致：浙江正泰电器股份有限公司 北京市金杜律师事务所（以下简称本所）接受浙江正泰电器股份有限公司（以 下简称公司）委托，根据《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》）、中国证券监督管理委员会《上市公 司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民共和 国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政 区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和 规范性文件和现行有效的《浙江正泰电器股份有限公司章程》（以下简称《公司章 程》）有关规定，指派律师出席了公司于 2024 年 9 月 9 日召开的 2024 年第二次 临时股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律 意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第二次临时股东大会审议通过的《公司章程》； 2. 公司于 2024 年 8 月 16 日刊登于巨潮资讯网及上海证券交易所网站的《浙 江正泰电器股份有限公司第九届董事会第二十七次会议决议公告》《浙江正泰 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected net profit of 44.13 billion, 50.50 billion, and 53.81 billion for the years 2024 to 2026 respectively, indicating a current price-to-earnings (P/E) ratio of 9 times for 2024 [2]. Core Insights - The low-voltage electrical business is steadily growing, while the sales of energy storage and inverters continue to gain momentum. The company has optimized its distribution channels in key domestic markets and expanded its presence in emerging markets [1][3]. - The photovoltaic segment, particularly the household solar business, is expected to further increase its market share, contributing to overall revenue growth [2]. - The company has achieved significant growth in its installed photovoltaic capacity, reaching 19.70 GW, a year-on-year increase of 50.93%, with household stations accounting for 17.38 GW, up 55.33% [1]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 289.88 billion, a year-on-year increase of 4.08%, and a net profit of 19.22 billion, up 0.97%. In Q2 2024, revenue reached 130.71 billion, growing by 7.94%, with net profit increasing by 19.85% to 8.41 billion [1]. - The low-voltage electrical products generated revenue of 114.87 billion in H1 2024, with a gross margin increase of 2.28 percentage points to 29.41% [1]. Business Segments - The subsidiary focusing on household photovoltaic systems, Zhengtai Aneng, achieved revenue of 128.03 billion in H1 2024, with a net profit of 12.69 billion, reflecting a growth of 5.57% [1]. - The energy storage and inverter sales business generated revenue of 6.95 billion in H1 2024, marking a year-on-year increase of 17.96%, with a gross margin improvement of 4.14 percentage points to 39.39% [1]. Market Position - The company has successfully added over 30 new distributors and wholesalers in overseas markets, enhancing its market share in emerging markets and entering the shortlist of over 10 leading new energy developers [1]. - The report highlights the ongoing high demand in the photovoltaic industry, with expectations for continued growth in the inverter and energy storage sectors, driven by the carbon neutrality initiative [2].

