证 券 研 究 报 告 ——4Q23 营收和利润环比双升，开拓汽车及 AI 市场 | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 12.22 | | 资产负债率 % | 14.03 | | 总股本/ 流通 A 股（百万） | 298/297 | | 流通 B 股/H 股（百万） | -/- | 相关研究 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 金凌 A0230122070003 jinling@swsresearch.com 杨紫璇 A0230122060004 yangzx@swsresearch.com 联系人 杨海晏 (8621)23297818× yanghy@s ...

Financial Performance - The company achieved operating revenue of 147,656.14 million yuan, a decrease of 18.46% compared to the same period last year [34]. - Main business revenue was 147,083.92 million yuan, down 18.51% year-on-year [34]. - Net profit attributable to shareholders was 32,311.63 million yuan, a decline of 25.75% year-on-year [34]. - The decline in performance was primarily due to a continued downturn in the downstream application market since Q4 2022, influenced by weakened demand, increased capacity release from domestic foundries, and intensified competition in the power semiconductor industry [34]. - The company's operating revenue for 2023 was ¥1,476,561,366.82, a decrease of 18.46% compared to ¥1,810,946,756.88 in 2022 [41]. - The net profit attributable to shareholders for 2023 was ¥323,116,344.25, down 25.75% from ¥435,180,979.82 in 2022 [41]. - Basic earnings per share for 2023 decreased by 25.66% to CNY 1.13 compared to CNY 1.52 in 2022 [69]. - The weighted average return on equity dropped to 9.25% in 2023, down 9.52 percentage points from 18.77% in 2022 [70]. - The net cash flow from operating activities increased by 73.97% to ¥475,469,445.87 in 2023, compared to ¥273,308,464.57 in 2022 [41]. - The net assets attributable to shareholders increased by 8.32% to ¥3,642,558,105.24 at the end of 2023, compared to ¥3,362,694,574.64 at the end of 2022 [41]. Product Development and Innovation - The fifth-generation P-channel 20V~40V product platform has been developed, achieving a 31% reduction in Rsp compared to the previous generation, with full-scale production ongoing [20]. - The seventh-generation N-channel 12V~20V product platform is under engineering development, currently undergoing finished product testing and reliability assessment [20]. - The IGBT parallel SiC diode products have passed customer validation and are now in mass production [23]. - The third-generation SGT MOS products for N-channel 60V, 85V, and 100V have completed engineering validation, with the 100V product showing a 20% lower Rsp and a 15% reduction in gate charge (Qg) compared to the best competitors [24]. - The company is developing IGBT chips based on 650V and 1000V product platforms, with several IGBT module products for photovoltaic storage and inverters expected to complete development in the first half of 2024 [26]. - The company has developed two new products: 650V/190mohm E-Mode GaN HEMT and 650V 460mohm D-Mode GaN HEMT, both achieving leading domestic electrical performance metrics [50]. - The fourth-generation 800V deep trench SJ MOS platform has achieved design expectations, with a 35% reduction in Rsp compared to the third generation, and is currently undergoing yield improvement and customer application testing [49]. - The company has developed 140 products that have passed AEC-Q101 automotive reliability certification, with nearly 90 Tier 1 manufacturers receiving bulk deliveries [91]. - The company has completed the development of multiple IGBT chip products based on 650V and 1200V platforms, with the first product for 110KW photovoltaic inverters (450A/650V) undergoing customer testing [144]. - The company has launched 6 new products in 2023 under its high-side driver and motor driver product lines, targeting applications in heavy trucks and smart homes [145]. Market Trends and Strategic Focus - The global investment in data center construction is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2022 to 2026, driven by advancements in 5G, cloud computing, and artificial intelligence [30]. - The company is actively responding to market changes by optimizing product, market, and customer structures, focusing on sales to the new energy vehicle and charging pile sectors [34]. - The company is committed to enhancing its product structure and expanding its market presence in high-demand sectors such as electric vehicles [34]. - The report highlights the critical role of power semiconductors in achieving the goals of Industry 4.0, particularly in automation and efficiency improvements [34]. - The company is focusing on expanding its market presence in the electric vehicle and charging pile sectors, as well as in AI servers and data centers [59]. - The company plans to enhance its market presence in emerging fields such as new energy vehicles, photovoltaic storage, AI servers, and data centers, expecting a recovery in photovoltaic demand in 2024 [108]. - The global power semiconductor market reached $50.3 billion in 2023, with projections to grow to $59.6 billion by 2027, where power ICs will account for 54.8% of the market [131]. - The global IGBT market size was $9 billion in 2023, expected to reach $12.1 billion by 2026, with China being the largest consumer market