Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has shown significant results in expanding into emerging markets, leading to robust performance growth. The 2024 annual report indicated a revenue of 1.828 billion yuan, a year-on-year increase of 23.83%, and a net profit attributable to shareholders of 435 million yuan, up 34.50% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 449 million yuan, reflecting a year-on-year growth of 20.81%, while the net profit attributable to shareholders was 108 million yuan, an increase of 8.20% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 2.246 billion yuan, 2.736 billion yuan, and 3.321 billion yuan for 2025, 2026, and 2027 respectively [5][6] Summary by Sections Company Overview - The company has successfully expanded its product offerings in various sectors, including industrial control, consumer electronics, and intelligent transportation, with strong demand in emerging markets [4] - The company has introduced over 100 automotive products in 2024, increasing its revenue share from 15% in 2023 to 18% in 2024 [4] Financial Performance - The comprehensive gross margin for 2024 was 36.42%, an increase of 5.67 percentage points year-on-year [4] - The company’s net profit margin for 2025 is projected to be 5.62 billion yuan, with a PE ratio of 23 times [5][6] Future Outlook - The company is expected to benefit from the recovery in industry demand, with strong growth in sectors such as automotive electronics, AI servers, and drones [4] - The establishment of a subsidiary in Singapore aims to expand the company's overseas business and enhance its product portfolio [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][22]. Core Views - The company demonstrates steady growth in performance, with revenue for 2024 projected at 1.828 billion yuan, reflecting a year-on-year increase of 23.83%. The gross margin is expected to improve by 5.67 percentage points to 36.42% [6][7]. - The company is diversifying its product offerings and optimizing its market structure, with significant contributions from high-end sectors such as automotive electronics and AI servers. The revenue composition for 2024 is expected to be 35% from industrial automation, 18% from automotive electronics, and 15% from photovoltaic storage [7][8]. - The company is investing in R&D, with an allocation of 1.04 billion yuan in 2024, representing 5.67% of revenue. This investment is aimed at advancing technology and developing new products, particularly in the IGBT and third-generation semiconductor sectors [7][8]. Financial Summary - **Revenue Projections**: - 2024: 1,828 million yuan - 2025: 2,243 million yuan (22.7% growth) - 2026: 2,719 million yuan (21.2% growth) - 2027: 3,224 million yuan (18.6% growth) [2][8] - **Net Profit Projections**: - 2024: 435 million yuan - 2025: 541 million yuan (24.4% growth) - 2026: 655 million yuan (21.2% growth) - 2027: 795 million yuan (21.4% growth) [2][8] - **Earnings Per Share (EPS)**: - 2024: 1.05 yuan - 2025: 1.30 yuan - 2026: 1.58 yuan - 2027: 1.92 yuan [2][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 30 times, with a target price of 39.1 yuan per share [3][7].

一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 证券代码：605111 证券简称：新洁能 公告编号：2025-025 无锡新洁能股份有限公司 关于2024年年度股东大会增加临时提案的公告 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。 2. 股东大会召开日期：2025 年 5 月 15 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 605111 | 新洁能 | 2025/5/8 | 二、 增加临时提案的情况说明 1. 提案人：朱袁正先生 2. 提案程序说明 公司已于2025 年 4 月 25 日公告了股东大会召开通知，持有21.84%股份的股 东朱袁正先生，在2025 年 4 月 28 日提出临时提案并书面提交股东大会召集人。 其提案内容符合《公司法》和《公司章程》的规定，提案程序亦符合《公司章程》 等有关规定。股东大会召集人按照《上市公司股东会规则》有关规定，现予以公 告。 3. 临时提案的具 ...

无锡新洁能股份有限公司 章 程 | 第一章 | 总 | 则 | - 3 | - | | --- | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | - 4 | - | | 第三章 | 股 | 份 | - 4 | - | | 第一节 | | 股份发行 - | 4 | - | | 第二节 | | 股份增减和回购 - | 5 | - | | 第三节 | | 股份转让 - | 6 | - | | 第四章 | | 股东和股东会 | - 7 | - | | 第一节 | | 股 东 | - 7 | - | | 第二节 | | 控股股东和实际控制人 - | 10 | - | | 第三节 | | 股东会 - | 11 | - | | 第四节 | | 股东会的召集 - | 14 | - | | 第五节 | | 股东会的提案与通知 - | 16 | - | | 第六节 | | 股东会的召开 - | 18 | - | | 第七节 | | 股东会表决和决议 - | 21 | - | | 第五章 | | 董事会 | - 25 | - | | 第一节 | | 董事 - | 25 | - | | 第二 ...

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"）于近日收到持有公司 21.84% 股份的控股股东朱袁正先生发来的《关于提请增加无锡新洁能股份有限公司 2024 年年度股东大会临时提案的函》，为提高决策效率，满足公司经营发展需 要，提请公司董事会增加《关于变更公司注册地址并同步修改公司章程的议案》 作为临时提案提交 2024 年年度股东大会进行审议。上述临时提案符合法律法规、 规范性文件及《公司章程》的有关规定，公司董事会同意将该议案提交至公司 2024 年年度股东大会审议。 证券代码：605111 证券简称：新洁能 公告编号：2025-026 无锡新洁能股份有限公司 关于变更公司注册地址并同步修改公司章程的公告 1、本次涉及《公司章程》其他部分的修订尚需提交 2024 年年度股东大会审 议，具体内容详见公司于 2025 年 4 月 25 日披露的《关于取消监事会并按照最新 规定修订<公司章程>及部分公司治理制度的公告》(公告编号:2025-022)。 2、上述章程条款的修订尚需提交股东 ...

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].

点击招商研究小程序查看PDF报告原文 新洁能25Q1营收4.5亿元，同比+21%/环比-5%，毛利率37%，同比+2pcts/环比+1pcts。公司发布2024 年报和2025年一季报，结合公告信息，点评如下： 公司25Q1营收同比稳健增长，单季毛利率保持相对稳定状态。 2024年：营收18.28亿元，同比 +23.83%，全年中低压产品价格得到修复，归母净利润4.35亿元，同比+34.5%，毛利率36.42%，同比 +5.67pcts，Q1-Q3毛利率逐季环比提升，Q4毛利率环比略有下降主要系产品结构调整影响，净利率 23.57%，同比+2.05pcts。25Q1：营收4.49亿元，同比+20.81%/环比-5.01%，归母净利润1.08亿元，同比 +8.2%/环比+5.76%，同比增速低于收入增速主要系研发费用增加和利息收入减少等因素影响，毛利率 36.58%，同比+1.82pcts/环比+0.61pct，净利率23.88%，同比-2.71pcts/环比+2.45pcts。 24年SGT MOS占比提升，全年产品销量增长抵消部分价格下降因素影响。 分产品类型看：1）SGT- MOS：24全年营收7.8亿元 ...

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]