%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨固德威（ ） 688390.SH [上Ta修b并le_网T出itle货] 预期， 2024 越过拐点 报告要点 [固Ta德bl威e_发Su布m2m0a2r3y]年年报及2024年一季报，2023年公司实现收入73.53亿元，同比增长56%； 归母净利8.52亿元，同比增长31%；2023Q4实现收入17.02亿元，同比下降5%，环比下降 7%；归母净利-0.41亿元，同比下降111%，环比下降127%；2024Q1实现收入11.26亿元， 同比下降34%，环比下降34%；归母净利-0.29亿元，同比下降109%，环比增长29%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company experienced pressure on its quarterly performance in Q1 2024, with expectations for improved performance driven by increased grid connections and inventory recovery in overseas household storage [1][3]. - The company reported a significant increase in revenue for 2023, achieving 7.353 billion yuan, a year-on-year growth of 56.10%, and a net profit of 852 million yuan, up 31.24% [1][2]. Financial Performance Summary - In Q1 2024, the company reported revenue of 1.126 billion yuan, a decline of 34.50% year-on-year, and a net loss of 29 million yuan, down 108.57% year-on-year [1]. - The company's inverter sales in 2023 reached approximately 686,300 units, with grid-connected inverters accounting for about 77.54% of total sales [2]. - The revenue from energy storage batteries in 2023 was 869 million yuan, reflecting a year-on-year increase of 38.66% [2]. - The gross margin for the company in 2023 was 30.76%, a decrease of 1.7 percentage points year-on-year [2]. Profit Forecast and Investment Recommendations - The company is expected to see net profits of 720 million yuan, 1.005 billion yuan, and 1.322 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15.5%, +39.6%, and +31.4% [3]. - The report anticipates that as inventory levels normalize, the company's performance will improve in the coming years [3].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][17]. Core Views - The company experienced a robust revenue growth of 56.10% year-on-year in 2023, reaching a total revenue of 7.353 billion yuan, while net profit increased by 31.24% to 852 million yuan [3][8]. - The first quarter of 2024 saw a decline in revenue by 34.50% year-on-year, with a net loss of 28.82 million yuan, attributed to high inventory levels in the European market affecting sales of energy storage inverters [3][6]. - The company is expected to benefit from the recovery of demand in the energy storage inverter market as inventory levels normalize, particularly in emerging markets [6][7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 73.53 billion yuan, with a net profit of 8.52 billion yuan and a basic earnings per share of 4.94 yuan, reflecting a year-on-year growth of 31.38% [3][8]. - The first quarter of 2024 showed a revenue of 11.26 billion yuan, down 34.50% year-on-year, with a net loss of 28.82 million yuan [3][6]. Product Performance - The company’s sales of grid-connected inverters reached 532,200 units in 2023, a 15.46% increase year-on-year, generating revenue of 28.61 billion yuan [6][7]. - Sales of energy storage inverters decreased by 32.20% year-on-year, with revenue of 15.66 billion yuan, primarily due to high inventory levels in Europe [6][7]. Market Outlook - The company is positioned to capitalize on the growing demand for household photovoltaic systems, with a significant increase in sales of 688.92% year-on-year, generating revenue of 16.54 billion yuan [7][8]. - The report anticipates steady growth in the company’s overseas market performance, particularly as European inventory levels decrease and demand in emerging markets rises [8][9]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are estimated at 707 million yuan, 880 million yuan, and 1.116 billion yuan respectively, with corresponding earnings per share of 4.09 yuan, 5.09 yuan, and 6.45 yuan [8][9]. - The price-to-earnings ratios for the next three years are projected to be 25.35, 20.36, and 16.05 respectively, indicating a favorable valuation trend [8][9].

证券代码：688390 证券简称：固德威 公告编号：2024-025 固德威技术股份有限公司 关于调整 2023 年年度利润分配方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 利润分配调整情况：维持每 10 股派发现金红利 7.5 元不变，现金分红总额由 129,612,900.00 元（含税）调整为 129,587,710.50 元（含税）；维持每 10 股转增 4 股不 变，转增总股数由 69,126,864 股调整为 69,113,445 股。 在实施权益分派的股权登记日前公司总股本扣减公司回购专用证券账户中的股 份发生变动的，拟维持每股分配及转增比例不变，相应调整分配总额及转增总股数， 并将另行公告具体调整情况。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回购股 份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股本发生变 动的，公司拟维持每股分配比例不变，相应调整分配总额。如后续总股本发生变化， 将另行公告具体调整情况。 具体内容详见公司于2024 ...

