Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown improvement in downstream inventory, with both sales volume and revenue increasing on a month-over-month and year-over-year basis [2][3] - The company reported a revenue of 1.412 billion yuan for the first three quarters of 2024, a year-over-year decrease of 53.7%, but the revenue for Q3 2024 was 553 million yuan, showing a quarter-over-quarter increase of 16.7% and a year-over-year increase of 12.3% [2] - The company is actively expanding its market presence in developed countries outside Europe, achieving significant progress in the U.S. and Japan [3] Financial Summary - For 2024, the company is expected to achieve a net profit of 178 million yuan, with a projected EPS of 0.73 yuan, corresponding to a PE ratio of 71.0 [2][4] - The company's gross margin for Q3 2024 was 33.0%, with a net margin of 3.1% [2] - The company has a total market capitalization of 12.641 billion yuan and a circulating market capitalization of 12.641 billion yuan [1]

证券研究报告·公司点评报告·电池 派能科技（688063） 2024 年三季报点评：业绩符合市场预期，静 待欧洲需求恢复 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6013 | 3299 | 2292 | 4068 | 5789 | | 同比（ % ） | 191.55 | (45.13) | (30.52) | 77.44 | 42.32 | | 归母净利润（百万元） | 1,272.73 | 515.64 | 84.78 | 219.62 | 474.77 | | 同比（ % ） | 302.53 | (59.49) | (83.56) | 159.06 | 116.17 | | EPS- 最新摊薄（元 / ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥552,870,433.04, representing a 12.31% increase compared to ¥492,284,125.79 in the same period last year[4]. - Net profit attributable to shareholders was ¥17,493,837.51, a significant recovery from a loss of ¥38,310,279.77 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was a loss of ¥6,726,085.14, compared to a loss of ¥51,098,611.58 in the same period last year[4]. - The weighted average return on net assets was 0.19%, an increase of 0.58 percentage points from -0.39% in the previous year[4]. - The basic earnings per share for the quarter was ¥0.10, recovering from a loss of ¥0.22 in the same period last year[4]. - Net profit for the first three quarters of 2024 was ¥36,734,989.27, a significant decline of 94.4% compared to ¥654,829,659.80 in the same period of 2023[21]. - Basic earnings per share for the first three quarters of 2024 were ¥0.15, down from ¥2.70 in the same period of 2023[22]. - The total comprehensive income for the first three quarters of 2024 was ¥36,699,677.70, a decrease of 94.4% from ¥654,607,723.33 in the same period of 2023[22]. Revenue and Sales - The company's operating revenue decreased by 53.69% year-on-year due to macroeconomic changes and a slowdown in household energy storage market demand[8]. - Total operating revenue for the first three quarters of 2024 was ¥1,412,167,194.31, a decrease of 53.7% compared to ¥3,049,242,193.20 in the same period of 2023[20]. - The sales volume reached 421 MWh, showing a year-over-year increase of 44.18% and a quarter-over-quarter increase of 31.15%[15]. - The company reported a significant improvement in sales due to better inventory levels at overseas downstream enterprises compared to Q2 2024[15]. Cash Flow - The company reported a net cash flow from operating activities of ¥673,716,617.83 year-to-date, down 41.12% from ¥1,144,169,890.55 in the previous year[4]. - Cash flow from operating activities for the first three quarters of 2024 was ¥1,700,823,640.08, a decrease of 51.2% compared to ¥3,487,789,181.87 in the same period of 2023[23]. - Operating cash inflow for Q3 2024 was CNY 1,954,697,775.67, a decrease from CNY 4,655,564,571.59 in Q3 2023, representing a decline of approximately 58%[24]. - Total cash outflow from operating activities was CNY 1,280,981,157.84, down from CNY 3,511,394,681.04 in the previous year, indicating a reduction of about 63%[24]. - The company received tax refunds amounting to CNY 147,112,870.44, compared to CNY 692,969,878.71 in the previous year, showing a decrease of about 79%[24]. Research and Development - Research and development expenses totaled ¥96,316,196.21, an increase of 9.37% from ¥88,065,890.61 in the previous year[5]. - The ratio of R&D expenses to operating revenue was 17.42%, a slight decrease of 0.47 percentage points from 17.89% in the previous year[5]. - Research and development expenses for the first three quarters of 2024 were ¥289,033,194.41, slightly down from ¥306,893,150.74 in the same period of 2023[20]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 23,237[11]. - The largest shareholder, ZTE New Communications Co., Ltd., holds 60,506,148 shares, accounting for 24.66% of the total shares[11]. - The company repurchased 5,998,520 shares, representing 2.44% of the total share capital of 245,359,249 shares[12]. - The company completed a share buyback of 4,930,677 shares, accounting for 2.01% of the total share capital, with an average repurchase price of CNY 40.55 per share[15]. Future Outlook - The company plans to improve inventory levels and increase sales volume in the future[8]. - The company is focusing on new product development and market expansion strategies[8]. - The company has experienced a significant decline in sales volume, which is expected to impact future performance[8].

