Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading player in the photovoltaic tracking bracket market, with a global market share of 9% as of 2023, ranking fifth worldwide according to Wood Mackenzie [2] - The company plans to raise 1.131 billion yuan through a targeted issuance to expand its photovoltaic bracket production capacity [2] - The economic benefits of tracking brackets are becoming increasingly evident, with a significant increase in penetration rates and a 26% year-on-year growth in total shipments of tracking brackets in 2023 [2] - The company has seen rapid growth in orders from emerging markets, particularly in India and the Middle East, with new signed orders in these regions exceeding 10 GW in the first half of 2024 [2] - Revenue projections for the company are 8.69 billion, 10.95 billion, and 13.24 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 684 million, 897 million, and 1.099 billion yuan [2] Summary by Sections 1. Company Overview - The company has been deeply involved in the photovoltaic bracket industry for over a decade, with a focus on expanding into emerging markets [2][9] - The company has established a global presence, with significant projects in India and the Middle East, and has shipped nearly 68 GW of products globally by the end of 2023 [9] 2. Business Performance - The company's revenue from bracket sales has shown rapid growth, with a 61.9% year-on-year increase in 2022, and a strong recovery in profitability following a downturn in 2021 [13] - The tracking bracket business has seen a significant increase in revenue, growing by 124.2% year-on-year to 3.598 billion yuan in 2023 [15] 3. Market Dynamics - The tracking bracket market is experiencing a surge in demand, with global installations reaching 446 GW in 2023, a 89% year-on-year increase [20] - The company is benefiting from the growing demand for photovoltaic installations, particularly in the U.S. and emerging markets, with a projected increase in global tracking bracket shipments to over 80 GW in 2024 [21] 4. Financial Projections - The company is expected to achieve revenues of 8.69 billion, 10.95 billion, and 13.24 billion yuan from 2024 to 2026, with corresponding net profits of 684 million, 897 million, and 1.099 billion yuan [2][4] - The projected PE ratios for the company are 18.97, 14.47, and 11.81 for the years 2024, 2025, and 2026 respectively [2]

发行人：江苏中信博新能源科技股份有限公司 1、联系部门：董事会办公室 保荐人（主承销商）：国投证券股份有限公司 联系人：资本市场部 证券代码：688408 证券简称：中信博 公告编号：2024-048 江苏中信博新能源科技股份有限公司 关于向特定对象发行 A 股股票申请 获得中国证监会同意注册批复的公告 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法律责任。 近日，江苏中信博新能源科技股份有限公司（以下简称"公司"）收到中 国证券监督管理委员会（简称"中国证监会"）出具的《关于同意江苏中信博 新能源科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕 1236 号），主要内容如下： 公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票相关事宜，公司将根据该事 项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 本次向特定对象发行股票的发行人和保荐人的联系方式如下： 联系电话：010-57839132、021-55518508 邮箱：ecm@ess ...

Investment Rating - The report assigns a **Buy** rating to the company, indicating strong growth potential and favorable financial metrics [2] Core Viewpoints - The company is expected to achieve significant revenue growth, with projected revenue increasing from **6,390 million** in 2023 to **13,535 million** by 2026, representing a **111.8%** cumulative growth [2] - Net profit is forecasted to grow from **345 million** in 2023 to **1,026 million** by 2026, with a **197.4%** increase over the period [2] - The company's **P/E ratio** is expected to decline from **37.1x** in 2023 to **12.5x** by 2026, reflecting improved earnings and valuation attractiveness [2] Financial Performance Summary Revenue and Profit Growth - Revenue growth is projected to be **72.6%** in 2024, **41.6%** in 2025, and **26.5%** in 2026, driven by strong demand in the industry [2] - Net profit margin is expected to improve from **5.4%** in 2023 to **7.6%** by 2026, indicating better cost management and operational efficiency [4] Key Financial Metrics - **EPS** is forecasted to grow from **1.70** in 2023 to **5.07** by 2026, reflecting strong earnings growth [2] - **ROE** is expected to increase from **12.3%** in 2023 to **21.2%** by 2026, highlighting improved shareholder returns [4] - **ROIC** is projected to rise from **14.0%** in 2023 to **20.8%** by 2026, indicating better capital allocation efficiency [4] Industry Analysis - The company operates in a high-growth industry, with significant expansion opportunities in both domestic and international markets [3] - Industry demand is expected to remain robust, driven by technological advancements and increasing adoption of the company's products [3] Valuation and Market Performance - The company's **P/B ratio** is expected to decline from **4.6x** in 2023 to **2.7x** by 2026, making it more attractive relative to its book value [2] - **EV/EBITDA** is projected to decrease from **96x** in 2023 to **37x** by 2026, reflecting improved cash flow generation and valuation [4] Future Outlook - The company is well-positioned to capitalize on industry trends, with a strong pipeline of new products and services expected to drive future growth [3] - Continued investment in R&D and expansion into new markets are key drivers of the company's long-term growth strategy [3]

