江苏中信博新能源科技股份有限公司 审计报告及财务报表 2017年1月1日至2019年12月31日 3-2-1-1 the states of the subject of 江苏中信博新能源科技股份有限公司 审计报告及财务报表 (2017年1月1日 至 2019年12月31日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-4 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-14 | | 财务报表附注 | 1-146 | 3-2-1-2 e 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS L 审计报告 信会师报字[2020]第 ZF10029 号 江苏中信博新能源科技股份有限公司全体股东: 一、审计意见 我们审计了江苏中信博新能源科技股份有限公司(以下简称中信 博)财务报表,包括2017年12月31日、201 ...

证券简称：中信博 证券代码：688408 2023 年年度股东大会会议材料 江苏中信博新能源科技股份有限公司 2023 年年度股东大会 会议资料 二零二四年五月十五日 1 2023 年年度股东大会会议材料 目录 | 2023 | 年年度股东大会会议须知 3 | | | --- | --- | --- | | 2023 | 年年度股东大会会议议程 5 | | | 议案一、关于公司 | 2023 | 年度董事会工作报告的议案 7 | | 议案二、关于公司 | 2023 | 年度监事会工作报告的议案 14 | | 议案三、关于公司 | 2023 | 年年度报告全文及摘要的议案 18 | | 议案四、关于公司 | 2023 | 年度财务决算报告的议案 19 | | 议案五、关于公司 | 2023 | 年度利润分配及资本公积转增股本预案的议案 34 | | 议案六、关于公司 | 2023 | 年度计提资产减值准备的议案 35 | | 议案七、关于公司续聘 | 2024 | 年度审计机构的议案 36 | | 议案八、关于公司预计 | 2024 | 年度担保额度的议案 37 | | 议案九、关于公司预计 | 2024 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.00 CNY over the next six months [3][12][23]. Core Insights - The company achieved a significant revenue increase of 72.59% year-on-year in 2023, reaching 6.39 billion CNY, and a net profit increase of 676.58%, amounting to 345.04 million CNY. In Q1 2024, revenue surged by 122.47% year-on-year to 1.81 billion CNY, with net profit growing by 297.18% to 154 million CNY [23][24]. - The company's growth is driven by increased demand in overseas markets such as the Middle East, Latin America, and India, leading to substantial growth in its mounting bracket business [23][24]. - The report highlights the company's strategic focus on vertical and horizontal integration in the photovoltaic mounting bracket sector, which has enhanced its global marketing network and supply chain capabilities [23][24]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 Revenue: 6,390.16 million CNY, 2024E: 9,830.00 million CNY, 2025E: 12,080.00 million CNY, 2026E: 14,430.00 million CNY [4][27]. - 2023 Net Profit: 345.04 million CNY, 2024E: 700.88 million CNY, 2025E: 883.66 million CNY, 2026E: 1,080.41 million CNY [4][27]. - **Earnings Per Share (EPS)**: - 2023: 2.54 CNY, 2024E: 5.16 CNY, 2025E: 6.51 CNY, 2026E: 7.95 CNY [4][27]. - **Valuation Ratios**: - PE Ratio: 2023: 42, 2024E: 20, 2025E: 16, 2026E: 13 [4][27]. - PB Ratio: 2023: 5.12, 2024E: 4.20, 2025E: 3.45, 2026E: 2.83 [4][27]. Business Segment Performance - The photovoltaic mounting bracket business generated 5.66 billion CNY in revenue in 2023, a 74.83% increase year-on-year. The revenue from fixed brackets was 2.06 billion CNY (up 26.34%), while tracking brackets generated 3.60 billion CNY (up 124.13%) [23][24]. - The company expects to maintain strong growth in tracking bracket shipments, projecting 15 GW in 2024, 20 GW in 2025, and 25 GW in 2026 [25][26]. Market Position and Competitive Advantage - The company is positioned as a leader in the export of tracking brackets, benefiting from the explosive demand in regions like the Middle East, Latin America, and India. Its overseas supply chain advantages are expected to enhance its market share alongside Chinese EPC companies [12][23][24].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 129.00 CNY for the next six months [28][32]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 63.90 billion CNY, a year-on-year increase of 72.59%, and a net profit of 3.45 billion CNY, up 676.58% [26]. - The first quarter of 2024 saw a revenue of 18.14 billion CNY, representing a 122.47% year-on-year growth, and a net profit of 1.54 billion CNY, up 297.18% [26]. - The company benefits from expanding overseas markets, particularly in the Middle East, Latin America, and India, leading to substantial growth in its bracket business [26]. - The company has a strong order backlog of approximately 6.8 billion CNY as of the end of Q1 2024, ensuring continued revenue growth [26]. Summary by Sections Financial Performance - In 2023, the company's photovoltaic bracket business generated 56.60 billion CNY, a 74.83% increase year-on-year, with fixed bracket revenue at 20.62 billion CNY (up 26.34%) and tracking bracket revenue at 35.98 billion CNY (up 124.13%) [26]. - The company expects revenues for 2024 to reach 98.30 billion CNY, with net profits projected at 7.01 billion CNY, corresponding to a PE ratio of 20 [17][41]. Profitability and Margins - The gross margin for fixed brackets improved to 16.94%, up 5.55 percentage points year-on-year, while tracking brackets saw a gross margin of 19.96%, up 6.19 percentage points [26]. - The overall gross margin for the company reached 20.79% in Q1 2024, reflecting a 0.90 percentage point increase from the previous quarter [26]. Market Position and Strategy - The company