证券代码：605111 证券简称：新洁能 公告编号：2024-019 无锡新洁能股份有限公司 关于以集中竞价方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 相关股东是否存在减持计划：经问询，截至本次董事会决议公告日，公司董监 高、控股股东、实际控制人、持股 5%以上的股东未来 3 个月、未来 6 个月暂无减 持公司股份的计划。上述主体如未来有减持计划将严格按照中国证监会、上海证 券交易所有关法律、法规及规范性文件的相关规定及时履行信息披露义务； ● 相关风险提示： （一）回购期限内，若公司股票价格持续超出回购方案披露的价格上限，则 存在回购方案无法实施或只能部分实施的风险； （二）若发生对公司股票交易价格产生重大影响的重大事项，或因公司生产 经营、财务状况、外部客观情况发生重大变化等原因，可能存在本次回购方案无 法顺利实施，或者根据规则变更或终止回购方案的风险； （三）回购股份所需资金未能到位，导致回购方案无法实施的风险； （四）本次回购的股份将用于公司员工持股计划或股权激励， ...

广发证券股份有限公司 关于无锡新洁能股份有限公司 2023 年持续督导年度报告书 | 保荐机构名称 | 广发证券股份有限公司 | 上市公司简称 | 新洁能 | | --- | --- | --- | --- | | 保荐代表人姓名 | 范 毅 | 上市公司代码 | 605111 | | 保荐代表人姓名 | 朱孙源 | 报告年度 | 2023 | 一、保荐人自上市公司发行证券或前次提交《持续督导年度报告书》起对 上市公司的持续督导工作情况 （一）现场检查情况 保荐机构于 2023 年 12 月 25 日至 12 月 29 日期间对新洁能进行了定期现场 检查。现场检查过程中，保荐机构通过查阅公司三会决议及会议记录、信息披露 文件、与募集资金使用相关的凭证等资料，对公司治理和内部控制、信息披露、 独立性以及与控股股东、实际控制人及其他关联方资金往来情况，公司募集资金 管理和使用情况，关联交易、对外担保、重大对外投资情况，公司经营状况等进 行检查，并在前述工作基础上完成了本次现场检查报告。 （二）日常督导情况 保荐机构通过日常沟通、定期回访、现场检查、尽职调查等方式开展持续督 导工作，主要包括：督导上市公司建立健全并 ...

广发证券股份有限公司 关于无锡新洁能股份有限公司 保荐总结报告书 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为无锡 新洁能股份有限公司（以下简称"新洁能"或"公司"或"发行人"）非公开发 行股票的保荐机构，截至 2023 年 12 月 31 日，广发证券对新洁能持续督导期限 已届满，现根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 相关法律法规和规范性文件的要求，出具本保荐总结报告书。 | 情况 | 内容 | | --- | --- | | 上市公司名称 | 新洁能 | | 证券代码 | 605111 | | 注册地址 | 无锡市新吴区电腾路 6 号 | | 法定代表人 | 朱袁正 | | 董事会秘书 | 肖东戈 | | 证券事务代表 | 陈慧玲 | | 联系电话 | 0510-85618058-8101 | | 本次证券发行类型 | 非公开发行股票 | | 本次证券上市时间 | 年 月 日 2022 8 10 | | 本次证券上市地点 | 上海证券交易所 | 一、上市公司的基本情况 二、保荐工作概述 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-018 无锡新洁能股份有限公司关于回购股份事项 前十大股东和前十大无限售条件股东持股情况的公告 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 3 月 21 日召开第 四届董事会第十四次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》。具体内容详见公司于 2024 年 3 月 22 日在上海证券交易所网站 （http://www.sse.com.cn/）披露的《关于以集中竞价交易方式回购公司股份的公 告》（公告编号：2024-006）。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》等法律法规及规范性文件的规 定，现将董事会公告回购股份决议的前一个交易日（即 2024 年 3 月 21 日）登记 在册的前十大股东和前十大无限售条件股东的名称及持股数量、比例情况公告如 下： 1 序号 股东名称 持股数量 （股） 持股比例 （%） 1 朱袁正 64,8 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][20]. Core Views - The company is a leading player in the domestic power semiconductor industry, actively expanding its customer base in the automotive and AI server sectors despite a weak demand in the photovoltaic storage market [5][21]. - The company's revenue for 2023 was 1.477 billion yuan, a decrease of 18.46% year-on-year, while the net profit attributable to the parent company was 323 million yuan, down 25.75% year-on-year [20][21]. - The gross margin has shown improvement since Q2 2023, reaching 31.77% in Q4 2023, indicating successful market penetration and product advantages [22][21]. Financial Forecast - The company expects revenue growth rates of 23%, 29%, and 23% for 2024, 2025, and 2026, respectively, with projected revenues of 1.814 billion, 2.340 billion, and 2.875 billion yuan [6][5]. - The net profit attributable to the parent company is forecasted to be 405 million, 512 million, and 706 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 28, 22, and 16 [5][6]. - The company’s return on equity (ROE) is expected to improve from 9% in 2023 to 13% by 2026 [6][9]. Market Position and Strategy - The company has increased its focus on automotive electronics, with its share in this sector rising from 12% in H1 2023 to 15% by the end of the year, driven by partnerships with major clients like BYD [22][21]. - In the AI server market, the company has successfully achieved bulk sales of its SGT-MOS products to leading clients, indicating strong growth potential in this area [22][21]. - The company is also expanding its product lines and enhancing its competitive edge by developing high-current IGBT modules and deepening collaborations with top-tier clients in various sectors [22][21].

