JKL#2MNOPQRSTUVWX+YZ[\ JKL&688390.SH)/]^ abcd;I! 2024e4f27g _‘ [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%90.38& 23 2022A 2023A 2024E 2025E 2026E q-rst78&u 4,710 7,353 9,637 12,191 14,583 ’()%*+ vwxyoy% 75.9% 56.1% 31.1% 26.5% 19.6% ,-./01%S0740522020001 yz{t78&u 649 852 705 887 1,069 Email%zengbiao@zts.com.cn vwxyoy% 132.3% 31.2% -17.3% 25.9% 20.4% |5rNt&u 3.76 4.93 4.08 5.13 6.18 |5}~9 5.06 5.98 4.19 4.87 5.63 ’()%23 yjrNx 28% 28% 20% 20% 20% ,-./01%S0740522040004 P/E 24.1 18 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses a company involved in the renewable energy sector, specifically focusing on solar inverters and energy storage systems. The company has a significant presence in both domestic and international markets, including regions like Brazil, Pakistan, and India. Key Points and Arguments 1. Grid-Connected Inverters - In Q1, the company shipped 80,000 units, with an annual target of 800,000 units, including 150,000 for commercial use and approximately 30,000 for ground-mounted systems, while 650,000 units are for residential use [1] - New products were launched in March, resulting in over 100,000 orders and 3GW of capacity [1] - The average power output per unit increased from 20KW last year to 25-30KW this year, with a unit price around 0.25 [1][2] - The company aims for a total capacity of around 7GW, with over half expected from domestic markets [1] 2. Energy Storage Inverters - Inventory levels are expected to normalize in 2-3 months, with minimal battery stock remaining [2] - The company anticipates new orders for energy storage systems to arrive in May, with a target of 100,000 units for residential storage this year [2] 3. Profit Margins - Q1 gross margins for inverters were 34%, with overseas margins at 40-45% and domestic margins above 10% [1][2] - Battery gross margins were reported at 35%, while residential storage systems had margins around 18% [2] - The decline in overall gross margin is attributed to a shift in revenue structure, with a significant portion coming from lower-margin residential storage systems [2] 4. Market Expansion and Opportunities - The company has secured a significant project in Hawaii, with deliveries expected in May-June [2] - Emerging markets are seen as a buffer against potential negative impacts on European inventory [2] - The company is focusing on the U.S. market, which was previously underperforming due to tariff barriers and product compatibility issues [3] 5. Inventory Management - Total inventory is valued at 1.087 billion, with specific amounts for different product lines [3] - Long-term inventory is expected to decrease significantly, with reduced impairment provisions compared to 2023 [3] 6. Competitive Landscape - The company anticipates that price competition in Europe will remain manageable, with new generation models expected to lower costs [3] - The average gross margin for overseas operations is projected at 35%, with specific regions like Europe, the U.S., and Japan maintaining higher margins of 40-45% [3] 7. Emerging Trends - There is a growing demand for integrated energy management solutions, and the company is actively developing BIPV projects [3] Additional Important Information - The company has a strong reputation among overseas clients, particularly in Europe and Japan, and is ranked first in distributed energy solutions in Australia [3] - The company expects to maintain a conservative target of 1GW for residential systems this year, with projected revenue of 3 billion and a gross margin of around 15% [3]