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年中报点评 买入（维持） 当前价：55.74 元 中 信 博（688408）电力设备 目标价：——元（6 个月） 存货高增预示下半年业绩确定性提升 [Table_Summary 事件：公司 2024 ] 年上半年实现营业收入 33.76 亿元，同比增长 75.73%；实现 归母净利润 2.31亿元，同比增长 135.86%。2024Q2实现营业收入 15.62亿元， 同比增长 41.26%；实现归母净利润0.77 亿元，同比增长 30.40%。 航运因素影响海外订单交付进度，跟踪支架出货低于预期。2024H1公司实现营 业收入 33.76亿元，支架业务模块实现营收 32.68亿元（其中境外项目收入 27.17 亿元，境内项目收入 5.51亿元）。按照支架产品分类，跟踪支架交付约 5.89GW， 固定支架交付约 2.08GW。2024Q2，红海冲突给全球航运带来了巨大的挑战， 公司海外部分订单交付速度及运输成本也受到了一定程度的影响。2024Q2单季 度实现营业收入 15.62 亿元，环比下降 13.90%。 出货 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 3.376 billion yuan in H1 2024, representing a year-on-year increase of 75.73%, with a net profit attributable to shareholders of 231 million yuan, up 135.86% year-on-year [1]. - The company delivered 5.89 GW of tracking brackets in H1 2024, a significant increase of 363.58% year-on-year, while fixed brackets delivered 1.62 GW, down 41.74% year-on-year [2]. - The company has a strong order backlog of 6.669 billion yuan as of June 30, 2024, with tracking brackets accounting for 5.549 billion yuan, a year-on-year increase of 183% [2]. - The company's global market share for tracking bracket systems reached 9% in 2023, an increase of 4 percentage points from 2022, ranking fifth globally [3]. - The company is expanding its global presence, with plans to establish a local production facility in Saudi Arabia, which will enhance its delivery capabilities [3]. Financial Forecasts - The company is projected to achieve revenues of 9.024 billion yuan, 12.401 billion yuan, and 15.555 billion yuan for the years 2024, 2025, and 2026, respectively [4][6]. - The net profit attributable to shareholders is expected to be 681 million yuan, 939 million yuan, and 1.165 billion yuan for the same years, with corresponding PE ratios of 18x, 13x, and 10x [4][6]. - The company’s gross margin is forecasted to be 17.67% in 2024, slightly decreasing to 17.20% by 2026 [8].

证券研究报告·公司点评报告·光伏设备 中信博（688408） 2024 中报点评：海外开拓助力出货，产品结 构优化、毛利率稳步提升 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3703 | 6390 | 8779 | 10914 | 13216 | | 同比（ % ） | 53.29 | 72.59 | 37.38 | 24.32 | 21.09 | | 归母净利润（百万元） | 44.43 | 345.04 | 604.70 | 774.72 | 956.13 | | 同比（ % ） | 195.57 | 676.58 | 75.25 | 28.12 | 23.42 | | EPS- 最新摊薄（元 / 股） | 0.22 ...

