Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company's Q3 performance exceeded expectations, with significant growth in both revenue and net profit driven by continuous breakthroughs in overseas markets and high demand in emerging markets [1][2]. - The company has a substantial order backlog of approximately RMB 59.9 billion, with tracking brackets accounting for about RMB 52.1 billion, ensuring sustained growth in shipment volumes [2]. - The company secured a major order in the Middle East, further enhancing its local production capacity in overseas markets, which supports its international expansion strategy [3]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of RMB 59.82 billion, a year-on-year increase of 76.30%, and a net profit of RMB 4.27 billion, up 171.48% year-on-year [1]. - In Q3 2024 alone, the company reported revenue of RMB 26.06 billion, a year-on-year increase of 77.05%, and a net profit of RMB 1.96 billion, reflecting a year-on-year growth of 230.39% [1]. - The company is projected to achieve revenues of RMB 92.65 billion, RMB 119.48 billion, and RMB 140.54 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of RMB 7.09 billion, RMB 9.46 billion, and RMB 11.59 billion [4][8]. Order and Production Capacity - The company signed new photovoltaic bracket orders totaling 7GW in Q3 2024, with a contract value of approximately RMB 25 billion, indicating strong future shipment potential [2]. - The company has established six global production bases, with an annual delivery capacity of over 30GW for tracking brackets, supporting its international market presence [3].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,605,900,800.50, representing a year-on-year increase of 77.05%[2] - Net profit attributable to shareholders for Q3 2024 was ¥195,944,996.98, a significant increase of 230.39% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥192,122,084.60, up 251.22% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.98, reflecting a 122.73% increase compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 5,982,203,145.77, a significant increase of 76.5% compared to CNY 3,393,113,247.41 in the same period of 2023[18] - Net profit for the third quarter of 2024 was CNY 433,399,614.05, up 177.8% from CNY 155,857,756.64 in the third quarter of 2023[19] - Operating profit for the first three quarters of 2024 was CNY 513,538,910.71, compared to CNY 191,426,933.53 in the same period last year, indicating a strong growth trajectory[19] - Total comprehensive income for the third quarter of 2024 reached CNY 434,111,749.81, compared to CNY 158,349,991.69 in the same period last year, representing an increase of approximately 174.6%[20] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 2.13, up from CNY 1.18 in the previous year, reflecting an increase of 80.5%[20] Assets and Liabilities - The company's total assets as of the end of Q3 2024 amounted to ¥9,627,750,886.63, an increase of 17.91% from the end of the previous year[3] - Total liabilities increased to CNY 6,500,758,655.76 in Q3 2024, up from CNY 5,350,818,664.42 in Q3 2023, reflecting a growth of 21.4%[17] - The company's total equity reached CNY 3,126,992,230.87, an increase from CNY 2,814,580,045.73 in the previous year, representing a growth of 11.1%[17] - The total cash and cash equivalents at the end of the period stood at CNY 1,752,692,105.56, compared to CNY 1,355,437,096.95 at the end of the same period last year, an increase of approximately 29.3%[22] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥807,416,116.16, indicating a decline of 619.88% year-on-year[2] - Cash inflow from operating activities totaled CNY 7,293,144,436.87, compared to CNY 4,100,375,625.51 in the same period last year, indicating a growth of approximately 77.5%[21] - Cash outflow from operating activities increased to CNY 8,100,560,553.03 from CNY 3,945,065,996.45, resulting in a net cash flow from operating activities of -CNY 807,416,116.16[21] - Cash inflow from investment activities was CNY 854,847,117.74, down from CNY 1,036,524,142.26 in the previous year, a decrease of about 17.5%[21] - Net cash flow from financing activities was CNY 655,455,046.54, compared to CNY 49,420,282.06 in the same period last year, showing a significant increase[22] - The company reported a net increase in cash and cash equivalents of -CNY 150,409,584.12 for the quarter, compared to -CNY 97,853,350.77 in the previous year[22] - The company received CNY 1,039,747,633.33 in cash from borrowings, significantly higher than CNY 406,973,131.65 in the same period last year, indicating a strong reliance on debt financing[22] - The company paid CNY 137,131,917.04 in dividends and interest, compared to CNY 22,691,975.53 in the previous year, reflecting an increase of approximately 504.5%[22] Research and Development - Research and development expenses totaled ¥52,775,741.66 for Q3 2024, representing 2.03% of operating revenue, a decrease of 0.95 percentage points year-on-year[3] - Research and development expenses for the first three quarters of 2024 were CNY 128,777,937.67, compared to CNY 110,079,226.39 in the same period of 2023, showing an increase of 16.9%[18] - The company plans to continue optimizing its R&D and cost-reduction measures to further improve profitability in the future[8] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,554, with the largest shareholder, Cai Hao, holding 75,831,582 shares, representing 37.45% of the total[9] - The largest institutional shareholder, Suzhou Rongbo Investment Management, holds 9,666,961 shares, representing 4.77% of the total[9] - The company has no significant changes in the participation of major shareholders in margin financing and securities lending activities[11] Order Backlog and Market Demand - The company has a total order backlog of approximately RMB 5.99 billion, with RMB 5.21 billion from tracking brackets, RMB 0.75 billion from fixed brackets, and RMB 0.028 billion from other businesses[12] - The company attributed the revenue growth to strong demand for photovoltaic power stations both domestically and internationally, along with an enhanced global marketing service network[7] - The company has not made any commitments regarding the order backlog, which will be recognized based on delivery progress and revenue recognition principles[12]