浙江正泰电器股份有限公司 601877 2024 年第二次临时股东大会会议资料 二〇二四年九月九日 2024 年第二次临时股东大会会议资料 浙江正泰电器股份有限公司 2024 年第二次临时股东大会现场会议议程 | 非累积投票议案 | | | --- | --- | | 序号 1 | 议案名称 《关于为参股公司提供担保的议案》 | 1 一、 报告出席现场会议的股东及代理人人数、代表股份总数 二、 介绍应邀到会的来宾 三、 宣读《关于监票人和计票人的提名》，并对提名进行举手表决 四、 听取并审议公司议案 五、 股东逐项审议并填写表决票，股东及代理人若需质询，经大会主持人同意 可进行发言 六、 计票人、监票人和工作人员统计现场表决情况 七、 会议主持人宣布现场会议表决结果 2024 年第二次临时股东大会会议资料 浙江正泰电器股份有限公司 2024 年第二次临时股东大会会议须知 一、 会议召开情况 (一) 会议召开方式： 1、 为便于本公司股东行使表决权，保护投资者特别是社会公众投资者的合 法权益，本次会议采取现场投票、网络投票相结合的方式，社会公众股东可以在 交易时间内通过上海证券交易所股东大会网络投票系统行使表决 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 21.77 [6][7] Core Views - The company achieved a revenue of RMB 28.988 billion in H1 2024, representing a year-on-year increase of 4.08%, and a net profit attributable to shareholders of RMB 1.922 billion, up 0.97% year-on-year. The company is expected to benefit from the "whole county promotion" policy and the decline in photovoltaic product prices, leading to rapid growth in its distributed business [1] - The report forecasts net profits for the company to be RMB 4.554 billion, RMB 5.505 billion, and RMB 6.812 billion for the years 2024, 2025, and 2026 respectively [1] - The company’s photovoltaic business revenue reached RMB 17.379 billion in H1 2024, with a gross margin of 22.41%, reflecting a year-on-year increase of 4.14 percentage points [3] - The low-voltage electrical business also showed steady growth, with revenue of RMB 11.487 billion in H1 2024, a year-on-year increase of 1.70% and a gross margin of 29.41%, up 2.28 percentage points [4] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of RMB 13.071 billion, a year-on-year increase of 7.94%, and a net profit of RMB 841 million, up 19.85% year-on-year. The gross margin improved to 28.27%, reflecting an increase of 4.63 percentage points year-on-year [2] - The overall expense ratios remained stable, with the total expense ratio at 14.85% [2] Photovoltaic Business - The company’s photovoltaic business saw revenue of RMB 17.379 billion in H1 2024, with a gross margin of 22.41%. The installed capacity exceeded 6GW, and the operational scale of photovoltaic power stations reached 19.70GW, a year-on-year increase of 45.39% [3] - The company is expanding its household photovoltaic business overseas and has launched the PVSTAR brand and self-developed software platform [3] Low-Voltage Electrical Business - The low-voltage electrical business achieved revenue of RMB 11.487 billion in H1 2024, with a gross margin of 29.41%. The company is enhancing its global presence, particularly in markets like Saudi Arabia and Mexico [4]

正泰电器（601877.SH）2024 年半年报点评 24H1 盈利水平良好，低压持续深耕细作 2024 年 09 月 02 日 ➢ 事件：2024 年 8 月 30 日，公司发布 2024 年半年报。公司 24H1 实现收 入 289.88 亿元，同比增长 4.08%；实现归母净利润 19.22 亿元，同比增长 0.97%。 24Q2 单季度，公司实现收入 130.71 亿元，同比增长 7.94%；实现归母净利润 8.41 亿元，同比增长 19.85%。 24H1 分业务情况，低压板块实现收入 113.03 亿元，同比增长 2%。光伏板块实 现收入 161.64 亿元，同比基本持平，其中光伏电站开发运营 36.17 亿元，同比 增长 33%；光伏电站销售及工程承包 118.52 亿元，同比下降 6%；储能与逆变 器销售 6.95 亿元，同比增长 18%。 盈利&费用端：公司 24H1 实现毛利率 25.35%，同比提升 3.06pcts，实现净利 率 8.75%，同比下降 0.32pct。24H1 期间费用率为 12.94%，同比提升 2.06pcts。 ➢ 低压电器：中国区深化渠道&挖掘行业需求，国际聚焦 ...

