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 ...

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 ...

证券代码：688348 证券简称：昱能科技 公告编号：2024-067 昱能科技股份有限公司 关于部分超募资金投资项目增加实施地点的公告 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 昱能科技股份有限公司（以下简称"公司"或"昱能科技"）于 2024 年 10 月 30 日召开第二届董事会第十四次会议和第二届监事会第十二次会议，审议通 过了《关于部分超募资金投资项目增加实施地点的议案》，同意"昱能 30MW 分 布式光伏电站建设及运营项目"增加实施地点。 上述事项在董事会审批权限范围内，无需提交股东会审议。保荐机构东方证 券股份有限公司对上述事项出具了明确的核查意见。本次仅涉及部分超募资金投 资项目实施地点增加,不影响超募资金投资项目的建设内容，不会对超募资金投 资项目的实施造成实质性影响，不存在变相改变募集资金用途或损害公司和股东 利益的情形。 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〔20 ...

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：2024-065 昱能科技股份有限公司 关于股东及其一致行动人权益变动超过1%的提示性公告 | | 名称 | 嘉兴汇能投资管理合伙企业（有限合伙） | | --- | --- | --- | | 信息披露 义务人一 | 住所 | 浙江省嘉兴市南湖区东栅街道南江路 1856 号基金小镇 1 号楼 180 室-48 | | | 执行事务合伙人 | 邱志华 | | 信息披露 义务人二 | 名称 | 嘉兴汇英投资管理合伙企业（有限合伙） | | | 住所 | 浙江省嘉兴市南湖区东栅街道南江路 | | | | 1856 号基金小镇 1 号楼 180 室-49 | | | 执行事务合伙人 | 邱志华 | （一）信息披露义务人基本情况 注：1、本次权益变动所涉及股份均享有表决权，不存在表决权委托或受限等任何权利 限制或限制转让的情况。 2、本次变动不存在违反《中华人民共和国证券法》《上市公司收购管理办法》等法律 法规和上海证券交易所业务规则等相关规定情形及其相关承诺。 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、 ...

东方证券股份有限公司 关于昱能科技股份有限公司 为全资子公司提供担保的核查意见 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，对昱能科技为全资子公司提供担保的事项进行了审慎 核查，发表核查意见如下： 一、担保情况概述 公司于 2024 年 10 月 8 日召开的第二届董事会第十三次会议，审议通过了 《关于为全资子公司提供担保的议案》。为满足全资子公司(含全资孙公司，下同) 日常经营需要，加快全资子公司良性发展，提升公司整体实力，现拟为全资子公 司向银行等金融机构申请综合授信提供合计不超过 4 亿元的保证担保，内容包括 但不限于流动资金贷款、承兑汇票、保函等品种，担保有效期为董事会审议通过 之日起 12 个月。公司董事会授权总经理或其指定的授权代理人办理上述事宜， 签署相关法律文件。具体担保情况如下： 被担保公司：嘉兴昱能贸易有限公司（以下简称 " ...

昱能科技股份有限公司 关于为全资子公司提供担保的公告 证券代码：688348 证券简称：昱能科技 公告编号：2024-064 被担保人：嘉兴昱能贸易有限公司（以下简称 "昱能贸易"）、景宁昱能 科技有限公司（以下简称 "景宁昱能"）、南京昱中新能源科技有限公司（以下 简称 "南京昱中"）。昱能贸易、景宁昱能系昱能科技股份有限公司（以下简称 "公司"或"昱能科技"）的全资子公司，南京昱中系公司的全资孙公司。本次 担保不存在关联担保。 本次公司拟为昱能贸易提供担保额度人民币 1 亿元，为景宁昱能提供担 保额度人民币 2 亿元，为南京昱中提供担保额度人民币 1 亿元。截至本公告披露 日，公司实际为昱能贸易和景宁昱能提供的担保余额为 2411.50 万元。 被担保人未提供反担保，公司无逾期对外担保情形； 本次担保无需提交股东大会审议。 一、担保情况概述 公司于 2024 年 10 月 8 日召开的第二届董事会第十三次会议，审议通过了 《关于为全资子公司提供担保的议案》。为满足全资子公司(含全资孙公司，下 同)日常经营需要，加快全资子公司良性发展，提升公司整体实力，现拟为全资 子公司向银行等金融机构申请综合授信提供合计 ...

关于自愿披露重要项目中标的公告 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： 中标项目及金额：昱能科技股份有限公司（以下简称 "公司"）之控股孙 公司天津奥联新能源有限公司（以下简称"天津奥联"）于 2024 年 9 月 30 日收 到深州市坤腾储能有限公司的《中标通知书》，天津奥联（联合体成员：江苏领 储 宇 能 科 技 有 限 公 司 、 河 北 港 湾 电 力 技 术 有 限 公 司 ） 中 标 深 州 市 坤 腾 100MW/400MWh 共享储能项目总承包(EPC)（招标内容：100MW/400MWh 共享储能项 目总承包)，中标金额 43523.83 万元人民币（含税）（具体金额以正式签订的合 同为准）。 对公司业绩的影响：本次中标项目属于公司日常经营范围的主营业务，本 次中标体现了公司在储能领域的竞争力，如中标项目签订正式合同并顺利履约， 预计将在未来合同执行期间对公司的经营业绩产生积极影响。 证券代码：688348 证券简称：昱能科技 公告编号：2024-063 昱能科技股份有限公司 中标 ...