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。 ...

Investment Rating - The investment rating for the company is maintained as "Recommended" [1] Core Views - The company has received approval from the CSRC for a private placement to raise up to 1.101 billion yuan, issuing 60.7386 million shares [1] - The net proceeds from the fundraising will be allocated to various projects including capacity expansion for photovoltaic tracking systems and the establishment of a photovoltaic supporting industrial park [1] - The company reported a revenue of 3.376 billion yuan in the first half of 2024, a year-on-year increase of 75.73%, and a net profit of 231 million yuan, a year-on-year increase of 136% [1] - The order backlog at the end of Q4 2024 stands at 6.669 billion yuan, with a significant portion from tracking brackets, ensuring strong revenue and profitability moving forward [1] - The company is expected to achieve net profits of 700 million, 900 million, and 1.1 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.1, 14.1, and 11.5 [1] Financial Data Summary - Main business revenue is projected to be 6.39 billion yuan in 2023, increasing to 9.5 billion yuan in 2024, 12 billion yuan in 2025, and 14.5 billion yuan in 2026, with year-on-year growth rates of 72.6%, 48.7%, 26.3%, and 20.8% respectively [1] - Net profit attributable to shareholders is forecasted to be 350 million yuan in 2023, 700 million yuan in 2024, 900 million yuan in 2025, and 1.1 billion yuan in 2026, with year-on-year growth rates of 676.6%, 102.9%, 28.6%, and 22.2% respectively [1] - Earnings per share (EPS) are expected to be 1.70 yuan in 2023, 3.46 yuan in 2024, 4.45 yuan in 2025, and 5.43 yuan in 2026 [1]

Group 1: Global Market Trends - The global installation of tracking systems is expected to exceed 750 GW from 2024 to 2030, with the Middle East having a penetration rate of 80% and Africa at 60% [1] - In 2023, the Middle East's tracker shipment reached 7.5 GW, with a compound annual growth rate (CAGR) of 51.6% [1] - India is the largest tracker market in the Asia-Pacific region, with a CAGR of 94.5% and a projected 12.2 GW of new installations in 2024, a year-on-year increase of 79.4% [2] - Brazil, as the third-largest tracker market, has 145 GW of photovoltaic projects authorized for operation, with a penetration rate of 60% [2] Group 2: Company Advantages and Strategies - The company has established an early global marketing network, enhancing brand recognition in overseas markets [2] - It has built a global supply chain with localized production capacities in India and Saudi Arabia, meeting the increasing demand in major photovoltaic markets [2] - The company signed new orders totaling approximately 7 GW in Q3 2024, with a contract value of nearly 2.5 billion yuan [2] Group 3: Financial Performance and Projections - The company's product gross margin is influenced by market supply-demand dynamics, innovation, raw material prices, and logistics costs [3] - With the continuous decline in upstream photovoltaic supply chain prices, the company expects a steady increase in gross margin for its tracking systems in 2024 [3] - The company is also progressing with its refinancing project, having received approval from the China Securities Regulatory Commission for a specific stock issuance [3]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading player in the photovoltaic tracking bracket market, with a global market share of 9% as of 2023, ranking fifth worldwide according to Wood Mackenzie [2] - The company plans to raise 1.131 billion yuan through a targeted issuance to expand its photovoltaic bracket production capacity [2] - The economic benefits of tracking brackets are becoming increasingly evident, with a significant increase in penetration rates and a 26% year-on-year growth in total shipments of tracking brackets in 2023 [2] - The company has seen rapid growth in orders from emerging markets, particularly in India and the Middle East, with new signed orders in these regions exceeding 10 GW in the first half of 2024 [2] - Revenue projections for the company are 8.69 billion, 10.95 billion, and 13.24 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 684 million, 897 million, and 1.099 billion yuan [2] Summary by Sections 1. Company Overview - The company has been deeply involved in the photovoltaic bracket industry for over a decade, with a focus on expanding into emerging markets [2][9] - The company has established a global presence, with significant projects in India and the Middle East, and has shipped nearly 68 GW of products globally by the end of 2023 [9] 2. Business Performance - The company's revenue from bracket sales has shown rapid growth, with a 61.9% year-on-year increase in 2022, and a strong recovery in profitability following a downturn in 2021 [13] - The tracking bracket business has seen a significant increase in revenue, growing by 124.2% year-on-year to 3.598 billion yuan in 2023 [15] 3. Market Dynamics - The tracking bracket market is experiencing a surge in demand, with global installations reaching 446 GW in 2023, a 89% year-on-year increase [20] - The company is benefiting from the growing demand for photovoltaic installations, particularly in the U.S. and emerging markets, with a projected increase in global tracking bracket shipments to over 80 GW in 2024 [21] 4. Financial Projections - The company is expected to achieve revenues of 8.69 billion, 10.95 billion, and 13.24 billion yuan from 2024 to 2026, with corresponding net profits of 684 million, 897 million, and 1.099 billion yuan [2][4] - The projected PE ratios for the company are 18.97, 14.47, and 11.81 for the years 2024, 2025, and 2026 respectively [2]