is positioned as a leader in the overseas tracking bracket market, benefiting from the demand surge in regions like the Middle East and Latin America [32]. - The report highlights the company's vertical and horizontal integration strategy in the photovoltaic bracket sector, which enhances its global marketing network and supply chain capabilities [26]. Future Outlook - The company is projected to maintain strong growth in the coming years, with expected revenues of 98.30 billion CNY in 2024, 120.80 billion CNY in 2025, and 144.30 billion CNY in 2026 [41]. - The net profit forecasts for the same years are 7.01 billion CNY, 8.84 billion CNY, and 10.80 billion CNY, respectively, indicating a robust growth trajectory [17][41].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][20]. Core Insights - The company reported a significant revenue increase of 73% year-on-year in 2023, reaching 6.39 billion yuan, with a net profit growth of 677% to 345 million yuan [2]. - The company has a strong order backlog of 6.8 billion yuan as of the end of Q1 2024, which supports continued high revenue growth throughout the year [3]. - The company is capitalizing on growth opportunities in non-European and American markets, particularly in Latin America, while also strengthening its presence in the Middle East and India [3]. - The gross margin for the company improved significantly in 2023, reaching 18.1%, driven by increased sales volume and lower raw material costs [8]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.997 billion yuan, a year-on-year increase of 108% and a quarter-on-quarter increase of 104% [2]. - For Q1 2024, the company reported a revenue of 1.814 billion yuan, a year-on-year increase of 122%, although it experienced a quarter-on-quarter decline of 39% [2]. - The gross margin for Q1 2024 reached 20.8%, reflecting a year-on-year increase of 7.3 percentage points [33]. - The company’s net profit margin has shown a clear upward trend, with net profit margins of 4.0%, 6.3%, and 8.5% in Q3 2023, Q4 2023, and Q1 2024, respectively [37].

Financial Performance - Fixed bracket revenue reached 2.062 billion yuan, a year-on-year increase of 26.34% [1] - Tracking bracket revenue reached 3.598 billion yuan, a year-on-year increase of 124.13% [1] - BIPV revenue reached 650 million yuan, a year-on-year increase of 65.16% [1] - Domestic project revenue reached 3.136 billion yuan, a year-on-year increase of 53.49% [1] - Overseas project revenue reached 3.233 billion yuan, a year-on-year increase of 96.93% [1] - Photovoltaic bracket business revenue reached 5.66 billion yuan, a year-on-year increase of 74.83% [1] - Fixed bracket gross margin was 16.94%, an increase of 5.55 percentage points year-on-year [2] - Tracking bracket gross margin was 19.96%, an increase of 6.19 percentage points year-on-year [2] - Comprehensive bracket business gross margin was 18.86%, an increase of over 6 percentage points year-on-year [2] Operational Highlights - In Q1 2024, the company delivered approximately 3.82GW of tracking bracket products and 860MW of fixed bracket products [2] - Overseas photovoltaic bracket deliveries totaled approximately 3.6GW, while domestic deliveries totaled approximately 1GW [2] - The company plans to invest in localized production capacity in key overseas markets such as the Middle East and Latin America to support global delivery capabilities [3] Market Strategy - In the Indian market, the company has a 60% stake in a joint venture with Adani to establish a local production base, ensuring delivery capabilities and maintaining a leading position [2] - In the Middle East market, the company plans to promote its 1P dual-row multi-point parallel drive tracking technology to enhance customer value and brand competitiveness [2] - The company has established 17 overseas branches and 3 regional headquarters in Brazil, Spain, and Dubai to strengthen local services and delivery capabilities [3] Risk Management - The company will strengthen customer credit checks and financial assessments before signing overseas orders to reduce commercial risks [3] - To address high cash outflows in Q1 2024, the company will focus on balancing cash flow, increasing accounts receivable collection, and screening customers with low cash payment rates [2] Industry Insights - Domestic tracking bracket penetration is lower than overseas markets due to factors such as power consumption barriers, price sensitivity, and low product recognition [4] - The company aims to promote the advantages of tracking brackets in the domestic market through communication with stakeholders and market cultivation [4] - Logistics costs for overseas deliveries vary depending on project location and delivery methods, with the company actively building a global supply chain to reduce costs [3]

