Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 8.973 billion yuan in 2024, representing a year-on-year increase of 40.42%, and a net profit attributable to shareholders of 647 million yuan, up 87.60% year-on-year [1][4]. - The company has a strong order backlog of approximately 4.65 billion yuan as of December 31, 2024, with 3.5 billion yuan from tracking systems, ensuring sustained growth in shipment volumes [2]. - A strategic cooperation agreement was signed with Longi Green Energy, aiming for comprehensive collaboration in areas such as new energy development and market expansion, which is expected to enhance the domestic market recognition of tracking systems [3]. Financial Forecasts - Revenue projections for 2025 and 2026 are 11.63 billion yuan and 14.22 billion yuan, respectively, with net profits of 936 million yuan and 1.17 billion yuan, corresponding to PE ratios of 13x and 10x [4][6]. - The company is expected to maintain strong growth rates, with a projected net profit growth of 44.7% in 2025 and 25% in 2026 [6][12].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 8.973 billion yuan in 2024, representing a year-on-year increase of 40.42%, and a net profit attributable to shareholders of 647 million yuan, up 87.60% year-on-year [1][4]. - The company has a strong order backlog of approximately 4.65 billion yuan as of December 31, 2024, with 3.5 billion yuan from tracking systems, ensuring sustained growth in shipment volumes [2]. - A strategic cooperation agreement was signed with Longi Green Energy, aiming for comprehensive collaboration in areas such as new energy development and market expansion, which is expected to enhance the domestic market recognition of tracking systems [3]. Financial Forecasts - Revenue projections for 2025 and 2026 are 11.63 billion yuan and 14.22 billion yuan, respectively, with net profits of 936 million yuan and 1.17 billion yuan, corresponding to PE ratios of 13x and 10x [4][6]. - The company is expected to maintain strong growth rates, with a projected net profit growth of 44.7% in 2025 and 25.0% in 2026 [6][12].

证券代码：688408 证券简称：中信博 公告编号：2025-004 江苏中信博新能源科技股份有限公司 关于投资者联系电话变更的公告 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责任。 近期，江苏中信博新能源科技股份有限公司（以下简称"公司"）原投资者 联系电话出现线路故障，导致投资者无法打进或公司无法接听到投资者来电，公 司对此深表歉意。后续为保障公司与投资者之间的充分沟通交流，现将投资者联 系电话变更如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 投资者联系电话 | 0512-57353472-8088 | 0512-57286818 | 除上述调整外，公司办公地址、投资者关系电子邮箱等其他联系方式保持不 变。由此给您带来的不便，敬请谅解。欢迎广大投资者通过上述变更后的联系方 式与公司沟通交流。 特此公告。 江苏中信博新能源科技股份有限公司董事会 2025 年 2 月 26 日 1 ...

Financial Performance - The company achieved total operating revenue of 897,291.64 million yuan, a year-on-year increase of 40.42%[2] - The net profit attributable to the parent company was 64,730.89 million yuan, reflecting a year-on-year growth of 87.60%[2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 61,859.07 million yuan, up 101.93% year-on-year[2] - The basic earnings per share increased to 3.22 yuan, representing an 88.30% rise compared to the previous year[2] - The weighted average return on net assets was 17.93%, an increase of 4.99 percentage points from the previous year[2] Assets and Equity - The total assets at the end of the reporting period reached 1,012,012.68 million yuan, an increase of 23.94% compared to the previous year[5] - The equity attributable to the parent company was 441,630.09 million yuan, growing by 57.59% year-on-year[5] Market and Strategic Growth - The company’s growth was driven by strong demand in the global photovoltaic market and strategic expansion in emerging markets[5] - The company optimized procurement channels, leading to a decrease in costs and an increase in profit margins[6] - The company emphasizes customer value and product optimization, enhancing its brand influence in international markets[6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has a robust order backlog and is expected to maintain high production levels, with a projected net profit of approximately 635 million for 2024, representing an 84% year-on-year increase [8] - The company is experiencing strong demand in overseas markets, particularly in the Middle East and India, which is expected to support continued growth [8] - The establishment of localized production capacity in Saudi Arabia is anticipated to enhance the company's competitive advantage in the region [8] Financial Summary - Total revenue is forecasted to grow from 6,390 million in 2023 to 8,158 million in 2024, reflecting a year-on-year increase of 