Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company reported a significant year-on-year improvement in performance, with Q3 2024 revenue of 482 million yuan, a year-on-year increase of 39.45% and a net profit of 115 million yuan, up 70.27% year-on-year [2][6] - The improvement in performance is attributed to the gradual recovery of the downstream market since the 2024 Spring Festival, increased demand in emerging application areas, accelerated inventory digestion, and continuous improvement in sales [6] - The company is actively expanding into new fields such as AI computing servers and low-altitude economy, with products already applied in key components for drones and achieving large-scale sales [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.356 billion yuan, a year-on-year growth of 22.77%, and a net profit of 332 million yuan, up 54.59% year-on-year [6] - Q3 2024 gross margin was 38.04%, an increase of 7.91 percentage points year-on-year, while net margin was 23.59%, up 4.37 percentage points year-on-year [2][6] Future Projections - Revenue projections for 2024-2026 are 1.845 billion yuan, 2.289 billion yuan, and 2.796 billion yuan, with year-on-year growth rates of 24.97%, 24.03%, and 22.17% respectively [6][7] - Net profit projections for the same period are 457 million yuan, 564 million yuan, and 696 million yuan, with growth rates of 41.36%, 23.49%, and 23.43% respectively [6][7] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.10 yuan, 1.36 yuan, and 1.68 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 26, and 21 [7] - The current market capitalization is approximately 14.9 billion yuan, with a current price of 35.88 yuan per share [4]

Investment Rating - The report maintains a "Buy-A" rating for the company [2][4]. Core Views - The company has shown steady growth in performance, with a year-on-year revenue increase of 22.77% for the first three quarters of 2024, reaching 1.356 billion yuan, and a net profit increase of 54.59%, totaling 332 million yuan [2][3]. - The third quarter of 2024 saw a revenue of 482 million yuan, reflecting a year-on-year growth of 39.45% but a slight quarter-on-quarter decline of 3.91% due to weakened demand from downstream customers in the light storage sector [3][4]. - The gross margin for the first three quarters of 2024 was 36.58%, an increase of 6.17 percentage points year-on-year, while the net profit margin was 24.32%, up 5.14 percentage points year-on-year [3][4]. Financial Performance - The company forecasts revenues of 1.871 billion yuan, 2.346 billion yuan, and 2.864 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 452 million yuan, 570 million yuan, and 716 million yuan for the same years [4][7]. - The estimated P/E ratios for 2024, 2025, and 2026 are 31.3, 24.8, and 19.8 respectively, indicating a favorable valuation trend [4][7]. - The company has a projected EPS of 1.09 yuan for 2024, increasing to 1.72 yuan by 2026 [7][8]. Market Dynamics - The company is capitalizing on emerging market demands, particularly in AI computing and communication sectors, while also expanding its customer base in traditional industries such as automotive [4][3]. - The company has successfully integrated products into the AI computing server market, positioning itself to benefit from long-term growth in AI-related demands [4][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has achieved a quarter-on-quarter increase in gross margin for five consecutive quarters, with a gross margin of 38.04% in Q3 2024, reflecting a year-on-year increase of 7.9 percentage points [1]. - Revenue for Q3 2024 reached 482 million yuan, a year-on-year increase of 39.45%, while net profit attributable to the parent company was 115 million yuan, up 70.27% year-on-year [1]. - The automotive and AI computing sectors are experiencing accelerated growth, with significant deliveries to nearly 100 Tier 1 manufacturers and new customer acquisitions in the automotive sector [1]. - The company is optimistic about the expansion opportunities for its SGT MOS products and the long-term layout of its IC products, despite short-term pressures on the IGBT business due to weak photovoltaic demand [1]. Financial Forecasts - The company is expected to achieve net profits of 462 million yuan, 580 million yuan, and 665 million yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 43%, 26%, and 15% [1][2]. - The projected price-to-earnings ratios (PE) for 2024, 2025, and 2026 are 32, 25, and 22 times, respectively [1][2]. Revenue and Profitability - The company's revenue is forecasted to be 1.846 billion yuan in 2024, with a year-on-year growth of 25%, followed by 2.299 billion yuan in 2025 and 2.695 billion yuan in 2026 [2]. - The net profit for 2024 is projected at 462 million yuan, with a significant increase from 323 million yuan in 2023 [2]. Product and Market Development - The company has successfully delivered automotive-grade products to a growing number of clients, enhancing its market presence in the automotive sector [1]. - The SGT MOS product line is positioned to replace international competitors' products, with ongoing improvements in performance and certification for automotive applications [1].