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [5]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $6.39 billion in 2023, increasing to $13.54 billion by 2026, representing a compound annual growth rate (CAGR) of approximately 26.5% [5]. - The earnings per share (EPS) is expected to rise from $2.54 in 2023 to $7.55 in 2026, reflecting strong profitability improvements [5]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 37.5 in 2024 to 12.6 by 2026, suggesting that the stock may become more attractive as earnings grow [5]. - The report highlights a robust growth trajectory in the company's core business segments, with year-over-year growth rates projected at 72.6% for 2023 and gradually tapering to 18.2% by 2026 [5]. Financial Summary - Revenue projections for the company are as follows: $6.39 billion in 2023, $9.05 billion in 2024, $11.45 billion in 2025, and $13.54 billion in 2026 [5]. - The company is expected to achieve an EBIT margin of 18.1% in 2023, improving to 21.1% by 2026, indicating enhanced operational efficiency [5]. - The return on equity (ROE) is anticipated to rise from 12.3% in 2023 to 21.2% in 2026, reflecting improved profitability and capital management [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [10][12]. Core Insights - The company reported a significant increase in revenue and profit for Q1 2024, achieving an operating income of 1.814 billion yuan, a year-on-year growth of 122%, and a net profit attributable to shareholders of 154 million yuan, up 297% year-on-year [2][10]. - The company has a record high order backlog of 6.8 billion yuan as of March 31, 2024, with expectations for continued strong performance in the upcoming quarters due to seasonal demand [12][10]. - The report projects substantial growth in net profit for 2024-2026, estimating net profits of 769 million yuan, 948 million yuan, and 1.164 billion yuan respectively, with corresponding EPS of 5.66, 6.98, and 8.57 [12][10]. Financial Summary - Revenue projections for 2024E, 2025E, and 2026E are 6.39 billion yuan, 9.22 billion yuan, and 11.58 billion yuan respectively, with growth rates of 44.31%, 25.52%, and 20.26% [3][12]. - The net profit growth rates for the same years are projected at 122.80%, 23.28%, and 22.77% [3][12]. - The company’s PE ratio is expected to decrease from 33.14 in 2024E to 9.83 in 2026E, indicating improving valuation over time [3][12].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and market position [14][15]. Core Insights - The company achieved a significant revenue increase of 72.59% year-on-year in 2023, reaching 6.39 billion yuan, with a net profit growth of 676.58% to 345 million yuan [14]. - The first quarter of 2024 showed even stronger performance, with revenue of 1.814 billion yuan, a year-on-year increase of 122.47%, and a net profit of 154 million yuan, up 297.18% [14]. - The company is benefiting from a decline in component prices and increased construction willingness for centralized power stations, alongside accelerated expansion in high-growth markets such as the Middle East, Latin America, and India [14]. - The company has a strong order backlog, with tracking bracket sales volume increasing by 129% year-on-year in 2023, and fixed bracket sales volume up by 30% [14]. - The gross margin for the bracket business reached 18.86% in 2023, reflecting improved profitability due to enhanced supply chain management and stable raw material prices [14]. - The company is expanding its overseas production capacity, with significant orders secured in markets like Saudi Arabia and Uzbekistan, and plans to enter the U.S. market [14]. Financial Summary - Revenue projections for 2024-2026 are 9.686 billion yuan, 12.701 billion yuan, and 14.725 billion yuan, respectively, with corresponding net profits of 730 million yuan, 944 million yuan, and 1.078 billion yuan [14]. - The company’s PE ratios are projected to decrease from 16x in 2024 to 11x in 2026, indicating improving valuation metrics as earnings grow [14]. - The report highlights a significant increase in cash flow from operating activities, projected to reach 1.659 billion yuan in 2024 [10][14].

中信博20240423_智能速览 2024年04月24日 14:01 关键词 电力设备 珠海标地 投资价值 电信板块 业绩确定性 出海 核心标准 市场结构 合同营结构 支架 中东 印度 海外市场 产能 投资 贸易壁垒 盈利 中国厂商 美国市场 扩展 章节速览 ● 00:00 电力设备珠海标地的投资价值 中泰电信分析师吴鹏介绍了电力设备珠海标地的投资价值，从业绩确定性以及出海角度分析了该行业的 投资前景。他指出，电信设备的核心标准具有稳定的增长预期和较高的确定性，这与全球新能源发展和 海外电力设备供需关系的紧张有关。此外，他还提到了国内企业经营性扩产的周期和一粒水平较高的电 力设备需求。总体而言，电力设备珠海标地具有较高的投资价值。 ● 03:10 朱一博的支架产品化及市场前景 朱一博的支架产品结构、市场结构和合同营结构与核心出海的定制目标相似。公司的整体估值空间较 大，且在公共板块内部确定性较高。公司经营模式独大，全球市场份额超过一半，价格和需求结构相 似。公司的基本面和投资价值有望匹配更高估值。近期波动为加价的时机。 ● 06:27 支付宝自驾业务及全球化布局 支付宝自驾业务以个人自驾为主，且从数据角度来看 ...