阿特斯阳光电力集团股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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。 证券代码：688472 证券简称：阿特斯 公告编号：2024-071 2023年7月19日和8月10日，公司分别召开第一届董事会第二十六次会议、第一 届监事会第十二次会议和2023年第二次临时股东大会审议通过了《关于使用部分超 募资金永久补充流动资金的议案》，同意公司在保证不影响募集资金投资项目正常 实施、不影响公司正常生产经营以及确保募集资金安全的前提下，使用部分超募资 金共计人民币78,850万元用于永久补充流动资金。公司独立董事对上述事项发表了 明确的同意意见、保荐机构就上述事项出具了同意意见。 公司于2023年11月28日、2023年12月20日，分别召开了第一届董事会第二十九 次会议、第一届监事会第十五次会议和2023年第三次临时股东大会，审议通过了《关 于公司使用部分超募资金投资建设新项目的议案》，同意公司使用超募资金总计 50,000.00万元投资建设扬州阿特斯光电材料有限公司年产14G ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-065 阿特斯阳光电力集团股份有限公司 关于预计2025年度日常关联交易额度的公告 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司第二届董事会审计委员会 2024 年第五次会议对本次日常关联交易预计 事项发表了书面意见如下：公司本次日常关联交易预计事项属于正常经营往来， 参考市场价格定价，程序合法，未损害公司和全体股东的利益。 2025 年度日常关联交易额度预计事项已经公司第二届董事会独立董事专门 会议审批通过，全体独立董事一致认为：公司 2025 年度日常关联交易预计属于 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： 本次日常关联交易预计事项尚需要提交股东大会审议。 1 阿特斯阳光电力集团股份有限公司（以下简称"公司"）本次预计日常关 联交易是公司正常生产、经营活动所需，公司关联交易将根据自愿、平等、互惠 互利、公平公允的原则进行，不会损害公司及中小股东的利益。公司选择的合作 关联方均具备良好商业信誉和财务状况，可降低公司的 ...

中国国际金融股份有限公司 关于阿特斯阳光电力集团股份有限公司 以集中竞价交易方式回购股份的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为阿特斯阳光电力 集团股份有限公司（以下简称"阿特斯"或"公司"）首次公开发行股票并在科 创板上市及持续督导保荐机构履行持续督导职责，根据《证券发行上市保荐业务 管理办法》《上市公司股份回购规则》《上市公司监管指引第 2 号—上市公司募 集资金管理和使用的监管要求》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》有关法 律法规和规范性文件的要求，对阿特斯以集中竞价交易方式回购股份进行了审慎 核查，并出具核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会于2023年3月21日出具的《关于同意阿特斯阳光电 力集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕620号） 同意，公司首次向社会公开发行人民币普通股（A股）622,217,324股，每股发行价 格11.10元，新股发行募集资金总额为690, ...

中国上海石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200040 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于阿特斯阳光电力集团股份有限公司 2024 年限制性股票激励计划调整及首次授予事项的法律意见 书 致：阿特斯阳光电力集团股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受阿特斯阳光电力集团股 份有限公司（以下简称"阿特斯"或"公司"）的委托，担任阿特斯 2024 年限制 性股票激励计划（以下简称"本次激励计划"）的特聘专项法律顾问，并根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监 会"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）、上海证券 交易所（以下简称"证券交易所"）《上海证券交易所科创板股票上市规则》（以 下简称"《上市规则》"）及《科创板上市公司自律监管指南第 4 号——股权激 励信息披露》（以下简称"《自律监管指南》"）等中国（为出具本法律意见 ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-068 阿特斯阳光电力集团股份有限公司 关于向2024年限制性股票激励计划激励对象 首次授予限制性股票的公告 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： ●限制性股票授予日：2024年11月28日 ●限制性股票首次授予数量： 首次授予第二类限制性股票5,400.40万股，约占目前公司股本总额的 1.46%，约占本激励计划拟授予限制性股票总数的80.00%。 《阿特斯阳光电力集团股份有限公司2024年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"或"本激励计划"）规定的限制性股票授予 条件已经成就，根据阿特斯阳光电力集团股份有限公司（以下简称"公司"） 2024年第一次临时股东大会授权，公司于2024年11月28日召开的第二届董事会 第七次会议、第二届监事会第六次会议，审议通过了《关于向2024年限制性股 票激励计划激励对象首次授予限制性股票的议案》，确定2024年11月28日为首 次授予日，向符合条件的725名激励对象授予5 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a revenue of 34.178 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.63%. The net profit attributable to the parent company was 1.955 billion yuan, down 31.17% year-on-year. In Q3 2024, revenue was 12.22 billion yuan, a year-on-year decrease of 6.1% and a quarter-on-quarter decrease of 1.14%. The net profit for Q3 was 716 million yuan, down 21.99% year-on-year but up 8.34% quarter-on-quarter [5][6]. Summary by Sections Revenue and Profitability - The company’s Q3 shipments were 8.4 GW, slightly below previous guidance due to strategic adjustments to reduce loss-making orders. The proportion of shipments to the U.S. remained high, exceeding prior expectations. The introduction of tariffs in the U.S. is expected to slightly decrease the net profit per watt compared to Q2, but it remains significantly