Investment Rating - The investment rating for the company is Neutral with a target price of RMB 43.30, indicating a potential upside of 5.5% from the current price of RMB 41.05 [1][4][11]. Core Insights - The company's performance has been below expectations, with a significant increase in contract liabilities suggesting a potential recovery in future performance. The European market's slow recovery has impacted the company's results, but strong competitiveness in products remains evident [2][7]. - The revenue for 2024 is projected to be RMB 6.738 billion, a decrease of 8% year-on-year, with a net loss expected at RMB 62 million, which aligns with preliminary earnings reports but is below prior expectations [7][13]. - The company has adjusted its earnings forecasts for 2025 and 2026 downwards by 72% and 42% respectively, reflecting the challenges faced in the current market environment [7]. Financial Overview - Revenue projections for the company are as follows: RMB 7.353 billion in 2023, RMB 6.738 billion in 2024, RMB 8.022 billion in 2025, RMB 8.945 billion in 2026, and RMB 10.508 billion in 2027, with a notable growth rate of 56.1% in 2023 followed by a decline in 2024 [3][13]. - The net profit is expected to recover from a loss of RMB 62 million in 2024 to RMB 170 million in 2025, and further to RMB 457 million in 2026, with a projected net profit of RMB 787 million in 2027 [3][13]. - The company’s earnings per share (EPS) is forecasted to be RMB 3.52 in 2023, dropping to a loss of RMB 0.25 in 2024, and recovering to RMB 0.70 in 2025, with a long-term growth trajectory expected thereafter [3][15]. Market Performance - The company’s stock has seen a 52-week high of RMB 77.39 and a low of RMB 37.56, with a current market capitalization of approximately RMB 6.52 billion [6][11]. - The average daily trading volume is reported at 5.51 million shares, indicating a reasonable level of market activity [6]. Segment Performance - The domestic business has shown a revenue increase of 58% to RMB 4.69 billion, while the high-margin European business has seen a decline in revenue to RMB 0.94 billion, primarily due to increased costs and lower sales [7][8]. - The company has achieved a significant increase in contract liabilities, reaching a historical high of RMB 4.4 billion, which is expected to support future revenue recovery [7][8].

Investment Rating - The investment rating for the company is Neutral with a target price of RMB 43.30, indicating a potential upside of 5.5% from the current price of RMB 41.05 [1][4][11]. Core Insights - The company's performance has been below expectations, with a significant increase in contract liabilities suggesting a potential recovery in future performance. The European market's slow recovery has impacted the company's results, but strong competitiveness in products remains evident [2][7]. - The revenue for 2024 is projected to be RMB 6.738 billion, a decrease of 8% year-on-year, with a net loss expected at RMB 62 million, which aligns with preliminary earnings reports but is below prior expectations [3][7]. - The company has adjusted its earnings forecasts for 2025 and 2026 downwards by 72% and 42% respectively, reflecting the challenges faced in the current market environment [7]. Financial Overview - Revenue projections for the company are as follows: RMB 7.353 billion in 2023, RMB 6.738 billion in 2024, RMB 8.022 billion in 2025, RMB 8.945 billion in 2026, and RMB 10.508 billion in 2027, with a notable growth rate of 56.1% in 2023 followed by a decline in 2024 [3][13]. - The net profit is expected to recover from a loss of RMB 62 million in 2024 to RMB 170 million in 2025, with a projected increase to RMB 457 million in 2026 and RMB 787 million in 2027 [3][13]. - The company’s earnings per share (EPS) are forecasted to be RMB 3.52 in 2023, a loss of RMB 0.25 in 2024, and then recovering to RMB 0.70 in 2025, RMB 1.88 in 2026, and RMB 3.25 in 2027 [3][15]. Market Performance - The company’s stock has a 52-week high of RMB 77.39 and a low of RMB 37.56, with a current market capitalization of approximately RMB 6.52 billion [6][11]. - The average daily trading volume is reported at 5.51 million shares, indicating a relatively active trading environment [6].