江苏中信博新能源科技股份有限公司舆情管理制度 江苏中信博新能源科技股份有限公司 舆情管理制度 二零二四年十月 江苏中信博新能源科技股份有限公司舆情管理制度 江苏中信博新能源科技股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高江苏中信博新能源科技股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时妥善处理各 类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保护投资 者合法权益，根据《上海证券交易所科创板股票上市规则》和《公司章程》等 相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的报道； （二）社会上存在的已经或将给公司造成影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应 对。注重职能部门的响应与协作，提高防范声誉风险和处置声誉事件的能力和 效率。 第四条 舆 ...

证券代码：688408 股票简称：中信博 江苏中信博新能源科技股份有限公司 （昆山市陆家镇华阳路 190 号） 2022 年度向特定对象发行 A 股股票 （广东省深圳市福田区福田街道福华一路 119 号） 募集说明书 （注册稿） 保荐机构（主承销商） 二零二四年九月 江苏中信博新能源科技股份有限公司 募集说明书（注册稿） 公司声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 本公司控股股东、实际控制人承诺募集说明书及其他信息披露资料不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对本公司的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依 ...

证券时报e公司讯，10月17日，在2024国际工程供应链发展大会上，中信博与中国能建建设集团国际工 程有限公司签订沙特哈登2.3GW光伏电站项目订单，双方将在中东能源领域开展又一次深度合作。 该项目将全部采用共2.3GW的中信博天际Ⅱ跟踪系统，以适配沙特西部荒漠地形、大风场景，同时实现 项目发电量及电站全生命周期收益率提升。 ...

研 究 所 2024 年 9 月 26 日 [tab [tlae b_ lem_ra e i p n o ] rtdate] 公司点评 电气设备 公司研究 公司点评 跟踪评级_维持：推荐 中信博（688408）：定增终获批准，增厚现金加快产能扩充 国 都 证 券 ——中信博（688408）公司点评 核心观点 股价走势图 公司公告收到证监会出具的《关于同意江苏中信博新能源科技股份有限 公司向特定对象发行股票注册的批复》，此次定增拟向境内自然人、机 构投资者定增募资不超过 11.01 亿元，发行数量为 6073.86 万股。 [table_stock] 扣除发行费用后，募集资金净额拟投入以下项目：光伏跟踪系统平行驱 动器产能扩建项目、宿松中信博新能源科技有限公司光伏配套产业园项 目、西部跟踪支架生产及实证基地建设项目、研发实验室建设项目、补 充流动资金项目。 证 券 研 究 报 告 此次定增最初 22 年 11 月发布预案，多次修改。公司在 22 年中报归母 净利润略亏 100 万元后，业绩逐渐企稳，24 年中报实现收入 33.76 亿元， 同比+75.73%，归母净利润 2.31 亿元，同比+136%；产品结构 ...