Group 1: Company Performance Overview - In 2023, the company maintained a good growth trend in the first half, but faced challenges in the second half due to overseas industry inventory issues, resulting in lower-than-expected sales [2] - The company's revenue for Q1 2024 was 1.126 billion CNY, with a net profit attributable to shareholders of -28.82 million CNY, primarily due to a significant decrease in the proportion of high-margin export revenue [3] Group 2: Market Trends and Developments - In 2023, China's photovoltaic application market exceeded expectations, with an installed capacity increase of 216.88 GW, a year-on-year growth of 148.1% [3] - The newly installed capacity for centralized photovoltaic power stations was 120.59 GW, up 232.2% year-on-year, while distributed photovoltaic power stations added 96.29 GW, reflecting an 88.4% increase [3] - The market for household photovoltaic installations accounted for approximately 45.3% of the distributed market, with significant growth observed in southern provinces like Jiangxi, Hunan, and Fujian [3] Group 3: Strategic Initiatives and Innovations - The company launched a photovoltaic settlement center to enhance data accuracy and improve payment processes [3] - Solid-state energy storage and commercial energy storage are key focuses for 2024, with ongoing projects and product releases planned [4] - The company has developed and deployed a virtual power plant platform, participating in market transactions and pilot projects [3] Group 4: Competitive Advantages - The company ranks relatively high in the global household storage sector, with strong brand value and market trust [4] - It has a competitive edge in the commercial sector and is gradually expanding its presence in the ground-mounted field [4] - The company emphasizes talent retention and increased R&D investment to maintain its market position [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance was slightly below market expectations, with revenue of 1.126 billion yuan, a decrease of 34.5% quarter-on-quarter, and a net profit attributable to shareholders of -28.82 million yuan, a decrease of 29.3% quarter-on-quarter [3] - The company expects demand to recover rapidly in Q2 2024, with annual shipments projected to reach 800,000 to 1 million units, representing a year-on-year increase of over 60% [3] - The company has slightly adjusted its profit forecast for 2024-2025 due to inventory pressure affecting energy storage shipments, with expected net profits of 650 million yuan, 1.05 billion yuan, and 1.37 billion yuan for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - Total revenue for 2023 was 7.353 billion yuan, a year-on-year increase of 56.1%, while net profit attributable to shareholders was 852.1 million yuan, a year-on-year increase of 31.2% [3] - The company achieved inverter shipments of 532,200 units in 2023, a year-on-year increase of approximately 15%, with expectations for significant growth in 2024 [3] - The gross margin for inverters is approximately 30%+, showing a quarter-on-quarter improvement [3] Earnings Forecast and Valuation - The company’s earnings per share (EPS) for 2024 is projected to be 3.78 yuan, with a price-to-earnings (P/E) ratio of 24.34 based on the latest diluted EPS [2] - The forecasted net profit growth rates for 2024, 2025, and 2026 are -23%, +61%, and +30% respectively [4] - The company’s market capitalization is approximately 15.89 billion yuan, with a closing price of 91.90 yuan [6]

固德威技术股份有限公司 2023 年度内部控制评价报告 固德威技术股份有限公司全体股东： 公司代码：688390 公司简称：固德威 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 2. 财务报告内部控制评价结论 √有效 □无效 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 ...

Investment Rating - The report maintains a "Buy" rating for the company, with adjusted net profit forecasts for 2024-2025 to 762 million and 1,028 million yuan, respectively, and an estimated net profit of 1,389 million yuan for 2026, corresponding to P/E ratios of 21, 15, and 11 times [2] Core Views - The company's performance is expected to recover quarter by quarter in 2024, driven by the normalization of European inventory and the release of demand in emerging markets such as Brazil and India [2] - The company's grid-tied inverter business saw a 42.99% YoY increase in revenue to 2.86 billion yuan in 2023, while the energy storage inverter business declined by 4.67% YoY due to slowing demand in Europe [2] - The residential distributed system business grew significantly, with revenue increasing by 688.9% YoY to 1.654 billion yuan in 2023, driven by lower component costs [2] Financial Performance - In 2023, the company achieved revenue of 7.353 billion yuan, a 56.1% YoY increase, and a net profit of 852 million yuan, up 31.2% YoY [2] - In Q1 2024, the company reported a revenue decline of 34.5% YoY to 1.126 billion yuan and a net loss of 29 million yuan, a 108.6% YoY decrease [2] - The company's gross margin for grid-tied inverters remained stable at 29.43% in 2023, while the gross margin for energy storage inverters improved by 11.33 percentage points to 55.83% [2] Business Segments - The grid-tied inverter segment sold 532,200 units in 2023, generating 2.86 billion yuan in revenue [2] - The energy storage inverter segment sold 154,100 units in 2023, with revenue of 1.57 billion yuan [2] - The energy storage battery segment sold 341 MWh in 2023, generating 869 million yuan in revenue, a 38.66% YoY increase [2] Future Outlook - The company's residential system business is expected to continue improving profitability in 2024 due to low component prices [2] - The company's overall revenue is projected to grow to 8.649 billion yuan in 2024, 10.77 billion yuan in 2025, and 12.975 billion yuan in 2026 [4] - Net profit is forecasted to reach 762 million yuan in 2024, 1.028 billion yuan in 2025, and 1.389 billion yuan in 2026 [4]