Financial Performance - The company reported a total revenue of 1.5 billion CNY for the first half of 2024, representing a year-on-year increase of 12%[1]. - The net profit attributable to shareholders reached 300 million CNY, up 15% compared to the same period last year[1]. - The company's operating revenue for the first half of 2024 reached ¥28,987,806,087.55, an increase of 4.08% compared to ¥27,850,197,632.79 in the same period last year[15]. - Net profit attributable to shareholders was ¥1,922,083,841.92, reflecting a slight increase of 0.97% from ¥1,903,635,788.31 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥1,909,496,258.12, up 3.61% from ¥1,843,026,924.11 in the previous year[15]. - The net cash flow from operating activities was ¥4,590,943,328.48, a significant recovery from a negative cash flow of ¥670,838,829.45 in the same period last year[15]. - The company has set a performance guidance for the second half of 2024, projecting a revenue growth of 10% to 15%[1]. - The company reported a net profit of 12.6 million yuan from non-recurring gains after tax adjustments[19]. - The company achieved a net profit of CNY 1,304,329,818.59 for the first half of 2024, compared to a profit of CNY 911,398,775.95 in the same period last year, reflecting a growth of approximately 43.3%[149]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[1]. - The company continues to focus on expanding its market presence and enhancing product development strategies[15]. - The company is focusing on expanding its photovoltaic new energy business globally, supported by strong market demand[24]. - The company has established a comprehensive sales network, focusing on provincial capitals and supporting county-level points, enhancing its market development capabilities[27]. - The company has successfully added over 30 new distributors and wholesalers, and entered the shortlist of more than 10 leading new energy developers, winning strategic projects exceeding 1 billion yuan[42]. - The company has established partnerships with influential channels in emerging markets such as Brazil, Ukraine, Pakistan, and the UK, enhancing market penetration[58]. Research and Development - Research and development expenses increased by 10%, totaling 150 million CNY, focusing on renewable energy technologies[1]. - R&D investment increased by approximately 13% year-on-year, focusing on power, new energy, industrial applications, and 5G communication technologies[44]. - The company has established partnerships with renowned universities like Tsinghua University and Zhejiang University to enhance its R&D capabilities, resulting in over 400 patent applications, including 103 invention patents[46]. - The company has a strong focus on research and development, continuously increasing investment in scientific research to lead the industry into a new era of intelligent manufacturing[28]. Environmental and Social Responsibility - The company has committed to achieving operational carbon neutrality by 2028 and net-zero carbon emissions by 2035, with a complete value chain net-zero target by 2050[89]. - The company has actively engaged in poverty alleviation through solar energy projects, with an estimated annual income of approximately CNY 10,000 per household from a 20 kW home solar station investment[91]. - The company has donated approximately CNY 1.8 million through its "One Kilowatt" charity fund for educational support and rural revitalization projects in various provinces[92]. - The company has implemented measures to reduce noise pollution and ensure compliance with noise emission standards[82]. Financial Position and Assets - Total assets increased by 8.22% to ¥130,735,689,914.15 from ¥120,804,656,034.59 at the end of the previous year[15]. - The total liabilities reached RMB 82.60 billion, up from RMB 74.30 billion, which is an increase of about 11.00%[126]. - The company's cash and cash equivalents decreased to RMB 10.78 billion from RMB 12.09 billion, a decline of approximately 10.87%[124]. - The total equity attributable to shareholders increased to RMB 40.18 billion from RMB 39.09 billion, reflecting a growth of approximately 2.78%[126]. Risk Management - Detailed risk factors, including industry and market risks, have been disclosed in the management discussion section[2]. - The company faces risks from raw material price fluctuations, which significantly impact production costs, and is taking measures to mitigate these risks[74]. - The company has established a risk management framework to ensure the safety of loans provided to individuals for household photovoltaic installations[110]. Corporate Governance - The company has committed to avoiding any form of competition with its main business, ensuring that its controlling shareholders and subsidiaries do not engage in competing activities within China and abroad[93]. - The company has established a long-term commitment to maintain the independence and proper operation of Tongrun Equipment, ensuring no improper interference occurs[96]. - The company has not reported any non-operating fund occupation or guarantee violations during the reporting period[96]. Product Development - New product launches include a smart energy management system, expected to generate an additional 200 million CNY in revenue in the next fiscal year[1]. - The company launched new high-performance products and technologies, including high-precision frame products and photovoltaic micro circuit breakers, enhancing its offerings in various sectors such as renewable energy and data centers[45]. - The company has launched the N5P series new products, which meet the high demands of the power system for high voltage and high performance[24]. Financial Transactions and Investments - The company conducted futures hedging with a trading limit of up to 300 million RMB, generating a profit of 44.04 million RMB during the reporting period[69]. - The company invested 21.6 million RMB in Suzhou Hengyun Sheng New Energy Technology Co., acquiring an 18% stake, focusing on distributed photovoltaic power generation projects[67]. - The company has a loan amount of 42.20 million RMB from Zhengtai Group Financial Co., Ltd., with an interest rate range of 3.05%-3.35% and a current balance of 11.50 million RMB[101]. Compliance and Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[158]. - The company confirms that its financial statements comply with the requirements of enterprise accounting standards, reflecting its financial status accurately[160]. - The company has not reported any changes in the number of restricted shares during the reporting period[121].

