格隆汇9月3日丨中信博(688408.SH)公布，截至2025年8月31日，公司通过上海证券交易所交易系统以集中竞价交易方式回购股份175.14万股，占公司总股本的比例为0.7995%，回购成交的 ...

公司于 2025 年 4 月 15 日召开第三届董事会第二十四次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金和/ 或回购专项贷款资金（上海浦东发展银行股份有限公司苏州分行提供不超过 9,000 万元（含）的回购专项贷款）通过集中竞价交易方式进行股份回购。回购 股份将用于员工持股计划或股权激励，回购价格不超过人民币 80 元/股（含）， 回购资金总额不低于人民币 7,000 万元（含）且不超过人民币 10,000 万元（含）， 回购期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公 司于 2025 年 4 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2025-023）。 公司于 2025 年 6 月 26 日实施完成了 2024 年年度权益分派，按照中国证监 会及上海证券交易所的相关规定，公司对权益分派实施后回购股份的价格上限 进行相应调整，价格上限由 80 元/股（含）调整为 79.01 元/股（含）。具体内 容详见《关于 2024 年年度权益分派实施后调整回 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a quarter-on-quarter increase in shipments, although the gross margin has slightly decreased due to structural changes. The order backlog remains sufficient [7] - For the first half of 2025, the company reported revenue of 4.04 billion yuan, a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 160 million yuan, a year-on-year decrease of 31.8% [7] - The second quarter of 2025 showed revenue of 2.48 billion yuan, with a quarter-on-quarter increase of 58.6% and a year-on-year increase of 59% [7] - The company has a strong order backlog of approximately 7.29 billion yuan as of the end of Q2 2025, with tracking orders accounting for about 5.89 billion yuan [7] - Due to intense competition in the photovoltaic industry, the company's profitability is under pressure, leading to a downward revision of profit forecasts for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 6.39 billion yuan, with a year-on-year growth of 72.59% [1] - The net profit attributable to shareholders for 2023A is forecasted at 345.04 million yuan, with a year-on-year growth of 676.58% [1] - The earnings per share (EPS) for 2023A is projected to be 1.58 yuan [1] - The company’s price-to-earnings (P/E) ratio is 29.47 for the current price and latest diluted EPS [1] - The gross margin is expected to decline slightly from 18.63% in 2024A to 17.94% in 2027E [8]

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a revenue of 4.037 billion yuan for H1 2025, representing a year-on-year increase of 19.55%, while the net profit attributable to shareholders was 158 million yuan, a decrease of 31.79% year-on-year [2]. - The decline in profitability is attributed to unexpected credit impairment losses and an increased proportion of low-margin fixed supports in the product mix [2][3]. - Despite the profit decline, the company has a robust order backlog of approximately 7.29 billion yuan, which is expected to support future performance growth [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.478 billion yuan, a year-on-year increase of 58.63% and a quarter-on-quarter increase of 58.99%. The net profit attributable to shareholders was 48 million yuan, down 38.41% year-on-year and down 56.77% quarter-on-quarter [2]. - The company's support business generated revenue of 3.874 billion yuan in H1 2025, with tracking supports accounting for 2.876 billion yuan and fixed supports accounting for 999 million yuan [3]. Market Expansion - The company signed a significant order for a 2.3GW photovoltaic project in Saudi Arabia, showcasing its strong position in the Middle East market, where it holds the largest market share [4]. - The company has secured over 14GW of cumulative orders in the Middle East and has signed more than 4GW in 2025 alone, indicating strong growth potential in overseas markets [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 10.843 billion yuan, 13.141 billion yuan, and 15.074 billion yuan, respectively, with corresponding net profits of 649 million yuan, 800 million yuan, and 957 million yuan [5][7]. - The company is expected to maintain a leading position in the photovoltaic support industry, with continued growth in the tracking support market expected to enhance profitability [5].

