Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company's profitability is under short-term pressure, but with the deepening of its global layout and accelerated inventory destocking of overseas inverters, the report is optimistic about the company's ability to restore profitability in the future [4]. - For the first three quarters of 2024, the company achieved operating revenue of 4.943 billion yuan, a year-on-year decrease of 12.51%, and a net profit attributable to the parent company of 8.6521 million yuan, down 93.03% year-on-year [2][3]. - The report highlights that the decline in profit is mainly due to a decrease in sales revenue from high-margin overseas inverters and batteries, coupled with an increase in sales of lower-margin domestic photovoltaic systems [2][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 1.796 billion yuan, a year-on-year decrease of 2.20% and a quarter-on-quarter decrease of 11.17%. The net profit attributable to the parent company was 32.4827 million yuan, down 78.64% year-on-year but up 550.84% quarter-on-quarter [2][3]. - The company's inverter sales volume in H1 2024 was approximately 278,500 units, with grid-connected inverters accounting for about 91.89% of total sales [3]. Industry Trends - The report notes that the industry is experiencing accelerated inventory destocking, which is expected to improve profitability. The overseas sales of inverters accounted for 55.71% of total sales, indicating a shift in sales structure [3]. Future Projections - The report forecasts the company's revenue for 2024, 2025, and 2026 to be 7.447 billion yuan, 10.810 billion yuan, and 12.497 billion yuan, respectively, with net profits of 155 million yuan, 595 million yuan, and 821 million yuan [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 2024 performance shows an increase in the proportion of energy storage shipments, with profitability gradually recovering [3] - The company experienced a revenue of 4.94 billion yuan in Q1-Q3 2024, a year-on-year decrease of 12.5%, and a net profit attributable to shareholders of 0.1 billion yuan, down 99% year-on-year [2] - The report anticipates a recovery in shipments and profitability due to ongoing expansion into emerging markets and potential demand recovery in Europe following interest rate cuts [4] Financial Performance Summary - For Q3 2024, the company sold approximately 160,000 grid-connected inverters, contributing about 5-6 billion yuan in revenue, with a gross margin of 25% [3] - Energy storage inverter sales reached around 20,000 units, contributing about 2 billion yuan in revenue, with a gross margin of approximately 45% [3] - The company expects to ship 600,000-650,000 grid-connected inverters and 70,000-80,000 energy storage inverters in 2024, representing year-on-year growth of 18% and a decline of 52%, respectively [3] - The company’s total revenue is projected to be 7.39 billion yuan in 2024, with a slight increase from 7.35 billion yuan in 2023 [1][10] Cost and Expense Management - The company reported a total expense of 1.04 billion yuan in Q1-Q3 2024, a year-on-year increase of 31.9%, with an expense ratio of 21% [4] - In Q3 2024, total expenses were 350 million yuan, with a slight increase of 3.4% quarter-on-quarter [4] Profitability Forecast - The report revises the profit forecast for 2024-2026, estimating net profits of 190 million yuan, 610 million yuan, and 870 million yuan, respectively, reflecting a year-on-year decrease of 78% in 2024 [4] - The expected earnings per share (EPS) for 2024 is 0.79 yuan, significantly lower than 3.51 yuan in 2023 [1][10]

Investment Rating - The report has downgraded the investment rating of the company to "Neutral" from "Buy" [2][4]. Core Views - The company's Q3 performance was below expectations, with revenue and net profit of RMB 1.795 billion and RMB 32.5 million, respectively, reflecting a year-on-year decline of 2.2% and 78.6% [1][2]. - The decline in performance is attributed to slow recovery in high-margin European household storage shipments and a slowdown in new installations in mainland China [1][2]. - The report anticipates a gradual recovery in performance in Q4 and the following year, despite a short-term decline in exports to Europe due to factors like typhoons and holidays [2][5]. Financial Summary - For the fiscal year ending December 31, 2023, the company is projected to generate revenue of RMB 7.353 billion, a year-on-year growth of 56.1%, followed by a slight decline to RMB 7.276 billion in 2024 [3][9]. - Net profit is expected to drop significantly to RMB 148 million in 2024, down from RMB 852 million in 2023, with a recovery to RMB 603 million in 2025 [3][9]. - The report adjusts the earnings forecasts for 2024-2026 downwards by 71%, 21%, and 20%, respectively, to RMB 148 million, RMB 603 million, and RMB 790 million [2][3]. Valuation Metrics - The target price for the company is set at RMB 57.10, indicating a potential upside of 5.6% from the current price of RMB 54.07 [1][4]. - The valuation benchmark has been raised from 18 times to 23 times the 2025 earnings, reflecting a significant increase in market valuations [2][3]. - The company’s price-to-earnings ratio is projected to be 88.2 in 2024, decreasing to 21.7 in 2025 and 16.6 in 2026 [3][9].

