证券代码：688348 证券简称：昱能科技 昱能科技股份有限公司投资者关系活动记录表 （2024 年第三季度业绩说明会） 编号：20241118 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（请文字说明其他活动内容） 形式 现场 网上 电话会议 参与单位名称 及人员姓名 参与公司 2024 年第三季度业绩说明会的投资者 时间 2024 年 11 月 18 日 15:30-16:30 地点 价值在线（https://www.ir-online.cn）网络互动 上市公司接待 人员姓名 董事长 凌志敏 董事会秘书 邱志华 财务总监 张家武 独立董事 顾建汝 投资者关系活动 主要内容介绍 介绍环节： 简单介绍公司第三季度及前三季度经营情况： 一、公司 2024 年 1-9 月经营业绩情况 （一）第三季度及 2024 年 1-9 月经营业绩 1、2024 年第三季度业绩 2024 年第三季度实现营收 6.34 亿元，环比增长 34.61 %，同比增长 104.33%。2024 年第三季度实现归母净利润 6, 164.50 万元，环比增长 28.74%，同比增 ...

Summary of YN Technology Conference Call Company Overview - YN Technology reported a revenue of 634 million yuan in Q3 2024, representing a year-on-year growth of 104.33% and a quarter-on-quarter increase of 34.61% [2][3] - The net profit attributable to shareholders for Q3 2024 was 61.645 million yuan, up 33.47% year-on-year [2][3] - For the first nine months of 2024, the company achieved a revenue of 1.533 billion yuan, a year-on-year increase of 58.31%, but the net profit decreased by 17.14% due to increased upfront investments [2][3] Product Performance - Sales of the energy distribution devices reached 1.3 billion yuan, while self-control observers generated 133 million yuan in sales, both showing significant growth with gross margins exceeding 40% [2][4] - The company sold 858,000 energy distribution devices and 804,000 self-control observers in the first nine months of 2024, with respective revenue growth of 11.75% and 13.68% [4] Inventory and Supply Chain - As of September 30, 2024, total inventory was 1.271 billion yuan, down 245 million yuan from June 30, 2024, with an inventory turnover rate of 0.73, nearly doubling from the previous year [2][5] - The inventory structure is optimized, with approximately 40% as raw materials and processing materials, and 50% as finished goods [5][31] Market Expansion and Strategy - YN Technology is actively expanding into overseas markets, with Europe accounting for over 60% of sales and the US for 20-30% [2][11] - The company plans to enter Southeast Asia and other emerging markets to adapt to potential market changes and policy adjustments [2][9][12] - The company is optimistic about the micro-profitability prospects in the commercial solar market and has launched relevant solutions for small-scale projects [2][8] Research and Development - The fifth-generation energy distribution product is currently in the pre-production stage, focusing on design optimization and cost reduction through large-scale production [6] - The company collaborates with electronic manufacturers to enhance product integration efficiency and market competitiveness [6][14] Future Outlook - YN Technology anticipates significant growth in emerging markets and overseas commercial markets over the next 3-5 years, driven by the increasing demand for stable electricity supply in low-income areas [29][32] - The company expects a 20% overall growth in shipments for the next year, with potential explosive growth in emerging markets [32][33] - The company has approximately 500 million yuan in hand orders, equivalent to about 500 MWh, expected to be completed next year [33] Competitive Landscape - The micro-profit sector is shifting towards micro-storage, with intensified competition in online channels [14] - The company does not currently plan to collaborate directly with large online sales platforms but supports downstream customers in online sales [10] Conclusion - YN Technology is positioned for strong growth with a focus on overseas expansion, product innovation, and market adaptability, despite facing challenges such as fluctuating net profits and competitive pressures in the solar energy sector [2][19][28]

Group 1 - Zhejiang Yuling Technology Co., Ltd. has been established with a registered capital of 25.5 million yuan [1] - The legal representative of the company is Luo Yuhao [1] - The business scope includes manufacturing of photovoltaic equipment and components, battery manufacturing, solar power generation technology services, and energy storage technology services [1] Group 2 - The company is jointly held by Yuneng Technology and Zhejiang Boying New Energy Co., Ltd. [1]