证券代码：605111 证券简称：新洁能 公告编号：2024-052 无锡新洁能股份有限公司 关于闲置募集资金现金管理到期赎回的公告 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。 无锡新洁能股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开第四 届董事会第十七次会议和第四届监事会第十五次会议审议通过了《关于使用暂时 闲置的募集资金进行现金管理的议案》，同意公司在确保不影响募集资金项目开 展和使用计划的前提下，使用最高额度不超过 115,000 万元人民币的暂时闲置的 非公开发行募集资金进行现金管理，投资于安全性高、流动性好的投资产品，本 次公司使用非公开发行闲置募集资金购买投资产品的投资期限不超过 12 个月， 在前述期限内可由公司滚动使用，并于到期后归还至募集资金专户。公司使用闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于 使用暂时闲置的募集资金进行现金管理的公告》（公告编号：20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current stock price corresponding to PE valuations of 34x, 27x, and 22x for 2024, 2025, and 2026, respectively [1][7] Core Views - The company's 3Q24 revenue and net profit showed strong year-on-year growth, with total revenue reaching 1.356 billion yuan (+22.77% YoY) and net profit attributable to shareholders reaching 332 million yuan (+54.59% YoY) [1] - The company's profitability has been improving, with a gross margin of 38.04% in 3Q24, up 1.51 percentage points quarter-on-quarter, marking the fifth consecutive quarter of margin expansion [1] - Downstream market demand is recovering, and inventory turnover days decreased to 121.61 days in 3Q24, indicating improved sales performance [1] - The company is expected to achieve higher growth in automotive electronics and AI computing power through product platform upgrades and new product development [1] Financial Performance Summary Revenue and Profit - 1-3Q24 revenue: 1.356 billion yuan (+22.77% YoY) [1] - 1-3Q24 net profit attributable to shareholders: 332 million yuan (+54.59% YoY) [1] - 3Q24 revenue: 482 million yuan (+39.45% YoY, -3.91% QoQ) [1] - 3Q24 net profit attributable to shareholders: 70.27% YoY growth [1] Profitability - Gross margin in 3Q24: 38.04% (+1.51 ppts QoQ) [1] - Operating expenses: Sales and management expenses decreased by 19.27% and 20.55% YoY, respectively, while R&D expenses slightly decreased by 4.66% YoY [1] Forecast - Forecasted net profit for 2024-2026: 454 million yuan, 559 million yuan, and 692 million yuan, representing YoY growth of 41%, 23%, and 24%, respectively [1] - EPS for 2024-2026: 1.09 yuan, 1.35 yuan, and 1.67 yuan [1] Market and Industry Analysis - The company has successfully accelerated inventory digestion, with inventory turnover days decreasing to 121.61 days in 3Q24 [1] - Emerging application areas, such as automotive electronics and AI computing power, are expected to drive future growth [1] - The company has maintained a differentiated strategy, focusing on mid-to-high-end markets, which has contributed to its strong performance [1]

销售的产品主要还是以这个中低压的MOS对应的比较多所以这是光速市场我们就是觉得现在呢整体的可能就是说不像以前那么强但是他现在稳定下来了后面那个预期呢我们是持有就是逐步的一个能够逐步向上的一个乐观预期吧然后接着就是我们的一个汽车电子汽车电子是我们其实这几年重点发力的 然后这里面我们自己成立了一个单独的汽车电子事业部就是负责我们整个汽车电子的这种包括研发生产销售售后等等一些质量等等一系列的这种就是把控工作那通过这两年的一个后继爆发以及我们2021年以来在 比亚迪就是等线龙头厂龙头车厂呢就是说建立起来的一个品牌效应那我们就是说后级爆发在今年的春天以来实现了这个缺车店的一个大放量并且呢到目前为止我们汽车的这个订单缺车店的订单仍然属于一个 非常紧迫的一个状态这个可能跟就像我之前跟大家交流的一样就是说大家更可能跟部分投资者的预期就是说有所差异但是就是说我们是基于我们现有的一个基数基于整个汽车市场的一个空间以及发展以及我们这两年做出的努力让我们有更多的产品料耗的实现了在汽车客户端的一个导入然后呢 有这个超过一百家的这个天外和主车厂商我们实现了这个放量产品的超过了200多块我们自己的一个呃从就是原来的一些偏外围的一些应用领域 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with revenue reaching 1.356 billion yuan, a year-on-year increase of 22.77%. The net profit attributable to shareholders increased by 54.59% to 332 million yuan, driven by market recovery and increased demand in emerging applications [2][3] - The company is well-positioned to benefit from growth in the automotive and AI server sectors, with a forecasted net profit of 459 million yuan for 2024, representing a 42.1% year-on-year increase [2][3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 482 million yuan, a year-on-year increase of 39.45%, and a net profit of 115 million yuan, up 