江苏中信博新能源科技股份有限公司 审计报告及财务报表 2017年1月1日至2019年12月31日 3-2-1-1 the states of the subject of 江苏中信博新能源科技股份有限公司 审计报告及财务报表 (2017年1月1日 至 2019年12月31日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-4 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-14 | | 财务报表附注 | 1-146 | 3-2-1-2 e 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS L 审计报告 信会师报字[2020]第 ZF10029 号 江苏中信博新能源科技股份有限公司全体股东: 一、审计意见 我们审计了江苏中信博新能源科技股份有限公司(以下简称中信 博)财务报表,包括2017年12月31日、201 ...

证券简称：中信博 证券代码：688408 2023 年年度股东大会会议材料 江苏中信博新能源科技股份有限公司 2023 年年度股东大会 会议资料 二零二四年五月十五日 1 2023 年年度股东大会会议材料 目录 | 2023 | 年年度股东大会会议须知 3 | | | --- | --- | --- | | 2023 | 年年度股东大会会议议程 5 | | | 议案一、关于公司 | 2023 | 年度董事会工作报告的议案 7 | | 议案二、关于公司 | 2023 | 年度监事会工作报告的议案 14 | | 议案三、关于公司 | 2023 | 年年度报告全文及摘要的议案 18 | | 议案四、关于公司 | 2023 | 年度财务决算报告的议案 19 | | 议案五、关于公司 | 2023 | 年度利润分配及资本公积转增股本预案的议案 34 | | 议案六、关于公司 | 2023 | 年度计提资产减值准备的议案 35 | | 议案七、关于公司续聘 | 2024 | 年度审计机构的议案 36 | | 议案八、关于公司预计 | 2024 | 年度担保额度的议案 37 | | 议案九、关于公司预计 | 2024 | ...

海外跟踪支架放量，业绩大超预期 投资要点 西南证券研究发展中心 -40% -20% 0% 20% 40% 23/5 23/7 23/9 23/11 24/1 24/3 中信博 沪深300 请务必阅读正文后的重要声明部分 1 [ T able_StockInfo] 2024 年 05 月 04 日 证券研究报告•2023 年报及 2024 一季报点评 买入 （维持） 当前价：105.61 元 中 信 博（688408）电力设备 目标价：129.00 元（6 个月） | --- | --- | --- | --- | --- | |----------------------------------|---------|---------|----------|----------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6390.16 | 9830.00 | 12080.00 | 14430.00 | | 增长率 | 72.59% | 53.83% | 22.89% | 19.45% | | 归属 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 129.00 CNY for the next six months [28][32]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 63.90 billion CNY, a year-on-year increase of 72.59%, and a net profit of 3.45 billion CNY, up 676.58% [26]. - The first quarter of 2024 saw a revenue of 18.14 billion CNY, representing a 122.47% year-on-year growth, and a net profit of 1.54 billion CNY, up 297.18% [26]. - The company benefits from expanding overseas markets, particularly in the Middle East, Latin America, and India, leading to substantial growth in its bracket business [26]. - The company has a strong order backlog of approximately 6.8 billion CNY as of the end of Q1 2024, ensuring continued revenue growth [26]. Summary by Sections Financial Performance - In 2023, the company's photovoltaic bracket business generated 56.60 billion CNY, a 74.83% increase year-on-year, with fixed bracket revenue at 20.62 billion CNY (up 26.34%) and tracking bracket revenue at 35.98 billion CNY (up 124.13%) [26]. - The company expects revenues for 2024 to reach 98.30 billion CNY, with net profits projected at 7.01 billion CNY, corresponding to a PE ratio of 20 [17][41]. Profitability and Margins - The gross margin for fixed brackets improved to 16.94%, up 5.55 percentage points year-on-year, while tracking brackets saw a gross margin of 19.96%, up 6.19 percentage points [26]. - The overall gross margin for the company reached 20.79% in Q1 2024, reflecting a 0.90 percentage point increase from the previous quarter [26]. Market Position and Strategy - The company is positioned as a leader in the overseas tracking bracket market, benefiting from the demand surge in regions like the Middle East and Latin America [32]. - The report highlights the company's vertical and horizontal integration strategy in the photovoltaic bracket sector, which enhances its global marketing network and supply chain capabilities [26]. Future Outlook - The company is projected to maintain strong growth in the coming years, with expected revenues of 98.30 billion CNY in 2024, 120.80 billion CNY in 2025, and 144.30 billion CNY in 2026 [41]. - The net profit forecasts for the same years are 7.01 billion CNY, 8.84 billion CNY, and 10.80 billion CNY, respectively, indicating a robust growth trajectory [17][41].