Investment Rating - The report has downgraded the investment rating to "Accumulate" due to temporary pressure on the company's performance [3][6]. Core Views - The company reported a revenue of 6.738 billion yuan in 2024, a year-on-year decrease of 8.36%, and a net profit attributable to shareholders of -62 million yuan [1]. - The company's energy storage inverter and battery business saw significant revenue declines in 2024, with the inverter business down 70.53% and the battery business down 45.57% [2]. - The household system sales business grew rapidly, achieving a revenue of 3.06 billion yuan in 2024, up 84.96% year-on-year [3]. - The company is focusing on expanding its overseas market presence, particularly in Germany, Italy, and Australia, which is expected to gradually improve revenue from energy storage products as overseas demand recovers [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.738 billion yuan, with a net profit of -62 million yuan and a non-recurring net profit of -194 million yuan [1]. - For Q1 2025, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 67.13%, but a net profit of -28 million yuan [1]. Business Segments - The energy storage inverter business generated 462 million yuan in revenue in 2024, down 70.53% year-on-year, while the energy storage battery business generated 473 million yuan, down 45.57% [2]. - The photovoltaic inverter business revenue was 2.217 billion yuan in 2024, down 22.5%, with a gross margin of 19.78%, a decrease of 9.65 percentage points year-on-year [2]. - The household system sales business saw significant growth, with revenue reaching 3.06 billion yuan in 2024, and a gross margin of 14.11%, an increase of 1.17 percentage points [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 199 million yuan, 375 million yuan, and 564 million yuan respectively, reflecting a 79% and 68% downward adjustment for 2025 and 2026 [3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 50 for 2025, 27 for 2026, and 18 for 2027 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a slight improvement in Q1 2025 compared to the previous quarter, with continued growth anticipated in Q2, leading to a significant increase in annual shipments [1] - The report highlights that the company's revenue for 2024 is projected to be 6.738 billion yuan, a year-on-year decrease of 8.36%, while the net profit attributable to shareholders is expected to be -0.618 billion yuan, a decline of 107.25% [1] - For 2025, the company is forecasted to achieve a revenue of 9.334 billion yuan, representing a year-on-year growth of 38.53%, and a net profit of 0.353 billion yuan, reflecting a substantial increase of 671.66% [1] Summary by Sections Revenue and Profit Forecast - Total revenue for 2023 is 7.353 billion yuan, with a projected decline to 6.738 billion yuan in 2024, followed by a recovery to 9.334 billion yuan in 2025 [1] - The net profit for 2023 is 0.852 billion yuan, expected to drop to -0.618 billion yuan in 2024, before rebounding to 0.353 billion yuan in 2025 [1] Earnings Per Share (EPS) and Valuation - The latest diluted EPS for 2023 is 3.51 yuan, which is expected to fall to -0.25 yuan in 2024, and then rise to 1.46 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to be 28.18 for 2025, decreasing to 19.75 in 2026 and further to 14.19 in 2027 [1] Market and Operational Insights - The company is expected to see a recovery in shipments due to strong domestic demand and overseas market improvements, with a forecast of 800,000 units shipped in 2025, a year-on-year increase of over 30% [9] - The report indicates that the company's energy storage shipments are anticipated to double in 2025, with significant growth expected in Q2 of that year [9] - The household system segment is projected to grow steadily, with expected revenue of 3.06 billion yuan in 2024, a year-on-year increase of 85% [9]

固德威技术股份有限公司 营业收入扣除情况表 专项核查报告 目 录 | 专项核查报告 | 1-2 | | --- | --- | | 公司 2024 年度营业收入扣除情况表及说明 | 1-3 | 中证天通会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://7.cn.ms.gx.cn）"进行直营 " 固德威技术股份有限公司 萱业收入扣除情况表专项核查报告 中证天通(2025) 证专审 36120004 号 固德威技术股份有限公司全体股东: 我们接受委托,在审计了固德威技术股份有限公司(以下简称"固德威公 司")2024年12月31日的合并及母公司资产负债表,2024年度的合并及母公 司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及财 务报表附注的基础上,对后附的《固德威公司 2024年度营业收入扣除情况表 及说明》(以下简称"营业收入扣除情况表")进行了专项核查。 按照《上海证券交易所科创板股票上市规则》(以下简称"上市规则")和 上海证券交易所《科创板上市公司自律监管指南第9号 -- 财务类退市指标: 营业收入扣除》(以下简称"自律监管指南") ...

固德威技术股份有限公司 2024 年度 内部控制审计报告 目 录 内部控制审计报告 中证天通会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（btp:///ac.mof.gov.co）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（btp:///ac.mof.gov.co）"进行查验 " 1-2 内部控制审计报告 中证天通(2025) 证专审 36120001 号 固德威技术股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要 求,我们审计了固德威技术股份有限公司(以下简称固德威公司)2024年 12 月 31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是固德威公司董事会的责任。 - 1 - 四、财务报告内部控制审计意见 我们认为,固德威公司于 2024年 12月 31日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 二、注册会计师的责 ...