70.27% year-on-year. The gross margin improved to 38.04%, reflecting a 7.91 percentage point increase year-on-year [2][3] - The company forecasts net profits of 459 million yuan, 589 million yuan, and 752 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 31.9, 24.9, and 19.5 [2][3] Product and Market Development - The company has launched multiple products in the automotive electronics sector, significantly increasing its collaboration with BYD, with a 50% year-on-year increase in supplied products in H1 2024 [3] - In the AI server market, the company is actively developing products to meet the growing demand for AI computing power, with successful sales to leading overseas clients in the GPU sector [3] Financial Forecast Summary - Revenue is projected to grow from 1.477 billion yuan in 2023 to 1.844 billion yuan in 2024, with a compound annual growth rate of 24.9% through 2026 [5][6] - The gross margin is expected to stabilize around 35.6% in 2024, with net profit margins improving to 24.9% [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company [2][8] Core Views - The demand in emerging application areas has significantly increased, leading to a continuous improvement in the company's gross margin. For the first three quarters of 2024, the company achieved revenue of 1.356 billion yuan, a year-on-year increase of 22.77%, and a net profit attributable to shareholders of 332 million yuan, up 54.59% year-on-year [4][5] - The company has effectively responded to changes in customer demand, increasing production to meet new market needs, which has driven steady growth in performance [5] - The company is actively optimizing its product, market, and customer structures to expand its influence in the mid-to-high-end market, particularly in new application areas such as electric vehicles, photovoltaic energy storage, AI servers, and drones [6][7] Financial Performance Summary - For Q3 2024, the company reported revenue of 482 million yuan, a year-on-year increase of 39.45%, and a net profit of 115 million yuan, up 70.27% year-on-year. The gross margin for Q3 was 38.04%, an increase of 7.91 percentage points year-on-year [5] - The company’s operating expenses ratio for the first three quarters of 2024 was 6.44%, a decrease of 1.49 percentage points year-on-year, with specific reductions in sales, management, and R&D expense ratios [5] - The company plans to maintain its profit expectations, forecasting net profits of 456 million yuan, 589 million yuan, and 698 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.10 yuan, 1.42 yuan, and 1.68 yuan [8][11] Market Position and Strategy - The company is a leading domestic power device design enterprise, focusing on the research, design, and sales of power devices such as MOSFETs and IGBTs. It has a comprehensive layout in high-end power devices with over 3,000 product models covering a wide voltage and current range [8] - The company has established a direct supply relationship with BYD, enhancing its collaboration and expanding the range of automotive electronic products offered [7][8] - The company aims to achieve breakthroughs in high-end customer segments and emerging application fields, furthering its goal of replacing imports in the mid-to-high-end MOSFET product market [8]

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。 为更加真实、准确地反映无锡新洁能股份有限公司（以下简称"公司"）资产 状况和经营成果，根据《企业会计准则》和公司会计政策相关规定，基于谨慎性 原则，公司对截至 2024 年 9 月 30 日合并报表范围内可能存在减值迹象的资产计 提了减值准备。现将相关情况公告如下： 证券代码：605111 证券简称：新洁能 公告编号：2024-051 无锡新洁能股份有限公司 关于计提资产减值准备的公告 为真实、准确地反映公司资产和财务状况，公司对截至 2024 年 9 月 30 日合 并财务报表范围内的相关资产进行减值测试，并根据减值测试结果相应计提资产 减值准备 43,210,041.24 元。 一、2024 年三季度信用减值损失及资产减值损失变化情况 经全面清查和减值测试后，基于谨慎性原则，公司本报告期内各项减值计提 及其他变化明细如下表： 单位：元 | 项目 | 本期计提 | | --- | --- | | 信用减值损失 | -2,692,891.96 | | 资产减值损失 | -40,5 ...

