Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 37.69 CNY [15][16]. Core Views - The company is a leading domestic power semiconductor enterprise, focusing on the research, design, and sales of MOSFETs, IGBTs, and other power devices. It has established four major product technology platforms and is actively expanding its product matrix in automotive electronics and photovoltaic sectors, while also entering the AI server application market [15][16]. - The company achieved a main business revenue of 1.477 billion CNY in 2023, a decrease of 18.46% year-on-year, and a net profit attributable to the parent company of 323 million CNY, down 25.75% year-on-year. However, it is expected to recover with a projected revenue of 1.905 billion CNY in 2024, representing a growth rate of 29% [3][15][16]. Financial Performance and Forecast - Revenue and profit forecasts for the company have been adjusted downwards due to weak recovery in the downstream power semiconductor industry. The net profit estimates for 2024 and 2025 are revised to 405 million CNY and 524 million CNY, respectively, with a new estimate for 2026 at 651 million CNY [16]. - The company’s earnings per share (EPS) are projected to be 1.36 CNY in 2024, 1.76 CNY in 2025, and 2.18 CNY in 2026, with a corresponding price-to-earnings (P/E) ratio of 28, 21, and 17 [3][16]. Industry Positioning - The company is deepening its involvement in the automotive electronics sector, having launched over 200 automotive-grade MOSFET products. It has established direct supply relationships with major clients like BYD and is expanding its sales scale significantly [15][16]. - In the photovoltaic sector, demand is expected to gradually recover in 2024, which will support the company's performance. The company is also focusing on developing new products in the AI server field, responding to the growing market demand for AI computing power [15][16].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development prospects [2][21]. Core Insights - The company, Xin Jie Neng, is a leading domestic power semiconductor enterprise, focusing on the research, design, and sales of MOSFETs, IGBTs, and other power devices. It has established four major product technology platforms and has launched over 3,000 product models, covering a voltage range from 12V to 1700V [21]. - The company has seen a decline in revenue and net profit in 2023, with a revenue of 1.477 billion yuan (down 18.46% year-on-year) and a net profit of 323 million yuan (down 25.75% year-on-year). However, it is expected to recover with projected revenues of 1.905 billion yuan in 2024 and 2.322 billion yuan in 2025 [7][21]. - The company is actively expanding its product matrix in the automotive electronics sector, having launched 200 automotive-grade MOSFET products and established direct supply relationships with major clients like BYD [21]. - In the photovoltaic sector, demand is expected to gradually recover in 2024, and the company aims to maintain its leading position in the domestic IGBT market while promoting its IGBT module products [21]. - The company is also strategically entering the AI server market, responding to the growing demand for AI computing power, and has already achieved bulk sales with leading clients in this field [21]. Financial Summary - The company's projected net profits for 2024 and 2025 are 405 million yuan and 524 million yuan, respectively, with a further increase to 651 million yuan in 2026 [2][7]. - The earnings per share (EPS) are expected to rise from 1.08 yuan in 2023 to 2.18 yuan in 2026 [7][21]. - The price-to-earnings (P/E) ratio is projected to decrease from 35 in 2023 to 17 in 2026, indicating an improving valuation over time [7][21].

无锡新洁能股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩暨现金分 红说明会的公告 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： 投资者可于 2024 年 5 月 16 日(星期四)至 5 月 22 日(星期三)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过无锡新洁能股份有限公司（以下简 称"公司"）邮箱 Info@ncepower.com 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 证券代码：605111 证券简称：新洁能 公告编号：2024-024 董事长：朱袁正 公司已分别于 2024 年 3 月 28 日、2024 年 4 月 30 日发布公司 2023 年年度 报告、2024 年第一季度报告，为便于广大投资者更全面深入地了解公司 2023 年 度及 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 5 月 23 日(星期 四)下午 14:00-15:00 举行 2023 年度暨 2024 年第一季度业绩暨现金分红说明会， 就投 ...

