证券代码：601615 证券简称：明阳智能 公告编号：2025-031 明阳智慧能源集团股份公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,281 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 759,045,427 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 35.2983 | 注：上表中"公司有表决权股份总数"已剔除无表决权的明阳智慧能源集团股份公司回购专 用证券账户股数。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长张传卫先生主持。会议采取现场投 票及网络投票相结合的方式召开并表决。会议的召集和召开符合《公司法》、《公 司章程》的规定。 | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | ...

ng lun 師事務所 伙 Limited Liability Partnership 二〇二五年五月 北京市中伦（深圳）律师事务所 关于明阳智慧能源集团股份公司 2024 年年度股东大会的 法律意见书 上东省深圳市福田区益田路 5033 号平安金融中心 A 57/58/59/F, Tower A, Ping An Finance Centre, 5033 Yitian Road, Futian L 电话/Tel : +86 755 3325 6666 传真/Fax : +86 755 3320 6888 北京市中伦(深圳)律师事务所 关于明阳智慧能源集团股份公司 2024 年年度股东大会的 法律意见书 本所律师根据有关法律法规的要求,按照律师行业公认的业务标准、道德规 范和勤勉尽责精神,现场出席了本次股东大会,并对本次股东大会召集和召开的 有关事实以及公司提供的文件进行了核查验证,现出具法律意见如下: 致:明阳智慧能源集团股份公司 北京市中伦(深圳)律师事务所(以下简称"本所")受明阳智慧能源集团 股份公司(以下简称"公司")委托,指派周雨翔律师、梁恒瑜律师出席并见证 公司 2024年年度股东大会(以下简称 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 27.16 billion yuan for 2024, a year-on-year decrease of 3.4%, with a net profit attributable to shareholders of 350 million yuan, down 8.1% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 7.7 billion yuan, representing a year-on-year increase of 51.8%, while the net profit attributable to shareholders was 300 million yuan, a slight decrease of 0.7% year-on-year [2][4]. - The company is expected to have a net profit of approximately 2 billion yuan in 2025, corresponding to a PE ratio of about 12 times [10]. Financial Performance Summary - For 2024, the company’s revenue from wind turbine and related parts sales was 20.8 billion yuan, a decrease of 12% year-on-year, despite a 12% increase in shipments to 10.82 GW [10]. - The revenue from wind farm generation increased by 15% year-on-year to 1.7 billion yuan, driven by an increase in operational scale [10]. - The gross margin for 2024 was approximately 8%, with a slight year-on-year decrease of 0.3 percentage points [10]. - In Q1 2025, the gross margin was 13.2%, down 3.6 percentage points year-on-year, primarily due to product mix factors [10]. - As of the end of Q1 2025, the company's contract liabilities reached 8.59 billion yuan, marking a historical high and laying a foundation for future delivery performance [10].