证券代码：688063 证券简称：派能科技 公告编号：2024-055 上海派能能源科技股份有限公司 关于2022年度向特定对象发行股票部分募投项目延期的 公告 本公司董事会及除韦在胜先生外董事会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 上海派能能源科技股份有限公司（以下简称"公司""本公司"或"派能科技"） 于2024年10月25日召开的第三届董事会第二十二次会议及第三届监事会第十四次会 议，审议通过了《关于2022年度向特定对象发行股票部分募投项目延期的议案》。 根据当前募集资金投资项目（以下简称"募投项目"）的实际实施进度情况，经审慎 研究，公司决定在不改变募投项目的投资内容、投资用途、投资金额以及实施主体 的前提下，对2022年度向特定对象发行股票募投项目之一"派能科技10GWh锂电池研 发制造基地项目"达到预定可使用状态的时间进行调整。保荐机构中信建投证券股 份有限公司发表了同意的核查意见，本事项无需提交公司股东大会审议。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海派能能源科技股份有限公司向特定 对象发行股票注册的批复 ...

经中国证券监督管理委员会《关于同意上海派能能源科技股份有限公司向特 定对象发行股票注册的批复》（证监许可﹝2022﹞2961 号）同意，公司向特定对 象发行人民币普通股（A 股）股票 20,060,180 股，每股发行价格为人民币 249.25 元，募集资金总额为人民币 4,999,999,865.00 元，扣除发行费用人民币 22,965,765.48 元（不含增值税）后，实际募集资金净额为人民币 4,977,034,099.52 元。上述募集资金已全部到位，经天健会计师事务所（特殊普通合伙）审验并于 2023 年 1 月 19 日出具了《验资报告》（天健验〔2023〕30 号）。 中信建投证券股份有限公司 关于上海派能能源科技股份有限公司 部分募投项目延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 上海派能能源科技股份有限公司（以下简称"派能科技"或"公司"）2022 年度 向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上 海证券交易所科创板上市公司自律监管指引第 1 ...

证券代码：688063 证券简称：派能科技 公告编号：2024-056 上海派能能源科技股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监事保证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。 一、监事会会议召开情况 上海派能能源科技股份有限公司（以下简称"公司"）第三届监事会第十四 次会议于 2024 年 10 月 25 日以现场方式、通讯方式召开，本次会议通知及相关材 料已于 2024 年 10 月 22 日以电子邮件方式发出。本次会议由公司监事会主席郝博 先生主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开和 表决程序符合《中华人民共和国公司法》《上海证券交易所科创板股票上市规则》 等相关法律、行政法规、规范性文件及《上海派能能源科技股份有限公司章程》 的有关规定。 二、监事会会议审议情况 与会监事审议表决通过以下事项： （一）审议通过了《关于公司<2024 年第三季度报告>的议案》 监事会认为：公司董事会编制和审核公司《2024年第三季度报告》的程序符 合相关法律、行政法规及中国证券监督管理委员会和上海 ...

