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 2024 年度持续督导跟踪报告 | | 所报告 | | | --- | --- | --- | | 14 | 发现以下情形之一的，督促上市公司做出 | 2024 年度，中信博在持续督导期间内未 | | | 说明并限期改正，同时向上海证券交易所 | | | | 报告：（一）涉嫌违反《上市规则》等相 | | | | 关业务规则；（二）证券服务机构及其签 | | | | 名人员出具的专业意见可能存在虚假记 | | | | 载、误导性陈述或重大遗漏等违法违规情 | | | | 形或其他不当情形；（三）公司出现《保 | 发生前述情况 | | | 荐办法》第七十条规定的情形；（四）上 | | | | 市公司不配合保荐机构持续督导工作； | | | | （五）上海证券交易所或保荐人认为需要 | | | | 报告的其他情形 | | | 15 | 制定对上市公司的现场检查工作计划，明 | 保荐机构已制定了现场检查的工作计划， | | | 确现场检查工作要求，确保现场检查工作 | 明确了现场检查的工作要求 | | | 质量 | | | | 上市公司出现以下情形之一的，保 ...

2024 年年度股东大会会议材料 证券简称：中信博 证券代码：688408 江苏中信博新能源科技股份有限公司 2024 年年度股东大会 会议资料 二零二五年五月八日 1 2024 年年度股东大会会议材料 | 目录 | | --- | | 2024 年年度股东大会会议须知 | | 3 | | | --- | --- | --- | --- | | 2024 年年度股东大会会议议程 | | 5 | | | 议案一、关于公司 | 2024 | 年度董事会工作报告的议案 | 7 | | 议案二、关于公司 | 2024 | 年度监事会工作报告的议案 | 15 | | 议案三、关于公司 | 2024 | 年年度报告全文及摘要的议案 | 19 | | 议案四、关于公司 | 2024 | 年度财务决算报告的议案 | 20 | | 议案五、关于公司 | 2024 | 年度利润分配预案的议案 | 34 | | 议案六、关于公司续聘 2025 | | 年度审计机构的议案 | 35 | | 议案七、关于公司预计 2025 | | 年度担保额度的议案 | 36 | | 议案八、关于公司预计 2025 | | 年度日常关联交易额度的议案 ...

丨证券研究报告丨 公司研究丨点评报告丨中信博（688408.SH） [Table_Title] 2024 年跟踪支架放量，盈利水平持续提升 报告要点 [Table_Summary] 中信博发布 2024 年年报，2024 年实现收入 90.26 亿元，同比增长 41.25%；归母净利 6.32 亿 元，同比增长 83.03%；全年营收和利润与业绩快报基本一致。其中，2024Q4 实现收入 30.44 亿元，同比增长 1.56%，环比增长 16.81%；归母净利 2.04 亿元，同比增长 8.84%，环比增长 4.23%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 中信博（688408.SH） cjzqdt11111 [Table_Title 2024 年跟踪支架放量，盈利水平持续提升 2] 公司研究丨点评报告 [Table_Summary2] 事件描述 中 ...

Core Viewpoint - The company, 中信博, has reported significant growth in its financial performance for 2024, achieving over 90 billion yuan in revenue and a net profit of 6.32 billion yuan, indicating a strong competitive position in the photovoltaic industry despite overall market pressures [1][3]. Financial Performance - In 2024, 中信博 achieved operating revenue of 90.26 billion yuan, a year-on-year increase of 41.25% [3]. - The net profit attributable to shareholders reached 6.32 billion yuan, reflecting an 83.03% increase compared to the previous year [1][3]. - The net profit has increased over 13 times since 2022, showcasing consistent growth over three consecutive years [1][3]. International Market Performance - Revenue from overseas projects amounted to 73.60 billion yuan, marking a substantial year-on-year growth of 127.63% [2][4]. - Domestic project revenue, however, saw a decline of 48.65%, totaling 16.10 billion yuan [4]. Cost Management and Profitability - The company reported a comprehensive gross margin of 18.63% and a net margin of 7.14%, both showing improvements from the previous year [5]. - The decrease in raw material costs, particularly steel, and the optimization of procurement channels contributed to the improved margins [3][5]. Strategic Investments - 中信博 plans to invest 20.22 billion yuan in constructing a zero-carbon headquarters project, aimed at enhancing its capabilities in "tracking+" and "green electricity+" system solutions [2][7]. - This investment aligns with national dual carbon and energy transition strategies, focusing on sustainable development and new material opportunities [7]. Market Position and Product Competitiveness - 中信博 is recognized as a leading provider of photovoltaic tracking systems, fixed support systems, and BIPV solutions, with a global market share of 9% in the tracking system segment, ranking fifth worldwide [6]. - The company has established a robust manufacturing presence with production bases in multiple regions, enabling rapid response to global delivery demands [5][6].

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·光伏设备 中信博（688408） 2024 年报点评：在手订单充沛，海外交付优 势显著 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. ...