证券代码：688348 证券简称：昱能科技 公告编号：2024-069 昱能科技股份有限公司 关于召开2024年第三季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2024 年 11 月 18 日 12:00 前访问网址： https://eseb.cn/1jb8Yr8GOuA 或扫描下方二维码在报名时进行会前提问，公 司将通过本次业绩说明会上，在信息披露允许范围内就投资者普遍关注的问题 进行回答。 昱能科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划 2024 年 11 月 18 日下午 15:30-16:30 举 会议召开时间：2024 年 11 月 18 日（星期一）15:30-16:30 会议召开方式：网络及电话会议方式 会议召开地点：价值在线 ...

Investment Rating - The investment rating for the company is "Accumulate" with a revised outlook [5]. Core Insights - The company reported a significant increase in revenue, achieving 1.533 billion yuan in the first three quarters of 2024, a year-on-year growth of 58.31%. However, the net profit attributable to the parent company decreased by 17.14% to 149 million yuan [1][2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of approximately 620 million yuan, an increase of 1.552 billion yuan year-on-year [1][2]. - The revenue for Q3 2024 reached 634 million yuan, representing a year-on-year increase of 104.33% and a quarter-on-quarter increase of 34.61% [1]. Summary by Sections Revenue Growth - The high revenue growth is primarily attributed to the rapid increase in revenue from industrial and commercial energy storage systems and the gradual recovery of the overseas micro-inverter market [2]. Profitability - The net profit attributable to the parent company for Q3 2024 was 62 million yuan, a year-on-year increase of 33.47% and a quarter-on-quarter increase of 28.74% [1][2]. Financial Forecasts - Revenue forecasts for 2024 and 2025 have been adjusted to 1.964 billion yuan and 2.341 billion yuan, respectively. The net profit forecasts for the same years are adjusted to 251 million yuan and 350 million yuan [3][4]. - The company is expected to achieve a revenue of 2.809 billion yuan and a net profit of 418 million yuan by 2026 [3][4]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 36, 25, and 21 times for the years 2024, 2025, and 2026, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 24Q3 revenue reached 630 million yuan, a year-on-year increase of 104% and a quarter-on-quarter increase of 35% [2] - Net profit attributable to the parent company in 24Q3 was 62 million yuan, up 33% year-on-year and 29% quarter-on-quarter [2] - The gross profit margin in 24Q3 was 28.3%, down 11.7 percentage points year-on-year and 7.1 percentage points quarter-on-quarter, mainly due to the increased proportion of low-margin commercial and industrial storage [2] - Microinverter shipments in 24Q3 were approximately 260,000 units, flat quarter-on-quarter, with stable gross margins [2] - Commercial and industrial storage projects contributed approximately 260 million yuan in revenue in 24Q3, a quarter-on-quarter increase of over 150%, with a gross margin of around 15% [2] - The company's operating cash flow in 24Q3 was 380 million yuan, an increase of 550 million yuan compared to the same period last year [3] Financial Forecasts - The company's revenue is expected to grow from 1,420 million yuan in 2023 to 3,426 million yuan in 2026, with a compound annual growth rate (CAGR) of 29.83% [1] - Net profit attributable to the parent company is forecasted to increase from 220.22 million yuan in 2023 to 393.63 million yuan in 2026, with a CAGR of 30.94% [1] - EPS is projected to rise from 1.41 yuan in 2023 to 2.52 yuan in 2026 [1] - The P/E ratio is expected to decrease from 40.25 in 2023 to 22.52 in 2026 [1] Operational Highlights - The company's inventory at the end of 24Q3 was 1.27 billion yuan, a 19% decrease from the beginning of 2024 [3] - Contract liabilities at the end of 24Q3 were 55 million yuan, a 214% increase from the beginning of 2024 [3] - The company's operating expense ratio in 24Q3 was 10.9%, down 13.7 percentage points year-on-year and 8.3 percentage points quarter-on-quarter [3] Market Performance - The company's stock price has shown significant volatility, with a year-low of 37.75 yuan and a year-high of 136.70 yuan [5] - The current market capitalization is 9,503.23 million yuan, with a P/B ratio of 2.59 [5] Financial Ratios - The company's ROIC is expected to increase from 1.97% in 2023 to 9.53% in 2026 [10] - ROE is projected to rise from 5.99% in 2023 to 8.22% in 2026 [10] - The debt-to-asset ratio is forecasted to increase from 22.04% in 2023 to 23.23% in 2026 [10]