作为固德威技术股份有限公司（以下简称"公司"）的独立董事，我严格按 照《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易所科 创板股票上市规则》《上市公司独立董事管理办法》等相关法律法规和规章制度 及《公司章程》《独立董事工作制度》等公司制度的规定和要求，在履职期间忠 实勤勉、恪尽职守，认真出席董事会及各专门委员会会议，积极履行职责，独立 自主决策，切实维护公司和全体股东尤其是中小股东的合法权益。现将 2024 年 度工作情况报告如下： 一、 独立董事基本情况 （一） 个人工作履历、专业背景以及兼职情况 阮新波先生：1970 年 2 月出生，中国国籍，无境外永久居留权，毕业于南 京航空航天大学电力电子技术专业，博士研究生学历。2007 年 8 月至 10 月任香 港理工大学电子与资讯系 Research Fellow；2008 年 3 月至 2011 年 8 月任华中科 技大学电气与电子工程学院长江学者特聘教授；1996 年 6 月起历任南京航空航 天大学讲师、副教授，现任南京航空航天大学自动化学院教授，2024 年 8 月任 江苏宏微科技股份有限公司董事，2022 年 5 月至今任公司独立董 ...

证券代码：688390 证券简称：固德威 公告编号：2025-013 根据《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 号——规范运作》和《上 海证券交易所科创板股票上市规则》等有关规定，固德威技术股份有限公司 2024 年度募集资金存放与使用情况专项报告说明如下： 一、募集资金基本情况 （一）募集资金到位情况 根据中国证券监督管理委员会《关于同意固德威技术股份有限公司首次公开 发行股票注册的批复》（证监许可[2020]1656 号）文件核准，固德威技术股份有 限公司向社会公众发行人民币普通股（A 股）22,000,000 股，每股面值人民币 1.00 元，每股发行价格为人民币 37.93 元，共募集资金 834,460,000.00 元，扣除应付 发 行 费 用 59,392,118.36 元 （ 不 含 税 ） 后 ， 实 际 募 集 资 金 净 额 为 人 民 币 775,067,881.64 元。上述募集资金已经天衡会计师事务所（特殊普通合伙）出具 的天衡验字（2020）00102 号《验资报告》验证。公司依照规定对上述募集资 ...

公司于 2025 年 4 月 28 日召开了第三届董事会第三十一次会议，审议通过了 《关于预计公司及子公司 2025 年向金融机构申请综合授信额度的议案》。 为满足公司及子公司的日常生产经营及相关项目建设、投资等的资金需求， 保证公司及子公司各项业务正常开展，公司及子公司 2025 年度拟向金融机构申 请不超过人民币 75 亿元的综合授信额度，授信业务包括但不限于申请贷款、承 兑汇票、贸易融资、信用证、保函等。本次申请综合授信额度的决议有效期为自 公司2024年年度股东大会审议通过之日起至公司2025年年度股东大会召开之日 止。 证券代码：688390 证券简称：固德威 公告编号：2025-009 固德威技术股份有限公司 关于预计公司及子公司 2025 年向金融机构申请综合 授信额度的公告 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。 上述授信额度不等于公司及子公司的实际融资金额，具体融资金额在综合授 信额度内，并以银行等金融机构与公司及子公司实际发生的融资金额为准，具体 融资金额及品种将视公司业务发展的实际需求来合理确 ...

关于固德威技术股份有限公司 2024 年度会计估计变更 专项说明 目 录 | 专项报告 | 1-2 | | --- | --- | | 会计估计变更专项说明 | 1-2 | 中证天通会计师事务所 (特殊普通合伙) 您可使用手机"打一门"或进入"注册会计师行业统一监管平台（http://.acc.mof.gov.cn）"进行查 报告编码:京252JMX18W 关于固德威技术股份有限公司 2024 年度会计估计变更 的专项说明 中证天通(2025) 证专审 36120005 号 固德威技术股份有限公司全体股东: 我们接受固德威技术股份有限公司(以下简称"固德威公司") 委托,根据 中国注册会计师执业准则审计了固德威公司 2024 年度的财务报表,包括 2024 年 12月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及财务报表 附注,并于 2025年4月 28日出具了无保留意见审计报告(报告文号:中证天 通(2025)证审字 36120001号）。 在对上述财务报表执行审计的基础上,我们对后附的固德威公司会计估 计变更专项说明(以下简称 ...