Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 5.982 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 76.3%, and a net profit attributable to shareholders of 427 million yuan, up 171.48% year-on-year. In Q3 2024 alone, the revenue was 2.606 billion yuan, with a year-on-year increase of 77.05%, and a net profit of 196 million yuan, reflecting a growth of 230.39% year-on-year [1]. - The strong performance is attributed to the robust demand for photovoltaic power station installations both domestically and internationally, which has significantly boosted the company's overseas business. The company has a global marketing service network and supply chain delivery system, enhancing its revenue [1]. - The gross profit margin improved by 2.8 percentage points year-on-year, and the net profit margin increased by 2.45 percentage points to 7.80% in Q3 2024. The company also reported a significant improvement in cash flow, with a net cash flow from operating activities of 417 million yuan [1]. - The company has a strong order backlog, with new signed orders for photovoltaic brackets totaling approximately 7 GW, valued at nearly 2.5 billion yuan. The total order backlog stands at approximately 5.99 billion yuan, indicating strong growth potential [1]. - The company has received approval from the CSRC for a non-public offering to raise up to 1.1 billion yuan, aimed at enhancing its competitiveness in the photovoltaic bracket business [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 9.83 billion yuan, with a growth rate of 53.83%, and a net profit of 700.90 million yuan, reflecting a growth rate of 103.14% [2]. - The earnings per share (EPS) is expected to be 3.46 yuan in 2024, with a price-to-earnings (PE) ratio of 23 [2]. - The company’s return on equity (ROE) is projected to be 20.45% in 2024, indicating strong profitability [2].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company reported a revenue of 5.982 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 76.30%. The net profit attributable to shareholders was 427 million yuan, up 171.48% year-on-year. In Q3 2024 alone, revenue reached 2.606 billion yuan, a 77.05% increase year-on-year, with a net profit of 203 million yuan, marking a 238.17% increase year-on-year [1] - The company's gross margin improved to 19.37%, an increase of 2.84 percentage points year-on-year, and the net profit margin reached 7.24%, up 2.65 percentage points year-on-year. The significant improvement in profitability is attributed to the increasing shipment ratio of high-margin tracking brackets [1] - The company’s contract liabilities reached a record high of 856 million yuan, a 35% increase year-on-year, with total orders on hand amounting to approximately 5.99 billion yuan, indicating strong demand and order growth that is expected to support continued performance growth [1] - The company has established a global business layout, with rapid development in emerging markets such as India, the Middle East, Central Asia, and Latin America, responding to the Belt and Road Initiative and gradually improving its global marketing service network [1] Financial Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 19.37%, a net profit margin of 7.24%, and a significant increase in profitability due to the higher shipment ratio of high-margin products [1] - The company is projected to achieve net profits of 688 million yuan, 855 million yuan, and 1.066 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 23.6, 19.0, and 15.2 [2][3] - The financial forecast indicates a steady increase in revenue from 3.703 billion yuan in 2022 to an estimated 13.314 billion yuan in 2026, with a compound annual growth rate of approximately 15.08% [2][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company achieved record high revenue and profit in Q3 2024, with total revenue reaching 5.982 billion yuan, a year-on-year increase of 76.30%, and net profit attributable to shareholders at 427 million yuan, up 171.48% year-on-year [2][3]. - The company has a robust order backlog of approximately 5.99 billion yuan, indicating strong demand and growth potential in the photovoltaic support structure market [3]. - The company is experiencing significant growth in its tracking support business, leading to an increase in gross margin to 19.37% for the first three quarters of 2024, up 2.84 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 5.982 billion yuan, with a net profit of 427 million yuan, and a non-recurring net profit of 409 million yuan, reflecting substantial growth rates of 