Investment Rating - The report maintains a "Buy" rating for the company [26]. Core Views - The company has shown significant growth in net profit, with a year-on-year increase of 54.06% in Q1 2024, reaching a net profit of 1.00 billion yuan [28]. - The company is expanding its customer base in emerging fields such as SGT-MOSFET, photovoltaic energy storage, and AI servers, which are expected to enhance profitability [10][30]. - The forecast for the company's revenue from 2024 to 2026 is projected to be 18.48 billion yuan, 22.78 billion yuan, and 29.63 billion yuan respectively, with EPS expected to be 1.40 yuan, 1.81 yuan, and 2.20 yuan [31]. Summary by Sections Financial Performance - In Q1 2024, the company achieved an operating income of 372 million yuan, a slight decrease of 0.53% year-on-year, while net profit increased significantly [28]. - The company's main revenue for 2023 is projected at 1,477 million yuan, with a forecasted growth rate of 25.1% for 2024 [13]. Market Position and Strategy - The company is actively collaborating with leading clients in the photovoltaic energy storage sector and enhancing its product development to maintain its leading position in the domestic IGBT market [12]. - The SGT-MOSFET product line has seen robust sales, with revenue reaching 546 million yuan in 2023, and the company is expanding its market share in the automotive and AI server sectors [29]. Future Outlook - The report anticipates a recovery in photovoltaic energy storage demand in 2024, which is expected to positively impact the company's performance [12][30]. - The AI server market is projected to grow significantly, with the company positioned to benefit from this trend through its product offerings [31].

无锡新洁能股份有限公司 证券代码：605111 证券简称：新洁能 公告编号：2024-023 特此公告。 无锡新洁能股份有限公司董事会 2024 年 5 月 9 日 2 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 2023 年 8 月 29 日召开第四 届董事会第十一次会议和第四次监事会第十次会议审议通过了《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 120,000 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 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-022 无锡新洁能股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间应当在每个月的前三个交易日内 披露截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 2024 年 4 月，公司通过集中竞价交易方式已累计回购股份 102.9680 万股，占 公司总股本的比例为 0.35%，购买的最高价为 38.00 元/股、最低价为 35.36 元/股， 支付的金额为 3,729.7438 万元（不含印花税、交易佣金等交易费用）。截至 2024 年 4 月底，公司已累计回购股份 102.9680 万股，占公司总股本的比例为 0.35%， 回购成交的最高价为 38.00 元/股，最低价为 35.36 元/股，支付的资金总额为人民 币 3,729.7438 万元（不含印花税、交易佣金等交易费用）。 本次回购符合相关法律法规的有关规定和公司回购股份方案的要求。 重要内容提示： | 回购方案首次披露日 | 2024/3/15 | | | ...

二、积极整合产业链资源，产品和客户结构持续升级 扫码获取更多服务 来源：公司公告，国金证券研究所 募投项目名称 计划投资额 (万元) 已投入募集 资金(万元)项目简介 超低能耗高可靠性半导体功 率器件研发升级及产业化 20,000.00 20.678.78 项目旨在对现有产品升级换代，开发新一代超低能耗高可靠性半导体功 率器件，突破设计技术门槛，打破国外产品在高端应用领域的垄断地位 产线建设 20,000.00 13.091.39 补充流动资金 11,800.00 10,240.72 公司通过募投项目拓展业务品类，整合产业资源布局第三代半导体和先进封测产能。2020 年，公司通过首次公开发行募资 5.04 亿元，发行新股 2,530.00 万股，发行价为 19.91 元， 募集资金净额 4.49 亿元，资金主要投向超低能耗高可靠性半导体功率器件研发升级及产 业化、半导体功率器件封装测试生产线建设和研发中心的建设。 2022 年，公司通过定增募集资金 14.18 亿元，增发数量为 1,289.09 万股，发行价为 110.0 元，资金主要用于第三代半导体 SiC/GaN 功率器件及封测的研发及产业化、功率驱动 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3]. Core Views - The company has shown significant recovery in profitability, with new products and fields continuously expanding. The target price is set at 50.7 CNY, while the current price is 38.06 CNY [3][4]. - The company reported a revenue of 372 million CNY in Q1 2024, with a year-on-year growth of 54.06% in net profit attributable to shareholders [3][4]. Financial Performance Summary - Total revenue (million CNY) is projected to grow from 1,477 in 2023 to 1,830 in 2024, with a year-on-year growth rate of 24.0% [2]. - Net profit attributable to shareholders (million CNY) is expected to increase from 323 in 2023 to 432 in 2024, reflecting a year-on-year growth of 33.6% [2]. - Earnings per share (CNY) are forecasted to rise from 1.08 in 2023 to 1.45 in 2024, with a price-to-earnings ratio of 26 [2]. Business Development Insights - The company is actively adjusting its product structure and market strategy, focusing on cost optimization to enhance overall profitability. The gross margin improved to 34.76% in Q1 2024 [3][4]. - The company has launched 200 automotive-grade MOSFET products and is collaborating with leading domestic Tier 1 suppliers, indicating a strong foothold in the automotive electronics market [4]. - In the AI server market, the company has developed products to meet the demand for AI computing servers, achieving bulk sales with leading clients [4]. Future Growth Potential - The company is expected to return to a growth trajectory as downstream demand recovers and new products gain traction. The forecast for net profit attributable to shareholders for 2024-2026 has been revised upwards to 4.32 billion CNY, 5.33 billion CNY, and 6.60 billion CNY respectively [3][4]. - The product structure is shifting from MOSFETs to IGBTs and third-generation semiconductors, targeting growth in the new energy vehicle, photovoltaic energy storage, and AI server sectors [4].