近年来，在税务部门的大力宣传和倡导下，企业逐渐认识到保持良好纳税信用的重要性，不少获得A级纳税信用的企业主动将税务合规融入企业管理，将 涉税风险点纳入风险内控机制，用心守护"A级纳税人 "的金字招牌。 近日，河南省税务局组织"合规经营 豫税同行"媒体集中采访活动，实地探访纳税信用A级民营企业诚信纳税故事。图为媒体采访团走进河南羚锐制药股份 有限公司，与企业负责人座谈交流。（许剑飞 摄） 自主研发智慧财税系统 守护A级纳税信用"金字招牌" 走进湖南省特构工程有限责任公司的数字化指挥中心，只见每一个中标的工程项目都有三维展示模型和同步呈现的各类财税数据。 建筑安装项目环节多、跨区域广，收入成本确认时点差异还会引起税会调整。"公司要高质量发展，对财税风险的预判和防控非常重要，必须以合规经营 为基础，打造覆盖全部建筑安装项目的监控和分析平台，实施有效预警和纠错。"公司财务总监张乐介绍。 为此，特构工程公司自主研发了智慧财税系统，将材料采购、机械租赁等12个环节纳入数字化管控，实现项目成本自动归集、电子发票实时验真、跨区域 涉税风险及时预警，并定期对申报、缴纳、信息报告等涉税行为数据进行扫描，使公司33个在建项目的毛利 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's revenue for 2024 was 27.158 billion yuan, a decrease of 2.52% year-on-year, with a net profit attributable to shareholders of 346 million yuan, down 7.07% year-on-year [1] - The decline in revenue was primarily due to the underperformance in the sales of wind turbines and related components, which generated 20.833 billion yuan, a decrease of 12.40% year-on-year [2] - The company is expected to benefit from the accelerating development of offshore wind power in Europe, with a forecast of 19 GW of new offshore wind capacity globally in 2025 [3] - The company aims to enhance its profitability through technological advancements in offshore wind turbines and the development of large-scale onshore wind turbines [2][3] Financial Summary - For 2024, the company reported a gross margin of 8.1%, down 3.1 percentage points year-on-year, and a net margin of 1.37%, which remained stable year-on-year [1] - The first quarter of 2025 showed a significant revenue increase of 51.78% year-on-year, reaching 7.704 billion yuan, although the net profit decreased slightly by 0.7% year-on-year [1] - The projected net profit for 2025 is estimated at 2.383 billion yuan, with a corresponding P/E ratio of 10 times [4][3]

明阳智慧能源集团股份公司（以下简称"公司"）于 2025 年 2 月 24 日召开 了公司第三届董事会第十七次会议及第三届监事会第十一次会议，审议通过了 《关于变更公司注册资本的议案》《关于修改<公司章程>的议案》。因公司股权激 励限制性股票回购注销事宜，公司注册资本由 2,271,594,206 元变更为 2,271,496,706 元，公司股份总数由 2,271,594,206 股变更为 2,271,496,706 股。 具体内容详见公司于 2025 年 2 月 25 日披露的《关于变更公司注册资本并修改公 司章程的公告》（公告编号：2025-008）。 2025 年 5 月 8 日，公司完成了《公司章程》的备案手续，并取得了中山市 市场监督管理局换发的《营业执照》。本次工商变更后，公司的基本登记信息如 下： 名称：明阳智慧能源集团股份公司 统一社会信用代码：91442000789438199M 类型：股份有限公司（外商投资、上市） 证券代码：601615 证券简称：明阳智能 公告编号：2025-030 明阳智慧能源集团股份公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

Group 1 - Longsheng Guangjie New Energy Co., Ltd. has been established with a registered capital of approximately 161 million yuan [1] - The legal representative of the company is Zheng Zhong [1] - The business scope includes power generation, transmission, and supply (distribution) of electricity [1] Group 2 - The company is jointly held by Mingyang Smart (601615) and Guangxi Energy Group Co., Ltd. through Beijing Jiyuan New Energy Investment Co., Ltd. [1]

Investment Rating - The investment rating for Ming Yang Smart Energy is Overweight, with an industry view classified as Attractive [6]. Core Insights - The financial results for 2024 showed a net profit of Rmb346 million, representing an 8.1% year-over-year decline, primarily due to gross profit margin pressure, lower-than-expected wind turbine generator (WTG) shipments, and reduced wind farm sales [2][4]. - The guidance for 2025 includes total shipments expected to reach 20GW, with 16GW onshore and 4GW offshore, alongside a projected recovery in WTG gross profit margin by 5-10 percentage points due to improved average selling prices (ASP) and cost reductions [4][8]. Financial Performance Summary - In 2024, the gross profit margin (GPM) was 7.5%, down 0.5 percentage points year-over-year, with recurring net profit decreasing by 14.3% to Rmb175 million [2]. - Revenue for 2024 was Rmb27.2 billion, down 3.4% year-over-year, while total WTG shipments were 10.8GW, which was below guidance [2][8]. - The net loss for the fourth quarter of 2024 was Rmb462 million, compared to a net profit of Rmb148 million in the third quarter of 2024 [3]. Future Outlook - The company anticipates new orders to exceed the 2024 level of 27GW, with offshore projects accounting for 20% and overseas projects for 40% [4][8]. - The expected earnings per share (EPS) for 2025 is projected at Rmb2.36, with revenue forecasted to increase to Rmb76.244 billion [6].