76.30%, 171.48%, and 217.63% respectively [2][3]. - In Q3 2024 alone, revenue was 2.606 billion yuan, a year-on-year increase of 77.05% and a quarter-on-quarter increase of 66.82% [2][3]. Order Backlog and Market Position - The company has a strong order backlog of approximately 5.99 billion yuan, with tracking supports accounting for about 5.21 billion yuan and fixed supports for about 752 million yuan [3]. - The company is positioned as a leader in the photovoltaic support structure market, benefiting from high demand and a favorable competitive landscape [3]. Profitability and Cost Management - The net profit margin for the first three quarters of 2024 was 7.14%, an increase of 2.50 percentage points year-on-year, with Q3 net profit margin reaching 7.52%, up 3.49 percentage points year-on-year [3]. - The company has effectively managed its sales, administrative, and financial expenses, resulting in a combined expense ratio of 6.63% for the first three quarters of 2024, down 0.39 percentage points year-on-year [3]. Future Projections - The report maintains profit forecasts for 2024-2026, expecting net profits of 769 million yuan, 948 million yuan, and 1.164 billion yuan respectively [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company's Q3 performance exceeded expectations, with significant growth in both revenue and net profit driven by continuous breakthroughs in overseas markets and high demand in emerging markets [1][2]. - The company has a substantial order backlog of approximately RMB 59.9 billion, with tracking brackets accounting for about RMB 52.1 billion, ensuring sustained growth in shipment volumes [2]. - The company secured a major order in the Middle East, further enhancing its local production capacity in overseas markets, which supports its international expansion strategy [3]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of RMB 59.82 billion, a year-on-year increase of 76.30%, and a net profit of RMB 4.27 billion, up 171.48% year-on-year [1]. - In Q3 2024 alone, the company reported revenue of RMB 26.06 billion, a year-on-year increase of 77.05%, and a net profit of RMB 1.96 billion, reflecting a year-on-year growth of 230.39% [1]. - The company is projected to achieve revenues of RMB 92.65 billion, RMB 119.48 billion, and RMB 140.54 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of RMB 7.09 billion, RMB 9.46 billion, and RMB 11.59 billion [4][8]. Order and Production Capacity - The company signed new photovoltaic bracket orders totaling 7GW in Q3 2024, with a contract value of approximately RMB 25 billion, indicating strong future shipment potential [2]. - The company has established six global production bases, with an annual delivery capacity of over 30GW for tracking brackets, supporting its international market presence [3].

江苏中信博新能源科技股份有限公司舆情管理制度 江苏中信博新能源科技股份有限公司 舆情管理制度 二零二四年十月 江苏中信博新能源科技股份有限公司舆情管理制度 江苏中信博新能源科技股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高江苏中信博新能源科技股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时妥善处理各 类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保护投资 者合法权益，根据《上海证券交易所科创板股票上市规则》和《公司章程》等 相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的报道； （二）社会上存在的已经或将给公司造成影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应 对。注重职能部门的响应与协作，提高防范声誉风险和处置声誉事件的能力和 效率。 第四条 舆 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,605,900,800.50, representing a year-on-year increase of 77.05%[2] - Net profit attributable to shareholders for Q3 2024 was ¥195,944,996.98, a significant increase of 230.39% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥192,122,084.60, up 251.22% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.98, reflecting a 122.73% increase compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 5,982,203,145.77, a significant increase of 76.5% compared to CNY 3,393,113,247.41 in the same period of 2023[18] - Net profit for the third quarter of 2024 was CNY 433,399,614.05, up 177.8% from CNY 155,857,756.64 in the third quarter of 2023[19] - Operating profit for the first three quarters of 2024 was CNY 513,538,910.71, compared to CNY 191,426,933.53 in the same period last year, indicating a strong growth trajectory[19] - Total comprehensive income for the third quarter of 2024 reached CNY 434,111,749.81, compared to CNY 158,349,991.69 in the same period last year, representing an increase of approximately 174.6%[20] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 2.13, up from CNY 1.18 in the previous year, reflecting an increase of 80.5%[20] Assets and Liabilities - The company's total assets as of