue is attributed to a shift in wind turbine shipment structure, with total shipments of 7.70 GW in the first three quarters, an increase of 11% year-on-year. The land-based wind turbine shipments were 6.35 GW, showing significant growth, while offshore wind turbine shipments were 1.35 GW, a decrease of about 32% [6][7]. - The gross margin for Q3 2024 was approximately 10.3%, with the gross margin for wind turbine and accessories sales at 8.01%, showing a slight improvement compared to the first half of the year. The gross margin for wind turbine manufacturing reached 7.9%, an increase of over 1 percentage point quarter-on-quarter [6][7]. - The company’s inventory at the end of Q3 2024 was approximately 11 billion yuan, with contract liabilities of about 8.5 billion yuan, both showing slight increases [7]. - The company added 16.98 GW of new orders in the first three quarters, with a total executable order capacity of 34.12 GW. The land-based bidding prices are expected to stabilize, and with the anticipated increase in domestic wind power installations in 2025, the company is expected to achieve growth in both volume and profit [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 20.2 billion yuan and a net profit of 800 million yuan. In Q3 alone, revenue was 8.4 billion yuan, and net profit was approximately 150 million yuan [5][6]. - The gross margin for Q3 2024 was about 10.3%, with improvements in the gross margins for both wind turbine sales and manufacturing [6][7]. Market Outlook - The company is expected to benefit from stabilizing land-based wind turbine bidding prices and increased domestic wind power installations in 2025, which may lead to growth in both volume and profit [7].