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 固德威技术股份有限公司（以下简称"公司"）第三届监事会第二十二次会议 于 2024 年 10 月 29 日在公司会议室以现场与通讯表决相结合的方式召开，会议 通知于 2024 年 10 月 19 日以通讯方式送达至公司全体监事。本次会议应到监事 3 人，实到监事 3 人，会议由监事会主席鲍迎娣女士召集并主持。会议的召集和 召开程序符合《中华人民共和国公司法》和《公司章程》等相关规定，会议形成 的决议合法、有效。 二、监事会会议审议情况 与会监事对本次会议各项议案进行了审议，并表决通过了以下事项： 证券代码：688390 证券简称：固德威 公告编号：2024-067 固德威技术股份有限公司 第三届监事会第二十二次会议决议公告 具体内容详见本公司于同日在上海证券交易所网站(www.sse.com.cn)披露的 《固德威技术股份有限公司 2024 年第三季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 固德威技术股份有限公司 监 ...

重要内容提示： 会议召开时间：2024 年 11 月 07 日(星期四)下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：688390 证券简称：固德威 公告编号：2024-068 固德威技术股份有限公司 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、准确性和完整性承担法律责任。 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 06 日(星期三)16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏目或通过公司邮箱 ir@goodwe.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 固德威技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 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 ...

Financial Performance - The company's revenue for Q3 2024 was approximately ¥1.80 billion, a decrease of 2.20% compared to the same period last year[2]. - Net profit attributable to shareholders was approximately ¥32.48 million, down 78.64% year-on-year[2]. - The net profit excluding non-recurring items was approximately ¥23.23 million, a decline of 83.68% compared to the previous year[3]. - The diluted earnings per share for the reporting period was ¥0.13, a decrease of 79.03% year-on-year[3]. - The weighted average return on equity was 1.13%, down 4.07 percentage points from the previous year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 4,943,394,265.80, a decrease of 12.5% compared to CNY 5,650,348,075.44 in the same period of 2023[18]. - The company reported a net profit of CNY 44,065,067.13 for the third quarter, a significant decrease from CNY 1,029,499,740.55 in the same quarter of the previous year[19]. - The net profit for Q3 2024 was CNY 57,016,453.40, compared to CNY 898,651,327.17 for the same period last year[20]. - The total profit for Q3 2024 was CNY 39,974,685.92, compared to CNY 1,028,123,898.32 in the same quarter last year[20]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥7.70 billion, an increase of 8.34% from the end of the previous year[3]. - The company's total assets reached CNY 7,704,592,876.00, compared to CNY 7,111,232,868.50 at the end of the previous year, indicating an increase of 8.3%[17]. - Total liabilities increased to CNY 4,660,701,982.16 from CNY 4,051,101,993.17, representing a growth of 15.1%[17]. - The total equity attributable to shareholders was CNY 2,890,208,803.38, a decrease from CNY 2,982,827,693.90, reflecting a decline of 3.1%[17]. Cash Flow - The cash flow from operating activities showed a net outflow of approximately ¥1.02 billion, a decrease of 198.05% compared to the previous year[3]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY -1,024,176,630.40, a significant decrease from CNY 1,044,533,915.66 in the previous year[22]. - The company's cash and cash equivalents as of September 30, 2024, amount to approximately RMB 842.66 million, a decrease from RMB 1.84 billion at the end of 2023[15]. - The cash and cash equivalents at the end of Q3 2024 were CNY 680,543,299.58, a decrease from CNY 1,811,941,526.64 at the end of the previous year[24]. - The total cash inflow from financing activities in Q3 2024 was CNY 970,439,415.46, compared to CNY 121,448,466.34 in the same period last year[24]. - The total cash outflow from investing activities in Q3 2024 was CNY 454,521,001.69, down from CNY 930,351,348.33 in the previous year[24]. - The net cash flow from investing activities for Q3 2024 was CNY -390,137,011.88, compared to CNY -386,452,661.18 in the previous year[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 10, with the largest shareholder, Huang Min, holding 74,774,000 shares, representing 30.82% of the total shares[10]. - The company reported a total of 10 major shareholders, with the top 10 shareholders holding a combined 50.56% of the shares[11]. - Huang Min, the largest shareholder, also controls an additional 5,426,260 shares through a partnership, bringing the total control to 33.14%[11]. - The company has not reported any changes in the major shareholders due to margin trading or securities lending activities[13]. Research and Development - Research and development expenses totaled approximately ¥128.37 million, accounting for 7.15% of revenue, which is an increase of 1.22% year-on-year[3]. - Research and development expenses for the first three quarters of 2024 amounted to CNY 393,313,518.62, up from CNY 340,852,923.31 in the same period of 2023, reflecting a growth of 15.4%[19]. Operational Insights - The company experienced a significant decline in overseas sales of inverters and batteries, impacting overall revenue despite increased domestic sales of household photovoltaic systems[6]. - The company received government subsidies amounting to approximately ¥22.30 million during the reporting period[4]. - The company has not disclosed any new strategies or significant developments in product or technology during the reporting period[14]. - There are no significant reminders or alerts for investors regarding the company's operational status during the reporting period[14].

