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 ...

浙江正泰电器股份有限公司 第九届董事会 2024 年第三次独立董事专门会议审核意见 公司出具的《关于正泰集团财务有限公司 2024 年半年度风险持续评估报告》全面、真实地 反映了正泰集团财务有限公司（以下简称"正泰财务公司"）的内部控制、经营管理及风险管理 情况，其结论客观、公正。正泰财务公司业务范围、业务内容和流程、内部的风险控制等措施 都受到监管机构的严格监管，与公司之间的金融业务风险可控，不存在损害公司及股东特别是 中小股东利益的情形。我们同意将该事项提交公司第九届董事会第二十八次会议审议，审议该 议案时关联董事需回避表决。 二、对《关于新增日常关联交易预计的议案》的审核意见 公司日常关联交易为公司日常经营活动业务往来，交易公平、公正、公开，有利于公司业 务稳定发展，没有对公司独立性构成影响，没有侵害中小股东利益的行为和情况，符合中国证 监会、上海证券交易所和《公司章程》的有关规定。我们同意将该事项提交公司第九届董事会 第二十八次会议审议，审议该议案时关联董事需回避表决。 独立董事：黄沈箭、彭溆、刘裕龙 二〇二四年八月二十九日 根据《上海证券交易所股票上市规则》、《上市公司独立董事管理办法》等有关法律法 ...

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 ...

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2024-046 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 ...

浙江正泰电器股份有限公司 关于正泰集团财务有限公司 2024 年半年度风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的要求，浙 江正泰电器股份有限公司（以下简称"本公司"）通过查验正泰集团财务有限公司（以下简 称"正泰财务公司"）的《金融许可证》《企业法人营业执照》等资料，并查阅了包括资产 负债表、利润表、现金流量表等在内的正泰财务公司定期财务报告及其他相关资料，对其经 营资质、业务和风险状况进行了评估，具体情况报告如下： 一、正泰财务公司的基本情况 正泰财务公司于 2017 年 8 月 4 日经中国银行业监督管理委员会（现为"国家金融监督 管理总局"）批准筹建，并于 2017 年 12 月 22 日正式对外营业，地址位于浙江省温州市鹿 城区市府路 525 号同人恒玖大厦三楼 305 室，注册资本金 10 亿元人民币，股东单位 2 家， 其中正泰集团股份有限公司持股 51%，浙江正泰电器股份有限公司持股 49%。 截至 2024 年 6 月 30 日，正泰财务公司的经营范围为：许可项目：企业集团财务公司服 务（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体 ...

证券代码：601877 证券简称：正泰电器 公告编号：临2024-049 浙江正泰电器股份有限公司 关于 2024 年半年度计提资产减值准备的公告 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。 浙江正泰电器股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开第九届董事 会第二十八次会议，审议通过了《关于计提资产减值准备的议案》，现将具体情况公告如下： 一、本次计提资产减值准备情况概述 为客观反映公司 2024 年上半年的财务状况和经营成果，根据《企业会计准则》和公司 会计政策的相关规定，基于谨慎性原则，公司对资产负债表日存在减值迹象的相关资产进行 了减值测试，2024 年 1-6 月，公司拟计提资产减值准备合计人民币 48,241.36 万元，具体明 细如下： 单位:万元 | 项目 | 计提资产减值准备金额 | | --- | --- | | 应收账款坏账损失 | 15,224.12 | | 其他应收款坏账损失 | 15,055.51 | | 合同资产减值损失 | 3,068.87 | | 长期应收款坏账损 ...