Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][8]. Core Insights - The company's profitability remains stable, with a gross margin of 18.90% and a net margin of 6.83% in Q1 2025, showing slight fluctuations compared to previous periods [2]. - The company has significantly increased its order backlog, totaling 7.4 billion yuan, which represents a growth of 59.14% compared to the previous year [3]. - The tracking bracket segment is expected to benefit from large-scale project implementations and the marketization of electricity trading, potentially increasing annual power generation revenue by approximately 28.51% [4]. Financial Performance - In Q1 2025, the company reported revenues of 1.559 billion yuan, a year-on-year decrease of 14.09% and a quarter-on-quarter decrease of 48.80%. The net profit attributable to shareholders was 110 million yuan, down 28.46% year-on-year and 46.06% quarter-on-quarter [1]. - The company forecasts revenues of 10.618 billion yuan, 12.200 billion yuan, and 14.001 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 816 million yuan, 1.055 billion yuan, and 1.277 billion yuan for the same years [5][7]. Order Backlog - As of the announcement date, the company's order backlog includes 5.2 billion yuan in tracking brackets, accounting for 70.27% of total orders, and 1.9 billion yuan in fixed brackets, making up 25.68% of total orders [3]. Market Outlook - The report highlights that the domestic penetration rate of tracking brackets is expected to increase, positioning the company as a leading player in this segment [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company's profitability remains stable, with a significant increase in backlog orders. In Q1 2025, the company reported revenues of 1.559 billion yuan, a year-on-year decrease of 14.09% and a quarter-on-quarter decrease of 48.80%. The net profit attributable to the parent company was 110 million yuan, down 28.46% year-on-year and 46.06% quarter-on-quarter [1][2]. - The company's gross margin and net margin for Q1 2025 were 18.90% and 6.83%, respectively, showing stability despite a slight increase in expense ratios due to overseas market expansion [2][3]. - The total backlog orders reached 7.4 billion yuan, with a 59.14% increase compared to the previous year. The tracking brackets accounted for 5.2 billion yuan, representing 70.27% of the total backlog [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.559 billion yuan, with a year-on-year decline of 14.09% and a quarter-on-quarter decline of 48.80%. The net profit attributable to the parent company was 110 million yuan, down 28.46% year-on-year and 46.06% quarter-on-quarter [1]. - The company's gross margin was 18.90%, and the net margin was 6.83%, indicating stable profitability [2]. Order Backlog - As of the announcement date, the total backlog orders amounted to 7.4 billion yuan, with tracking brackets contributing 5.2 billion yuan (70.27% of total orders) and fixed brackets contributing 1.9 billion yuan (25.68% of total orders). This represents a 59.14% increase in total backlog orders compared to the previous year [3]. Market Outlook - The company is expected to benefit from the large-scale wind and solar base projects and the marketization of electricity trading. The unique design of the tracking system is anticipated to enhance project safety and increase revenue by approximately 28.51% compared to fixed brackets [4]. - The company is projected to achieve revenues of 10.618 billion yuan, 12.200 billion yuan, and 14.001 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 816 million yuan, 1.055 billion yuan, and 1.277 billion yuan [5][7].

证券代码：688408 证券简称：中信博 公告编号：2025-026 江苏中信博新能源科技股份有限公司 董事高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东及董监高持有的基本情况 截至本公告日，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"）董事、副总经理周石俊先生直接持有公司股份 55,130 股，占公司当 前总股本的 0.0252%；公司董事、副总经理、核心技术人员杨颖先生直接持有公 司股份 55,130 股，占公司当前总股本的 0.0252%；公司董事会秘书、副总经理 刘义君先生直接持有公司股份 44,700 股，占公司当前总股本的 0.0205%。上述 股份均来源于公司 2022 年限制性股票激励计划第一类限制性股票的授予及公司 2023 年度权益分派之资本公积转增股本。 减持计划的主要内容 因个人资金需求，周石俊先生、杨颖先生、刘义君先生计划自本公告披露之 日起 15 个交易日后的 3 个月内，在符合相关法律法规规定的减持前提下，根 ...

Core Viewpoint - The company announced that three executives plan to reduce their shareholdings due to personal financial needs, which may impact investor sentiment and stock performance [1] Summary by Relevant Sections Executive Share Reduction - The company's director and vice president Zhou Shijun and Yang Ying, along with the board secretary and vice president Liu Yijun, plan to reduce their shareholdings [1] - Zhou Shijun and Yang Ying intend to sell up to 13,782 shares each, representing 0.0063% of the total share capital [1] - Liu Yijun plans to sell up to 11,175 shares, accounting for 0.0051% of the total share capital [1] Reason for Share Reduction - The executives cited personal financial needs as the reason for their planned share reduction [1] Method of Share Reduction - The share reduction will be conducted through centralized bidding, with the selling price determined by market conditions [1]

