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]

Investment Rating - The report maintains a "Recommend" rating for the company [1][2] Core Views - The company achieved revenue of 57.221 billion yuan in 2023, a year-on-year increase of 24.53%, while net profit attributable to the parent company was 3.686 billion yuan, a year-on-year decrease of 8.27% [1] - In Q1 2024, the company achieved revenue of 15.917 billion yuan, a year-on-year increase of 1.12%, and net profit attributable to the parent company was 1.081 billion yuan, a year-on-year decrease of 10.06% [1] - The company's gross profit margin and net profit margin in 2023 were 21.97% and 8.64%, respectively, down 1.15pcts and 1.63pcts year-on-year [1] - The company's R&D expenses increased by 3.77% year-on-year to 1.179 billion yuan in 2023, driven by the launch of new intelligent products [1] - The company's residential photovoltaic business added over 12GW of installed capacity in 2023, accounting for approximately 29% of the national market share [1] - The company has accelerated its overseas layout, with over 30 localized subsidiaries and a localization rate of 65%, covering more than 140 countries [1] Financial Forecasts - The company's revenue is expected to reach 65.604 billion yuan, 73.488 billion yuan, and 82.438 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.6%, 12.0%, and 12.2% [1][2] - Net profit attributable to the parent company is forecasted to be 4.469 billion yuan, 5.136 billion yuan, and 5.851 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.2%, 14.9%, and 13.9% [1][2] - The company's PE ratio is expected to be 10X, 8X, and 7X in 2024, 2025, and 2026, respectively [1][2] Business Highlights - The company's low-voltage electrical business achieved a gross profit margin of 28.04% in 2023, up 1.85pcts year-on-year, while the photovoltaic business had a gross profit margin of 18.43%, down 2.13pcts year-on-year [1] - The company has delivered over 1.2 million residential photovoltaic power stations, providing nearly 24 billion kWh of green electricity annually and reducing CO2 emissions by over 19 million tons [1] - The company has established partnerships with global leaders such as Saudi Electricity Company (SEC) and RWE, and has built 2 new overseas factories, 3 regional headquarters, and 4 regional logistics centers [1]

Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5.5 CNY per 10 shares to all shareholders, pending approval at the 2023 annual general meeting[4]. - The cash dividend amount (including tax) for the year is CNY 1,181,932,936.80, which represents 32.06% of the net profit attributable to ordinary shareholders in the consolidated financial statements[164]. - The company did not propose a cash profit distribution plan despite having a positive profit available for distribution to shareholders[163]. Financial Performance - The company's operating revenue for 2023 reached CNY 57.25 billion, an increase of 24.53% compared to CNY 45.97 billion in 2022[20]. - Net profit attributable to shareholders was CNY 3.69 billion, a decrease of 8.27% from CNY 4.02 billion in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 3.83 billion, reflecting a 14.95% increase from CNY 3.33 billion in 2022[20]. - The company's total assets increased by 15.78% to CNY 120.80 billion, up from CNY 104.34 billion in 2022[20]. - The net cash flow from operating activities was CNY 4.14 billion, down 18.76% from CNY 5.10 billion in the previous year[20]. - Basic earnings per share decreased by 8.47% to CNY 1.73, compared to CNY 1.89 in 2022[21]. - The weighted average return on equity was 9.76%, a decrease of 2.19 percentage points from 11.95% in 2022[21]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[3]. - The financial report is signed and sealed by the company's responsible persons and the accounting firm, ensuring its authenticity[8]. - The company has not violated any decision-making procedures regarding external guarantees[6]. - The company emphasizes transparency in information disclosure, adhering to legal requirements and ensuring equal access to information for all shareholders[135]. - The audit committee held three meetings during the reporting period, reviewing key financial reports and internal control evaluations[153]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring governance and decision-making integrity[3]. - The company held 6 shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements, and maintaining open