证券研究报告 非金融公司|公司点评|新洁能（605111） 业绩同比高增长，毛利率持续回温 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 从公司 2024 年 Q3 单季度业绩来看，收入为 4.82 亿元，环比增速-3.91%，同比增速 39.45%； 归母净利润为 1.15 亿元，环比增速-2.57%，同比增速 70.27%；毛利率和净利率分别为 38.04%、 23.59%，同比变化分别为 7.91、4.37 个百分点，环比变化分别为 1.51、0.26 个百分点。业 绩同比大幅度改善的原因在于 2024 年春节以来，下游市场逐步恢复，新兴应用领域需求显著 增加，公司库存加速消化，销售情况持续向好。 |分析师及联系人 王晔 SAC：S0590521070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 新洁能(605111) 业绩同比高增长，毛利率持续回温 | --- | --- | --- | |----------------------------|-------| ...

总市值（亿）： 141.59 分立器件 新洁能（605111.SH） 买入-A(维持) 证券研究报告 24Q3 业绩同比稳健增长，多领域产品持续突破 2024 年 11 月 1 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年三季度报告。公司 2024 年前三季度营业收入 13.56 亿 元，同比增长+22.77%，归母净利润 3.32 亿元，同比+54.59%；单三季度营 业收入 4.82 亿元，同比+39.45%，环比-3.91%，归母净利润 1.15 亿元，同比 +70.27%，环比-2.57%。 事件点评 公司季度收入同比持续增长，产品结构不断优化。2024 年三季度收入 市场数据：2024 年 11 月 1 日 4.82 亿元，受下游光储部分客户需求减弱影响，收入环比略降。公司 24 年 收盘价（元）： 34.09 前三季度毛利率为 36.58%，同比增加 6.17pct，24Q3 毛利率 38.04%，环比 年内最高/最低（元）： 45.33/25.70 增加 1.51pct；公司 24 年前三季度净利率为 24.32%，同比增加 5.14pct。费用 流通A股/总股本 ...

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].

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]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月29日 电子 新洁能(605111.SH) 新兴应用领域需求显著增加，公司毛利率持续提升 推荐 ( 维持) 股价:35.3元 | --- | --- | |------------------------|------------------| | 行业 | 电子 | | 公司网址 | www.ncepower.com | | 大股东 / 持股 | 朱袁正 /21.84% | | 实际控制人 | 朱袁正 | | 总股本 ( 百万股 ) | 415 | | 流通 A 股 ( 百万股 ) | 415 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 147 | | 流通 A 股市值 ( 亿元 ) | 147 | | 每股净资产 ( 元 ) | 9.27 | | 资产负债率 (%) | 10.1 | | 行情走势图 | | 证券分析师 | --- | --- | |--------|-----------------------------------------| | | | | 徐碧云 | 投资咨询资格 ...

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]

证券代码：605111 证券简称：新洁能 公告编号：2024-050 无锡新洁能股份有限公司 关于控股股东的一致行动人及董监高集中竞价减持 股份结果公告 本公司董事会、全体董事及相关股东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： 大股东及董监高持股的基本情况 本次减持主体为无锡新洁能股份有限公司（以下简称"公司"）控股股东的一 致行动人及董事、监事以及高级管理人员（以下简称"相关股东"、"减持主体"）。 本次减持计划实施前，相关股东合计持有公司 9,960,720 股，占公司总股本比例 为 2.40%。 集中竞价减持计划的实施结果情况 1、公司于 2024 年 6 月 29 日披露了《关于控股股东的一致行动人及董事、 监事、高级管理人员集中竞价减持股份计划公告》（公告编号：2024-032），相 关股东拟通过集中竞价减持公司股份总计不超过 2,363,940 股，占公司总股份的 0.57%。 2、截至 2024 年 10 月 21 日，相关股东本次减持计划的减持时间区间届满。 公司于近日收到相关减持股东告知，减持区间内，董事、高 ...