公司研究丨点评报告丨中信博（688408.SH） [Table_Title] 24Q1 业绩大超预期，订单支撑全年业绩高增 请阅读最后评级说明和重要声明 中信博发布 2023 年年报及 2024 年一季报，2023 年公司实现收入 63.9 亿元，同比增长 73%； 归母净利 3.45 亿元，同比增长 677%；其中，2023Q4 实现收入 29.97 亿元，同比增长 108%， 环比增长 104%；归母净利 1.88 亿元，同比增长 229%，环比增长 216%。2024Q1 实现收入 18.14 亿元，同比增长 122%，环比下降 39%；归母净利 1.54 亿元，同比增长 297%，环比下 降 18%。 展望后续，公司量利趋势明确向好，值得期待。量上，公司 Q1 末在手订单 68 亿（跟踪 59 亿+固定 8 亿+其它 1 亿），支撑今年收入延续高增，且结构上进一步向高盈利的跟踪 支架倾斜。市场方面，公司抓住非欧美海外市场加速增长机遇，强化拉美本土布局，同时 巩固中东、印度优势。利上，地面电站需求起量+跟踪渗透提升逻辑持续兑现，我们预计 后续公司跟踪、固定支架新订单毛利率有望保持在良好水平，且不乏进一步 ...

Financial Performance - Fixed bracket revenue reached 2.062 billion yuan, a year-on-year increase of 26.34% [1] - Tracking bracket revenue reached 3.598 billion yuan, a year-on-year increase of 124.13% [1] - BIPV revenue reached 650 million yuan, a year-on-year increase of 65.16% [1] - Domestic project revenue reached 3.136 billion yuan, a year-on-year increase of 53.49% [1] - Overseas project revenue reached 3.233 billion yuan, a year-on-year increase of 96.93% [1] - Photovoltaic bracket business revenue reached 5.66 billion yuan, a year-on-year increase of 74.83% [1] - Fixed bracket gross margin was 16.94%, an increase of 5.55 percentage points year-on-year [2] - Tracking bracket gross margin was 19.96%, an increase of 6.19 percentage points year-on-year [2] - Comprehensive bracket business gross margin was 18.86%, an increase of over 6 percentage points year-on-year [2] Operational Highlights - In Q1 2024, the company delivered approximately 3.82GW of tracking bracket products and 860MW of fixed bracket products [2] - Overseas photovoltaic bracket deliveries totaled approximately 3.6GW, while domestic deliveries totaled approximately 1GW [2] - The company plans to invest in localized production capacity in key overseas markets such as the Middle East and Latin America to support global delivery capabilities [3] Market Strategy - In the Indian market, the company has a 60% stake in a joint venture with Adani to establish a local production base, ensuring delivery capabilities and maintaining a leading position [2] - In the Middle East market, the company plans to promote its 1P dual-row multi-point parallel drive tracking technology to enhance customer value and brand competitiveness [2] - The company has established 17 overseas branches and 3 regional headquarters in Brazil, Spain, and Dubai to strengthen local services and delivery capabilities [3] Risk Management - The company will strengthen customer credit checks and financial assessments before signing overseas orders to reduce commercial risks [3] - To address high cash outflows in Q1 2024, the company will focus on balancing cash flow, increasing accounts receivable collection, and screening customers with low cash payment rates [2] Industry Insights - Domestic tracking bracket penetration is lower than overseas markets due to factors such as power consumption barriers, price sensitivity, and low product recognition [4] - The company aims to promote the advantages of tracking brackets in the domestic market through communication with stakeholders and market cultivation [4] - Logistics costs for overseas deliveries vary depending on project location and delivery methods, with the company actively building a global supply chain to reduce costs [3]

