Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 31.12 yuan [1]. Core Insights - The company achieved a revenue of 1.828 billion yuan in 2024, representing a year-on-year growth of 23.83%, and a net profit attributable to shareholders of 435 million yuan, up 34.50% year-on-year [4][7]. - In Q1 2025, the company reported a revenue of 449 million yuan, a 20.81% increase year-on-year, with a net profit of 108 million yuan, reflecting an 8.20% year-on-year growth [4][7]. - The company plans to distribute a cash dividend of 0.651 yuan per share, totaling approximately 26.97 million yuan [4]. Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 1,828 million yuan (+23.83% YoY) - 2024 net profit: 435 million yuan (+34.50% YoY) - 2025 Q1 revenue: 449 million yuan (+20.81% YoY) - 2025 Q1 net profit: 108 million yuan (+8.20% YoY) [4][6][7]. - Profitability Metrics: - 2024 gross margin: 36.42% (+5.67 percentage points YoY) - 2024 net margin: 23.57% (+2.05 percentage points YoY) [7]. - Future Projections: - Expected net profits for 2025-2027: 544 million yuan, 664 million yuan, and 811 million yuan respectively [8][10]. - Expected EPS for 2025-2027: 1.31 yuan, 1.60 yuan, and 1.95 yuan respectively [10]. Product and Market Structure - The company focuses on optimizing product, market, and customer structures, with significant sales in sectors such as new energy vehicles, AI servers, and photovoltaic storage [7][8]. - The SGT-MOSFET product line saw a revenue increase of 43% YoY, contributing to 42.86% of total sales [8]. - The company is expanding its presence in high-end applications and deepening ties with leading clients in the new energy sector [8]. Financial Ratios - Key financial ratios for 2024-2027: - Gross margin: 36.4% (2024), 36.8% (2025E), 36.8% (2026E), 36.9% (2027E) - Net margin: 23.8% (2024), 24.2% (2025E), 24.2% (2026E), 24.2% (2027E) - ROE: 11.0% (2024), 12.3% (2025E), 13.3% (2026E), 14.3% (2027E) [10].

Investment Rating - The report maintains a "Buy" rating for the company, with expected profit growth rates of 27%, 24%, and 21% for the years 2025 to 2027 respectively [4] Core Insights - The company reported a revenue of 1.828 billion RMB for 2024, representing a year-on-year increase of 23.83%, and a net profit attributable to shareholders of 435 million RMB, up 34.50% year-on-year [2] - In Q1 2025, the company achieved a revenue of 449 million RMB, a 20.81% increase year-on-year, and a net profit of 108 million RMB, reflecting an 8.20% increase year-on-year [2] - The company is focusing on high-end market applications, expanding its influence in sectors such as AI, robotics, automotive electronics, and drones, with a significant increase in automotive electronics sales [3] Summary by Sections Performance Review - For 2024, the company achieved a total revenue of 1.828 billion RMB and a net profit of 435 million RMB, with Q4 2024 revenue at 473 million RMB, showing a 26.98% year-on-year increase [2] - In Q1 2025, the company reported a revenue of 449 million RMB and a net profit of 108 million RMB, with a gross margin increase of 1.9 percentage points to 36.58% [2] Market and Product Strategy - The company is enhancing its market presence by maintaining existing customer relationships while exploring new applications, particularly in high-end markets [3] - The automotive electronics segment has seen a significant increase, with over 200 vehicle-grade MOSFETs launched and sales up over 60% year-on-year [3] Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 551 million RMB, 684 million RMB, and 826 million RMB respectively, with corresponding EPS of 1.33, 1.65, and 1.99 RMB [4] - The current stock price corresponds to a PE ratio of 24, 19, and 16 for the years 2025, 2026, and 2027 respectively [4]

证券代码：605111 证券简称：新洁能 公告编号：2025-024 无锡新洁能股份有限公司 关于闲置募集资金现金管理赎回的公告 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：2024 ...

