Investment Rating - The report gives a "Buy" rating for the company, with a reasonable valuation range of 21.6-23.1 yuan, representing a 4%-9% premium over the current stock price [1][4] Core Views - The company is a leading domestic low-voltage electrical equipment and residential PV system provider, with steady revenue growth but a slight decline in profitability [1] - The low-voltage electrical equipment market is expected to grow steadily, with domestic market size reaching 910 billion yuan by 2025 [1] - Domestic brands are accelerating their replacement of foreign brands, with the company's market share increasing from 12.1% in 2011 to 14.8% in 2022 [1] - The residential PV market is growing steadily, with the company's subsidiary, Chint Aneng, maintaining a leading market share of 29% in 2023 [1] Company Overview - The company was founded in 1997 and listed on the Shanghai Stock Exchange in 2010, with main businesses in low-voltage electrical equipment and PV new energy [9] - The company's low-voltage electrical equipment business has a domestic market share of about 14.8%, making it the largest domestic supplier by sales volume [9] - The company's PV new energy business focuses on residential and centralized PV power station sales and operations, with a residential PV installation market share of nearly 30% in 2023 [9] Financial Performance - The company achieved revenue of 572.5 billion yuan in 2023, a year-on-year increase of 25%, and net profit attributable to shareholders of 3.69 billion yuan, a year-on-year decrease of 8% [1] - From 2020 to 2023, the company's revenue compound growth rate was 19.9%, while the compound growth rate of net profit attributable to shareholders after deducting non-recurring gains and losses was -1.1% [1] - In the first quarter of 2024, the company achieved revenue of 15.92 billion yuan, a year-on-year increase of 21.7%, and net profit attributable to shareholders of 2.99 billion yuan, a year-on-year decrease of 6.3% [1] Low-Voltage Electrical Equipment Business - The low-voltage electrical equipment market is expected to grow steadily, with domestic market size reaching 910 billion yuan by 2025 [1] - Domestic brands are accelerating their replacement of foreign brands, with the company's market share increasing from 12.1% in 2011 to 14.8% in 2022 [1] - The company's low-voltage electrical equipment business achieved revenue of 20.14 billion yuan in 2023, a year-on-year increase of 3.1%, accounting for 35.2% of total revenue [16] Residential PV Business - The residential PV market is growing steadily, with the company's subsidiary, Chint Aneng, maintaining a leading market share of 29% in 2023 [1] - The company's PV business achieved revenue of 36.6 billion yuan in 2023, a year-on-year increase of 42.7%, accounting for 63.9% of total revenue [16] - The company's PV business contributed 6.75 billion yuan in gross profit in 2023, accounting for 54.4% of total gross profit [16] Global Expansion - The company has established a global business architecture system with regional headquarters and localized subsidiaries as the core [46] - As of the end of 2023, the company's overseas subsidiaries had accumulated more than 30 localized companies, with over 2,000 active channels and project customers globally [46] - In 2023, the company's overseas subsidiary, Chint International, achieved revenue of 4.47 billion yuan, a year-on-year increase of 18.7% [47] Future Outlook - The company is expected to achieve revenue of 70.63 billion yuan, 75.14 billion yuan, and 79.11 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.4%, 6.4%, and 5.3% [1] - The company is expected to achieve net profit attributable to shareholders of 4.72 billion yuan, 5.39 billion yuan, and 5.64 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28.2%, 14.1%, and 4.6% [1]

