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 [9]. Core Views - The company has demonstrated strategic consistency in its component business while achieving record profits in its energy storage segment. The company shipped 22.9 GW of components in the first three quarters of 2024, a slight increase from the previous year, with a third-quarter shipment of 8.4 GW, up 2.4% quarter-on-quarter [3][4]. - The energy storage business saw significant growth, with large-scale storage product shipments reaching 4.4 GWh in the first three quarters of 2024, and 1.8 GWh in the third quarter, both setting new quarterly records for shipment volume and unit net profit [3][4]. - The company maintains a stable gross margin of 14.96% for the first three quarters of 2024, with a third-quarter gross margin of 13.48%, reflecting a year-on-year increase of 1.80 percentage points [3][4]. - The company has set ambitious performance targets through its equity incentive plan, aiming for a net profit growth of 81% in 2024, 200% in 2025, and 239% in 2026, showcasing confidence in sustained growth [3][4]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 341.78 billion yuan and a net profit attributable to shareholders of 19.55 billion yuan, with a third-quarter revenue of 122.20 billion yuan, reflecting a quarter-on-quarter decrease of 1.14% [3][4]. - The company’s projected net profits for 2024, 2025, and 2026 are 36.53 billion yuan, 48.05 billion yuan, and 62.22 billion yuan, respectively, maintaining the profit forecast for these years [3][4]. - The company’s total assets are projected to grow from 65.775 billion yuan in 2023 to 108.126 billion yuan by 2026, indicating a robust growth trajectory [7].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][2][7]. Core Views - The company reported a revenue of 34.2 billion RMB for the first three quarters of 2024, a year-on-year decrease of 13%, and a net profit attributable to shareholders of 1.955 billion RMB, down 31% year-on-year [1]. - The company has a strong order reserve in the energy storage sector, with approximately 66 GWh of orders as of the end of Q2, and expects to ship 6.5-7 GWh of large storage products in 2024, representing a year-on-year increase of over 500% [1][2]. - The company maintains a competitive edge in the module business through a "profit-first" strategy and a leading global production capacity, achieving a module shipment of 22.9 GW in the first three quarters of 2024, a slight increase year-on-year [2]. - The company has implemented an equity incentive plan for 2024-2026, reflecting confidence in future performance, with profit targets set at 2.75 billion RMB, 4.55 billion RMB, and 5.14 billion RMB for the respective years [2]. Summary by Sections Performance Overview - The company achieved a revenue of 342 billion RMB in the first three quarters of 2024, down 13% year-on-year, and a net profit of 19.55 billion RMB, down 31% year-on-year [1]. - In Q3 alone, the net profit was 7.16 billion RMB, a decrease of 22% year-on-year but an increase of 8% quarter-on-quarter [1]. Operational Analysis - The company has seen significant growth in its energy storage segment, with Q3 shipments reaching 1.8 GWh, marking a new quarterly high [1]. - The company has a robust order backlog, with signed contracts amounting to 2.6 billion USD, supporting anticipated growth in Q4 [1][2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 2.75 billion RMB (-27%), 3.99 billion RMB (-13%), and 4.85 billion RMB (-13%) respectively, with corresponding PE ratios of 20, 14, and 11 times [2][4]. - The company's strong performance in the energy storage sector validates its unique advantages in the solar storage business, justifying the "Buy" rating [2].

欢迎参加阿特斯2024年第三季度业绩说明会目前所有参会者均处于静音状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容请供参会者内部使用不得公开发布阿特斯未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权阿特斯将保留追究其法律责任的权利 阿特斯不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间接下来有请公司领导发言谢谢好的谢谢大家上午好感谢大家参加阿特斯阳光电力集团股份有限公司 2024年第三季度业绩说明会我是公司董秘徐晓明请容许我介绍一下出席本次会议的公司管理层他们是公司董事长瞿晓华博士公司总裁庄岩先生以及公司财务总监高林红女士跟以往一样我们首先请瞿总给大家简单分享整个行业的一个情况 随后呢我们会请公司总裁庄总简单介绍公司前三季度的一个整体经营情况以及未来的一个战略情况最后呢我们会留有时间给大家进入这个交流环节那接下来呢请先请曲总给我们进行分享谢谢好谢谢小明大家上午好我是曲小华很高兴和大家交流那我在去年11月份呢 曾经创造了一个词汇叫做光复史上最强内卷正在进行时那 ...

