Core Viewpoint - The company reported a net profit attributable to shareholders of 110 million yuan for Q1 2025, a year-on-year decrease of 28.46% and a quarter-on-quarter decrease of 46.06% [1][2] - The company's revenue for Q1 was 1.559 billion yuan, down 14.09% year-on-year and down 48.80% quarter-on-quarter [2] - The company has a significant increase in contract liabilities, amounting to 580 million yuan at the end of Q1, which is a 65.7% year-on-year increase and a 159% quarter-on-quarter increase [3] Revenue and Profit Analysis - The decline in revenue is primarily attributed to the timing of revenue recognition [3] - The estimated revenue, considering contract liabilities, is approximately 2.14 billion yuan for Q1, which is essentially flat year-on-year [3] Order Backlog - The company's order backlog saw a substantial increase, totaling 7.4 billion yuan at the end of Q1, an increase of 600 million yuan year-on-year and 2.75 billion yuan quarter-on-quarter [3] - The order structure includes tracking and fixed supports valued at 5.2 billion yuan and 1.9 billion yuan respectively, corresponding to 13 GW and 9.5 GW of capacity [3] Market Outlook - The company is focusing on emerging markets such as the Middle East, Latin America, and India, where demand for photovoltaic ground-mounted power stations is strong [3] - As a leading brand in tracking supports, the company is expected to maintain a high growth rate in shipments due to its concentration in high-growth markets [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 715 million yuan, 857 million yuan, and 991 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.28%, 19.83%, and 15.56% [4] - The projected earnings per share for the same years are 3.27 yuan, 3.91 yuan, and 4.52 yuan, with corresponding price-to-earnings ratios of 14.42, 12.03, and 10.41 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][10]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 3.044 billion yuan, with a quarter-on-quarter increase of 1.56% and a year-on-year increase of 16.81%. The net profit for the same period was 204 million yuan, showing a quarter-on-quarter increase of 8.84% [4]. - The overall gross margin for 2024 was 18.6%, a year-on-year increase of 0.5 percentage points, with tracking brackets achieving a gross margin of 19.7% [6]. - The company forecasts revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 920 million yuan, 950 million yuan, and 1.31 billion yuan [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][5]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In 2024, the company reported revenue of 90.26 billion yuan, with a year-on-year growth of 41.25%. The net profit attributable to shareholders was 6.32 billion yuan, up 83.03% year-on-year [4][10]. - The company’s gross margin for 2024 was 18.6%, a slight increase of 0.5 percentage points year-on-year. The net profit margin improved to 7.1%, up 1.7 percentage points [6][10]. - Forecasts for 2025, 2026, and 2027 project revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan, respectively, with corresponding net profits of 9.2 billion yuan, 9.5 billion yuan, and 13.1 billion yuan [7][10].

● 调整原因： 2025 年 5 月 16 日，公司在中国证券登记结算有限责任公司上海分公司完成 2022 年限制性股票激励计划（以下简称"本次激励计划"）第二类限制性股票 首次授予部分第三个归属期及预留授予部分第二个归属期的股票登记工作。本次 登记的第二类限制性股票数量为 549,946 股，公司总股本由 218,515,940 股变更为 219,065,886 股。在实施权益分派股权登记日前，公司因本次激励计划第二类限制 性股票归属登记导致总股本发生了变动。 自 2024 年度利润分配预案披露后至本公告披露日，公司通过上海证券交易 所交易系统以集中竞价交易方式回购公司股份，导致公司回购专用证券账户中股 份总数发生变动，故本次实际参与分配的股份数发生变动，可参与利润分配的股 本数由 217,255,940 股减少至 217,005,886 股。公司拟维持每股分配的比例不变， 相应调整 2024 年度分配总额。 证券代码：688408 证券简称：中信博 公告编号：2025-031 江苏中信博新能源科技股份有限公司 关于调整 2024 年度利润分配总额的公告 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 ...