江苏中信博新能源科技股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监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法律责任。 一、监事会会议召开情况 江苏中信博新能源科技股份有限公司（以下简称"公司"）第三届监事会 第十四次会议（以下简称"本次会议"）通知于2024年8月16日以通讯方式送达 全体监事。本次会议于2024年8月27日以现场方式召开，由监事会主席王宗星先 生主持，本次会议公司应出席监事3人，实际出席监事3人，本次会议的召集、 召开符合《中华人民共和国公司法》、《江苏中信博新能源科技股份有限公司 章程》以及《江苏中信博新能源科技股份有限公司监事会议事规则》等有关法 律、法规及公司规定。 证券代码：688408 证券简称：中信博 公告编号：2024-047 二、监事会会议审议情况 与会监事就各项议案进行了审议，并表决通过以下事项： （一）审议通过《关于公司2024年半年度报告及摘要的议案》 1、公司严格按照股份制公司财务制度规范运作，公司2024年半年度报告及 摘要包含的信息公允、全面、真实地反映了公司本报告期的财务状况和 ...

证券代码：688408 证券简称：中信博 公告编号：2024-045 江苏中信博新能源科技股份有限公司 关于受让控股子公司少数股东股权暨关联交易的公告 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法律责任。 重要内容提示： 关联交易概述：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"）持有控股子公司安徽零碳新能源电力科技有限公司（以下简称 "安徽零碳"）70%股权，员工持股平台宿松零碳管理中心（有限合伙）（以下简 称"宿松零碳"）持有安徽零碳 30%股权。根据公司整体战略规划，拟由中信博 受让宿松零碳持有的安徽零碳 30%股权，受让价格为人民币 1,412.07 万元。受 让完成后，中信博将持有安徽零碳 100%股权。 本次交易已经第三届董事会独立董事专门会议 2024 年第一次会议、第三 届董事会第十七次会议、第三届监事会第十四次会议审议通过。 一、关联交易概述 根据公司整体战略规划需求，优化员工激励方式以促进公司高质量发展，拟 由公司受让员工持股平台宿松零碳持有的公司控股子公司安徽零碳 30%股权，受 让价格 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, reaching RMB 1.2 billion, representing a 25% year-over-year growth[1]. - The company's revenue for the first half of 2024 reached ¥3,376,302,345.27, representing a 75.73% increase compared to ¥1,921,306,594.17 in the same period last year[16]. - Net profit attributable to shareholders was ¥231,332,663.09, up 135.86% from ¥98,080,778.36 year-on-year[16]. - Basic earnings per share rose to ¥1.72, a 135.62% increase from ¥0.73 in the same period last year[17]. - The gross margin improved to 35%, up from 30% in the previous year, due to cost optimization measures[1]. - Future outlook remains positive, with a focus on sustainability and innovation to drive long-term growth[1]. Market Expansion and Strategy - User data indicates that the company has expanded its customer base by 15%, now serving over 500,000 active users[1]. - The company projects a revenue growth of 30% for the second half of 2024, driven by new product launches and market expansion strategies[1]. - The company plans to enter new international markets, including Southeast Asia and Europe, aiming for a 10% market share in these regions by 2025[1]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's production capacity by 40%[1]. - The company has established partnerships with three major energy firms to enhance its distribution network and service offerings[1]. Research and Development - Investment in R&D has increased by 20%, focusing on innovative solar tracking technologies and energy storage solutions[1]. - Research and development expenses accounted for 2.25% of revenue, down 1.20 percentage points from the previous year[17]. - The company achieved a total of 76,002,196.01 CNY in R&D expenditures, representing a 14.73% increase compared to the previous year's 66,243,323.97 CNY[33]. - The company has filed for 22 new invention patents related to its AI tracking control technology, enhancing its competitive edge in the market[29]. - The company received 20 new invention patents during the reporting period, bringing the total number of granted invention patents to 83[32]. Product Development and Innovation - The company has introduced a new line of BIPV products, which is anticipated to contribute an additional RMB 300 million in revenue by the end of 2024[1]. - The company launched a new tracking system called "Tianrou," which features a unique wireless multi-point parallel drive technology, capable of adapting to various complex installation scenarios, reducing the number of anchor piles by over 50%[24]. - The BIPV (Building-Integrated Photovoltaics) products are designed to integrate with building structures, providing both traditional architectural benefits and solar energy generation capabilities[26]. - The company