证券代码：688408 证券简称：中信博 公告编号：2025-028 本次股票上市流通日期为2025 年 5 月 19 日。 一、本次上市流通的限售股类型 根据中国证券监督委员会于 2024 年 9 月 2 日出具的《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），同意江苏中信博新能源科技股份有限公司（以下简称"公司"）向特定对象 发行股票的注册申请。公司本次向特定对象发行股票 16,053,790 股，新增股份已 于 2024 年 11 月 19 日在中国证券登记结算有限责任公司上海分公司办理完毕股份 登记、托管及限售手续。发行完成后，公司总股本由 202,462,150 股增加至 218,515,940 股，其中限售流通股数量为 16,131,270 股，非限售流通股数量为 202,384,670 股。 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： 本次股票上市类型为向 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

Group 1 - The company has filed a lawsuit against China Railway Signal & Communication Corporation Tianjin Engineering Branch and China Railway Signal & Communication Corporation for a contract dispute regarding unpaid amounts totaling RMB 17,106,594 and interest of RMB 632,801.42 [3][6][7] - The lawsuit has been accepted by the Tianjin Hebei District People's Court, and the case is currently in the stage of being accepted but has not yet gone to trial [2][4] - The company has made provisions for bad debts related to the receivables from the defendants, which may positively or negatively impact the company's profits depending on the outcome of the lawsuit [10][2] Group 2 - The company has initiated a share repurchase plan with a total budget between RMB 10 million and RMB 20 million, with a maximum repurchase price of RMB 36.77 per share [13][14] - As of April 30, 2025, the company has repurchased 413,900 shares, representing 0.6271% of the total share capital, at an average price between RMB 22.16 and RMB 22.86 per share, totaling approximately RMB 9.39 million [14][12] - The repurchase is intended for future employee stock ownership plans or equity incentives, and the company will continue to disclose progress in accordance with regulations [15][16]

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 1.559 billion yuan in Q1 2025, a year-on-year decrease of 14%, and a net profit attributable to shareholders of 110 million yuan, down 28% year-on-year [2][4]. - The company has a strong order backlog of 7.4 billion yuan at the end of Q1, which represents a quarter-on-quarter increase of 2.75 billion yuan, indicating good signing progress and a promising outlook for Q2 and Q3 [11]. - The company is expected to achieve a net profit of 900 million yuan in 2025, corresponding to a valuation of only 11 times [6]. Summary by Sections Financial Performance - Q1 revenue was 1.559 billion yuan, down 14% year-on-year; net profit was 110 million yuan, down 28% year-on-year [2][4]. - The gross margin for Q1 was 18.90%, with a period expense ratio of 12.31%, which increased by 2.74 percentage points year-on-year and 5.56 percentage points quarter-on-quarter [11]. - The company recorded asset impairment losses of 26 million yuan and a credit impairment reversal of 35 million yuan [11]. Order Backlog and Market Position - The order backlog at the end of Q1 was 7.4 billion yuan, with significant contributions from tracking brackets (5.2 billion yuan) and fixed brackets (1.9 billion yuan) [11]. - The company benefits from a strong position in the Middle East and Indian markets, capitalizing on the surge in demand for ground power stations [11]. Future Outlook - The company is expected to see high growth in performance supported by a robust order backlog and effective localization strategies [11]. - The penetration rate of tracking brackets is anticipated to continue improving, alongside cost reduction and efficiency enhancement measures [11]. - The investment in a zero-carbon headquarters project aims to enhance the company's capabilities in "tracking+" and "green electricity+" system solutions [11].

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 ...