Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company is positioned as a leader in the solar and energy storage sector, leveraging a global strategy to drive growth [1]. - The company has launched a restricted stock incentive plan, aiming to grant 69 million shares, which is approximately 1.88% of the total share capital, reflecting confidence in sustained growth [1]. - The company reported a significant increase in shipments and revenue in the first half of 2024, with a shipment volume of 14.5 GW and revenue of 15.5 billion yuan, achieving a gross margin of 16.5% [1]. - The energy storage business is entering a harvest phase, with a backlog of orders amounting to 2.6 GWh and revenue of 4.08 billion yuan, indicating strong future growth potential [1]. Financial Summary - The company’s projected revenue for 2024 is 65.54 billion yuan, with a growth rate of 27.73% compared to 2023 [4]. - The net profit attributable to shareholders is expected to reach 3.65 billion yuan in 2024, reflecting a growth rate of 25.82% [4]. - The diluted earnings per share (EPS) is projected to be 0.99 yuan for 2024, with a price-to-earnings (PE) ratio of 12.17 [4]. - The company’s total assets are expected to grow to 77.13 billion yuan by 2024, with total liabilities of 52.36 billion yuan [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is positioned in the first tier of the global photovoltaic module market, with energy storage representing a second growth curve [1] - The company has a strong focus on high-ROE overseas energy storage markets, benefiting from prior investments and increasing demand [1][7] - The company aims to expand its energy storage capacity significantly, projecting a shipment of 6.5-7.0 GWh for the year [1][7] Summary by Sections Company Overview - The company, established in 2009, specializes in the research, production, and sales of silicon photovoltaic modules, with a significant portion of its revenue coming from overseas markets [7] - The company has two main business lines: photovoltaic modules and energy storage solutions, with the latter expected to contribute significantly to revenue growth [7][9] - As of mid-2024, the revenue contributions from photovoltaic modules and large-scale energy storage systems are 70.59% and 18.59%, respectively [7] Photovoltaic Business - The global demand for photovoltaic modules is expected to grow steadily, although market profitability will vary by region [27] - The company has maintained a strong market position, with a shipment volume of 30.7 GW in 2023, capturing approximately 6% of the global market share [27] - The company has developed advanced technologies in photovoltaic products, including TOPCon and HJT technologies, to enhance efficiency and reduce production costs [27][31] Energy Storage Business - The energy storage segment is anticipated to experience rapid growth, with a projected shipment of 2.6 GWh in the first half of 2024, reflecting a year-on-year increase of 3309% [1][9] - The company has established a comprehensive business model that includes energy storage systems, EPC services, and long-term maintenance [1][9] - The energy storage business is expected to significantly support overall revenue and profit growth, especially as the market for large-scale storage systems expands [20][22] Financial Performance - The company achieved a revenue of 513.1 billion yuan in 2023, with a year-on-year growth of 7.94%, and a net profit of 29.03 billion yuan, reflecting a growth of 34.61% [20] - The projected revenues for 2024, 2025, and 2026 are 508.0 billion yuan, 620.7 billion yuan, and 710.9 billion yuan, respectively [2] - The company's return on equity (ROE) for 2023 was 17.6%, indicating a stable financial position within the industry [25] Market Outlook - The global photovoltaic module market is projected to reach approximately 769 billion yuan in 2023, with a forecasted decline to 582.2 billion yuan in 2024 due to competitive pricing pressures [31] - The company is well-positioned to benefit from high-margin markets in the U.S. and India, which are expected to grow faster than the global average [35]