has developed a photovoltaic sound barrier system aimed at highways and railways, enhancing noise reduction and environmental aesthetics[31]. - The company has upgraded its cloud-based remote monitoring software for photovoltaic systems, enhancing user interface and functionality[31]. Financial Position and Assets - The company's total assets increased by 13.81% to ¥9,292,749,818.22 from ¥8,165,398,710.15 at the end of the previous year[16]. - The net assets attributable to shareholders increased by 8.59% to ¥3,043,111,571.75 from ¥2,802,439,772.91 at the end of the previous year[16]. - The company's total liabilities amounted to ¥6,240,040,367.08, compared to ¥5,350,818,664.42, showing an increase of about 16.6%[118]. - The company's equity attributable to shareholders reached ¥3,043,111,571.75, up from ¥2,802,439,772.91, indicating a growth of approximately 8.6%[118]. - The company's cash and cash equivalents decreased to ¥1,807,765,523.91 from ¥1,953,605,382.77, reflecting a decline of approximately 7.4%[116]. Environmental and Sustainability Initiatives - The company emphasizes the importance of energy technology innovation and the optimization of non-fossil energy sources to support national carbon neutrality goals[22]. - The company has installed BIPV solar power stations on rooftops to reduce electricity consumption and promote green energy usage[69]. - The company is committed to sustainable development and has published its ESG report, aligning with international standards and UN sustainable development goals[68]. - The company has introduced dust removal facilities and mobile welding fume purifiers to manage waste gas emissions[67]. - The company actively manages solid waste by recycling and ensuring compliance in hazardous waste disposal[67]. Shareholder and Corporate Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its initial public offering[71]. - The company will distribute cash dividends if it achieves profitability and has positive distributable profits after covering losses and reserves, with a minimum distribution of 20% of the distributable profits for the year[75]. - The company has established a stock incentive plan, with the first vesting period of the second category of restricted stock meeting the vesting conditions[62]. - The company has pledged to compensate investors for any losses incurred due to non-fulfillment of commitments disclosed in the prospectus, with a response time of 10 trading days after recognition of the violation by regulatory authorities[83]. - The company emphasizes compliance with legal and regulatory requirements in all related transactions[86]. Operational Challenges - The net cash flow from operating activities was negative at -¥1,224,066,866.80, a significant decline compared to ¥82,854,150.35 in the previous year[16]. - The company's operating costs increased primarily due to the growth in operating revenue[46]. - Sales expenses rose mainly due to increased employee compensation and market development costs[46]. - The company reported a significant increase in other current assets by 167.75% to 155,265,638.57 RMB, mainly due to increased deductible input tax[47][48]. - The company reported a loss of 761,120 RMB from Anhui Zero Carbon New Energy Power Technology Co., Ltd., which operates in solar power technology services[59].

证券代码：688408 证券简称：中信博 公告编号：2024-046 江苏中信博新能源科技股份有限公司 关于调整 2022 年度向特定对象发行 A 股股票发行 数量上限的公告 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法律责任。 一、本次向特定对象发行 A 股股票事项情况 公司于 2022 年 11 月 9 日召开第三届董事会第五次会议、第三届监事会第 四次会议，并于 2022 年 11 月 29 日召开 2022 年第七次临时股东大会会议，审 议通过《关于公司 2022 年度向特定对象发行 A 股股票方案的议案》等相关议案， 关于本次向特定对象发行 A 股股票发行数量的情况如下： 本次向特定对象发行股票的股票数量按照本次发行募集资金总额除以发行 价格计算，且不超过本次发行前公司总股本的 30%，即本次发行不超过 4,071.46 万股（含本数）。最终发行数量由公司股东大会授权董事会根据中国证监会相关 规定及发行时的实际情况，与本次发行的保荐机构（主承销商）协商确定。 若公司股票在董事会决议日至发行日期间发生送股、资本公积金转增 ...