Financial Performance - Operating revenue for the first quarter was ¥371,682,459.54, a decrease of 0.53% year-on-year[10]. - Net profit attributable to shareholders was ¥100,066,437.26, representing a significant increase of 54.06% compared to the same period last year[10]. - Basic earnings per share were ¥0.35, up by 52.17% compared to the previous year[10]. - The weighted average return on equity increased to 2.71%, up by 0.80 percentage points[10]. - Net profit for Q1 2024 was CNY 98,857,473.34, compared to CNY 63,776,966.94 in Q1 2023, indicating an increase of approximately 54.9%[39]. - Earnings per share for Q1 2024 were CNY 0.35, up from CNY 0.23 in Q1 2023, marking a growth of about 52.2%[41]. Cash Flow - Net cash flow from operating activities was ¥70,159,081.88, showing a remarkable increase of 264.43% year-on-year[10]. - Cash inflow from operating activities totaled ¥412,768,324.79, while cash outflow was ¥342,609,242.91, resulting in a net cash flow of ¥70,159,081.88[48]. - Cash flow from financing activities showed a net inflow of ¥16,999,745.72, a recovery from a net outflow of ¥1,023,352.61 in the previous period[50]. - The net cash flow from operating activities increased to ¥70,159,081.88, compared to ¥19,251,651.94 in the previous period, reflecting a significant improvement[48]. - Cash paid for purchasing goods and services decreased to ¥258,366,498.56 from ¥311,533,680.17, indicating cost management efforts[48]. - Cash paid to employees decreased to ¥41,440,106.77 from ¥47,221,895.31, reflecting potential workforce adjustments[48]. - The company reported a decrease in cash paid for taxes to ¥36,842,308.28 from ¥40,214,626.67, suggesting improved tax efficiency[48]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,446,884,608.19, an increase of 2.47% compared to the end of the previous year[8]. - Total current liabilities amounted to RMB 609,483,833.57, an increase from RMB 553,369,396.05 in the previous period[28]. - Total equity attributable to shareholders reached RMB 3,677,922,037.55, up from RMB 3,642,558,105.24 in the previous period[28]. - The total liabilities amounted to RMB 681,786,296.51, an increase from RMB 608,777,027.02[28]. - The total current assets were RMB 3,613,261,136.50, slightly down from RMB 3,615,414,045.10[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,495[21]. - The largest shareholder, Zhu Yuanzheng, holds 21.73% of the shares, totaling 64,802,304 shares[21]. Operational Efficiency - The company actively adjusted its product and market structure, leading to improved overall profitability[15]. - Operating costs decreased to CNY 258,991,900.19 in Q1 2024 from CNY 297,298,261.05 in Q1 2023, reflecting a reduction of about 12.9%[39]. - Research and development expenses decreased to CNY 15,230,924.59 in Q1 2024 from CNY 27,062,216.25 in Q1 2023, a reduction of about 43.8%[39]. Non-Recurring Items - Non-recurring gains and losses totaled ¥16,527,210.91, primarily from government subsidies and fair value changes of financial assets[15].

| --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|--------|-------|----------------------------------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,811 | 1,477 | 1,787 | 2,087 | 2,392 | | (+/-%) | 20.9% | -18.5% | 21.0% | 16.8% | 14.6% | | 净利润(百万元) | 435 | 323 | 417 | 483 | 520 | | (+/-%) | 6.0% | -25.8% | 29.2% | 15.8% | 7.5% | | 每股收益（元） | 2.04 | 1.08 | 1.40 | 1.62 | 1.74 | | EBIT Margin | 25.0% | 20.2% | 21.1% | 20.7% | 20.1% | | 净资产收益率（ ...