at $3.2 billion in 2023 [132]. - The global AI server market size was $21.1 billion in 2023, projected to grow to $34.7 billion by 2026, reflecting a 5-year CAGR of 17.3% [136]. - The company is actively exploring new downstream application areas and strengthening strategic cooperation with key customers to increase market share [105]. Research and Development - R&D investment for 2023 was CNY 87.31 million, accounting for 5.91% of total revenue, with 600 new products launched [86]. - The company is focusing on R&D investments, expanding its team, and attracting high-education talent to enhance development in new energy storage, automotive electronics, and AI servers [140]. - The company has established a complete independent R&D system and has been certified with ISO9001 quality management system [120]. - The company has implemented a rigorous quality control system and has been certified under ISO9001:2015 and IATF16949 quality management systems [199]. - The company has a strong focus on R&D, with CNY 87.31 million spent on research and development, a decrease of 13.30% from the previous year [176]. Corporate Governance and Investor Relations - The company aims to enhance its governance and investor relations, ensuring timely and accurate information disclosure to build a positive capital market image [148]. - The company is actively pursuing external expansion opportunities, focusing on strategic investments in emerging industries with growth potential [123]. - The company has established partnerships for investment in Wuxi Jinyuan Semiconductor Technology Co., Ltd. and Suzhou Matrix Optoelectronics Co., Ltd., aimed at promoting business synergies and new technology development [149]. Production and Supply Chain - The company has established a strong supply chain with leading domestic and international foundries, ensuring product quality and reliability [199]. - The company has built advanced packaging and testing lines through its subsidiary, achieving partial in-house packaging and testing of chips [196]. - The company is upgrading its production line to meet automotive-grade requirements, with a planned capacity of 60,000 modules per month once fully operational [119]. - The company has successfully developed and mass-produced MOSFET products based on a 12-inch chip process platform, enhancing its product offerings [196]. Market Position and Competitive Landscape - The company is a leader in the domestic market for power semiconductor devices, ranking 5th in the domestic MOSFET market sales in 2021, including international competitors [164]. - The company aims to become the largest domestic brand in terms of power device shipments in the automotive market, with rapid growth expected in sales scale and market share [85]. - The company has over 3,000 product models covering voltage ranges from 12V to 1700V, focusing on sectors such as new energy vehicles, AI servers, and 5G communications [162]. - The company has over 3,000 differentiated product models, enabling it to meet diverse customer needs across various downstream markets [198]. - The company is the largest semiconductor power device design company in China in terms of wafer production volume on 8-inch and 12-inch process platforms for IGBT and MOSFET chips [200]. - The company holds 196 patents, including 86 invention patents, positioning it among the top in the domestic semiconductor power device industry [165].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 45.57 CNY, based on a 35 times PE for 2024 [3][16]. Core Insights - The company has a strong competitive advantage and is expanding in the AI server and data center sectors. It has established significant partnerships with leading manufacturers in various industries, including electric vehicles and AI servers, which are expected to drive future growth [2][14][25]. - The company reported a revenue of 1.48 billion CNY in 2023, a decrease of 18.46% year-on-year, with a net profit of 323.1 million CNY, down 25.75% year-on-year. However, Q4 2023 showed signs of recovery with a revenue increase of 7.51% and a net profit increase of 61.19% compared to the previous quarter [13][25]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.91 billion CNY, 2.32 billion CNY, and 2.83 billion CNY, respectively. Corresponding net profits are expected to be 396 million CNY, 514 million CNY, and 642 million CNY [3][19]. - The company’s earnings per share (EPS) are projected to be 1.30 CNY in 2024, 1.72 CNY in 2025, and 2.15 CNY in 2026 [19]. Market Performance - The company's stock price has shown significant volatility, with a decline of 53% from March 2023 to March 2024, compared to the Shanghai Composite Index [4][25]. - The total market capitalization is approximately 11.45 billion CNY, with a circulating market capitalization of 11.41 billion CNY [16]. Growth Strategy - The company is focusing on optimizing its product structure and expanding into new markets, including electric vehicles, AI servers, and other emerging applications. This strategy aims to enhance its market share and drive future revenue growth [14][25].