证券代码：601877 证券简称：正泰电器 公告编号：临2024-024 浙江正泰电器股份有限公司 第九届监事会第二十二次会议决议公告 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"）第九届监事会第二十二次会议于 2024 年 5 月 17 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《关于为参股公司提供担保的议案》 会议以 3 票同意，0 票反对，0 票弃权审议通过了《关于为参股公司提供担保的议案》， 同意公司控股子公司正泰安能数字能源（浙江）股份有限公司（以下简称"正泰安能"）以 18%的出资比例为其参股公司浙江福来泰新能源有限公司下属 12 家全资项目公司向兴业银 行股份有限公司嘉兴分行申请人民币 10,539.90 万元项目借款提供担保，担保额度为 1,897.18 万元。 该 ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-028 浙江正泰电器股份有限公司 | 序号 | 议案名称 | | --- | --- | | 8 | 《关于 2024 年度预计向关联方采购光伏组件的议案》 | 取消原因说明：公司为进一步优化公司供应链管理体系、更好地应对上游产品价格波动， 预计 2024 年度向关联方采购光伏组件金额为 30 亿元。 关于调整公司 2023 年年度股东大会议案的公告 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。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2023 年年度股东大会 2. 原股东大会召开日期：2024 年 5 月 31 日 3. 原股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601877 | 正泰电器 | 2024/5/27 | 二、 调整议案涉及的具体内容和原因 （一）取消议案名称 （二）增加临时提案说明 1.提案人：正泰集团股份有限公司 2 ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-023 浙江正泰电器股份有限公司 第九届董事会第二十五次会议决议公告 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"）第九届董事会第二十五次会议于 2024 年 5 月 17 日以通讯方式召开。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： 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《关于为参股 公司提供担保的公告》。 三、审议通过《关于 2024 年度向关联方采购光伏组件预计金额的议案》 会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于 2024 年度向关联方采购光伏 组件预计金额的议案》，同意 2024 年度公司及控股子公司（包括但不限于正泰安能及其子 公司、浙江正泰新能源开发有限公司（以下简称"正泰新能源"）及其子公司及公司其他控 股子公司 ...

一、对《关于 2024 年度向关联方采购光伏组件预计金额的议案》的审核意见 公司基于进一步优化公司供应链管理体系、更好地应对上游产品价格波动确定本次预计金 额，具有合理性；本次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，该交易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 司第九届董事会第二十五次会议审议，审议该议案时关联董事需回避表决。 浙江正泰电器股份有限公司 第九届董事会 2024 年第二次独立董事专门会议审核意见 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》等有关法律法规和 《浙江正泰电器股份有限公司章程》、《浙江正泰电器股份有限公司独立董事制度》的有关规定， 浙江正泰电器股份有限公司（以下简称"公司")独立董事于 2024 年 5 月 17 日召开第九届董事 会 2024 年第二次独立董事专门会议，基于独立判断立场，本着认真、严谨、负责的态度，就本 次会议的事项发表审核意见如下： 独立董事：黄沈箭、彭溆、刘裕龙 二〇二四年五月十七日 1 ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-027 浙江正泰电器股份有限公司 关于 2024 年度向关联方采购光伏组件预计金额的公告 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： ● 是否需要提交股东大会审议：本议案尚需提交公司股东大会审议。 ● 对本公司的影响：本次向关联方采购光伏组件预计金额的确定有助于进一步优化公 司供应链管理体系、更好地应对上游产品价格波动。该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、关联交易基本情况 2024 年 5 月 17 日，公司召开第九届董事会 2024 年第二次独立董事专门会议，审议通 过《关于 2024 年度向关联方采购光伏组件预计金额的议案》，认为：公司基于进一步优化 公司供应链管理体系、更好地应对上游产品价格波动确定本次预计金额，具有合理性；本次 1 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 ...

浙江正泰电器股份有限公司 关于 2024 年度对外捐赠额度预计的公告 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 5 月 17 日召开第九届董事 会第二十五次会议审议通过了《关于 2024 年度对外捐赠额度预计的议案》，同意公司及公司 并表范围内子公司预计 2024 年度对外捐赠额度合计不超过人民币 3,600 万元，捐赠于各类 社会公益、慈善事业，该议案尚需提交公司股东大会审议批准。董事会提请股东大会授权公 司管理层在上述额度范围内负责相关对外捐赠事项的具体实施，本次对外捐赠额度有效期自 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会召开之日止。 一、对外捐赠概述 公司长期聚焦智慧电器、绿色能源等高社会附加值产业发展，多年来积极承担社会责任， 助力巩固脱贫攻坚成果及生态文明建设。为更好地支持社会公益事业，切实履行企业社会责 任，公司及公司并表范围内子公司预计 2024 年度对外捐赠额度合计不超过人民币 3,600 万 元，捐赠于各类社会公益 ...