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为14.41%，资本回报率强。去年的净利率为7.14%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中位数ROIC为10.75%，投资回 报也较好，其中最惨年份2021年的ROIC为0.37%，投资回报一般。公司历史上的财报相对一般（注：公 司上市时间不满10年，上市时间越长财务均分参考意义越大。）。 偿债能力：公司现金资产非常健康。 财报体检工具显示： 据证券之星公开数据整理，近期中信博（688408）发布2025年中报。截至本报告期末，公司营业总收入 40.37亿元，同比上升19.55%，归母净利润1.58亿元，同比下降31.79%。按单季度数据看，第二季度营 业总收入24.78亿元，同比上升58.63%，第二季度归母净利润4762.98万元，同比下降38.41%。本报告期 中信博应收账款上升，应收账款同比增幅达47.59%。 本次财报公布的各项数据指标表现一般。其中，毛利率17.07%，同比减11.85%，净利率3.77%，同比减 44.67%，销售费用、管理费用、财务费用总计3.18亿元，三费占营收比7 ...

Summary of Citic Bo Conference Call Company Overview - **Company**: Citic Bo - **Industry**: Photovoltaic (PV) sector, specifically focusing on tracking and fixed mounting systems Key Points and Arguments Financial Performance - In the first half of 2025, Citic Bo achieved revenue of **4 billion** CNY and a profit of **158 million** CNY, with total orders amounting to **7.2 billion** CNY, including **5.8 billion** CNY in tracking orders and **1.4 billion** CNY in fixed orders [3][4] - The overall gross margin decreased to approximately **8%**, down from **12%** the previous year, primarily due to an increase in low-margin fixed orders and a decline in tracking support margins from **20.8%** to over **19%** [2][3] Market Dynamics - The company aims for a **20%** revenue growth target for the year despite a reduction in delivery volumes in the Indian market, with a **11%** year-on-year increase in tracking orders when excluding last year's large orders from Adani [2][5] - Domestic policy adjustments and anti-competitive practices have led to delays in some power station projects, affecting the bidding process and potentially impacting Q3 shipment schedules [2][6] Order and Delivery Challenges - Citic Bo currently holds tracking orders worth approximately **5-6 billion** CNY, indicating sufficient order volume, but large-scale orders have longer delivery cycles, posing challenges for timely deliveries [2][9] - The company is adjusting its delivery schedule and signing new small to medium-sized orders to meet its annual growth target [9][10] Strategic Focus - Citic Bo continues to pursue market share in the domestic market by converting fixed orders to tracking orders, which can enhance gross margins [10][18] - The domestic market for tracking systems is expected to grow steadily, with potential for explosive growth in the future despite current slow growth [24] International Market Outlook - The company anticipates an increase in the proportion of overseas tracking orders, particularly from Latin America and Europe, which is expected to boost gross margins [4][12] - The global PV market is projected to see an increase in order volumes, with significant projects emerging in regions like Saudi Arabia [14][15] Product Development - Citic Bo has introduced flexible mounting systems, which have seen limited revenue so far but are expected to gain market acceptance over time [17] - The transition from fixed to tracking systems is being actively promoted in the domestic market to improve profitability and efficiency [18] Competitive Landscape - Citic Bo aims to become the leading company in the global PV sector, currently competing with Tracker, which holds over **20%** market share [25] - The company has achieved a **16%** market share globally, with significant growth potential if U.S. investments in PV and wind energy decline [25] Future Projections - The overall gross margin is expected to improve in the second half of 2025 due to a favorable shift in delivery regions and a potential reduction in domestic tracking system deliveries [20][21] - The company is preparing for potential market fluctuations and is focused on maintaining its growth trajectory despite challenges [21][22] Additional Important Insights - The domestic electricity market's transition towards marketization is still not evident, but Citic Bo is making internal adjustments to align with future demands [23][24] - The company emphasizes the importance of market share over immediate production, reflecting a strategic focus on long-term growth [22]