Investment Rating - The report assigns a "Buy" rating for the company [1][2][31]. Core Views - The company experienced a revenue decline of 18.46% year-on-year in 2023, with total revenue of 1.477 billion yuan and a net profit of 323 million yuan, down 25.75% year-on-year [1][2]. - Despite short-term pressure on performance due to weakened demand and increased competition, the company is expected to see a recovery in 2024, with projected revenues of 1.881 billion yuan, representing a year-on-year growth of 27.4% [2][27]. - The company has a comprehensive product lineup with over 3,000 models covering voltage ranges from 12V to 1700V, and is positioned to replace imports in the mid-to-high-end product segments [2][31]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 372 million yuan, a year-on-year decrease of 23.05% but a quarter-on-quarter increase of 7.67% [1]. - The net profit for Q4 2023 was 108 million yuan, showing a year-on-year increase of 11.03% and a quarter-on-quarter increase of 60.86% [1]. Product Line Outlook - The company has established four major product lines: IGBT, SGT-MOSFET, SJ-MOSFET, and Trench-MOSFET, with a focus on continuous innovation and new product launches [1][31]. - IGBT sales are expected to recover in 2024 due to a rebound in photovoltaic demand, with projected sales of 327 million yuan, a year-on-year increase of 23% [6][28]. - SGT-MOSFET sales are projected to grow significantly, reaching 710 million yuan in 2024, with a year-on-year growth of 30% [25][28]. - SJ-MOSFET and Trench-MOSFET are also expected to see growth, with projected revenues of 236 million yuan and 581 million yuan in 2024, respectively [7][26][28]. Future Projections - The company forecasts total revenues of 1.881 billion yuan in 2024, 2.340 billion yuan in 2025, and 2.823 billion yuan in 2026, with respective year-on-year growth rates of 27.4%, 24.4%, and 20.7% [2][27]. - The gross margin is expected to improve gradually, reaching 33.7% by 2026 [27].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Views - The company is expected to return to a growth trajectory due to recovering downstream demand and the gradual ramp-up of new products in new fields [2]. - The company's 2023 performance was under pressure due to industry cyclicality, with a significant decline in revenue and net profit compared to the previous year [1][2]. - The fourth quarter of 2023 showed signs of recovery, with a quarter-on-quarter revenue increase and improved gross margin [1][2]. Financial Summary - In 2023, the company reported total revenue of 1.477 billion yuan, a year-on-year decrease of 18.46%, and a gross margin of 30.75%, down 6.18 percentage points [1]. - The net profit attributable to the parent company was 323 million yuan, a decline of 25.75% year-on-year [1]. - For Q4 2023, revenue was 372 million yuan, showing a year-on-year decrease of 23.05% but a quarter-on-quarter increase of 7.67% [1]. - The gross margin for Q4 2023 was 31.77%, reflecting a year-on-year decrease of 2.14 percentage points but an increase of 1.64 percentage points from the previous quarter [1]. Product and Market Development - The company is actively expanding its product offerings in the new energy sector and exploring the AI server market, which is expected to support long-term growth [2]. - The company has launched 200 automotive-grade MOSFET products and is collaborating with major clients like BYD, with products being supplied across their entire vehicle range [2]. - The company anticipates a rebound in photovoltaic energy storage demand in 2024, with new product sales expected to grow significantly [2]. Future Earnings Forecast - The company forecasts net profit attributable to the parent company of 408 million yuan for 2024, 487 million yuan for 2025, and 604 million yuan for 2026, with corresponding EPS of 1.37, 1.63, and 2.02 yuan respectively [2][13]. - The report sets a target price of 45.1 yuan per share for 2024, based on a 33 times PE ratio [2].