《科创板日报》10月29日讯（记者 余佳欣）今日（10月29日），阿特斯发布2024年第三季度业绩报。 数据显示，2024年前三季度，阿特斯实现营业收入341.78亿元，同比减少12.63%；归属于上市公司股东 的净利润19.55亿元，同比减少31.17%。 单季度来看，阿特斯第三季度归母净利润7.16亿元，同比减少21.99%，环比增长8.3%，今年连续三季度 现环比增长。 对于上述业绩表现，阿特斯表示，主要是报告期内太阳能组件平均销售单价下降致营业收入较去年同期 下降，同时受预期组件销售价格下降的影响，存货跌价损失计提金额同比增加，另外由于相关关税成本 增加等因素影响，组件业务整体利润水平降低。 2024年1-9月，阿特斯实现组件出货22.9GW，较去年同期小幅增长。其中第三季度出货8.4GW，环比增 长2.4%，不过低于此前预期值9.0-9.5GW。 阿特斯表示，该公司高毛利大型储能产品营业收入的快速增长及其对利润的贡献部分抵消了组件业务利 润的下降。 储能业务方面，2024年1-9月，该公司大型储能产品出货达4.4GWh，其中第三季度出货达1.8GWh。 阿特斯目前保持正向现金流。该公司前三季度经营活 ...

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 34.18 billion, with a net profit attributable to shareholders of CNY 1.95 billion[2]. - In Q3 2024, the company reported a revenue of CNY 12.22 billion, representing a quarter-on-quarter growth of 8.3%, marking three consecutive quarters of growth[2]. - Total operating revenue for the first three quarters of 2024 was CNY 34.18 billion, a decrease of 12.5% compared to CNY 39.12 billion in the same period of 2023[16]. - Net profit for the first three quarters of 2024 was CNY 1.93 billion, a decline of 32% from CNY 2.84 billion in the same period of 2023[18]. - The company reported a total comprehensive income of CNY 2.06 billion for the first three quarters of 2024, compared to CNY 2.76 billion in 2023, a decrease of 25.5%[20]. Operational Metrics - 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, up 2.4% quarter-on-quarter[2]. - The large-scale energy storage products shipped 4.4 GWh from January to September 2024, with Q3 shipments hitting a record high of 1.8 GWh, contributing significantly to the overall performance[3]. Cash Flow and Liquidity - The company's net cash flow from operating activities for the first three quarters was nearly CNY 2.5 billion[2]. - Cash flow from operating activities generated CNY 2.48 billion in the first three quarters of 2024, a decrease of 55.8% compared to CNY 5.60 billion in 2023[21]. - The cash and cash equivalents decreased to CNY 15.09 billion from CNY 18.95 billion, representing a decline of approximately 20.10%[14]. - The company reported a net decrease in cash and cash equivalents of approximately -¥1.18 billion, contrasting with an increase of ¥6.06 billion in the previous period[22]. Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 66.83 billion, a 1.60% increase from the end of the previous year[6]. - Total liabilities amounted to CNY 44.07 billion, slightly down from CNY 44.30 billion in the previous year[15]. - The company's total equity increased to CNY 22.76 billion, compared to CNY 21.48 billion in 2023, reflecting a growth of 6%[15]. - The ending balance of cash and cash equivalents was approximately ¥10.67 billion, down from ¥11.19 billion at the end of the previous period[22]. Shareholder Information - The company reported a total of 44,247 common shareholders at the end of the reporting period[10]. - Canadian Solar Inc. remains the largest shareholder, holding 2,295,485,721 shares, which is 62.24% of the total shares[10]. Research and Development - The company has applied for a total of 4,761 patents, with 2,242 currently valid, maintaining a leading position in the industry[5]. - R&D investment for the first three quarters was CNY 639 million, accounting for 1.87% of revenue, an increase of 0.63 percentage points year-on-year[6]. - Research and development expenses increased to CNY 639 million in 2024, up 31.6% from CNY 486 million in 2023[18]. Inventory and Receivables - Accounts receivable increased significantly to CNY 7.51 billion, up from CNY 5.58 billion, marking an increase of about 34.60%[14]. - Inventory rose to CNY 8.80 billion, compared to CNY 7.80 billion, indicating an increase of approximately 12.80%[14]. Borrowings and Financing - Short-term borrowings increased to CNY 8.31 billion from CNY 6.89 billion, an increase of approximately 19.50%[14]. - The company's long-term borrowings increased significantly to CNY 6.00 billion, up from CNY 3.42 billion in the previous year, indicating a rise of 75%[15]. - Total cash inflow from financing activities was approximately ¥15.43 billion, a decrease from ¥15.99 billion in the previous period, with a net cash flow from financing activities of ¥3.59 billion, down from ¥6.93 billion[22]. Market Conditions - The net profit attributable to shareholders decreased by 31.17% year-on-year, primarily due to a decline in average selling prices of solar modules and increased inventory impairment losses[8]. - The company continues to focus on high-margin large-scale energy storage products, which have seen rapid revenue growth, partially offsetting the decline in module business profits[8]. Accounting Changes - The company has adopted new accounting standards starting from 2024, which may affect the financial statements[23].