better than peers [6]. Storage Business - In Q3, the company shipped 1.8 GWh of storage products, exceeding previous guidance, with profitability reaching a historical high. The gross margin and net profit per unit are expected to be higher than in the first half of the year, significantly outperforming expectations [6]. Financial Health - The company recorded asset impairment and credit impairment losses totaling 200 million yuan in Q3, impacting reported profits. Other income was approximately 260 million yuan, mainly from government subsidies. The expense ratio for Q3 was 7.7%, within a reasonable range, and operating cash flow was 1.01 billion yuan, indicating good financial health [6]. Future Outlook - The company is expected to achieve net profits of 2.9 billion yuan and 4.5 billion yuan for 2024 and 2025, respectively, corresponding to P/E ratios of 18 and 12 times [7]. The U.S. component market and storage business advantages are expected to significantly enhance performance compared to peers [6].

总市值（亿）： 511.19 2024 年 11 月 16 日 公司研究/公司快报 公司近一年市场表现 太阳能 阿特斯（688472.SH） 买入-A(维持) Q3 盈利环比持续增长，储能单季度量利创新高 事件描述 事件：公司发布 2024 年三季度报告，前三季度公司实现营收 341.8 亿元， 同比-12.6%；实现归母净利润 19.5 亿元，同比-31.2%。其中，Q3 实现营收 122.2 亿元，同比-6.1%，环比-1.1%；实现归母净利润 7.2 亿元，同比-22.0%， 环比+8.3%。 事件点评 储能业务 Q3 量利新高，在手订单充足。2024 年前三季度，公司实现储 市场数据：2024 年 11 月 14 日 能产品销售 4.4GWh；其中 Q3 出货 1.8GWh，出货量和单位净利均创单季度 收盘价（元）： 13.86 历史新高。展望四季度，在全年出货 6.5-7GWh 的预期下，Q4 出货量有望环 年内最高/最低（元）： 16.69/8.84 比持续增长。2024 年，公司大储产品主要销往中国市场及海外美国、欧洲（英 流通A股/总股本（亿）： 13.82/36.88 国）、澳洲等市场。截至 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Insights - The report highlights the company's strong performance in large-scale energy storage orders and improving profitability in its component business, suggesting a robust growth trajectory in the solar and storage sectors [6][12]. - The company reported a revenue of 34.178 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.63%, with a net profit attributable to shareholders of 1.955 billion yuan, down 31.17% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 12.22 billion yuan, a decline of 6.10% year-on-year, but the net profit of 716 million yuan showed a 21.99% decrease year-on-year, marking a continuous growth trend over three consecutive quarters [5][6]. Summary by Sections Business Performance - The company shipped 22.9 GW of solar modules from January to September 2024, a slight increase compared to the same period last year, with Q3 shipments reaching 8.4 GW, a 2.4% increase quarter-on-quarter [5][6]. - The North American market accounted for over 30% of Q3 shipments, indicating a shift towards higher-priced market segments [5][6]. Large-Scale Energy Storage - The large-scale energy storage segment experienced rapid growth, with shipments reaching 4.4 GWh from January to September 2024, and Q3 shipments of 1.8 GWh exceeded guidance [5][6]. - Both shipment volume and unit net profit in the energy storage sector hit record highs for a single quarter, reflecting strong demand and operational efficiency [5][6]. Financial Projections - The report adjusts revenue forecasts for 2024-2026, estimating revenues of 49.3 billion yuan, 61.9 billion yuan, and 77.9 billion yuan respectively, with net profits projected at 2.9 billion yuan, 4.8 billion yuan, and 5.7 billion yuan [6][7]. - The earnings per share (EPS) is expected to be 0.78 yuan, 1.29 yuan, and 1.53 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 11, and 9 [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company's Q3 performance met expectations, with