中国国际金融股份有限公司 关于固德威技术股份有限公司首次公开发行股票 并在科创板上市的持续督导保荐总结报告书 经中国证券监督管理委员会核准，固德威技术股份有限公司（简称"固德威" "上市公司"或"公司"）首次公开发行人民币普通股（A 股）已于 2020 年 9 月 在上海证券交易所科创板上市。中国国际金融股份有限公司（以下简称"中金公 司"或"持续督导机构"）作为固德威 2022 年度向特定对象发行 A 股股票的保荐机 构，于 2022 年 8 月承接了固德威原保荐机构东兴证券股份有限公司（以下简称 "东兴证券"）未完成的持续督导工作，持续督导期至 2023 年 12 月 31 日止。 目前公司首次公开发行股票的持续督导期限已满，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上市公司自律监管指引第 1 号——规范 运作》的相关规定，中金公司出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告 ...

中国国际金融股份有限公司 关于固德威技术股份有限公司 2023 年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据 《证券法》《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》《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》 等相关规定，对固德威技术股份有限公司（以下简称"公司""发行人"或"固 德威"）进行持续督导职责，并出具本持续督导跟踪报告。 一、持续督导工作情况 | 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 | 保荐机构已建立并有效执行了持 续督导制度，并制定了相应的工作 | | | 具体的持续督导工作制定相应的工作计划 | 计划 | | | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与公司签订《持续督导 | | | 前，与上市公司或相关当事人签署持续督导协议， | 协议》，该协议明确了双方在持续 | | 2 | 明确双方在持续督导期间的权利义务，并报上海 | 督导期间的权利和义务，并已报上 | | | 证券交易所备 ...

[ 2T 0a 2b 4l 年e_S 0t 5o 月ckI 0n 7f 日o] 证券研究报告•2023年年报&2024年一季报点评 当前价： 97.32元 固 德 威（688390） 电力设备 目标价： ——元（6个月） 短期业绩承压，24Q2 有望逐步改善 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：公ary司] 发布2023年年报和2024年一季报。2023年公司实现营收73.5 [分Ta析bl师e_：Au韩th晨or ] 亿元，同比+56.1%；归母净利润8.5亿元，同比+31.2%；扣非净利润8.1亿元， 执业证号：S1250520100002 同比+28.5%。24年一季度公司实现营收 11.3亿元，同比-34.5%；归母净利润 电话：021-58351923 -0.3亿元，同比-108.6%；扣非净利润0.3亿元，同比-110.5%。 邮箱：hch@swsc.com.cn  23年并网逆变器销量增长，储能逆变器受欧洲地区库存影响销量同比下降。23 分析师：敖颖晨 年公司光伏并网逆变器营收 28.6亿元，同比增长 43.0%；销量 53.2万台，同 执业证号：S125052 ...

证券代码：688390 证券简称：固德威 公告编号：2024-024 固德威技术股份有限公司 关于股份回购实施结果暨股份变动的公告 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 | 2024/2/8 | | --- | --- | | 回购方案实施期限 | 2024/02/07~2025/02/06 | | 预计回购金额 | 元~10,000,000 元 5,000,000 | | 回购价格上限 | 182.81 元/股 | | 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 | 103,919 股 | | 实际回购股数占总股本比例 | 0.06% | | 实际回购金额 | 9,998,621.64 元 | | 实际回购价格区间 | 92.07 元/股~100.00 元/股 | 一、 回购审批情况和回购方案内容 1、截至 2024 年 5 月 6 日，公司已完成股份回购。公司通 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a 31% year-on-year growth in 2023, with revenue reaching RMB 7.35 billion, a 56.10% increase, and a net profit of RMB 852 million, up 31.24% [4][5] - In Q1 2024, the company faced a net loss of RMB 29 million, a significant decrease of 108.57% year-on-year, primarily due to a 34.50% drop in revenue and a substantial increase in expense ratios [4][7] - The company's grid-connected inverter business showed stable performance, with a 42.99% increase in revenue to RMB 2.86 billion and a 15.46% rise in sales volume to 532,200 units in 2023 [4][6] - The energy storage inverter segment faced challenges due to inventory pressures, with sales volume down 32.20% to 154,100 units, leading to a revenue decline of 4.67% to RMB 1.57 billion [4][6] - The company is actively expanding its battery pack sales, achieving a 27.74% increase in sales volume to 341.15 MWh and a 38.66% rise in revenue to RMB 869 million in 2023 [4][6] - The report anticipates that the demand for energy storage inverters will improve in 2024 as inventory levels in Europe decrease [4][6] Summary by Sections Financial Performance - 2023 revenue was RMB 7.35 billion, a 56.10% increase from 2022, with a net profit of RMB 852 million, up 31.24% [5][6] - Q1 2024 revenue was RMB 1.13 billion, down 34.50% year-on-year, with a net loss of RMB 29 million [7][9] Business Segments - Grid-connected inverter revenue increased by 42.99% to RMB 2.86 billion in 2023, with a stable gross margin of 29.43% [4][6] - Energy storage inverter sales decreased by 32.20% to 154,100 units, with revenue down 4.67% to RMB 1.57 billion due to inventory issues [4][6] Future Outlook - The company expects gradual recovery in demand for energy storage inverters in 2024, supported by inventory reduction in Europe and new product launches [4][6]

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