27.67% [1] - The net profit attributable to the parent company is expected to rise from 345 million in 2023 to 635 million in 2024, marking an 84.16% increase [1] - The earnings per share (EPS) is projected to increase from 1.58 in 2023 to 2.91 in 2024 [1] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 38.48 in 2023 to 20.89 in 2024 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is expected to achieve a net profit of 635 million yuan in 2024, representing a year-on-year increase of 84.04%, with a significant growth in revenue driven by expansion in emerging markets such as the Middle East and Latin America [1][4]. - The company has a strong order backlog of approximately 4.65 billion yuan, which includes several large overseas projects, ensuring sustained growth in shipment volumes [2][4]. - The Middle East market presents substantial growth opportunities, with the company having secured over 17 GW of orders in the region, positioning itself well to capitalize on the expected increase in solar capacity [3][4]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 8.635 billion yuan, 11.337 billion yuan, and 13.859 billion yuan, respectively, with corresponding net profits of 635 million yuan, 913 million yuan, and 1.142 billion yuan [5][11]. - The company is expected to maintain a strong growth trajectory, with net profit growth rates of 84.1% in 2024 and 43.8% in 2025 [5][12]. - The price-to-earnings (PE) ratios are projected to decrease from 25x in 2024 to 14x in 2026, indicating improving valuation as earnings grow [4][5].

Financial Performance - The company expects a net profit attributable to shareholders of approximately 635 million yuan for 2024, an increase of about 289.96 million yuan, representing a year-on-year growth of approximately 84.04%[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around 610 million yuan, an increase of about 303.67 million yuan, reflecting a year-on-year increase of approximately 99.13%[3]. - The growth in revenue and net profit is attributed to the strong demand in the global photovoltaic market, particularly in emerging markets such as the Middle East and Latin America[6]. Order Backlog - As of December 31, 2024, the company has a total order backlog of approximately 4.65 billion yuan, with tracking systems accounting for about 3.5 billion yuan and other orders approximately 1.15 billion yuan[7]. Strategic Measures - The company has implemented strategic measures for vertical and horizontal integration around photovoltaic bracket systems, which have begun to show results in this reporting period[6]. Government Subsidies - The government subsidies recognized in the current period have decreased, leading to a decline in non-operating gains compared to the same period last year[8]. Performance Forecast - The performance forecast is based on preliminary calculations by the company's finance department and has not yet been audited by registered accountants[4]. - The company has not identified any significant uncertainties that could affect the accuracy of this performance forecast[9]. - The data provided is preliminary and the final audited financial data will be disclosed in the official annual report for 2024[10]. - Investors are advised to pay attention to investment risks associated with the preliminary nature of the forecast data[10].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the solar energy industry, specifically focusing on companies involved in photovoltaic (PV) mounting systems, including 中信国 (Zhongxin Guo), 德业股份 (Deye), and 军达 (Junda) [2][3]. Core Points and Arguments 1. **Market Demand and Growth** - The demand for mid-range products, especially in overseas markets, is expected to be stable and promising, with companies like 德业股份, 军达, and 中信国 identified as key players [2]. - The penetration rate of tracking mounts in the market is projected to reach 40% by 2025, indicating significant growth potential [2]. 2. **Market Share and Competitive Landscape** - 中信国's market share has increased from 4% in 2021 to 9% in 2023, showcasing its competitive growth against established players [3][7]. - The overall market is dominated by foreign companies, but domestic manufacturers are gradually increasing their market share [7]. 3. **Performance and Financial Outlook** - The company has shown high growth in performance, with a projected profit of approximately 650 million in 2023, representing an over 80% year-on-year increase [4]. - The company’s order backlog in the Middle East has exceeded 17 GW, with new orders in 2024 surpassing 8 GW [8]. 