Group 1 - The company has approved the 2025 annual compensation plan for senior management and confirmed the execution of the 2024 compensation plan with a unanimous vote of 6 in favor [1] - The company has reappointed the accounting firm Tianheng for the upcoming fiscal year, with a unanimous vote of 9 in favor [2] - The company has approved a special report on the use of raised funds for 2024, with a unanimous vote of 9 in favor [5] Group 2 - The company has approved the use of idle funds for cash management, with a unanimous vote of 9 in favor [6] - The company plans to apply for a credit facility of 1 billion yuan from CITIC Bank to support its operations and development [7] - The company has approved the provision for asset impairment with a unanimous vote of 9 in favor [9] Group 3 - The company has approved the evaluation report on the performance of Tianheng accounting firm for 2024, with a unanimous vote of 9 in favor [12] - The company has approved the special report on the independence of independent directors, with a unanimous vote of 9 in favor [14] - The company has approved the cancellation of the supervisory board and the revision of the company’s articles of association, with a unanimous vote of 9 in favor [15] Group 4 - The company has approved the election of non-independent directors for the new board, with a unanimous vote of 9 in favor [17] - The company has approved the election of independent directors for the new board, with a unanimous vote of 9 in favor [19] - The company has approved the convening of the 2024 annual shareholders' meeting, with a unanimous vote of 9 in favor [21] Group 5 - The company reported a net profit of 434,575,997.43 yuan for the year 2024 and proposed a cash dividend of 0.0651 yuan per share [66] - The total cash dividend and share repurchase amount for the year is 86,922,367.34 yuan, accounting for 20% of the net profit attributable to shareholders [66][70] - The company aims to maintain a cash dividend policy of at least 20% of the distributable profit each year, aligning with its long-term development strategy [73]

Core Viewpoint - The company, Xin Jie Neng, is a leading domestic semiconductor power device design enterprise, focusing on high-performance power semiconductor devices and integrated circuits, with a strong emphasis on innovation and market responsiveness [4][25][26]. Company Overview - Xin Jie Neng primarily supplies high-performance, high-quality, and reliable silicon-based and compound semiconductor power devices, integrated circuits, and module products [4]. - The company has established itself as a leader in the domestic high-end power semiconductor market, focusing on product design and promotion, and maintaining close cooperation with top international foundries [7][25]. Financial Performance - In the reporting period, the company achieved operating revenue of 1.828 billion yuan, a year-on-year increase of 23.83%, and a net profit attributable to shareholders of 434.58 million yuan, up 34.50% year-on-year [29]. - The growth in performance is attributed to the recovery of downstream industries, the trend of domestic substitution in power semiconductors, and the optimization of inventory levels [29][30]. Market Trends - The global semiconductor sales are projected to grow by 13.1% in 2024, reaching $697.2 billion by 2025, with the power semiconductor market expected to grow steadily due to its applications across various electronic manufacturing sectors [8]. - The power semiconductor market is expected to reach $50.3 billion in 2023 and $59.6 billion by 2027, with China’s market projected to reach $23.8 billion in 2024 [8]. Industry Applications - Power semiconductors are crucial in various applications, including electric vehicles, AI servers, data centers, industrial automation, and consumer electronics, with significant growth expected in these sectors [10][12][24]. - The automotive industry, particularly in the context of electric vehicles, is a key growth area, with the demand for power semiconductors expected to increase significantly due to the higher chip requirements of electric vehicles compared to traditional fuel vehicles [10][12]. Product Development - The company has developed a comprehensive range of products, including SGT MOSFET, SJ MOSFET, IGBT, and SiC MOSFET, with nearly 4,000 product models covering a voltage range from 12V to 1700V [25][26]. - The company is positioned to meet the growing demand in emerging markets such as electric vehicles, AI servers, and renewable energy applications, leveraging its technological advancements and product offerings [25][26]. Strategic Initiatives - The company plans to distribute a cash dividend of 0.651 yuan per share, amounting to approximately 26.97 million yuan, reflecting its commitment to shareholder returns while balancing future development needs [3][39].