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中信博(688408) / 光伏设备 / 公司深度研究报告 / 2024.09.12 跟踪支架龙头企业，深耕新兴市场迎放量 投资评级:增持(首次) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-12 | | 收盘价 ( 元 ) | 65.30 | | 流通股本 ( 亿股 ) | 2.02 | | 每股净资产 ( 元 ) | 22.33 | | 总股本 ( 亿股 ) | 2.02 | | 最近 12 月市场表现 | | -44% -26% -7% 12% 30% 49% 中信博 沪深300 上证指数 光伏设备 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 证券研究报告 ❖ 跟踪支架龙头企业，业绩触底回升，量利齐增：公司深耕光伏支架十余 年，根据 Wood Mackenzie，2023 年公司以 9%的市占率位居全球第五。2021 年受光伏装机不及预期和钢材、海运费价格上涨影响，公司业绩短暂触底， 2022 年来行业回暖，公司出货和盈利不断攀 ...

发行人：江苏中信博新能源科技股份有限公司 1、联系部门：董事会办公室 保荐人（主承销商）：国投证券股份有限公司 联系人：资本市场部 证券代码：688408 证券简称：中信博 公告编号：2024-048 江苏中信博新能源科技股份有限公司 关于向特定对象发行 A 股股票申请 获得中国证监会同意注册批复的公告 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。 近日，江苏中信博新能源科技股份有限公司（以下简称"公司"）收到中 国证券监督管理委员会（简称"中国证监会"）出具的《关于同意江苏中信博 新能源科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕 1236 号），主要内容如下： 公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票相关事宜，公司将根据该事 项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 本次向特定对象发行股票的发行人和保荐人的联系方式如下： 联系电话：010-57839132、021-55518508 邮箱：ecm@ess ...

Investment Rating - The report assigns a **Buy** rating to the company, indicating strong growth potential and favorable financial metrics [2] Core Viewpoints - The company is expected to achieve significant revenue growth, with projected revenue increasing from **6,390 million** in 2023 to **13,535 million** by 2026, representing a **111.8%** cumulative growth [2] - Net profit is forecasted to grow from **345 million** in 2023 to **1,026 million** by 2026, with a **197.4%** increase over the period [2] - The company's **P/E ratio** is expected to decline from **37.1x** in 2023 to **12.5x** by 2026, reflecting improved earnings and valuation attractiveness [2] Financial Performance Summary Revenue and Profit Growth - Revenue growth is projected to be **72.6%** in 2024, **41.6%** in 2025, and **26.5%** in 2026, driven by strong demand in the industry [2] - Net profit margin is expected to improve from **5.4%** in 2023 to **7.6%** by 2026, indicating better cost management and operational efficiency [4] Key Financial Metrics - **EPS** is forecasted to grow from **1.70** in 2023 to **5.07** by 2026, reflecting strong earnings growth [2] - **ROE** is expected to increase from **12.3%** in 2023 to **21.2%** by 2026, highlighting improved shareholder returns [4] - **ROIC** is projected to rise from **14.0%** in 2023 to **20.8%** by 2026, indicating better capital allocation efficiency [4] Industry Analysis - The company operates in a high-growth industry, with significant expansion opportunities in both domestic and international markets [3] - Industry demand is expected to remain robust, driven by technological advancements and increasing adoption of the company's products [3] Valuation and Market Performance - The company's **P/B ratio** is expected to decline from **4.6x** in 2023 to **2.7x** by 2026, making it more attractive relative to its book value [2] - **EV/EBITDA** is projected to decrease from **96x** in 2023 to **37x** by 2026, reflecting improved cash flow generation and valuation [4] Future Outlook - The company is well-positioned to capitalize on industry trends, with a strong pipeline of new products and services expected to drive future growth [3] - Continued investment in R&D and expansion into new markets are key drivers of the company's long-term growth strategy [3]