communication channels with shareholders[132]. - The board convened 14 meetings, with independent directors ensuring compliance and oversight, and three specialized committees effectively supporting decision-making processes[133]. - The supervisory board held 12 meetings, fulfilling its responsibilities to monitor the legality and compliance of the actions of directors and senior management[133]. Market and Industry Insights - The company has outlined potential industry and market risks in the report, emphasizing the need for investors to be aware of these risks[6]. - The company’s international business strategy focuses on localizing operations to strengthen brand influence globally[29]. - The company aims to optimize its asset structure through ongoing development of large-scale photovoltaic base projects[29]. - The domestic low-voltage electrical market size is expected to reach RMB 82.99 billion in 2023, indicating room for market share growth for leading companies[54]. - The inverter and energy storage markets are rapidly expanding, driven by the increasing demand for renewable energy solutions, with significant growth potential[57]. Research and Development - The company invested 1.179 billion yuan in R&D, with a total of over 8,000 patent applications and 6,000 authorized patents, reinforcing its position as an industry leader[41]. - The company launched over 1,330 domestic patent applications during the reporting period, including 369 invention patent applications[41]. - The company is focusing on enhancing its product offerings in photovoltaic materials and system components, although specific financial metrics were not provided[97]. Environmental and Social Responsibility - The company has established an environmental protection mechanism and invested CNY 3.73 million in environmental protection funds during the reporting period[167]. - The company has reduced carbon emissions by 13,491,829 tons through various carbon reduction measures, including the development of photovoltaic green power business, which generated approximately 1,621,614.05 million kWh in 2023[175]. - The company invested a total of 1,266.06 million yuan in social responsibility and public welfare projects during the reporting period[180]. Strategic Initiatives - The company is actively pursuing new strategies for market expansion and technological innovation in the renewable energy sector[98]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[95]. - The company is committed to building a regional smart energy ecosystem and providing comprehensive energy solutions to local governments and end-users[124]. Subsidiary and Investment Activities - The company completed the acquisition of a 24.99% stake in Tongrun Equipment for RMB 850 million, becoming its controlling shareholder[200]. - The company plans to increase its indirect stake in Zhengtai Energy to 64.13% through the acquisition of partnership shares for RMB 504 million[199]. - The company established 820 new subsidiaries and disposed of 114 project companies during the reporting period[74]. Risk Management - The company faces risks from market competition, raw material price fluctuations, and international market uncertainties, which may impact its operational performance[129]. - Rising labor costs and tight supply have pressured the company's cost control and supply capabilities, prompting a push towards smart manufacturing and digital recruitment and training initiatives[130]. Employee and Management Information - The total number of employees at the end of the reporting period was 36,505, including 23,528 production staff and 5,448 technical personnel[157]. - The company has a performance-based compensation policy aimed at attracting and retaining talent aligned with its strategic goals[158]. - The total remuneration for directors and senior management during the reporting period amounted to 3,388.36 million CNY[140].