关于无锡新洁能股份有限公司 2023 年度 募集资金存放与使用情况的鉴证报告 天衡专字(2024)00413 号 天衡会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入 此码用于证明该审计报告是否由具有执业许可的会计师 您可使用手机"扫一扫"或进入 注册会计师行业统一监管平台（http://acc.mof.gov.cn） 关于无锡新洁能股份有限公司 2023 年度 募集资金存放与使用情况的鉴证报告 天衡专字(2024)00413 号 无锡新洁能股份有限公司全体股东: 我们接受委托,对后附的无锡新洁能股份有限公司(以下简称"新洁能公司")截至 2023 年 12月 31 日止的《募集资金年度存放与使用情况的专项报告》进行了鉴证工作。 一、对报告使用者和使用目的的限定 本鉴证报告仅供新洁能公司年度报告披露时使用,不得用作任何其他目的。我们同意将 本鉴证报告作为新洁能公司年度报告的必备文件，随同其他文件一起报送并对外披露。 二、公司的责任 新洁能公司的责任是提供真实、合法、完整的相关资料,按照《上海证券交易所上市公 司自律监管指引第 1 号 -- 规范运作》及相关格式指引编制《募集资金年度存放与使用情况 的 ...

广发证券股份有限公司关于无锡新洁能股份有限公司 2023 年度募集资金存放与使用情况的核查意见 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》等相关法律、法规的要求，广发证券股份有限公司 （以下简称"广发证券""保荐机构"）对无锡新洁能股份有限公司（以下简称 "新洁能""公司"）2023 年度募集资金存放与使用情况进行了核查，具体情况 如下： 保荐代表人通过访谈公司有关董事、高级管理人员，查阅相关信息披露文件、 董事会决议、募集资金专户银行对账单及会计师事务所出具的募集资金年度存放 与使用情况鉴证报告等文件，对公司本次 2023 年度募集资金存放与使用情况进 行了核查。 二、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、首次公开发行股票募集资金 经中国证券监督管理委员会证监许可[2020]1427 号《关于核准无锡新洁能股 份有限公司首次公开发行股票的批复》核准，公司于 2020 年 9 月通过首次公开 发行股票的方式发行人民币普通股（A 股）2,530 万股，发行价为每股人民币 19.91 元，募集资金总额为人民币 503,723,000.0 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-015 无锡新洁能股份有限公司 关于变更公司注册资本以及修订公司章程的公告 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。 具体修订内容如下： | 原《公司章程》条款 | 修改后《公司章程》条款 | | --- | --- | | 第六条 公司注册资本为人民币 29,816.8303 万元。 | 第六条 公司注册资本为人民币 | | | 万元。 29,696.0313 | | | 第十九条 公司股份总数为 | | 第十九条 公司股份总数为 29,816.8303 万股，均为 | 29,696.0313 万股，均为普通股， | | 普通股，以人民币标明面值，每股面值 1 元。 | 以人民币标明面值，每股面值 1 | | | 元。 | | 第一百一十条（七） 公司与关联自然人发生的交易 | | | 金额在 30 万元以上的关联交易、与关联法人发生 | | | | 第一百一十条（七）公司与关联自 | | 的交易金额在 300 万元以上，且占公司最近一期经 | 然人发生的交 ...