Investment Rating - The report maintains a "Buy" rating for the company [11][12]. Core Views - The company reported a revenue of 1.48 billion yuan for 2023, a year-on-year decrease of 18.46%, and a net profit attributable to shareholders of 320 million yuan, down 25.75% year-on-year. In Q4 alone, revenue was 370 million yuan, up 7.5% quarter-on-quarter, with a net profit of 110 million yuan, up 60.6% quarter-on-quarter [1][12]. - The gross margin for the entire year was 30.75%, a decrease of 6.18% year-on-year, while Q4 gross margin improved to 31.77%, an increase of 1.64% quarter-on-quarter. The report anticipates that gross margins will continue to rise in 2024 due to the pass-through of upstream wafer price reductions and product mix adjustments [1][12]. - The company is actively upgrading its product platform and making progress in emerging fields such as AI servers. In 2023, the revenue contribution from AI servers, communications, and robotics was 8%, automotive electronics 15%, photovoltaic energy storage 17%, industrial automation 35%, and consumer and smart transportation 25% [1][12]. Financial Forecasts - The company is expected to achieve net profits of 410 million yuan, 530 million yuan, and 650 million yuan for the years 2024, 2025, and 2026, respectively [1][12]. - Revenue projections for 2024, 2025, and 2026 are 1.949 billion yuan, 2.608 billion yuan, and 3.317 billion yuan, reflecting growth rates of 32.02%, 33.80%, and 27.19% respectively [12][23].

Investment Rating - The report maintains a "Recommend" rating for the company [4][21]. Core Views - The company has optimized its product, market, and customer structure, focusing on emerging application areas [4][11]. - Despite a challenging market environment leading to a decline in revenue and profit in 2023, there are signs of recovery in Q4 [10][21]. - The company is actively developing new products and expanding its presence in high-end markets, particularly in automotive electronics and AI servers [13][21]. Financial Performance Summary - In 2023, the company achieved revenue of 1.477 billion yuan, a decrease of 18.46% year-on-year, and a net profit of 323 million yuan, down 25.75% year-on-year [7][10]. - The overall gross margin and net margin for 2023 were 30.75% (down 6.18 percentage points YoY) and 21.52% (down 2.48 percentage points YoY), respectively [10]. - Q4 2023 showed a revenue of 372 million yuan (down 23.05% YoY, up 7.67% QoQ) and a net profit of 108 million yuan (up 11.03% YoY, up 60.86% QoQ) [10]. Product and Market Development - The company has launched 200 automotive-grade MOSFET products and has established direct supply relationships with major clients like BYD [13]. - In the photovoltaic storage sector, the company is maintaining close cooperation with leading clients while developing new products [13]. - The company has developed a series of SiC MOSFET products and is in the early stages of sales for these new products [13]. Future Projections - The company expects revenue to recover to 1.826 billion yuan in 2024, with a projected net profit of 381 million yuan [11][21]. - The gross margin is anticipated to improve to 32.6% in 2024, with net margin at 20.9% [11][21]. - The company aims to further expand its market share in high-end applications and achieve breakthroughs in automotive electronics and AI servers [21].

Investment Rating - The report maintains a "Buy" rating for the company [16][3][21] Core Views - The company achieved a revenue of 1.477 billion yuan in 2023, a year-on-year decrease of 18.5%, and a net profit of 323 million yuan, down 25.8% year-on-year. However, the fourth quarter of 2023 showed signs of recovery with a revenue of 372 million yuan, a year-on-year decline of 23.1% but a quarter-on-quarter increase of 7.7%, and a net profit of 108 million yuan, up 11.0% year-on-year and 60.9% quarter-on-quarter [2][3][4] - The company has adjusted its product structure in response to the industry's downturn, leading to a noticeable recovery in performance and gross margin. The company is expected to accelerate growth in high-end sectors such as automotive, AI servers, and aircraft [2][4][17] Financial Performance Summary - Revenue (in million yuan): 2022A: 1,811; 2023A: 1,477; 2024E: 2,024; 2025E: 2,584; 2026E: 3,250, with a year-on-year growth of -18.5% in 2023 and projected growth of 37.1% in 2024 [6] - Net profit (in million yuan): 2022A: 435; 2023A: 323; 2024E: 393; 2025E: 481; 2026E: 591, with a year-on-year decline of 25.8% in 2023 and projected growth of 21.7% in 2024 [6] - Gross margin: 2022A: 36.9%; 2023A: 30.8%; 2024E: 30.8%; 2025E: 31.0%; 2026E: 31.1% [6] Product Development and Market Expansion - In the automotive electronics sector, the company has established deep collaborations with Tier 1 manufacturers such as United Electronics and Bertley, successfully integrating with international Tier 1 firms like Harman Kardon and Valeo, which is expected to accelerate growth [4] - In the AI server sector, the company has developed products based on market demand and has achieved bulk sales with leading customers, indicating potential for accelerated growth [4][17] - The company is also expanding its presence in the low-altitude economy by deepening partnerships with clients like DJI and Wolong Electric, showcasing significant growth potential [4]