关于固德威技术股份有限公司 2024 年第五次临时股东大会的法律意见 北京市天元律师事务所 京天股字（2024）第 556 号 致：固德威技术股份有限公司 固德威技术股份有限公司（以下简称"公司"）2024 年第五次临时股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年 10 月 15 日在固德威智慧能源大厦二楼会议室召开。北京市天元律师事务所（以 下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议，并根据 《中华人民共和国公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）以及《固德威技术股 份有限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召 集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果 等事项出具本法律意见。 为出具本法律意见，本所律师审查了《固德威技术股份有限公司第三届董事会 第二十六次会议决议公告》《固德威技术股份有限公司关于召开 2024 年第五次临 时股东大会的通知》（以下简称"《召开股东大会通知》"）以及本所律师认 ...

证券代码：688390 证券简称：固德威 公告编号：2024-066 固德威技术股份有限公司 本公司董事会及全体董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） 股东大会召开的时间：2024 年 10 月 15 日 重要内容提示： （二） 股东大会召开的地点：固德威智慧能源大厦二楼会议室 本次会议是否有被否决议案：无 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 2024 年第五次临时股东大会决议公告 一、 会议召开和出席情况 本次股东大会由公司董事会召集，董事长黄敏先生主持，会议采用现场投票 和网络投票相结合的表决方式。本次股东大会的召集和召开程序、出席会议人员 的资格和召集人资格、会议的表决程序和表决结果均符合《中华人民共和国公司 法》及《固德威技术股份有限公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 6 人，出席 6 人； 2、 公司在任监事 3 人，出席 3 人； 3、 公司董事会秘书现场出席会议，部分高级管理人员和北京市天元律师事务所 ...

证券代码：688390 证券简称：固德威 公告编号：2024-064 固德威技术股份有限公司 关于董事、高级管理人员暨核心技术人员辞职及 补选董事会战略委员会委员的公告 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： 固德威技术股份有限公司（以下简称"公司"）董事会于近日收到董事、副 总经理、核心技术人员方刚先生的辞职报告。方刚先生因个人原因申请辞去公司 董事、副总经理以及董事会战略委员会委员职务，并不再担任公司核心技术人员。 方刚先生辞职后，将不再担任公司任何职务。 公司与方刚先生签署了保密协议，方刚先生工作期间作为发明人申请的相关 专利所有权均归属于公司及子公司，不存在涉及职务成果、知识产权相关的纠纷 或潜在纠纷，其离职不影响公司专利等知识产权的完整性，不会对公司业务发展 和技术创新产生重大不利影响。 一、董事、高级管理人员暨核心技术人员辞职的具体情况 董事会于近日收到董事、副总经理、核心技术人员方刚先生的辞职报告。方 刚先生因个人原因申请辞去公司董事、副总经理以及董事会战略委员会委员职务， 并不再担任 ...

固德威技术股份有限公司 关于公司核心技术人员变动暨新增认定核心技术 人员及聘任副总经理的公告 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： 根据公司战略发展规划，综合考虑公司核心技术研发等实际情况，经公 司管理层研究决定，原核心技术人员黄榜福先生因工作职责调整，不再参与公司 具体研发项目，公司不再认定黄榜福先生为核心技术人员，职务调整后，黄榜福 先生仍在公司任职售后服务部技术专家。 证券代码：688390 证券简称：固德威 公告编号：2024-065 结合公司未来发展规划，综合考虑研发人员任职情况、教育背景、工作 履历、技术经验、主要知识产权、科研成果以及其对公司核心技术和业务发展贡 献等相关因素，经公司管理层研究决定新增认定潘冬华先生、向军先生为公司核 心技术人员，同时聘任潘冬华先生为公司副总经理。 公司的技术研发和日常经营均正常稳健进行，公司研发团队结构完整， 后备人员充足，现有研发团队及核心技术人员能够支持公司核心技术及创新产品 的持续开发。核心技术人员的调整及变动不会影响公司所拥有的核心技术及知识 ...