证券代码：688063 证券简称：派能科技 公告编号：2024-054 | 项目 | 2024年前三季度计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 12,307,078.28 | 应收票据坏账损失、应收账 款坏账损失、其他应收款坏 账损失 | | 资产减值损失 | 60,654,981.82 | 存货跌价损失、合同资产减 | | | | 值损失 | | 合计 | 72,962,060.10 | | 上海派能能源科技股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 本公司董事会及除韦在胜先生外董事会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 一、2024年前三季度计提减值准备的情况概述 根据《企业会计准则》和上海派能能源科技股份有限公司（以下简称"公司"） 会计政策的相关规定，为客观、公允地反映公司截至2024年9月30日的财务状况和 2024年前三季度的经营成果，公司及子公司对截至2024年9月30日合并范围内可能 存在减值损失的各项资产进行了充分的评估和分析，根据谨慎性原则，公司对相关 资产进 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][14]. Core Insights - The company's performance and profitability improved sequentially in Q2 2024, with revenue of 4.74 billion yuan, a quarter-on-quarter increase of 22.86%, and a year-on-year decrease of 33.86%. The net profit attributable to the parent company was 158.76 million yuan, a quarter-on-quarter increase of 296.86% and a year-on-year decrease of 93.13% [5][6]. - The inventory levels in Europe have returned to reasonable levels, and it is expected that shipments will continue to increase in the second half of the year as overseas market conditions improve [5][6]. - The company is actively expanding its diversified product system, particularly in commercial energy storage, which has seen significant growth in overseas markets [6][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 859 million yuan, a year-on-year decrease of 66.39%, and a net profit of 19.87 million yuan, a year-on-year decrease of 97.13% [5][7]. - The company's gross margin for Q2 2024 was 38.51%, a quarter-on-quarter increase of 2.75 percentage points and a year-on-year increase of 6.47 percentage points [5][6]. Market Outlook - The company expects a gradual recovery in shipments in the overseas market during Q3 and Q4 2024, with production capacity utilization rates improving as inventory levels stabilize [5][6]. - The company is also expanding its presence in domestic markets, particularly in commercial energy storage, and has launched new products based on 280Ah and 314Ah cells [6][8]. Profit Forecast and Valuation - The forecasted net profits for the company from 2024 to 2026 are 138 million yuan, 302 million yuan, and 523 million yuan, respectively [7][8]. - The company is assigned a valuation of 105-110 times PE for 2024, corresponding to a reasonable value range of 59.16-61.97 yuan [6][10].

证券代码：688063 证券简称：派能科技 公告编号：2024-053 上海派能能源科技股份有限公司 关于第二期以集中竞价交易方式回购公司股份比例达 到总股本 2%暨股份回购实施结果的公告 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： | 回购方案首次披露日 | 2024/2/20 | | --- | --- | | 回购方案实施期限 | 2024/2/19~2025/2/18 | | 预计回购金额 | 万元 10,000 万元~20,000 | | 回购价格上限 | 元/股（含） 103.20 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 股 4,930,677 | | 实际回购股数占总股本比例 | 2.010% | | 实际回购金额 | 万元 19,993.475695 | | 实际回购价格区间 | 元/股~89.81 元/股 32.80 | 一、 回购审批情况和回购方案内容 2024 ...

中信建投证券股份有限公司 关于上海派能能源科技股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法（2023 年修订）》《上海证券交易所 科创板股票上市规则》《上市公司证券发行注册管理办法》等相关规定，中信建 投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"）作为上海派 能能源科技股份有限公司（以下简称"派能科技"）2022 年度向特定对象发行股 票的保荐机构，对派能科技进行持续督导，并出具本持续督导跟踪报告。 在本持续督导期间，保荐机构和保荐代表人未发现派能科技存在重大问题。 2024 年半年度，中信建投证券对派能科技的持续督导工作情况总结如下： 三、重大风险事项 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 | 本保荐机构已建立健全并有效 | | | | 执行了持续督导工作制度，并 | | | 具体的持续督导工作制定相应的工作计划。 | 制定了相应的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | | | | 前，与上市公司或相关当事人签署持续 ...