Core Viewpoint - The company reported lower-than-expected annual performance for 2024, primarily due to delays in power station transfers and increased asset impairment losses, but maintains a strong position in the offshore wind sector and a leading layout in Europe, sustaining a "buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 27.158 billion yuan, a year-on-year decrease of 3.43%, and a net profit attributable to shareholders of 346 million yuan, down 8.12% year-on-year [1] - In Q4, the company reported revenue of 6.922 billion yuan, with year-on-year and quarter-on-quarter declines of 1.29% and 17.99% respectively, and a net profit of -462 million yuan, indicating a shift from profit to loss [1] - For Q1 2025, the company recorded revenue of 7.704 billion yuan, reflecting a year-on-year increase of 51.78% and a quarter-on-quarter increase of 11.30%, with a net profit of 302 million yuan, showing a year-on-year decrease of 0.70% but a significant quarter-on-quarter increase of 165.33% [2] Group 2: Market Outlook - The government has emphasized the development of offshore wind power and identified deep-sea technology as a strategic emerging industry, which is expected to support high growth in installed capacity [2] - The company is well-positioned as a domestic leader in offshore wind, with a strong order backlog expected to be gradually delivered, enhancing profitability through effective cost control and improved operational efficiency [2] - In Europe, increased policy support for offshore wind is anticipated to drive significant growth in installed capacity, with a forecast of 11.8 GW of new installations by 2030, corresponding to a CAGR of 28.6% from 2025 to 2030 [3] Group 3: Profit Forecast and Valuation - Due to potential impacts from new energy market entry and reduced grid electricity prices, the company has adjusted its assumptions for electricity prices and gross margins, leading to a downward revision of net profit forecasts for 2025-2027 [4] - The projected net profits for 2025, 2026, and 2027 are 2.206 billion yuan, 3.130 billion yuan, and 3.992 billion yuan, respectively, with reductions of 13.5% and 10.6% for 2025 and 2026 [4] - The company is assigned a target price of 13.58 yuan based on a 14x PE ratio for 2025, reflecting its solid leadership in offshore wind and advantageous positioning in the European market [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [3][10]. Core Views - The company reported a revenue of 27.2 billion RMB in 2024, a decrease of 3.4% year-on-year, and a net profit attributable to shareholders of 346 million RMB, down 8.1% year-on-year. However, in Q1 2025, the company achieved a revenue of 7.7 billion RMB, reflecting a growth of 51.8% year-on-year, with a net profit of 300 million RMB, a slight decrease of 0.7% year-on-year [2][3]. - The wind turbine manufacturing and power generation business faced profitability pressure, while the sale of power plants continued to grow. In 2024, revenue from wind turbines and related components was 20.83 billion RMB, down 12.4% year-on-year, with a gross margin of -0.46%. The power generation revenue increased by 15.4%, but the gross margin decreased by 5.86 percentage points to 57.1% [2][3]. - The company is expected to see a gradual recovery in profitability as projects in Guangdong begin construction, and the market for offshore wind continues to improve [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 27.2 billion RMB, a decline of 3.4% year-on-year, and a net profit of 346 million RMB, down 8.1% year-on-year. In Q1 2025, revenue was 7.7 billion RMB, up 51.8% year-on-year, with a net profit of 300 million RMB, down 0.7% year-on-year [2]. Operational Analysis - Wind turbine and related component sales generated 20.83 billion RMB in revenue, down 12.4% year-on-year, with a gross margin of -0.46%. Power generation revenue grew by 15.4%, but the gross margin decreased to 57.1%. The sale of power plants increased by 34.2% year-on-year, with a gross margin of 43.2% [2][3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.18 billion RMB, 2.68 billion RMB, and 3.21 billion RMB, respectively, with corresponding P/E ratios of 11, 9, and 7 [3][7].