证券代码： 605111 证券简称：新洁能 公告编号：2024-011 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 履行的审议程序：无锡新洁能股份公司（以下简称"公司"）于 2024 年 3 月 27 日召开第四届董事会第十五次会议和第四届监事会第十三次会议，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 60,000.00 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，公司可以 根据各自现金流及实际需求进行分配，同时授权公司管理层负责具体实施。 一、拟使用自有资金进行现金管理的概况 （一）现金管理目的 在保证公司正常经营所需流动资金的情况下，提高资金利用效率，合理利用 闲置资金，增加公司资金收益。 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 ...

2024 年 3 月 27 日，无锡新洁能股份有限公司（以下简称"公司"）召开第四 届董事会第十五次会议和第四届监事会第十三次会议，审议通过了《关于 2021 年限制性股票激励计划首次授予第二个解除限售期、预留授予第二个解除限售期 解除限售条件未成就暨回购注销剩余部分限制性股票的议案》。根据《中华人民 共和国公司法》《上市公司股权激励管理办法》以及公司《无锡新洁能股份有限 公司 2021 年限制性股票激励计划（草案修订稿）》（以下简称"激励计划"）等 相关规定，鉴于公司 2023 年度营业收入为 1,476,561,366.82 元，未达到 2021 年 限制性股票激励计划规定的第二个解除限售期解除限售"2023 年公司营业收入 总额不低于 18 亿元"的业绩考核条件，公司拟回购注销 134 名激励对象已获得 但尚未解除限售的限制性股票 120.7990 万股。本次注销完成后，将导致公司股 份总数减少 120.7990 万股，公司股份总数将由 298,168,303 股减少至 296,960,313 股，公司注册资本将由 298,168,303 元变更为 296,960,313 元。 二、需债权人知晓的相关信 ...

无锡新洁能股份有限公司 2023 年度独立董事述职报告 作为无锡新洁能股份有限公司（以下简称"公司"）的独立董事，2023 年本 人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独 立董事管理办法》《公司章程》《公司独立董事工作制度》等有关规定及证券监 督部门的相关要求，始终保持独立董事的独立性，忠实、勤勉地履行独立董事的 职责，及时关注公司的发展状况，参与重大经营决策并对重大事项独立、客观地 发表意见，充分发挥独立董事的独立作用。现就 2023 年度履职情况报告如下： 一、个人基本情况 本人丁键，1988 年生，中国国籍，无境外永久居留权，大专学历。曾任中 交北斗技术有限公司总经理助理，无锡广为安防科技有限公司董事，无锡蓝冰智 能科技有限公司执行董事，经易纬航半导体（无锡）有限公司行政经理，现任无 锡联能材料科技有限公司总经理助理，于 2023 年 11 月任公司独立董事至今。 作为公司独立董事，本人参加过交易所组织的专业培训，并取得了独立董事 任职资格证书，不存在影响独立性的情况。 二、独立董事年度履职概况 （1）出席公司会议情况 2023 年，公司共组织召开董事会会议 6 次，股东大 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-012 无锡新洁能股份有限公司 2023 年年度募集资金存放及实际使用情况的专项报告 一、募集资金基本情况 1、首次公开发行股票募集资金 经中国证券监督管理委员会证监许可[2020]1427 号《关于核准无锡新洁能股 份有限公司首次公开发行股票的批复》核准，本公司于 2020 年 9 月通过首次公 开发行股票的方式发行人民币普通股（A 股）2,530 万股，发行价为每股人民币 19.91 元，募集资金总额为人民币 503,723,000.00 元，扣除各项发行费用后实际 募集资金净额为人民币 448,987,969.81 元。上述募集资金已于 2020 年 9 月 22 日 全部到账，并经天衡会计师事务所（特殊普通合伙）出具的天衡验字（2020）00118 号《验资报告》审验。公司对募集资金采取了专户存储管理。 2、2022 年向特定对象非公开发行股票募集资金 经中国证券监督管理委员会《关于核准无锡新洁能股份有限公司非公开发行 股票的批复》（证监许可[2022]957 号），核准公司向特定对象发行股票的注册 申请，因公司实施 2021 年年度权益分 ...