证券代码：601615 证券简称：明阳智能 公告编号：2024-086 明阳智慧能源集团股份公司 第三届董事会第十三次会议决议公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、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。 明阳智慧能源集团股份公司（以下简称"公司"）第三届董事会第十三次会 议于 2024 年 9 月 27 日在公司总部大楼会议室以现场表决与通讯表决结合方式召 开。公司根据相关工作的安排，需要尽快召开董事会审议相关议案，根据《公司 法》《公司章程》和《董事会议事规则》的规定，"董事会通知时限为：会议召开 5 日前通知全体董事。但是，情况紧急，需要尽快召开董事会临时会议的，可以 随时通过电话或者其他口头方式发出会议通知，但召集人应当在会议上做出说 明"，本次会议于 2024 年 9 月 23 日以书面、电话、邮件等方式通知各位董事， 与会的各位董事已知悉与所议事项相关的必要信息。本次会议应到董事 11 人， 实到 10 人，董事张大伟先生因公务未出席。会议由公司董事长张传卫先生主持， 本次会议的召开符合《中华人民共和国公司法》《公司章程》和《董事会议事规 ...

Group 1: Investor Relations Activities - The company held an online performance briefing on September 27, 2024, attended by key executives including the Chairman and CEO, CFO, and independent directors [1] - The management team engaged in thorough communication with investors, adhering to regulations without disclosing any undisclosed significant information [1] Group 2: Dividend Policy and Competitors - The company maintains a stable annual dividend policy and aims to continue sharing development results with investors [3] - Major domestic and international competitors include Goldwind Technology, Mingyang Smart Energy, and Vestas [3] Group 3: Current Orders and Development - The company currently has over 40 GW of orders on hand, with smooth execution in the rolling development of new energy power stations [4] - The company plans to enhance manufacturing gross profit margins and accelerate the development pace of new energy stations [4] Group 4: Response to Extreme Weather - The company's offshore wind turbine models demonstrate strong typhoon resistance, maintaining stable operation during extreme weather [4] - Ongoing investments in R&D will further improve the company's equipment's ability to cope with and utilize extreme weather conditions [4] Group 5: Technological Advantages - The company is a pioneer in large-scale wind turbines and offshore wind energy, with advantages in product innovation, cost efficiency, and high power generation [5] - Key technologies include large-scale and lightweight turbine technology, offshore wind power technology, and ultra-long blade technology [6]

Financial Performance and Accounting - The sale of two wind farms, Kailu Mingyang and Naiman Banner Mingyang, was not completed in June, and their revenue was not recognized in the 2024 half-year report [4] - The company's accounts receivable stand at 14 billion, net profit at 600 million, and inventory at 10.7 billion, which are considered reasonable based on the company's scale and industry standards [5] - The company did not disclose the impact of estimated liabilities on the half-year gross margin, but detailed financial information is available in the half-year report [6] Market and Industry Trends - The national cumulative installed power generation capacity reached approximately 3.07 billion kilowatts by the end of June 2024, a 14.1% year-on-year increase, with wind power capacity at approximately 470 million kilowatts, up 19.9% [7] - Wind turbine bidding prices have stabilized, and the industry expects a recovery in wind power installation and project delivery in the third quarter, with offshore wind and overseas markets becoming new growth points [7] Strategic Development and Capital - The company is focusing on technological innovation and business model innovation to extend its value chain and transition into a comprehensive energy supplier [6] - The company will determine the need to introduce state-owned or foreign capital based on strategic and development needs, with specific information to be disclosed in company announcements [6] Operational Efficiency and Future Outlook - The company aims to improve operational efficiency, accelerate contract delivery, and reduce costs to enhance performance in the second half of 2024 [5] - The company is committed to reducing production costs and improving efficiency to create greater value for shareholders [5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a significant increase in contract liabilities, indicating a strong order backlog that is expected to drive delivery growth in the future [6][7]. - The company achieved approximately 11% year-on-year growth in revenue for the first half of 2024, reaching about 11.8 billion yuan, while net profit attributable to shareholders increased by 0.9% to approximately 660 million yuan [5][6]. - The company is actively expanding its domestic and international wind power orders, with new wind power orders of 9.73 GW in the first half of 2024, laying a foundation for future mass deliveries [7]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of approximately 11.8 billion yuan, a year-on-year increase of 11%. However, Q2 revenue was approximately 6.72 billion yuan, a decline of 15% year-on-year, primarily due to wind turbine price factors [5][6]. - The gross profit margin for H1 2024 was 19%, an increase of about 0.4 percentage points year-on-year, while the net profit margin was approximately 6%, showing a year-on-year decline [6]. - The company’s capital expenditure at the end of H1 2024 was about 3.1 billion yuan, indicating active wind farm construction [6]. Business Segments - Wind turbine and accessories sales reached 4.01 GW in H1 2024, a 16% increase year-on-year, generating revenue of about 7.9 billion yuan, although this was a decline due to pricing factors [6]. - The power generation business operated approximately 2.7 GW of installed capacity, generating about 2.735 billion kWh and revenue of approximately 975 million yuan, a 17% increase year-on-year [6]. - The wind farm construction business saw revenue of approximately 310 million yuan in H1 2024, a significant increase of 174% year-on-year [6]. Future Outlook - The domestic offshore wind installation is expected to grow year-on-year in 2024, with overseas offshore wind markets gradually recovering, potentially leading to explosive growth in installations in 2025 and 2026 [7]. - The company is projected to achieve a net profit of approximately 2.3 billion yuan in 2024, corresponding to a price-to-earnings ratio of about 8 times [7].