4. **Cost Structure and Competitive Advantages** - Steel constitutes 60-70% of the raw material costs for tracking mounts, with 中信国 achieving a cost advantage of about 2% compared to competitors [6]. - The company’s core competencies include cost efficiency and technological advantages, supported by a global expansion strategy [3]. 5. **Geographical Expansion and Local Production** - The company has established local production capabilities in key markets such as Brazil, India, and Saudi Arabia, enhancing its ability to meet local demand [8]. - The focus on local supply chains is expected to improve delivery capabilities and order fulfillment [8]. 6. **Future Market Projections** - The solar energy market in India is projected to grow significantly, with expectations of reaching a cumulative installed capacity of 170 GW by 2030 [9]. - The company anticipates that the overall solar market will reach a trillion-level scale by 2025, driven by increased penetration of tracking mounts [7]. Other Important but Possibly Overlooked Content 1. **Product Differentiation** - The distinction between fixed and tracking mounts is highlighted, with tracking mounts offering higher efficiency but at a higher initial investment cost [5]. 2. **Impact of External Events** - The company faced delivery delays due to maritime incidents in Q2, but overall performance remains strong [4]. 3. **Long-term Industry Trends** - The overall trend in the solar industry indicates a shift towards higher efficiency solutions, with tracking mounts expected to outperform fixed mounts in growth rates [7]. 4. **EPC and Procurement Dynamics** - The company’s products are primarily procured directly by end-users or through EPC contracts, which insulates them from supply-demand fluctuations in the broader market [12].

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 年度持续督导工作现场检查报告 上海证券交易所： 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为江苏中信 博新能源科技股份有限公司（以下简称"中信博"或"公司"）持续督导工作的保荐 机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等 有关法律、法规的规定，对公司 2024 年度（以下简称"本持续督导期间"）的规 范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 国投证券股份有限公司 （二）保荐代表人 徐长浩、郑旭 （三）现场检查时间 2024 年 12 月 30 日 （四）现场检查人员 徐长浩、郑旭、毛凌馨 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、公司与控股股东、实际控制人及 其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、重大对外 投资、公司经营状况等。 （六）现场检查手段 1、查阅本持续督导期间公司召开的历次三会文件； 1 3、查看上市公司主要 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company, 中信博, has been deeply involved in the tracking bracket market for over a decade and is positioned to benefit from the growing demand for solar energy solutions, particularly in the BIPV (Building-Integrated Photovoltaics) sector [4][6] - 中信博 has achieved a global market share of 9% in the tracking bracket system, ranking fifth globally and is the only Chinese company among the top five [4] - The company is expected to see significant revenue growth driven by both its tracking brackets and BIPV products, with projected revenues of 90.35 billion, 116.24 billion, and 139.66 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Company Overview - 中信博 was established in 2009 and entered the photovoltaic market in 2012, focusing on tracking brackets since 2013. The company has expanded its global presence with 17 branches and is set to establish production bases in Brazil and Saudi Arabia [21][22] - The company’s revenue for the first half of 2024 reached 33.76 billion yuan, with 96.8% coming from its bracket business, primarily from overseas projects [22] Tracking Brackets - The global demand for tracking brackets is on the rise, with a projected installation volume exceeding 660GW from 2022 to 2030. In 2023, the global shipment of photovoltaic tracking brackets grew by 28% year-on-year [5] - 中信博's tracking brackets are designed to enhance energy efficiency and reduce costs, with a focus on customization to meet specific project requirements [36][41] - The company has established a competitive advantage through reliable certifications and brand recognition, which are critical in the high-stakes photovoltaic market [55][56] Financial Forecast and Valuation - The company is expected to achieve significant revenue growth with a forecasted revenue increase of 41.4%, 28.7%, and 20.1% for 2024, 2025, and 2026 respectively, alongside net profit growth of 96.4%, 43.5%, and 26.0% [7][59] - The projected P/E ratios for the upcoming years are 23, 16, and 13, indicating a favorable valuation compared to peers in the industry [7][60]