东方证券股份有限公司 根据公司《首次公开发行股票并在科创板上市招股说明书》，公司实际募集 资金在扣除发行费用后将用于如下项目： 单位：万元 | | | 关于昱能科技股份有限公司 部分超募资金项目增加实施地点的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公 司（以下简称"公司"、"昱能科技"）首次公开发行股票并在科创板上市及持续 督导的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》和《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》等有关规定，对昱能科技部分超募资金项目增加实施地点的事项进 行了审慎核查，发表核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 4 月 1 日出具的《关于同意昱能科 技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕681 号），公 司获准向社会公众公开发行人民币普通股 2,000.00 万股，每股发行价为人民币 163.00 元，共计募集资金 326,000.00 万元，扣除发行费用后，实际募集资金净额 为 303,699.49 万元，上述募集资金已经 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥634,311,689.35, representing a 104.33% increase compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥61,645,038.50, an increase of 33.47% year-on-year[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥49,626,017.28, reflecting an 18.22% increase compared to the same period last year[2]. - Basic earnings per share for Q3 2024 were ¥0.40, up 37.93% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 reached CNY 1,533,280,889.02, a significant increase from CNY 968,509,863.82 in the same period of 2023, representing a growth of approximately 58.5%[20]. - The net profit for the first three quarters of 2024 is not explicitly stated, but the increase in retained earnings to CNY 503,969,383.59 from CNY 465,204,837.84 in 2023 suggests positive profitability trends[19]. - In the first three quarters of 2024, the net profit was CNY 155,210,231.79, a decrease of 9.93% compared to CNY 172,335,475.76 in the same period of 2023[21]. - The total profit for the first three quarters of 2024 was CNY 200,540,354.16, down from CNY 207,956,826.39 in 2023, reflecting a decline of 3.99%[21]. - The operating profit for the first three quarters of 2024 was CNY 203,495,245.62, slightly lower than CNY 208,190,193.83 in 2023, indicating a decrease of 2.99%[21]. - The total comprehensive income attributable to the parent company for the first three quarters of 2024 was CNY 147,010,366.60, down from CNY 161,989,697.97 in 2023, a decline of 9.21%[22]. - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY 0.96, compared to CNY 1.15 in the same period of 2023, a decrease of 16.52%[22]. Research and Development - The total R&D expenditure for Q3 2024 was ¥30,423,141.39, a decrease of 18.25% compared to the same period last year[4]. - The proportion of R&D expenditure to operating revenue was 4.80%, down 7.19 percentage points year-on-year[4]. - The company reported a significant increase in research and development expenses, totaling CNY 87,041,877.54 for the first three quarters of 2023, compared to CNY 80,518,459.31 in the same period of 2022, indicating a focus on innovation[20]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,410, with the largest shareholder, LING ZHIMIN, holding 22,721,373 shares, representing 14.54% of the total shares[10]. - The second largest shareholder, Tiantong Gaoxin Group Co., Ltd., holds 21,500,689 shares, accounting for 13.76% of the total shares, with 5,180,000 shares pledged[10]. - The company has repurchased a total of 1,743,788 shares, which is 1.12% of the total share capital of 156,277,435 shares, with a total expenditure of RMB 161,674,119.61[14]. - The maximum repurchase price was RMB 128.99 per share, while the minimum was RMB 42.95, with an average repurchase price of RMB 92.7143 per share[14]. - The company plans to use the repurchased shares for employee stock ownership plans or equity incentives[15]. - The report indicates that LING ZHIMIN and LUO YUHAO are acting in concert as the actual controllers of the company[12]. - The company has not disclosed any changes in the top 10 shareholders due to securities lending or borrowing activities[15]. - The top 10 shareholders include several investment management partnerships, with significant holdings from Jiaxing Huineng Investment Management Partnership and Jiaxing Huiying Investment Management Partnership[12]. - The company has a total of 112,000,000 shares as the basis for calculating the percentages related to shareholder activities[14]. - The report highlights that the company is actively engaging in share repurchase activities to enhance shareholder value[15]. Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was ¥619,530,059.41, attributed to increased sales collections and reduced payments to suppliers[2]. - The company's cash and cash equivalents as of September 30, 2024, were CNY 995,979,346.01, up from CNY 963,159,684.90 at the end of 2023, reflecting a growth of approximately 3.0%[18]. - The ending cash and cash equivalents balance as of the end of September 2024 was CNY 985,856,746.93, compared to CNY 1,960,555,383.54 at the end of September 2023, a decrease of 49.73%[24]. - Total assets at the end of Q3 2024 amounted to ¥4,879,471,244.22, a 2.73% increase from the end of the previous year[4]. - The total assets as of September 30, 2024, were CNY 4,879,471,244.22, up from CNY 4,749,860,563.98 at the end of 2023, reflecting a growth of approximately 2.7%[19]. - The company has made strategic investments in fixed assets, which increased to CNY 86,084,028.74 from CNY 70,850,950.25, indicating a commitment to expanding operational capacity[18]. Liabilities and Costs - Total operating costs for the first three quarters of 2024 amounted to CNY 1,278,388,673.07, compared to CNY 771,573,586.79 in 2023, indicating an increase of about 65.5%[20]. - The total liabilities as of September 30, 2024, were CNY 1,180,549,404.62, compared to CNY 1,046,819,477.10 at the end of 2023, indicating an increase of about 12.7%[19].