the end of Q3 2024 amounted to ¥9,627,750,886.63, an increase of 17.91% from the end of the previous year[3] - Total liabilities increased to CNY 6,500,758,655.76 in Q3 2024, up from CNY 5,350,818,664.42 in Q3 2023, reflecting a growth of 21.4%[17] - The company's total equity reached CNY 3,126,992,230.87, an increase from CNY 2,814,580,045.73 in the previous year, representing a growth of 11.1%[17] - The total cash and cash equivalents at the end of the period stood at CNY 1,752,692,105.56, compared to CNY 1,355,437,096.95 at the end of the same period last year, an increase of approximately 29.3%[22] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥807,416,116.16, indicating a decline of 619.88% year-on-year[2] - Cash inflow from operating activities totaled CNY 7,293,144,436.87, compared to CNY 4,100,375,625.51 in the same period last year, indicating a growth of approximately 77.5%[21] - Cash outflow from operating activities increased to CNY 8,100,560,553.03 from CNY 3,945,065,996.45, resulting in a net cash flow from operating activities of -CNY 807,416,116.16[21] - Cash inflow from investment activities was CNY 854,847,117.74, down from CNY 1,036,524,142.26 in the previous year, a decrease of about 17.5%[21] - Net cash flow from financing activities was CNY 655,455,046.54, compared to CNY 49,420,282.06 in the same period last year, showing a significant increase[22] - The company reported a net increase in cash and cash equivalents of -CNY 150,409,584.12 for the quarter, compared to -CNY 97,853,350.77 in the previous year[22] - The company received CNY 1,039,747,633.33 in cash from borrowings, significantly higher than CNY 406,973,131.65 in the same period last year, indicating a strong reliance on debt financing[22] - The company paid CNY 137,131,917.04 in dividends and interest, compared to CNY 22,691,975.53 in the previous year, reflecting an increase of approximately 504.5%[22] Research and Development - Research and development expenses totaled ¥52,775,741.66 for Q3 2024, representing 2.03% of operating revenue, a decrease of 0.95 percentage points year-on-year[3] - Research and development expenses for the first three quarters of 2024 were CNY 128,777,937.67, compared to CNY 110,079,226.39 in the same period of 2023, showing an increase of 16.9%[18] - The company plans to continue optimizing its R&D and cost-reduction measures to further improve profitability in the future[8] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,554, with the largest shareholder, Cai Hao, holding 75,831,582 shares, representing 37.45% of the total[9] - The largest institutional shareholder, Suzhou Rongbo Investment Management, holds 9,666,961 shares, representing 4.77% of the total[9] - The company has no significant changes in the participation of major shareholders in margin financing and securities lending activities[11] Order Backlog and Market Demand - The company has a total order backlog of approximately RMB 5.99 billion, with RMB 5.21 billion from tracking brackets, RMB 0.75 billion from fixed brackets, and RMB 0.028 billion from other businesses[12] - The company attributed the revenue growth to strong demand for photovoltaic power stations both domestically and internationally, along with an enhanced global marketing service network[7] - The company has not made any commitments regarding the order backlog, which will be recognized based on delivery progress and revenue recognition principles[12]

证券代码：688408 股票简称：中信博 江苏中信博新能源科技股份有限公司 （昆山市陆家镇华阳路 190 号） 2022 年度向特定对象发行 A 股股票 （广东省深圳市福田区福田街道福华一路 119 号） 募集说明书 （注册稿） 保荐机构（主承销商） 二零二四年九月 江苏中信博新能源科技股份有限公司 募集说明书（注册稿） 公司声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 本公司控股股东、实际控制人承诺募集说明书及其他信息披露资料不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对本公司的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依 ...

Core Viewpoint - The signing of the 2.3GW solar power project order between CITIC Bo and China Energy Construction Group marks a significant collaboration in the Middle East energy sector, focusing on enhancing energy generation and lifecycle returns through advanced tracking systems [1] Group 1 - CITIC Bo and China Energy Construction Group signed an order for a 2.3GW solar power project in Saudi Arabia [1] - The project will utilize a total of 2.3GW of CITIC Bo's Tianji II tracking system, designed to adapt to the desert terrain and high wind conditions in western Saudi Arabia [1] - The collaboration aims to improve the project's energy output and overall lifecycle profitability [1]

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]