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 15,916,617,791.63, representing a year-on-year increase of 1.12%[5] - The net profit attributable to shareholders decreased by 10.06% to CNY 1,080,597,222.13 compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was CNY 1,032,409,836.58, down 4.98% year-on-year[5] - In Q1 2024, the company's net profit was CNY 1,370,401,199.12, a decrease of 11.8% compared to CNY 1,554,721,544.67 in Q1 2023[20] - The company's operating profit decreased to CNY 1,786,856,752.86, down from CNY 2,018,980,838.83, indicating a decline of 11.5%[20] - The company reported a total comprehensive income of CNY 1,308,776,053.83, a decrease from CNY 1,581,956,125.93 in the previous year[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 122,334,177,194.97, an increase of 1.27% from the end of the previous year[6] - Total assets as of March 31, 2024, amounted to CNY 122,334,177,194.97, compared to CNY 120,804,656,034.59 at the end of 2023, an increase of 1.26%[16] - Total liabilities decreased slightly to CNY 74,217,884,811.07 from CNY 74,298,268,931.86, a decrease of 0.11%[16] - The equity attributable to shareholders increased by 3.51% to CNY 40,463,366,832.05 compared to the end of the previous year[6] - Shareholders' equity increased to CNY 48,116,292,383.90 from CNY 46,506,387,102.73, reflecting an increase of 3.47%[17] Cash Flow - The cash flow from operating activities was negative at CNY -1,170,887,978.88, indicating a significant cash outflow[5] - The cash flow from operating activities showed a net outflow of CNY -1,170,887,978.88, compared to CNY -1,051,009,689.13 in Q1 2023[24] - The net cash flow from investing activities was -$774.91 million, an improvement from -$1.24 billion in Q1 2023[25] - The total cash inflow from financing activities was $2.22 billion, down from $3.91 billion in the same quarter last year[25] - Cash outflow from financing activities totaled $3.30 billion, compared to $5.98 billion in Q1 2023[25] - The net cash flow from financing activities was -$1.07 billion, an improvement from -$2.07 billion year-over-year[25] - The net decrease in cash and cash equivalents for the quarter was -$3.05 billion, compared to -$4.38 billion in the previous year[25] - The ending balance of cash and cash equivalents was $8.27 billion, down from $7.28 billion in Q1 2023[25] Operational Metrics - The basic earnings per share decreased by 8.93% to CNY 0.51[5] - The basic earnings per share for Q1 2024 was CNY 0.51, down from CNY 0.56 in Q1 2023[21] - The weighted average return on equity was 2.73%, a decrease of 0.52 percentage points[5] - The company reported a significant increase in accounts receivable financing by 144.04% due to increased use of discounted bills[10] - Total operating costs for Q1 2024 were CNY 14,165,004,475.66, up from CNY 13,888,895,987.41 in Q1 2023, reflecting an increase of 1.99%[19] - Accounts receivable increased to CNY 17,569,154,127.68 from CNY 14,329,189,919.79, representing a growth of 22.8%[15] - Inventory decreased to CNY 36,229,018,660.40 from CNY 37,943,634,229.42, a reduction of 4.5%[15] Expenses and Investments - Research and development expenses rose to CNY 275,989,250.98, up from CNY 240,221,777.14, reflecting a 14.9% increase year-over-year[20] - The financial expenses increased significantly to CNY 454,888,079.65, compared to CNY 277,727,126.34, marking a 63.8% rise[20] - The investment income decreased to CNY 81,027,106.84 from CNY 150,482,293.41, reflecting a decline of 46.1%[20] - The company received CNY 80,065,318.22 in tax refunds, an increase from CNY 65,105,874.62 in the previous year[24] - The company received $305.13 million from investment activities, significantly up from $46.05 million in the same quarter last year[25] Shareholder Actions - The company repurchased 21,304,500 shares, accounting for 0.99% of the total share capital as of March 31, 2024[13] - The company repaid $1.17 billion in debt during the quarter, a decrease from $5.29 billion in Q1 2023[25] Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2024[25]

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-021 浙江正泰电器股份有限公司 关于 2024 年第一季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 年第一季度光伏电站 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 3 月 31 日，公司持有光伏电站装机容量 16,733 兆瓦，其中户用光 伏电站装机容量 14,446 兆瓦，比去年同期有较大增长。 | | 装机容量 | 发电量（万 | 上网电量 | 结算电量（万千 | 上网电价 | 电费收入（万 | | --- | --- | --- | --- | --- | --- | --- | | 区域 | （MW） | 千瓦时） | （万千瓦 | 瓦时） | （元/千 | 元） | | | | ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-008 浙江正泰电器股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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。 1 （1）负责召集持有人会议； （2）代表全体持有人监督员工持股计划的日常管理； （3）代表全体持有人行使股东权利； 浙江正泰电器股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日以现场和通讯相 结合的方式召开了 2024 年员工持股计划第一次持有人会议，共计 82 名员工持股计划份额持 有人出席会议，代表员工持股计划份额 29,613.2550 万份，占公司员工持股计划总份额的 100.00%。会议由董事长南存辉先生召集主持，本次会议的召集、召开及表决程序符合《浙 江正泰电器股份有限公司 2024 年员工持股计划（草案）》、《浙江正泰电器股份有限公司 2024 年员工持股计划管理办法》的规定，本次会议审议通过了以下议案： 一、《关于设立员工持股计划管理委员会的议案》 参加表决的持有人以 29,613.2550 万 ...