证券代码：688472 证券简称：阿特斯 公告编号：2024-062 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 9 月 30 日至 2024 年 10 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 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 9 月 30 日至 2024 年 10 月 29 日期间，累计发生的授信担保金额为 7.14 亿元，占公司最近一期经审计净资 产的 3.33%。具体情况请参见附件一《阿特斯阳光电力集团股份有限公司 2024 年 9 月 30 日至 2024 年 10 月 29 日签署的授信担保明细》。 （二）担保履行的内部决策程序 公司于 2023 年 11 月 28 日召开第一届董事会第二十九次会议、于 2023 年 12 月 20 日召开 202 ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-061 阿特斯阳光电力集团股份有限公司 关于公司2024年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 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、准确性和完整性承担法律责任。 阿特斯阳光电力集团股份有限公司（以下简称"公司"）于 2024 年 9 月 21 日召开了第二届董事会第五次会议以及第二届监事会第四次会议，审议通过了 《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》等相关议 案，并于 2024 年 9 月 24 日在上海证券交易所网站（www.sse.con.cn）披露了相 关公告。 按照《上市公司信息披露管理办法》《阿特斯阳光电力集团股份有限公司信 息披露管理制度》及相关制度的规定，公司对 2024 年限制性股票激励计划（以 下简称"激励计划"）采取了必要的保密措施，同时对本次激励计划的内幕信息 知情人进行了登记。 根据《上市公司股权激励管理办法》《上海证券交易所科创板股票上市规则》 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 ...

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：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 关于阿特斯阳光电力集团股份有限公司 2024 年第一次临时股东大会之法律意见书 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"公司"或"阿特斯"）的委托，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》、《上市公 司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规、规范性文 件（以下简称"法律、法规"）及《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，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，就公司 2024 年第一次临时股东大会（以下简称"本次股东大 会"）有关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东大会有关的 文件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行核查和验 证的过程中，本所假设： ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-060 阿特斯阳光电力集团股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 10 月 16 日 （二） 股东大会召开的地点：江苏省苏州市高新区枫桥街道鹿山路 348 号阿特 斯储能科技有限公司一楼储能会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | | 367 | | --- | --- | --- | | 普通股股东人数 | | 367 | | 2、出席会议的股东所持有的表决权数量 | 2,843,254,296 | | | 普通股股东所持有表决权数量 | 2,843,254,296 | | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 78. | 1873 | | 例（%） | | | ...

证券代码：688472 证券简称：阿特斯 阿特斯阳光电力集团股份有限公司 2024 年第一次临时股东大会会议资料 二〇二四年十月 2024 年第一次临时股东大会会议议程 会议时间： 2024 年 10 月 16 日 14:00 会议地点： 江苏省苏州市高新区枫桥街道鹿山路 348 号阿特斯储能科技有 限公司一楼储能会议室 主持人： 董事、总经理 庄岩先生 会议议程: 一、主持人宣布会议开始，并向大会报告出席现场会议的股东（或股东代理 人）人数及所持有的表决权股份数量情况 1 目录 | 阿特斯阳光电力集团股份有限公司 年第一次临时股东大会会议议程 3 2024 | | --- | | 阿特斯阳光电力集团股份有限公司 2024 年第一次临时股东大会会议须知 5 | | 议案一：关于公司《2024 年限制性股票激励计划（草案）》及其摘要的议案 .7 | | 议案二：关于公司《2024 年限制性股票激励计划实施考核管理办法》的议案 .8 | | 议案三：关于提请股东大会授权董事会办理公司 2024 年限制性股票激励计划有 | | 关事项的议案 9 | | 议案四：关于使用部分超募资金永久补充流动资金的议案 11 | ...