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-047 浙江正泰电器股份有限公司 关于 2024 年半年度光伏电站经营数据的公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露：第九号—光伏》 的要求，现将浙江正泰电器股份有限公司（以下简称"公司"）2024 年半年度光伏电站经 营数据（未经审计）披露如下： 公司积极践行双碳目标，在智慧电力能效和新能源产业不断深耕，新能源业务保持稳健 发展态势。截至 2024 年 6 月 30 日，公司持有光伏电站装机容量 19,704 兆瓦，其中户用光 伏电站装机容量 17,375 兆瓦，比去年同期有较大增长。 | 区域 | 装机容量 | 发电量（万 | 上网电量（万 | 结算电量（万 | 上网电价（元 | 电费收入 | | --- | --- | --- | --- | --- | --- | --- | | | （MW） | 千瓦时） | 千瓦时） | 千瓦时） | /千瓦时） | （万元） | | 集 ...

证券代码：601877 证券简称：正泰电器 公告编号：临2024-046 浙江正泰电器股份有限公司 第九届监事会第二十四次会议决议公告 本公司监事会及全体监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。 浙江正泰电器股份有限公司（以下简称"公司"）第九届监事会第二十四次会议于 2024 年 8 月 29 日在公司召开。会议应出席监事 3 名，实际出席监事 3 名，监事出席人数符合《中 华人民共和国公司法》等相关法律法规、部门规章、规范性文件及《浙江正泰电器股份有限 公司章程》的规定。会议由监事会主席吴炳池先生主持，审议通过以下议案： 一、审议通过《关于公司 2024 年半年度报告及摘要的议案》 会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于公司 2024 年半年度报告及摘 要的议案》。 监事会对公司董事会编制的 2024 年半年度报告及摘要提出如下审核意见：公司 2024 年 半年度报告的编制和审议程序符合法律、法规、公司章程和公司内部管理制度的各项规定； 公司 2024 年半年度报告的内容和格式符合中国证监会和上海证券交易所的各项 ...

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： 是否需要提交股东大会审议：本议案已经公司第九届董事会第二十八次会议审议通 过，无需提交公司股东大会审议。 证券代码：601877 证券简称：正泰电器 公告编号：临 2024-048 浙江正泰电器股份有限公司 关于新增日常关联交易预计的公告 对本公司的影响：本次日常关联交易坚持市场化、公平自愿原则，符合公司经营发 展需要，不存在损害公司和股东尤其是中小股东利益的情形，不会影响公司的独立性，不会 因此形成对关联方的依赖。 一、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会审议情况 2024 年 8 月 29 日，浙江正泰电器股份有限公司（以下简称"公司"或"本公司"）召 开第九届董事会第二十八次会议审议通过了《关于新增日常关联交易预计的议案》，同意公 司及控股子公司 2024 年度与正泰新能科技股份有限公司（以下简称"正泰新能"）及其控股 子公司新增日常关联交易额度不超过2.2亿元。公司董事会审议本事项时，关联董事南存辉、 朱信敏、陈国良、张智寰 ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-045 浙江正泰电器股份有限公司 第九届董事会第二十八次会议决议公告 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。 浙江正泰电器股份有限公司（以下简称"公司"）第九届董事会第二十八次会议于 2024 年 8 月 29 日在杭州召开。应参加本次会议表决的董事 9 名，收到有效表决票 9 张，符合《中 华人民共和国公司法》及《浙江正泰电器股份有限公司章程》的规定，本次会议合法有效。 经表决通过了以下议案： 一、审议通过《关于公司 2024 年半年度报告及摘要的议案》 会议以 9 票同意，0 票反对，0 票弃权，审议通过了《关于公司 2024 年半年度报告及摘 要的议案》，同意公司 2024 年半年度报告及摘要内容。 具体内容详见公司同日发布于上海证券交易所网站（www.sse.com.cn）的《2024 年半年 度报告》及摘要。 二、审议通过《关于正泰集团财务有限公司风险持续评估报告的议案》 会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于正泰集团财 ...