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]

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年中报点评 买入（维持） 当前价：55.74 元 中 信 博（688408）电力设备 目标价：——元（6 个月） 存货高增预示下半年业绩确定性提升 [Table_Summary 事件：公司 2024 ] 年上半年实现营业收入 33.76 亿元，同比增长 75.73%；实现 归母净利润 2.31亿元，同比增长 135.86%。2024Q2实现营业收入 15.62亿元， 同比增长 41.26%；实现归母净利润0.77 亿元，同比增长 30.40%。 航运因素影响海外订单交付进度，跟踪支架出货低于预期。2024H1公司实现营 业收入 33.76亿元，支架业务模块实现营收 32.68亿元（其中境外项目收入 27.17 亿元，境内项目收入 5.51亿元）。按照支架产品分类，跟踪支架交付约 5.89GW， 固定支架交付约 2.08GW。2024Q2，红海冲突给全球航运带来了巨大的挑战， 公司海外部分订单交付速度及运输成本也受到了一定程度的影响。2024Q2单季 度实现营业收入 15.62 亿元，环比下降 13.90%。 出货 ...

中信博（688408.SH）2024 年半年报点评 销量同比高增，市占率稳步提升 2024 年 08 月 28 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件 2024 年 8 月 27 日，公司发布 2024 年半年报。根据公司公告，24H1 公司实现 收入 33.76 亿元，同比+75.73%，归母净利率 2.31 亿元，同比+135.86%，实 现扣非归母净利率 2.17 亿元，同比+192.86%。 分季度来看，公司 24Q2 实现收入 15.62 亿元，同比+41.26%，环比-13.90%， 实现归母净利润 0.77 亿元，同比+30.40%，环比-49.78%，实现扣非归母净利 润 0.75 亿元，同比+24.96%，环比-47.76%。 ➢ 跟踪支架销量同比高增，在手订单充足 根据公司半年报 24H1 公司跟踪支架交付 5.89GW，同比+363.58%，固定支架 交付 1.62GW，同比-41.74%。截至 2024 年 6 月 30 日，公司在手订单 66.69 亿元，其中跟踪支架 55.49 亿元，同比+183%，其中：中东非 23.07 亿元，占 比 43.81%，东 ...

证券研究报告·公司点评报告·光伏设备 中信博（688408） 2024 中报点评：海外开拓助力出货，产品结 构优化、毛利率稳步提升 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3703 | 6390 | 8779 | 10914 | 13216 | | 同比（ % ） | 53.29 | 72.59 | 37.38 | 24.32 | 21.09 | | 归母净利润（百万元） | 44.43 | 345.04 | 604.70 | 774.72 | 956.13 | | 同比（ % ） | 195.57 | 676.58 | 75.25 | 28.12 | 23.42 | | EPS- 最新摊薄（元 / 股） | 0.22 ...

江苏中信博新能源科技股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 江苏中信博新能源科技股份有限公司（以下简称"公司"）第三届监事会 第十四次会议（以下简称"本次会议"）通知于2024年8月16日以通讯方式送达 全体监事。本次会议于2024年8月27日以现场方式召开，由监事会主席王宗星先 生主持，本次会议公司应出席监事3人，实际出席监事3人，本次会议的召集、 召开符合《中华人民共和国公司法》、《江苏中信博新能源科技股份有限公司 章程》以及《江苏中信博新能源科技股份有限公司监事会议事规则》等有关法 律、法规及公司规定。 证券代码：688408 证券简称：中信博 公告编号：2024-047 二、监事会会议审议情况 与会监事就各项议案进行了审议，并表决通过以下事项： （一）审议通过《关于公司2024年半年度报告及摘要的议案》 1、公司严格按照股份制公司财务制度规范运作，公司2024年半年度报告及 摘要包含的信息公允、全面、真实地反映了公司本报告期的财务状况和 ...