关于为参股公司提供担保的公告 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： ● 担保人：浙江正泰电器股份有限公司（以下简称"公司"或"正泰电器"）控股子公 司正泰安能数字能源（浙江）股份有限公司（以下简称"正泰安能"）。 ● 被担保人：正泰安能参股公司浙江福来泰新能源有限公司（以下简称"浙江福来泰"） 下属 12 家全资项目公司。 股票代码：601877 股票简称：正泰电器 公告编号：临 2024-026 浙江正泰电器股份有限公司 ● 本次新增担保金额预计不超过人民币 1,897.18 万元。 ● 公司不存在对外担保逾期的情形。 ● 截至本公告披露日，公司及子公司对外担保总额超过公司最近一期经审计净资产的 50%，主要为对公司全资或控股子公司及其下属企业的担保，均在经公司股东大会审议通过 的授权担保额度范围内，敬请投资者注意相关风险。 一、担保情况概述 公司控股子公司正泰安能通过其全资子公司浙江泰舟新能源有限公司（以下简称"浙江 泰舟"）持有浙江福来泰 18%股权，福莱特玻璃集团股份有限公司（以下简称"福莱特 ...

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 20.55 and a sector rating of "Outperform" [1] Core Views - The company reported a year-on-year revenue increase of 24.53% in 2023, reaching RMB 57.25 billion, but the net profit attributable to shareholders decreased by 8.27% to RMB 3.69 billion [4][6] - The first quarter of 2024 saw a 10.06% decline in net profit to RMB 1.08 billion, although it represented a 55.49% increase compared to the previous quarter [4][7] - The low-voltage electrical equipment segment continues to grow, with revenue of RMB 20.14 billion in 2023, up 7.84% year-on-year, and an increase in gross margin by 1.85 percentage points to 28.04% [4][6] - The household photovoltaic business experienced rapid growth, with revenue from photovoltaic power station contracting reaching RMB 27.30 billion, a 126.86% increase year-on-year, and a market share of 29% in new installations [4][6] - The company is enhancing its global presence, with over 30 localized subsidiaries and a 65% localization rate, achieving international revenue of RMB 4.47 billion, a 16% increase [4][6] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of RMB 57.25 billion, with a net profit of RMB 3.69 billion, reflecting an 8.27% decrease [4][6] - The first quarter of 2024 reported a net profit of RMB 1.08 billion, down 10.06% year-on-year but up 55.49% quarter-on-quarter [4][7] Business Segments - The low-voltage electrical segment generated RMB 20.14 billion in revenue, growing 7.84% year-on-year, with a gross margin of 28.04% [4][6] - The household photovoltaic segment saw a revenue increase of 126.86% to RMB 27.30 billion, with a significant market share in new installations [4][6] Global Expansion - The company has established over 30 localized subsidiaries, achieving a 65% localization rate, and reported international revenue growth of 16% [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 57.251 billion yuan in 2023, a year-on-year increase of 24.53%, while the net profit attributable to shareholders was 3.686 billion yuan, a decrease of 8.38% [2] - The company continues to lead the market in household photovoltaic installations, with a market share of approximately 29% in new installations in China [2] - The inverter and energy storage business has seen significant growth, with sales increasing by 60.67% year-on-year [2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 57.251 billion yuan, up 24.53% from the previous year, and a net profit of 3.686 billion yuan, down 8.38% [2][3] - For Q1 2024, the company achieved a revenue of 15.917 billion yuan, a growth of 1.12%, and a net profit of 1.081 billion yuan, a decline of 10.06% [2] Business Segments - The household photovoltaic segment added over 12 GW of new installations in 2023, maintaining the leading market position with a revenue increase of 38.11% to 36.605 billion yuan [2] - The low-voltage electrical business saw a revenue growth of 7.84% to 20.139 billion yuan, with an international revenue increase of 16% to 4.469 billion yuan [2] - The inverter and energy storage business generated a revenue of 1.253 billion yuan, up 37.12%, with a focus on North America and Korea [2] Future Outlook - The company expects net profits to be 4.413 billion yuan, 5.050 billion yuan, and 5.381 billion yuan for 2024, 2025, and 2026 respectively, reflecting a cautious adjustment in profit forecasts [2] - The photovoltaic industry remains robust, with expectations for further market share growth in household photovoltaic installations and contributions from the inverter and energy storage business [2]