二、董事会审计委员会会议召开情况 2024 年，公司董事会审计委员会共召开五次会议，委员们勤勉尽职地审议 各项议案，认真听取各项报告，全面了解公司经营发展及内控建设情况，充分发 挥指导和监督职能。会议召开具体情况如下： 无锡新洁能股份有限公司 2024 年度董事会审计委员会履职情况报告 各位董事： 根据《上市公司治理准则》《上海证券交易所股票上市规则》以及《公司章 程》、《董事会审计委员会工作细则》的有关规定，作为无锡新洁能股份有限公 司（以下简称"公司"）现任董事会审计委员会成员，现将公司董事会审计委员会 2024 年度履职情况报告如下： 一、董事会审计委员会基本情况 公司董事会审计委员会成员由 3 名成员组成，其中独立董事 2 名，非独立董 事 1 名，分别为朱和平先生、朱袁正先生、王英女士，其中主任委员由具备会计 专业背景的独立董事朱和平先生担任。 | 届次 | 召开日期 | 议案 | | --- | --- | --- | | 第四届董事会审计 | 2024.3.27 | 关于 年度审计委员会履职情况报告的议案 2023 | | | | 关于 2023 年度财务决算报告的议案 | | | | 关于 年 ...

一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (三)其他法律法规、部门规章、规范性文件和上海证券交 易所规定的情形。 三、本人具备独立性,不属于下列情形: 无锡新洁能股份有限公司独立董事候选人声明 本人朱和平,已充分了解并同意由提名人朱袁正提名为无锡 新洁能股份有限公司(以下简称"该公司")第五届董事会独立 董事候选人。本人公开声明,本人具备独立董事任职资格,保证 不存在任何影响本人担任该公司独立董事独立性的关系,具体声 明如下: (二)直接或间接持有该公司已发行股份 1%以上或者是该 公司前 10 名股东中的自然人股东及其配偶、父母、子女； (三)在直接或间接持有该公司已发行股份 5%以上的股东 ...

无锡新洁能股份有限公司独立董事提名人声明 提名人朱袁正,现提名朱和平先生为无锡新洁能股份有限公 司第五届董事会独立董事候选人,并已充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况。被提名人已同意出任无锡新洁能股份有限公司第五 届董事会独立董事候选人(参见该独立董事候选人声明)。 提名人认为,被提名人具备独立董事任职资格,与无锡新洁 能股份有限公司之间不存在任何影响其独立性的关系,具体声明 如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有5年以上法律、经济、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被 提 名 人 已 经 参 加 培 训 并 取 得 证 券 交 易 所 认 可 的 相 关 培 训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (三)其他法律法规、部门规章、规范性文件和上海证券交 ...

无锡新洁能股份有限公司独立董事候选人声明 本人王英,已充分了解并同意由提名人朱袁正提名为无锡新 洁能股份有限公司(以下简称"该公司")第五届董事会独立董 事候选人。本人公开声明,本人具备独立董事任职资格,保证不 存在任何影响本人担任该公司独立董事独立性的关系,具体声明 如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律法规和部门规章的要求; (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定: (三)其他法律法规、部门规章、规范性文件和上海证券交 易所规定的情形。 三、本人具备独立性,不属于下列情形: (一)在该公司或者其附属企业任职的人员及其配偶、父母、 子女、主要社会关系(主要社会关系是指兄弟姐妹、兄弟姐妹的 配偶、配偶的父母、配偶的兄弟姐妹、子女的配偶、子女配偶的 ...

证券代码： 605111 证券简称：新洁能 公告编号：2025-019 无锡新洁能股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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： 委托理财受托方：信誉良好的金融机构。 委托理财品种：安全性高、流动性好、低风险、短期的银行理财产品或 结构性存款或收益凭证或其他低风险产品 履行的审议程序：无锡新洁能股份公司（以下简称"公司"）于 2025 年 4 月 24 日召开第四届董事会第二十一次会议和第四届监事会第十九次会议，审议 通过了《关于使用部分闲置自有资金进行现金管理的议案》，同意在不影响公司 主营业务的正常发展，并确保不影响公司经营资金流动性及安全性的前提下，公 司拟利用最高不超过人民币 180,000.00 万元的自有闲置资金进行现金管理，提高 资金收益。公司进行现金管理的投资标的为安全性高、流动性好、低风险、短期 的银行理财产品或结构性存款或收益凭证或其他低风险产品，决议有效期自公司 董事会审议通过之日起 12 个月内有效。在上述额度范围及使用期限内，公 ...