Revenue and Profit Growth - Revenue for the reporting period reached 482.19 million yuan, a year-on-year increase of 39.45%[2] - Net profit attributable to shareholders of the listed company was 114.56 million yuan, up 70.27% year-on-year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 111.48 million yuan, an increase of 73.76% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached 1,355,682,156.80 RMB, a significant increase from 1,104,263,585.81 RMB in the same period of 2023[17] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 332,206,566.50 RMB, up from 214,892,832.62 RMB in the same period of 2023[19] - Operating profit for the first three quarters of 2024 was 376,788,793.86 RMB, a significant increase from 241,053,592.45 RMB in the same period of 2023[19] - Comprehensive income for the first three quarters of 2024 reached RMB 329,716,083.90, an increase from RMB 211,760,851.31 in the same period last year[20] - Basic and diluted earnings per share for the first three quarters of 2024 were RMB 0.80, up from RMB 0.52 in the same period last year[20] Assets and Equity - Total assets at the end of the reporting period were 4.38 billion yuan, a slight increase of 0.84% compared to the end of the previous year[4] - Equity attributable to shareholders of the listed company increased by 5.69% to 3.85 billion yuan[4] - Total current assets as of September 30, 2024, amounted to RMB 3,514,259,907.58, a decrease from RMB 3,615,414,045.10 at the end of 2023[14] - Total assets as of the end of Q3 2024 were 4,376,297,254.85 RMB, slightly higher than 4,339,720,370.31 RMB at the end of the same period in 2023[15] - Total equity attributable to the parent company's shareholders increased to 3,849,988,274.88 RMB in Q3 2024 from 3,642,558,105.24 RMB in Q3 2023[16] - The company's total non-current assets increased to 862,037,347.27 RMB in Q3 2024 from 724,306,325.21 RMB in Q3 2023[15] Cash Flow and Financial Position - Operating cash flow for the period from the beginning of the year to the reporting date was 170.15 million yuan, a decrease of 32.38% year-on-year[2] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 170,154,183.49, a decrease from RMB 251,646,130.12 in the same period last year[21] - Cash received from investments in the first three quarters of 2024 was RMB 2,665,645,166.70, a significant increase from RMB 226,168,419.29 in the same period last year[21] - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 876,407,485.06, compared to negative RMB 209,803,716.03 in the same period last year[21] - Net cash flow from financing activities for the first three quarters of 2024 was negative RMB 137,210,706.17, compared to negative RMB 88,619,546.06 in the same period last year[22] - The ending balance of cash and cash equivalents as of September 2024 was RMB 1,809,627,985.36, down from RMB 2,507,444,558.51 in the same period last year[22] Financial Metrics and Ratios - Basic earnings per share for the reporting period were 0.28 yuan, up 70.35% year-on-year[4] - Weighted average return on equity increased by 1.10 percentage points to 3.01%[4] - The company's financial expenses showed a net income of 25,787,628.48 RMB in the first three quarters of 2024, compared to 41,306,907.05 RMB in the same period of 2023[19] Asset Composition and Changes - Monetary funds decreased to RMB 1,826,828,644.32 from RMB 2,668,018,647.65 year-over-year[14] - Trading financial assets significantly increased to RMB 788,000,000.00 from RMB 52,233,945.49[14] - Accounts receivable rose to RMB 224,270,804.12 from RMB 172,044,929.69[14] - Inventory decreased to RMB 320,604,976.29 from RMB 453,895,133.87[14] - Long-term equity investments increased to RMB 34,702,251.75 from RMB 26,751,308.13[14] - Other non-current financial assets grew to RMB 233,553,453.13 from RMB 159,399,732.00[14] - Fixed assets slightly increased to RMB 233,172,057.24 from RMB 231,235,052.42[14] - Construction in progress rose to RMB 232,510,575.02 from RMB 186,365,131.02[14] - Intangible assets decreased to RMB 62,448,015.79 from RMB 63,011,127.60[14] Operating Costs and Expenses - Total operating costs for the first three quarters of 2024 were 955,659,098.85 RMB, up from 861,007,911.12 RMB in the same period of 2023[17] - R&D expenses for the first three quarters of 2024 were 63,869,868.64 RMB, a slight decrease from 67,002,534.68 RMB in the same period of 2023[19] Government Subsidies and Market Factors - Government subsidies received during the period amounted to 1.61 million yuan[5] - The company's performance growth was driven by the recovery of downstream markets and increased demand in emerging application fields[7] Cash Flow from Sales and Services - Cash received from sales of goods and services in the first three quarters of 2024 was RMB 1,368,175,447.65, compared to RMB 1,272,900,740.31 in the same period last year[20]