Core Viewpoint - Jiangsu CITIC Bo New Energy Technology Co., Ltd. has initiated its first share repurchase program, aiming to enhance shareholder value and support its stock price through strategic buybacks [1][2]. Summary by Sections Share Repurchase Plan - The company approved a share repurchase plan on April 15, 2025, allowing for the use of self-owned funds and/or special loans for the buyback [1]. - The repurchase price will not exceed RMB 80 per share, with a total repurchase fund amounting to no less than RMB 70 million and no more than RMB 100 million [1]. First Share Repurchase Details - The first repurchase involved 115,562 shares, representing 0.0529% of the company's total share capital of 218,515,940 shares [2]. - The highest price for the repurchased shares was RMB 48.93 per share, while the lowest was RMB 48.24 per share, with a total expenditure of RMB 5,634,319.77 (excluding transaction fees) [2]. Compliance and Disclosure - The company will adhere to relevant regulations and guidelines during the repurchase process and will disclose progress in a timely manner [2].

江苏中信博新能源科技股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日通过上海证券交易所交易系统以集中竞价交易方式首次回购公司股份 115,562 股，占公司总股本 218,515,940 股的比例为 0.0529%，回购成交最高价 为 48.93 元/股，最低价为 48.24 元/股，支付的资金总额为人民币 5,634,319.77 元（不含印花税、交易佣金等交易费用）。 公司将陆续进行回购，同时严格按照相关规定及公司回购股份方案， 在回购期限内根据市场情况择机作出回购决策并予以实施，并根据回购股份事项 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。 一、回购方案的审议及实施程序 证券代码：688408 证券简称：中信博 公告编号：2025-029 江苏中信博新能源科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： 7 号——回购股份》等相关法律法规的规定，现将公司实施回购股份的进展情况 公告如下： 2025 年 5 ...

国投证券股份有限公司 关于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限售股上市流通的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为江苏中信 博新能源科技股份有限公司（以下简称"中信博"或"公司"）2022年度向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易 所科创板股票上市规则》《科创板上市公司持续监管办法（试行）》等有关规定， 对中信博向特定对象发行股份限售股上市流通的事项进行了核查，具体情况如 下： 二、本次上市流通的限售股形成后至今公司股本数量变化情况 2024年11月19日，公司向特定对象发行A股股票完成登记后，公司总股本由 202,462,150变更为218,515,940股。具体内容详见公司于2024年11月21日在上海证 券交易所网站（www.sse.com.cn）披露的《江苏中信博新能源科技股份有限公司 1 关于向特定对象发行A股股票发行结果暨股本变动的公告》(公告编号： 2024-055)。 本次上市流通的限售股形成后至本核查意见出具日，公司未发生因分配股票 股利、资本公积金转增导致股本数量变化的情况。 三、本次上市流通的 ...

北京海润天睿律师事务所 关于江苏中信博新能源科技股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 见证意见 北京海润天睿律师事务所 关于江苏中信博新能源科技股份有限公司 2024 年年度股东大会的法律意见书 致：江苏中信博新能源科技股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》《上市公司股东会规则》等有关法律法规、规范性文件及《江苏中信 博新能源科技股份有限公司章程》（以下简称《公司章程》）的规定，北京海润 天睿律师事务所接受江苏中信博新能源科技股份有限公司（以下简称公司）的委 托，指派律师出席并见证公司于 2025 年 5 月 8 日召开的 2024 年年度股东大会。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席人员 资格、会议表决程序和表决结果的合法有效性发表意见，并不对股东大会所审议 的议案内容和该等议案中所表述的事实和数据的真实性和准确性发表意见。 中国·北京 朝阳区建外大街甲 14 号广播大厦 5、9、10、13、17 层 邮政编码：100022 电话(Tel)：86-10-65219696 传真(Fax)：86-1 ...

证券代码：688408 证券简称：中信博 公告编号：2025-027 江苏中信博新能源科技股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 8 日 （二） 股东大会召开的地点：公司会议室 （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： | 1、出席会议的股东和代理人人数 | 207 | | --- | --- | | 普通股股东人数 | 207 | | 2、出席会议的股东所持有的表决权数量 | 106,755,533 | | 普通股股东所持有表决权数量 | 106,755,533 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 49.1381 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 49.1381 | （四） 表决方式是否符合《公司法》及公司章 ...