Group 1: Event Announcement - Mingyang Smart Energy Group Co., Ltd. will participate in the "2024 Guangdong Region Investor Relations Management Month Activity" [2] - The event will be held online on September 12, 2024, from 15:30 to 16:30 [2] - Investors can join the interaction via the "Panorama Roadshow" website [2] Group 2: Communication Focus - Senior management will discuss the 2024 semi-annual performance, corporate governance, development strategy, operational status, and sustainable development [2] - The company encourages active participation from investors during the event [2] Group 3: Legal Assurance - The board of directors guarantees the announcement's content is free from false records, misleading statements, or significant omissions [2] - The board assumes legal responsibility for the truthfulness, accuracy, and completeness of the content [2]

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：2024-004 | --- | --- | --- | |-------------------------|-----------------------------|-------------------------------------------------------------------------------------------------------------------| | | | | | | □ | 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） | | | | | 兴证全球基金、建信基金、华夏基金、中信证券、国泰君安、红杉 | | | | 中国、摩根士丹利亚洲、摩根基金管理、美国银行、博时基金、汇 | | 参与单位名称 及人员姓名 | | 丰晋信、汇添富基金、中国人寿资产管理、太平洋资产管理、平安 | | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Insights - The company achieved a revenue of 11.796 billion yuan in H1 2024, representing a year-on-year increase of 10.85%. The net profit attributable to shareholders was 661 million yuan, up 0.94% year-on-year [2]. - In Q2 2024, the company reported a revenue of 6.721 billion yuan, a decrease of 14.84% year-on-year but an increase of 32.42% quarter-on-quarter. The net profit for the same quarter was 356 million yuan, down 59.57% year-on-year but up 17.19% quarter-on-quarter [2]. - The company has a strong order backlog, with new wind turbine orders of 9.73 GW in H1 2024, a year-on-year increase of 28.4% [3]. Financial Performance - The company’s revenue is projected to be 31.188 billion yuan in 2024, with a growth rate of 11.9%. The net profit attributable to shareholders is expected to reach 2.288 billion yuan, reflecting a significant growth rate of 514.4% [5][9]. - The company’s gross profit margin for Q2 2024 was 17.28%, a decrease of 3.34 percentage points from the previous quarter [2]. Business Segments - Wind turbine and accessory sales generated 7.922 billion yuan in revenue in H1 2024, a decline of 16.2% year-on-year. However, the sales volume of wind turbines reached 4.01 GW, an increase of 16.2% [3]. - The power station operation segment reported revenue of 975 million yuan in H1 2024, a year-on-year increase of 17.0% [3]. Diversification Strategy - The company is advancing its diversified layout in wind, solar, and hydrogen energy. It has received approvals for the first public REITs for onshore wind power and the first public REITs for private enterprises in wind power during the reporting period [4].