Contents | About this Report Chairman's Message | | --- | | 2 3 | | 01 | | 02 | | 03 | About GoodWe | Company Profile | | --- | | Corporate Culture | | 2023 Highlighted Events | | 2023 Highlights | | 2023 Awards and Honors | | Corporate Governance Framework | | --- | | Business Ethics | | Complaint Operations | | Stakeholder Engagement | | Innovation Drive | | --- | | Intellectual Property Protection | | Quality Assurance | | Integration of Informatization and | | Industrialization | Corporate Governance Pr ...

固德威技术股份有限公司 2023 年度独立董事述职报告（严康-已离任） 作为固德威技术股份有限公司的独立董事，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。 1、董事会、股东大会出席情况 根据《上市公司独立董事规则》、《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》等相关规定及《公司章程》中关于独立董事在同一家 上市公司连续任职不得超过六年的相关要求，本人已于 2023 年 6 月辞去公司独 立董事及相关董事会专门委员会委员职务，现将 2023 年度中任职期间的工作情 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 严康先生：1976 年 1 月出生，中国国籍，无境外永久居留权，本科学历，中 国注册会计师（非执业）。1998 年 9 月至今，历任 ...

证券代码：688390 证券简称：固德威 公告编号：2024-021 固德威技术股份有限公司 二、说明会召开的时间、地点 会议召开时间：2024 年 5 月 20 日(星期一)上午 9:00-10:00 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 投资者可于 2024 年 5 月 13 日(星期一)至 5 月 17 日(星期五)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。 （一）会议召开时间：2024 年 05 月 20 日上午 9:00-10:00 （二）会议召开地点：上证路演中心 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 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。 重要内容提 ...

固德威技术股份有限公司 2024 年度"提质增效重回报"行动方案 固德威技术股份有限公司为践行"以投资者为本"的上市公司发展理念，维 护公司全体股东利益，基于对公司未来发展前景的信心、对公司价值的认可和切 实履行社会责任，公司特制定 2024 年度"提质增效重回报"行动方案，以进一 步提升公司经营效率，强化市场竞争力，保障投资者权益，稳定股价，树立良好 的资本市场形象。主要措施如下： 一、专注主营业务，提升经营质量 光伏技术的更迭发展、发电成本的下降，近年来全球太阳能开发利用规模迅 速扩大。近几年光伏行业发展十分迅速，全球多国政府出台相关政策推动光伏市 场化进程。顶层设计方面，"碳中和、碳达峰目标"奠定了光伏行业未来飞速发 展的整体基调，而中国光伏产业经过多年发展，产业链完整，制造能力和市场占 比均居全球第一。在能源互联网的变革趋势下，公司始终坚持以电力电子技术为 基础，在清洁能源的转换技术、储能技术和智慧能源管理系统平台等领域持续开 拓创新，致力成为智慧能源系统整体解决方案提供商，并将公司的相关产品和解 决方案覆盖至全球存在电力电子产品需求的区域，携手电网、社区、客户共同开 创智慧能源新时代。 2024 年 ...