证券代码：688348 证券简称：昱能科技 公告编号：2024-068 昱能科技股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 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、 计提资产减值准备情况概述 昱能科技股份有限公司（以下简称"公司"）根据《企业会计准则第8号——资产 减值》（以下合称"《企业会计准则》"）等相关会计政策规定，结合公司的实际经 营情况，为客观、公允地反映公司截至2024年9月30日的财务状况及2024年前三季度的 经营成果，本着谨慎性原则，公司对合并报表范围内存在减值迹象的资产计提了减值 准备。 2024年第三季度确认的信用减值损失和资产减值损失总额为3,367.38万元。具体 情况如下表所示： 二、 计提资产减值准备事项的具体说明 （一）信用减值损失 同时结合存货的库龄、保管状态、历史消耗数据以及未来使用或销售情况作为估计的 基础。经测试，2024年第三季度计提存货跌价损失金额共计3,402.89万元。 三、 本次计提资产减值准备对公司的影响 本次计提减值准备计入资产减值损失和信 ...

证券代码：688348 证券简称：昱能科技 公告编号：2024-066 昱能科技股份有限公司 二、 监事会会议审议情况 经与会监事对本次会议议案进行审议，并表决通过以下事项： 1、审议通过《关于<2024年第三季度报告>的议案》 监事会认为：公司《2024年第三季度报告》已经公司第二届董事会第十四次 会议审议通过，其编制及审议程序符合法律、法规、《公司章程》及公司内部管 理制度的各项规定；内容和格式符合中国证监会和上海证券交易所的相关规定； 报告内容真实、准确、完整地反映了公司2024年前三季度的财务状况和经营情况， 不存在虚假记载、误导性陈述或重大遗漏；报告编制过程中，未发现公司参与报 告编制和审议的人员有违反保密规定的行为。 表决结果：3票同意，0票反对，0票弃权。 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com.cn）的 《2024年第三季度报告》。 第二届监事会第十二次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 昱能科技股份有限公司（以下简称"公司 ...