证券代码：688472 证券简称：阿特斯 公告编号：2024-057 阿特斯阳光电力集团股份有限公司 关于公司提供授信担保的进展公告 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: 担保协议签署时间：2024 年 8 月 31 日至 2024 年 9 月 29 日 被担保人名称：阿特斯阳光电力集团股份有限公司（以下简称"公司"） 合并报表范围内下属子公司 本次担保：公司及合并报表范围内下属子公司为上述下属子公司向金融 机构申请贷款、开立保函或备用信用证等提供担保，担保金额为 22.96 亿元。截 至本公告披露日，公司及其子公司因授信业务对外担保余额为 403.46 亿元，占 公司最近一期经审计净资产的 188.37%,其中公司对合并报表范围内下属子公司 因授信业务提供的担保余额为 402.96 亿元。 一、担保情况概述 为满足公司的生产经营和业务发展的需求，在确保运作规范和风险可控的前 提下，公司及合并报表范围内下属子公司在 2024 年 8 月 31 日至 2024 年 9 月 29 日期间，累计发生的授 ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-056 阿特斯阳光电力集团股份有限公司 关于 2024 年第一次临时股东大会的延期公告 本公司董事会及全体董事保证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。 根据《上市公司股权激励管理办法》第三十七条规定：上市公司应当在召开 股东大会前，通过公司网站或者其他途径，在公司内部公示激励对象的姓名和职 务，公示期不少于 10 天。监事会应当对股权激励名单进行审核，充分听取公示 意见。上市公司应当在股东大会审议股权激励计划前 5 日披露监事会对激励名单 审核及公示情况的说明。 1. 原股东大会的类型和届次： 2024 年第一次临时股东大会 2. 原股东大会召开日期：2024 年 10 月 11 日 3. 原股东大会股权登记日： 公司原股东大会召开日期为 2024 年 10 月 11 日，股东大会审议股权激励计 划前 5 日为国庆节假日（非交易日），故无法披露监事会对激励名单审核及公示 情况的说明，因此股东大会召开日期向后顺延，会议延期后的股东大会召开时间 定为 2024 年 10 月 16 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The recent announcement of a restricted stock incentive plan for 745 employees, granting 69.45 million shares at a price of 5.56 CNY per share, reflects the company's confidence in future development [2] - The introduction of the stock incentive plan during a challenging photovoltaic cycle aims to stabilize employees and enhance competitiveness, especially as the industry faces significant competition and losses [2] - The performance targets set in the incentive plan indicate the company's optimistic outlook, with profit triggers for 2024, 2025, and 2026 set at 2.2 billion, 3.64 billion, and 4.12 billion CNY respectively, showcasing stable profit growth expectations [2] - The company's energy storage business is experiencing explosive growth, with sales of 2.6 GWh in the first half of 2024 and a projected total shipment of 6.5-7 GWh for the year, supported by a backlog of 66 GWh in orders [2] - The report maintains profit forecasts, projecting net profits of 2.962 billion, 3.556 billion, and 4.689 billion CNY for 2024, 2025, and 2026 respectively, with a current PE ratio of 14 times for 2024 [2] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 51.31 billion CNY, with a slight increase to 51.998 billion CNY in 2024, followed by 65.71 billion CNY in 2025 and 78.299 billion CNY in 2026 [3][8] - The net profit for 2023 is estimated at 2.903 billion CNY, with a forecast of 2.962 billion CNY for 2024, 3.556 billion CNY for 2025, and 4.689 billion CNY for 2026 [3][8] - The gross margin is expected to be 15.3% in 2024, with a slight decrease to 14.1% in 2025 and an increase to 14.9% in 2026 [3] - The return on equity (ROE) is projected to be 12.4% in 2024, increasing to 13.3% in 2025 and 15.3% in 2026 [3] Market Data - As of September 25, 2024, the closing price of the stock is 11.34 CNY, with a one-year high of 15.64 CNY and a low of 8.84 CNY [4] - The market capitalization of the circulating A shares is 15.671 billion CNY [4] - The price-to-book ratio is 1.9, and the dividend yield is 1.05% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has announced a restricted stock incentive plan for 2024, proposing to grant 69.45 million shares, accounting for approximately 1.88% of the total share capital, aimed at motivating directors, executives, and key technical personnel [2] - The performance targets for the incentive plan indicate a stable growth outlook, with net profit targets for 2024-2026 set at 2.75 billion, 4.55 billion, and 5.14 billion yuan, reflecting a year-on-year change of -5%, +65%, and +13% respectively [2] - The company prioritizes profitability in its component sales, with a forecast of 32-36 GW in total shipments for the year, supported by stable pricing in the U.S. market [2] - The energy storage segment is expected to see significant growth, with a projected shipment of 6.5-7 GWh in 2024, representing an increase of over 500% compared to 2023 [2] Financial Forecasts and Valuation - The company’s projected net profit for 2024-2026 is 3.1 billion, 4.7 billion, and 5.6 billion yuan, with corresponding P/E ratios of 13, 9, and 7 times [3] - The target price for the company is set at 16.6 yuan, based on a 2025 P/E of 13 times, reflecting its position as a leading player in both solar and energy storage markets [3] - The company’s revenue for 2024 is expected to be 50.03 billion yuan, with a year-on-year growth rate of -2.49% [8] Market Data - The closing price of the company’s stock is 11.34 yuan, with a market capitalization of approximately 41.82 billion yuan [5] - The company has a price-to-book ratio of 1.93 and a total circulating A-share market value of 15.67 billion yuan [5] Basic Data - The company has a total share capital of 3,688.22 million shares and a net asset value per share of 5.87 yuan [6] - The debt-to-asset ratio stands at 66.03%, indicating a relatively high level of leverage [6]