证券研究报告·公司点评报告·光伏设备 中信博（688408） 2025 年一季报点评：在手订单充沛，海外优 势突出 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,390 | 9,026 | 11,255 | 13,775 | 16,405 | | 同比（%） | 72.59 | 41.25 | 24.69 | 22.39 | 19.10 | | 归母净利润（百万元） | 345.04 | 631.52 | 832.75 | 1,059.09 | 1,282.01 | | 同比（%） | 676.58 | 83.03 | 31.86 | 27.18 | 21.05 | | EPS-最新摊薄（元/股） | 1.58 | 2.89 | 3.81 | 4.85 | 5.87 | | P/E（现价&最新摊薄） | 29.47 | 16.10 | 12.21 | 9.60 | 7.93 | [Table_Tag] [T ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,558,587,882.22, a decrease of 14.09% compared to ¥1,814,204,889.13 in the same period last year[2]. - Net profit attributable to shareholders was ¥110,171,508.50, down 28.46% from ¥153,995,532.83 year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥100,423,138.63, reflecting a decline of 29.64% compared to ¥142,726,249.84 in the previous year[2]. - Basic and diluted earnings per share were both ¥0.51, a decrease of 55.26% from ¥1.14 in the same period last year[2]. - Total revenue for Q1 2025 was ¥1,558,587,882.22, a decrease of 14.1% compared to ¥1,814,204,889.13 in Q1 2024[17]. - Net profit for Q1 2025 was ¥106,486,588.46, a decline of 27.3% from ¥146,546,212.38 in Q1 2024[18]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.51, compared to ¥1.14 in Q1 2024[19]. Research and Development - Total R&D investment reached ¥47,788,998.44, an increase of 34.99% from ¥35,401,572.74 year-on-year, representing 3.07% of operating revenue[2]. - Research and development expenses increased to ¥47,788,998.44 in Q1 2025, up 35.0% from ¥35,401,572.74 in Q1 2024[18]. - The company plans to continue increasing R&D investment as a core strategy for high-quality development[6]. Assets and Liabilities - The company's total assets increased by 1.48% to ¥10,070,137,824.46 from ¥9,923,226,911.57 at the end of the previous year[3]. - Total assets increased to ¥10,070,137,824.46 in Q1 2025 from ¥9,923,226,911.57 in Q1 2024, reflecting a growth of 1.5%[15]. - Total liabilities rose to ¥5,534,336,982.90 in Q1 2025, compared to ¥5,496,314,184.00 in Q1 2024, indicating a slight increase of 0.7%[15]. Cash Flow - The company's cash and cash equivalents amount to RMB 2,425,262,561.68, a decrease from RMB 2,857,602,371.43[13]. - The cash inflow from operating activities was CNY 2,208,148,640.03, an increase of 32.6% compared to CNY 1,664,148,251.54 in Q1 2024[21]. - The net cash flow from operating activities was -CNY 686,832,690.68, an improvement from -CNY 846,524,502.54 in the same period last year[22]. - Cash inflow from financing activities was CNY 360,000,000.00, compared to CNY 335,226,364.53 in Q1 2024, showing a slight increase of 7.3%[22]. - The ending cash and cash equivalents balance was CNY 2,424,873,313.63, up from CNY 1,515,363,884.94 in Q1 2024[23]. Shareholder Information - As of March 31, 2025, the company has repurchased 1,260,000 shares, accounting for 0.58% of the total share capital[9]. - The total equity attributable to shareholders rose by 2.55% to ¥4,522,959,385.31 from ¥4,410,386,351.28 at the end of the previous year[3]. Non-Recurring Items - Non-recurring gains and losses amounted to ¥9,748,369.87 after tax, with significant contributions from government subsidies and asset disposals[5].

证券代码：688408 证券简称：中信博 公告编号：2025-025 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回购股份的回购报告书 1、回购规模：回购资金总额不低于人民币 7,000 万元（含），不超过人民币 10,000 万元（含）； 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。 2、回购股份的用途：回购的股份将在未来适宜时机全部用于员工持股计划 或者股权激励，并在股份回购实施结果暨股份变动公告后三年内予以转让；若公 司未能将本次回购的股份在股份回购实施结果暨股份变动公告日后三年内转让 完毕，则将依法履行减少注册资本的程序，未转让股份将被注销，如国家对相关 政策作调整，则本回购方案按调整后的政策实行； 重要内容提示： 3、回购价格：不超过人民币 80 元/股（含），该价格不高于公司董事会通过 回购决议前 30 个交易日公司股票交易均价的 150%； 江苏中信博新能源科技股份有限公司（以下简称"公司"）本次拟以集中 竞价方式回购部分公司已发行的 A 股股份，主要内容如下： 4、如遇监管部门颁布新的回购相关 ...

证券代码：688408 证券简称：中信博 公告编号：2025-024 江苏中信博新能源科技股份有限公司 关于回购股份事项前十大股东及前十大无限售条件 股东持股情况的公告 序号 股东名称 持股数量（股） 持股比例（%） 1 蔡浩 75,831,582 34.70 2 苏州融博投资管理合伙企业（有限合伙） 9,666,961 4.42 3 香港中央结算有限公司 4,973,092 2.28 4 苏州中智万博投资管理合伙企业（有限合伙） 3,836,505 1.76 5 中国建设银行股份有限公司－易方达环保主题 灵活配置混合型证券投资基金 2,203,159 1.01 6 上海萃竹股权投资管理中心（有限合伙） 1,542,941 0.71 7 全国社保基金六零一组合 1,504,284 0.69 8 中国银行股份有限公司－华泰柏瑞中证光伏产 业交易型开放式指数证券投资基金 1,456,983 0.67 一、截至 2025 年 4 月 16 日，公司前十大股东持股情况 | 9 | 江苏中信博新能源科技股份有限公司回购专用 | 1,260,000 | 0.58 | | --- | --- | --- | --- | | ...