historical highs in energy storage shipments and unit net profit [3][4]. - The company has prioritized profit stability in its sales strategy, focusing on high-margin markets, particularly in North America [4][6]. - Despite a year-on-year revenue decline, the company has shown resilience with a sequential increase in net profit over three consecutive quarters [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 34.2 billion yuan, a year-on-year decrease of 12.6%, and a net profit attributable to shareholders of 1.955 billion yuan, down 31.2% [3]. - In Q3 2024, revenue was 12.22 billion yuan, a year-on-year decline of 6.1% and a sequential decline of 1.1%, while net profit was 716 million yuan, down 22% year-on-year but up 8.3% sequentially [3]. Market Position and Strategy - The company shipped 22.9 GW of components in the first three quarters, a slight year-on-year increase, with Q3 shipments reaching 8.4 GW, up 2.4% sequentially [4]. - The company has increased its shipments to the North American market, which accounted for over 30% of Q3 shipments, emphasizing a strategy of prioritizing profitability over volume [4][6]. Future Outlook - The company is expected to achieve over 7 GWh in large-scale energy storage shipments for the full year 2024, representing a year-on-year growth of more than five times [4]. - Revenue projections for 2024-2026 are estimated at 50.4 billion, 57.9 billion, and 68.1 billion yuan, respectively, with adjusted net profit forecasts of 2.8 billion, 3.8 billion, and 5.0 billion yuan [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 34.178 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.63%, and a net profit attributable to shareholders of 1.955 billion yuan, down 31.17% year-on-year [2] - The decline in revenue is primarily due to intensified competition in the global photovoltaic market, leading to a significant drop in sales prices of photovoltaic modules, although this was partially offset by growth in energy storage revenue [2][3] - The company is focusing on balancing price and shipment volume, prioritizing profit over volume, with an expected total shipment of photovoltaic modules between 32-36 GW for the year [3] - The company has established significant production capacity in the U.S., including a 5 GW N-type module factory and a 5 GW N-type battery project, which are expected to enhance profitability in the high-margin U.S. market [3] - The company has a robust order backlog in its energy storage business, with approximately 66 GWh of orders and a projected shipment of large storage products expected to reach 6.5-7.0 GWh, representing a year-on-year increase of over 500% [3] - The company has launched a stock incentive plan aimed at motivating key personnel, reflecting confidence in its growth trajectory, with ambitious profit targets set for the next three years [3] - Revenue forecasts for 2024-2026 are 49.417 billion, 60.994 billion, and 73.717 billion yuan, with corresponding growth rates of -3.7%, 23.4%, and 20.9% [3][4] - Net profit forecasts for the same period are 2.790 billion, 4.590 billion, and 5.488 billion yuan, with growth rates of -3.9%, 64.5%, and 19.6% [4][6] Financial Summary - The company’s total revenue for 2023 is projected at 51.310 billion yuan, with a growth rate of 7.9% [4] - The net profit attributable to shareholders for 2023 is estimated at 2.903 billion yuan, reflecting a growth rate of 34.6% [4] - The company’s PE ratio is expected to be 19 for 2024, decreasing to 10 by 2026, indicating an improving valuation outlook [4][6]