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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][6]. Core Insights - The company has launched a restrictive stock incentive plan for 745 individuals, granting a total of 69.455 million shares, which represents 1.88% of the total share capital. The initial grant price is set at 5.56 yuan per share [1][2]. - The incentive plan aims to align the interests of management and key personnel with the company's growth, setting ambitious profit growth targets for the years 2024 to 2026, with expected net profit growth rates of 81.28%, 199.93%, and 238.83% respectively [1][2]. - The company is expanding its production capacity in the U.S., with significant growth in sales volume, particularly in the North American market, which saw a year-on-year increase of 110% [1][2]. - The energy storage business is also experiencing substantial growth, with an order reserve of approximately 66 GWh and expected shipments of large storage products to reach 6.5-7.0 GWh for the year, reflecting a year-on-year increase of over 500% [1][2]. - Revenue projections for the company are estimated at 51.198 billion yuan for 2024, 63.659 billion yuan for 2025, and 77.260 billion yuan for 2026, with corresponding net profits of 2.841 billion yuan, 4.581 billion yuan, and 5.482 billion yuan [2][6]. Summary by Sections Financial Forecasts - Revenue for 2024 is projected at 51.198 billion yuan, with a slight decrease of 0.2% from 2023. For 2025 and 2026, revenue is expected to grow by 24.3% and 21.4% respectively [2][6]. - Net profit for 2024 is forecasted at 2.841 billion yuan, a decrease of 2.1% from 2023, followed by significant growth of 61.2% in 2025 and 19.7% in 2026 [2][6]. - The report indicates a PE ratio of 14 for 2024, decreasing to 9 for 2025 and 7 for 2026, suggesting an attractive valuation as earnings grow [2][6]. Production and Market Expansion - The company is actively increasing its production capacity in the U.S., with a 5 GW N-type component factory and a 5 GW N-type battery project under development, expected to be operational by 2025 [1][2]. - The U.S. market is highlighted as a key growth area, with significant sales increases and a strong order backlog in the energy storage segment [1][2]. Incentive Plans and Management Confidence - The stock incentive plan is designed to motivate key personnel and align their interests with the company's long-term growth objectives, reflecting strong confidence in future performance [1][2].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has launched a restrictive stock incentive plan for 745 individuals, granting a total of 69.455 million shares, which represents 1.88% of the total share capital, with an initial grant price of 5.56 yuan per share [1]. - The incentive plan aims to align the interests of management and key personnel with the company's growth, setting ambitious profit growth targets for 2024, 2025, and 2026, with expected net profit growth rates of 81.28%, 199.93%, and 238.83% respectively [1]. - The company is expanding its production capacity in the U.S., with significant growth in sales volume, particularly in the North American market, where shipments increased by 110% year-on-year [1]. - The energy storage business is also experiencing substantial growth, with an order reserve of approximately 66 GWh and expected shipments of large storage products to reach 6.5-7.0 GWh for the year, representing over 500% year-on-year growth [1]. - Revenue projections for 2024, 2025, and 2026 are estimated at 51.198 billion, 63.659 billion, and 77.260 billion yuan respectively, with net profits of 2.841 billion, 4.581 billion, and 5.482 billion yuan [2][6]. Summary by Sections Financial Forecasts - Revenue for 2023 is projected at 51.310 billion yuan, with a slight decrease to 51.198 billion yuan in 2024, followed by growth to 63.659 billion yuan in 2025 and 77.260 billion yuan in 2026 [2][6]. - The net profit attributable to shareholders is expected to decrease slightly to 2.841 billion yuan in 2024, before increasing to 4.581 billion yuan in 2025 and 5.482 billion yuan in 2026 [2][6]. - The report indicates a PE ratio of 14 for 2024, decreasing to 9 for 2025 and 7 for 2026, suggesting an attractive valuation as earnings grow [2][6]. Business Strategy - The company is focusing on enhancing its production capabilities in the U.S. market, with new facilities in Texas and Indiana, and has already commenced production of N-type components [1]. - The energy storage segment is highlighted as a key growth area, with a significant backlog of orders and expected high shipment volumes [1].

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 | | | | | | | | | | | | | （ ...

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 使用部分超募资金永久补充流动资金的核查意见 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 的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《科创板上市公司持续监管办法（试行）》《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》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等有关规定，对阿特斯本次使用超募资金永久补充流 动资金进行了认真、审慎核查，具体情况如下： 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 690,661.23 万元，扣除发行费用 27,815.77 万元 （不含增值税）后，募集 ...

第二届董事会第五次会议决议公告 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、准确性和完整性承担法律责任。 一、 董事会会议召开情况 阿特斯阳光电力集团股份有限公司（以下简称"公司"）第二届董事会第五 次会议通知于2024年9月11日以电子邮件等方式向全体董事发出并送达，并于2024 年9月21日以通讯表决的方式召开。本次会议由董事长瞿晓铧先生召集并主持，会 议应出席董事9人，实际出席9人。 证券代码：688472 证券简称：阿特斯 公告编号：2024-052 阿特斯阳光电力集团股份有限公司 本次会议的召集和召开符合《中华人民共和国公司法》等法律、法规、部门 规章以及《阿特斯阳光电力集团股份有限公司章程》的有关规定。会议决议合法、 有效。 二、董事会会议审议情况 （一）审议并通过了《关于公司<2024年限制性股票激励计划（草案）>及其 摘要的议案》 表决结果：5名赞成；4名回避；0名弃权；0名反对。其中Xiaohua Qu（瞿晓 铧）先生、Yan Zhuang（庄岩）先生、Guangchun Zhang（张光春）先生、高林红 女士回避表决。 为了进一步健 ...

证券代码：688472 证券简称：阿特斯 公 告编号：2024-053 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）摘要 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： 一、股权激励计划目的 为持续完善公司长效激励机制，构建公司经营团队的长期激励与约束机制，强化管 理层与股东的利益共担共享约束，确保公司发展战略的有效落地和经营目标的高质量实 现，在充分保障股东利益的前提下，按照收益与贡献对等的原则，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》"）、《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"《监管指南》"）等 有关法律、行政法规、规范性文件以及《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》"）的规定，制定本激励计划。 1 股权激励方式：第二类限制性股票 ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-055 阿特斯阳光电力集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第一次临时股东大会 召开日期时间：2024 年 10 月 11 日 14 点 00 分 召开地点：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 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 11 日 至 2024 年 10 月 11 日 股东大会召开日期：2024年10月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网 ...