Investment Rating - The report maintains a "Recommendation" rating for the company [2] Core Views - The company achieved a revenue of 11.796 billion yuan in the first half of 2024, representing a year-on-year increase of 10.85%, while the net profit attributable to shareholders was 661 million yuan, up 0.94% year-on-year [4] - The company has made significant progress in new product development and overseas expansion, with a notable increase in wind turbine sales and orders [5] - The company is accelerating the pace of power station transfers, with operational revenue from power stations reaching 975 million yuan, a year-on-year increase of 17.03% [7] Financial Performance - In Q2 2024, the company reported a revenue of 6.721 billion yuan, a decrease of 14.84% year-on-year, and a net profit of 356 million yuan, down 59.57% year-on-year [4] - Wind turbine sales reached 4.01 GW, a year-on-year increase of 16.09%, with new orders totaling 9.73 GW, up 28.36% year-on-year [5] - The company’s gross margin for wind turbine sales was 7.69%, a decrease of 6.56 percentage points year-on-year, primarily due to falling wind turbine prices [5] Business Development - The company has launched several large-scale wind turbine products, including the MySE18.X-20MW offshore wind turbine, which is the largest single-unit capacity offshore wind turbine globally [5] - The company has established a significant presence in the European offshore wind market, signing a memorandum of understanding with the Italian government and becoming the preferred supplier for a German offshore wind project [5] - The company’s operational capacity for renewable energy stations reached 2.71 GW, an increase of approximately 0.15 GW since the beginning of the year [7] Future Outlook - The company expects to see a significant increase in revenue and profit contributions from power station transfers in the second half of 2024 [7] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.282 billion, 3.440 billion, and 4.607 billion yuan, respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Views - The company reported a revenue of 11.8 billion RMB for the first half of 2024, a year-on-year increase of 11.7%, with a net profit attributable to shareholders of 661 million RMB, up 1.0% year-on-year [2]. - The sales volume of wind turbines increased by 16.2% year-on-year to 4.01 GW, but the sales revenue decreased by 16.2% due to a 27.9% drop in average selling price [2]. - The company’s gross margin improved significantly on a quarter-on-quarter basis, reaching 18.7%, benefiting from ongoing cost optimization and changes in revenue and product structure [2]. - The operational capacity of wind farms increased by 62.3% year-on-year to 2.71 GW, contributing to stable profits [2]. - The company signed two wind farm transfer contracts worth approximately 1.52 billion RMB, expected to enhance profitability in the second half of the year [2]. - The company is well-positioned to benefit from the acceleration of offshore wind installations as the "14th Five-Year Plan" period approaches its end, with significant demand expected to be released in the second half of this year and next year [2]. Summary by Sections Financial Performance - The company achieved a revenue of 11.8 billion RMB in H1 2024, with a net profit of 661 million RMB [2]. - Q2 revenue was 6.72 billion RMB, down 14.3% year-on-year, with a net profit of 356 million RMB, down 59.5% year-on-year [2]. - The overall gross margin for H1 2024 was 18.7%, showing a year-on-year stability and a quarter-on-quarter increase of 11.9 percentage points [2]. Operational Insights - Wind turbine sales volume increased to 4.01 GW, while the average selling price decreased to 1976 RMB/kW [2]. - The operational capacity of wind farms reached 2.71 GW, with operational revenue of 975 million RMB, a year-on-year increase of 17.1% [2]. - The company’s business model of "rolling development" for wind farms is contributing to stable profits [2]. Future Outlook - The company expects to benefit from the high certainty of offshore wind installations in the later stages of the "14th Five-Year Plan" [2]. - The company has a comprehensive product layout covering 3-16 MW power segments and is continuously developing larger offshore wind turbine models [2]. - Profit forecasts for 2024-2026 have been adjusted to 2.3 billion, 2.94 billion, and 3.47 billion RMB, respectively, with corresponding P/E ratios of 9, 7, and 6 [2].

明阳智慧能源集团股份公司 关于 2024 年半年度募集资金存放 与实际使用情况的专项报告 一、募集资金基本情况 3、截至2024年6月30日，北京洁源山东菏泽市单县东沟河一期（50MW）风 电项目承诺投资金额7,065.53万元，实际投资总额7,065.53万元。 (一) 实际募集资金金额、资金到位时间 公司经中国证券监督管理委员会证监许可[2020]1516号《关于核准明阳智慧 能源集团股份公司非公开发行股票的批复》核准,公司向特定投资者非公开发行 人民币普通股（A股）413,916,713股,每股发行价格14.02元。截至2020年10月26 日,公司实收本次非公开发行募集资金总额人民币580,311.23万元,扣除发行费 用3,106.50万元后，募集资金净额为577,204.73万元。 上述募集资金到位情况业经致同会计师事务所(特殊普通合伙)出具的致同 验字(2020)第110ZC00394号验资报告予以验证。 (二)以前年度已使用金额 截至 2023 年 12 月 31 日,非公开发行股票募集资金（2020 年）累计投入 445,986.12 万元,尚未使用金额为 131.218.61 万元。 (三 ...