阿特斯（688472.SH）事件点评 [盈利预测与财务指标 Table_Forcast] 股权激励高目标，彰显公司发展信心 2024 年 09 月 24 日 ➢ 事件概述：2024 年 9 月 23 日，公司发布 2024 年限制性股票激励计划（草 案）。该计划拟对公司董事、高级管理人员、核心技术人员及董事会认为需要激 励的其他人员共计 745 人授予 6945.50 万股限制性股票，占公司股本总额的 1.88%。其中首次授予限制性股票 5556.40 万股，预留授予 1389.10 万股，首 次授予限制性股票的授予价格为每股 5.56 元。 ➢ 激励计划绑定管理层和核心骨干，高增长目标彰显公司发展信心。1）本次 股权激励方案充分绑定公司管理层和核心骨干。本次股权激励计划拟对公司董 事、高级管理人员、核心技术人员及董事会认为需要激励的其他人员共计 745 人 进行激励，占公司员工总数（截至 24 年 6 月 30 日）的 3.49%，有望调动员工 积极性，充分将核心员工利益与公司发展相绑定。2）本次股权激励计划完成目 标较高。本次股权激励计划归属条件以公司 2021-2023 年度扣非净利润的算数 平均数（即 ...

阿特斯（688472.SH）事件点评 [盈利预测与财务指标 Table_Forcast] 股权激励高目标，彰显公司发展信心 2024 年 09 月 24 日 ➢ 事件概述：2024 年 9 月 23 日，公司发布 2024 年限制性股票激励计划（草 案）。该计划拟对公司董事、高级管理人员、核心技术人员及董事会认为需要激 励的其他人员共计 745 人授予 6945.50 万股限制性股票，占公司股本总额的 1.88%。其中首次授予限制性股票 5556.40 万股，预留授予 1389.10 万股，首 次授予限制性股票的授予价格为每股 5.56 元。 ➢ 激励计划绑定管理层和核心骨干，高增长目标彰显公司发展信心。1）本次 股权激励方案充分绑定公司管理层和核心骨干。本次股权激励计划拟对公司董 事、高级管理人员、核心技术人员及董事会认为需要激励的其他人员共计 745 人 进行激励，占公司员工总数（截至 24 年 6 月 30 日）的 3.49%，有望调动员工 积极性，充分将核心员工利益与公司发展相绑定。2）本次股权激励计划完成目 标较高。本次股权激励计划归属条件以公司 2021-2023 年度扣非净利润的算数 平均数（即 ...

公司简称：阿特斯 证券代码：688472.SH 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 2024 年限制性股票激励计划（草案） 之 独立财务顾问报告 二〇二四年九月 1 | 释 | 义 | 3 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 声 | 明 | 4 | | | | | | | | | | 假 | 设 | 5 | | | | | | | | | | | | 一、限制性股票激励计划的主要内容 6 | | | | | | | | | | | | （一）拟授予的限制性股票类型、来源及数量 6 | | | | | | | | | | | | 6 | | （二）激励对象范围及限制性股票分配情况 | | | | | | | | | | （三）限制性股票的授予价格及其确定方法 8 | | | | | | | | | | | | | | | | | （四）限制性股票激励计划的有效期、授予日、归属安排及限售安排 9 | | | | | | | | | | | | | （ ...

阿特斯阳光电力集团股份有限公司监事会 关于 2024 年限制性股票激励计划（草案）的核查意见 阿特斯阳光电力集团股份有限公司（以下简称"公司"）监事会依据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《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》"）等相关法律、法规及规范性文件和《阿特斯阳光电力集团股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，对公司《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"）及其 他相关资料进行了核查，发表核查意见如下： 1、公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括： 2、公司本次限制性股票激励计划所确定的激励对象不存在下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 ...