Core Viewpoint - The company reported a strong performance for 2024, with revenue reaching 9.026 billion yuan, a year-on-year increase of 41.25%, and a net profit attributable to shareholders of 632 million yuan, up 83.03% [1] Financial Performance - In Q4 2024, the company achieved revenue of 3.044 billion yuan, reflecting a year-on-year growth of 1.56% and a quarter-on-quarter increase of 16.81%, with a net profit of 204 million yuan, up 8.84% year-on-year and 4.23% quarter-on-quarter [1] - The company set aside a total of 194 million yuan for various impairment provisions as a precautionary measure [1] - The proposed dividend distribution for 2024 is 10 yuan per share (including tax), with a total cash payout of 217 million yuan, representing 34.40% of net profit [1] Product Performance - The shipment volume of tracking brackets increased significantly, reaching 17.41 GW in 2024, a year-on-year increase of 127.93%, accounting for 87.60% of the bracket business revenue, which is an increase of 24.03 percentage points year-on-year [1] - Fixed bracket shipments totaled 5.80 GW, showing a year-on-year decline of 38.26% [1] - The revenue from tracking brackets reached 7.632 billion yuan, a year-on-year increase of 112.10%, with a gross margin of 19.67%, up 0.15 percentage points year-on-year [2] Market Expansion and Innovation - The company is rapidly expanding into emerging markets, utilizing AI algorithms to enhance power generation efficiency [2] - A notable project in Azerbaijan features the company's Tianji 11 tracking system combined with a second-generation intelligent AI algorithm, achieving over 7% power generation gain while maintaining stability in high wind conditions [2] - The newly launched flexible tracking brackets incorporate innovative wireless multi-point parallel drive technology, suitable for various complex scenarios such as agricultural, fishery, and wastewater treatment applications [2] Future Outlook - The company is expected to achieve net profits of 932 million yuan, 1.148 billion yuan, and 1.414 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 47.5%, 23.3%, and 23.1% respectively, with corresponding EPS of 4.26, 5.26, and 6.47 yuan [2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][8]. Core Insights - The company reported a significant revenue increase of 41.25% year-on-year, reaching 9.026 billion yuan in 2024, with a net profit growth of 83.03%, amounting to 632 million yuan [2]. - The tracking bracket segment saw a remarkable revenue growth of 112.10%, totaling 7.632 billion yuan, with a gross margin of 19.67% [3]. - The company is enhancing its global supply chain system, establishing a strong overseas first-mover advantage through localized production and strategic international partnerships [4]. Financial Performance Summary - In 2024, the company achieved total revenue of 9.026 billion yuan, with a net profit of 632 million yuan, and a non-recurring net profit of 602 million yuan, reflecting year-on-year growth rates of 41.25%, 83.03%, and 96.51% respectively [2][7]. - The company forecasts revenues of 10.526 billion yuan, 12.109 billion yuan, and 13.911 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 818 million yuan, 1.057 billion yuan, and 1.278 billion yuan [5][12]. - The projected PE ratios for the years 2025, 2026, and 2027 are 12x, 10x, and 8x respectively, indicating a favorable valuation trend [5][12].

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 reported a significant increase in revenue and profit for 2024, with total revenue reaching 9.026 billion yuan, up 41.25% year-on-year, and net profit attributable to shareholders at 632 million yuan, up 83.03% year-on-year [2]. - The company's tracking bracket segment saw revenue growth of 112.10% year-on-year, with a gross margin of 19.67% and a shipment volume of 17.41 GW, reflecting strong market demand and an increase in market share [3]. - The establishment of a global supply chain system has solidified the company's first-mover advantage in overseas markets, with multiple production bases and regional headquarters enhancing operational efficiency [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 10.526 billion yuan, 12.109 billion yuan, and 13.911 billion yuan, respectively, with corresponding net profits of 818 million yuan, 1.057 billion yuan, and 1.278 billion yuan [5][7]. - The company is expected to maintain a strong growth trajectory, with net profit growth rates projected at 29.6% for 2025 and 29.1% for 2026 [12][13].

对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金六零一组合，持股增加占比 达0.11%。 2025年4月17日，中信博(688408.SH)发布2024年年度报告。截至2025年4月16日，共有477个机构投资者 披露持有中信博A股股份，合计持股量达8293.15万股，占中信博总股本的37.95%。其中，前十大机构 投资者包括苏州融博投资管理合伙企业(有限合伙)、苏州中智万博投资管理合伙企业(有限合伙)、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、中国建设银行股份有限公司-易 方达创新驱动灵活配置混合型证券投资基金、全国社保基金六零一组合、易方达泰丰股票型养老金产 品-中国工商银行股份有限公司、香港中央结算有限公司、上海萃竹股权投资管理中心(有限合伙)、中欧 基金-中国人寿保险股份有限公司-传统险-中欧基金国寿股份成长股票传统可供出售单一资产管理计划、 中欧基金-中国人寿保险股份有限公司-传统险-中欧基金国寿股份成长股票传统可供出售单一资产管理计 划，前十大机构投资者合计持股比例达13.17%。相较于上一季度，前十大机构持股比例合计下跌了1.62 个百分点。 公募基 ...

每经记者 朱成祥 每经编辑 文多 点评：多地高温预期以及电力市场化改革预期，或致电力板块公司异动。不过，乐山电力主营业务及生 产经营未发生重大变化，业务均正常运营。这表明公司基本面稳定，有利于稳定市场预期。 丨 2025年4月17日 星期四丨 NO.2 拉普拉斯：2024年净利润7.29亿元 同比增长77.53% NO.1 7天4板乐山电力：主营业务及生产经营未发生重大变化 4月16日，拉普拉斯发布2024年年报，2024年营业收入57.28亿元，同比增长93.12%，归母净利润为7.29 亿元，同比增长77.53%。这主要得益于公司在新型高效光伏电池片设备领域的技术优势及公司产品良 好的竞争能力，随着公司产品在客户端不断交付和验收，营业收入随之大幅增长。 4月16日，7天4板的乐山电力发布异动公告，截至目前，公司主要有电力业务、天然气业务、自来水业 务、新兴业务和服务业务，主营业务及生产经营未发生重大变化。公司生产经营活动一切正常，内部生 产经营秩序正常，基本面没有发生重大变化。 点评：这表明，公司在光伏设备领域的市场地位和影响力正在不断提升。不过，电池片大规模产能建设 已经接近尾声。此外，光伏设备领域也存 ...