Investment Rating - The industry investment rating is "Overweight" [70] Core Viewpoints - The photovoltaic support structure is a crucial component of photovoltaic power generation systems, directly impacting the efficiency and investment returns of solar power plants [6][16] - The global photovoltaic market is experiencing significant growth, with an expected increase in global installed capacity to approximately 530 GW in 2024, representing a year-on-year growth of 35.9% [50] - The domestic market for tracking supports is anticipated to benefit from the development of centralized photovoltaic power plants, with a notable increase in installed capacity [32] Summary by Sections 1. Photovoltaic Support Structures - Fixed supports are the primary application type in domestic photovoltaic power plants, while tracking supports are gaining traction due to their ability to adjust to the sun's angle, enhancing energy capture [30][32] - The market for tracking supports is expected to grow significantly, with a projected compound annual growth rate (CAGR) of approximately 13.4% from 2024 to 2027 [54] 2. Global Photovoltaic Development - The global demand for tracking supports is driven by the increasing installation of large ground-mounted photovoltaic power plants, with a projected market size of approximately 797 billion yuan in 2024 [54] - The penetration rate of tracking supports is expected to rise from 52% in 2024 to 64% by 2027, indicating a growing acceptance of this technology [54] 3. Key Companies - The report highlights the competitive landscape, noting that domestic companies like Zhongxinbo and Trina Solar are enhancing their international competitiveness and market positions [64][68] - Zhongxinbo is positioned as a leading global provider of photovoltaic support systems, with a strong focus on technological innovation and market expansion [66][68]

Core Insights - The company reported a revenue of 4,036.53 million yuan for the first half of the year, representing a year-on-year growth of 19.55% [1] - The net profit attributable to the parent company's shareholders was 157.80 million yuan, showing a year-on-year decline of 31% [1] Financial Performance - Revenue: 4,036.53 million yuan, up 19.55% year-on-year [1] - Net Profit: 157.80 million yuan, down 31% year-on-year [1]

Summary of Key Points Core Viewpoint The company, Jiangsu Zhongxinbo New Energy Technology Co., Ltd., has decided to terminate part of its fundraising projects and redirect some of the remaining funds to new projects due to changes in market conditions and operational needs. This decision aligns with the company's strategic development and aims to enhance its core competitiveness in the photovoltaic industry. Group 1: Fundraising Overview - The company issued 16,053,790 A-shares at a price of RMB 68.60 per share, raising a total of RMB 1,101,289,994, with a net amount of RMB 1,083,226,696.74 after deducting issuance costs [1][2]. - The funds have been deposited into a special account approved by the board of directors, ensuring proper management and protection of investor rights [1]. Group 2: Investment Project Status - The total investment amount for the fundraising projects was RMB 149,651.79 million, with RMB 108,322.67 million allocated for specific projects [2]. - The company plans to terminate the "Western Tracking Bracket Production and Verification Base Construction Project," originally planned for RMB 30,644.50 million, due to a significant change in market demand for tracking brackets [3][4]. Group 3: Reasons for Project Termination - The demand for tracking bracket systems in large ground photovoltaic power plants has not met expectations, leading to a reassessment of the project's viability [4]. - As of August 25, 2025, RMB 904.23 million of the fundraising has been utilized, leaving RMB 22,955 million in the special account, which will be redirected to new projects [4]. Group 4: New Investment Project Details - The new project, "Automation Upgrade Project for Changzhou Production Base," will utilize RMB 6,820 million of the remaining funds, with a total investment of RMB 7,519.15 million [4][5]. - This project aims to enhance production efficiency and product competitiveness by introducing advanced manufacturing equipment and optimizing production processes [5][6]. Group 5: Strategic Importance of New Project - The Changzhou production base is crucial for meeting domestic and international demand for tracking brackets, providing strong supply chain support for overseas market expansion [5][6]. - The project aligns with the industry's trend of "cost reduction and efficiency enhancement," which is vital for the sustainable development of the photovoltaic sector [6][7]. Group 6: Regulatory Compliance and Approval Process - The decision to terminate part of the fundraising projects and redirect funds has been approved by the company's board and audit committee, and it will be submitted for shareholder approval [15][16]. - The company will adhere to relevant regulations to ensure the legal and effective use of the redirected funds [15][16].

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 12, 2025, at 14:00 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [1][4] Voting Procedures - Shareholders can vote through the trading system or the internet voting platform, with specific time slots for each method [2][4] - There are no related shareholders that need to abstain from voting [3] Agenda Items - The meeting will review a proposal to terminate certain fundraising projects and allocate remaining funds to new projects, which has been approved by the company's audit committee and board of directors [2][3] Attendance Requirements - Shareholders registered by the close of trading on September 5, 2025, are eligible to attend the meeting [4] - Attendance can be in person or by proxy, with specific documentation required for registration [5] Contact Information - The company is located at 190 Huayang Road, Lujia Town, Kunshan City, Jiangsu Province, and can be contacted via phone or email for further inquiries [5]