- 3 - !"#$%&'()*+,-./01 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

昨收盘:84.18 公司点评 中信博(688408) ◼ 走势比较 ◼ 股票数据 相关研究报告 事件：公司发布 2024 年一季度业绩，报告期内实现营业收入 18.14 亿元，同比 122%；归母净利润 1.54 亿元，同比 297%；扣非净利润 1.43 亿元，同比 882%，收入、利润均大超预期。 | --- | --- | --- | --- | --- | --- | |---------------------------------|--------------------|---------|---------------------------|--------|--------| | | | 2023 | 2024E | 2025E | 2026E | | 证券分析师：刘强 | 营业收入（百万元） | | 6,390 9,222 11,575 13,920 | | | | 电话： | 营业收入增长率 (%) | 72.59% | 44.31% | 25.52% | 20.26% | | E-MAIL：liuqiang@tpyzq.com | 归母净利（百万元） | | 345 769 948 ...

公司财务报表数据预测汇总 营业总收入 6,390 9,686 12,701 14,725 成长能力（%） 营业税金及附加 19 39 51 59 EBIT 增长率 837.83 101.96 27.42 13.36 管理费用 206 310 394 442 盈利能力（%） EBIT 433 874 1,114 1,262 净利润率 5.40 7.53 7.44 7.32 资产减值损失 -58 -37 -49 -57 净资产收益率 ROE 12.31 21.27 22.75 21.82 营业利润 413 829 1,073 1,226 流动比率 1.34 1.29 1.29 1.31 利润总额 412 829 1,073 1,226 现金比率 0.39 0.42 0.42 0.45 归属于母公司净利润 345 730 944 1,078 应收账款周转天数 63.28 45.00 45.00 45.00 每股净资产 20.63 25.26 30.57 36.39 民生证券研究院： 上海：上海市浦东新区浦明路 8 号财富金融广场 1 幢 5F；200120 北京：北京市东城区建国门内大街 28 号民生金融中心 A ...

中信博20240423_智能速览 2024年04月24日 14:01 关键词 电力设备 珠海标地 投资价值 电信板块 业绩确定性 出海 核心标准 市场结构 合同营结构 支架 中东 印度 海外市场 产能 投资 贸易壁垒 盈利 中国厂商 美国市场 扩展 章节速览 ● 00:00 电力设备珠海标地的投资价值 中泰电信分析师吴鹏介绍了电力设备珠海标地的投资价值，从业绩确定性以及出海角度分析了该行业的 投资前景。他指出，电信设备的核心标准具有稳定的增长预期和较高的确定性，这与全球新能源发展和 海外电力设备供需关系的紧张有关。此外，他还提到了国内企业经营性扩产的周期和一粒水平较高的电 力设备需求。总体而言，电力设备珠海标地具有较高的投资价值。 ● 03:10 朱一博的支架产品化及市场前景 朱一博的支架产品结构、市场结构和合同营结构与核心出海的定制目标相似。公司的整体估值空间较 大，且在公共板块内部确定性较高。公司经营模式独大，全球市场份额超过一半，价格和需求结构相 似。公司的基本面和投资价值有望匹配更高估值。近期波动为加价的时机。 ● 06:27 支付宝自驾业务及全球化布局 支付宝自驾业务以个人自驾为主，且从数据角度来看 ...