Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a total revenue of 21.96 billion yuan and a net profit attributable to shareholders of 1.239 billion yuan for the first half of 2024, with Q2 alone contributing 12.36 billion yuan in revenue and 661 million yuan in net profit [2] - Despite significant inventory impairment affecting short-term performance, the photovoltaic business remains profitable, with Q2 profits from the components segment reaching 220 million yuan, driven by strong performance in the North American market, which accounted for over 25% of total sales in H1 2024 [2] - The energy storage business is on track, with H1 sales reaching 2.6 GWh, a year-on-year increase of 3309%, and the annual shipment forecast has been raised to 6.5-7.0 GWh, supported by a backlog of approximately 66 GWh in orders valued at 2.6 billion USD [2] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 21.96 billion yuan and a net profit of 1.239 billion yuan, with Q2 figures showing revenue of 12.36 billion yuan and net profit of 661 million yuan [2] - The company adjusted its net profit forecasts for 2024-2026 to 2.615 billion yuan, 3.620 billion yuan, and 4.730 billion yuan respectively, with corresponding PE ratios of 15.8x, 11.4x, and 8.8x for 2024 [2][4] Business Outlook - The company is focusing on balancing shipment volume and pricing under the principle of "profit first," with Q3 component shipment expectations set at 9-9.5 GW and an annual target of 32-36 GW [2] - The energy storage segment is expected to see significant growth, with a forecasted shipment of 1.4-1.7 GWh in Q3 and a total of 6.5-7.0 GWh for the year, indicating a strong second growth curve for the company [2] Market Data - As of September 12, 2024, the company's closing price was 11.23 yuan, with a total share capital of approximately 3.688 billion shares and a net asset value of 21.644 billion yuan [4]

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 年半年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"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项目的保荐机构，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》和《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》等相关规定对阿特斯履行持续督导职责，并出 具本持续督导半年度跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效 | | | | 执行了持续督导制度，并制 | | | | 定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， 与上市公司或相关当事人签署持续督导协议，明确双 | 保荐机构已与阿特斯签订 | | | | 《保荐协议》，该协议明确了 | | | 方在持续督导期间的权利义 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved a revenue of CNY 21.96 billion, with Q1 revenue at CNY 9.60 billion and Q2 revenue at CNY 12.36 billion, reflecting a quarter-on-quarter growth of 28.8% [2] - The net profit attributable to shareholders for the first half was CNY 1.24 billion, with Q1 net profit at CNY 0.58 billion and Q2 at CNY 0.66 billion, showing a quarter-on-quarter increase of 14.1% [2] - The company recorded an inventory impairment of CNY 640 million in the first half, with CNY 230 million in Q1 and CNY 410 million in Q2 [2] - R&D investment amounted to CNY 420 million (CNY 1.05 billion on an expanded basis), representing a year-on-year growth of 51.8% [2] Group 2: Shipment and Sales - The company shipped 14.5 GW of modules in the first half of 2024, a slight increase compared to the same period last year [2] - Q1 module shipments were 6.3 GW, while Q2 shipments rose to 8.2 GW, marking a quarter-on-quarter increase of 30.2% [2] - In the North American market, module shipments accounted for over 25% of total shipments [3] Group 3: Energy Storage Business - The company achieved energy storage sales of 2.6 GWh in the first half, a year-on-year increase of 3309% [3] - The forecast for total energy storage shipments for 2024 has been raised to 6.5-7.0 GWh, with Q3 expected to deliver 1.4-1.7 GWh [3] - The gross margin for energy storage systems exceeded 20% in the first half, with a focus on developed markets like North America, Europe, and Australia [4] Group 4: Debt and Capital Expenditure - The company reduced interest-bearing debt in Q2 through proactive repayment and refinancing, with a credit balance of approximately CNY 40.4 billion and actual usage at CNY 14.9 billion, resulting in a utilization rate of only 37% [4] - Capital expenditure in the first half was primarily for previous capacity investments, with plans to control annual capital expenditure within reasonable limits [4] Group 5: Share Buyback - As of August 31, 2024, the company repurchased 51 million shares, accounting for 1.38% of the total share capital [4]

证券代码：688472 证券简称：阿特斯 公告编号：2024-049 2024 年 2 月 25 日，阿特斯阳光电力集团股份有限公司（以下简称"公司"） 召开第二届董事会第二次会议，审议通过《关于以集中竞价交易方式回购公司股 份的议案》，同意公司使用自有资金或首次公开发行人民币普通股取得的超募资金 以集中竞价交易方式回购公司发行的人民币普通股（A 股），回购资金总额不低于 人民币 5 亿元（含），不超过人民币 10 亿元（含），回购价格不超过人民币 20.12 元/股（含），回购的股份将在未来适宜时机用于股权激励及/或员工持股计划，回 购股份期限自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司 分别于 2024 年 2 月 27 日、2024 年 3 月 2 日在上海证券交易所网站 （http://www.sse.com.cn）披露的《阿特斯阳光电力集团股份有限公司关于以集 中竞价交易方式回购公司股份暨推动公司"提质增效重回报"行动方案的公告》《阿 特斯阳光电力集团股份有限公司关于以集中竞价交易方式回购股份的回购报告 书》。 阿特斯阳光电力集团股份有限公司 关于以集中竞价交易方式回购股份的进 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [2][5]. Core Views - The company has adjusted its annual energy storage shipment target upwards due to significant growth in its energy storage business, with expectations of 6.5-7.0 GWh for the year [4]. - The company reported a revenue of 21.96 billion yuan for the first half of 2024, a year-on-year decrease of 15.9%, but a quarter-on-quarter increase of 28.8% in Q2 [3]. - The company has a strong cash position with 12.96 billion yuan in cash as of June 30, 2024, and a net cash flow from operating activities of 2.31 billion yuan in Q2, reflecting a year-on-year increase of 56.8% [4]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.96 billion yuan, down 15.9% year-on-year, and a net profit of 1.24 billion yuan, down 35.5% year-on-year [3]. - The company expects its earnings per share (EPS) for 2024, 2025, and 2026 to be 0.90, 1.21, and 1.47 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 11.9, 8.9, and 7.3 [5]. - The company’s gross margin is projected to be 15.6% in 2024, with a net profit margin of 6.1% [7]. Market Position and Strategy - The company has a leading position in the global photovoltaic module market, with a shipment of 14.5 GWh in the first half of 2024, and significant growth in overseas markets, particularly in the United States and Southeast Asia [4]. - The company has a robust order backlog of 66 GWh in energy storage projects, with an order value of 2.6 billion USD as of mid-2024 [4]. - The company is focusing on research and development, with a total R&D expenditure of 420 million yuan in the first half of 2024, representing a year-on-year increase of 51.8% [4].

阿特斯阳光电力集团股份有限公司 关于变更持续督导保荐代表人的公告 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。 阿特斯阳光电力集团股份有限公司（以下简称"公司"）于近日收到中国国际 金融股份有限公司（以下简称"中金公司"）出具的《关于变更阿特斯阳光电力集 团股份有限公司首次公开发行股票并在科创板上市项目持续督导保荐代表人的函》。 中金公司作为公司首次公开发行股票并在科创板上市（以下简称"首发上市"） 的保荐机构和持续督导机构，原指定魏先勇先生、薛昊昕女士作为保荐代表人，负 责公司首发上市项目持续督导工作，法定持续督导期限至 2026 年 12 月 31 日。 现薛昊昕女士由于工作变动，不再负责公司首发上市项目持续督导工作。为不 影响持续督导工作的正常进行，根据《证券发行上市保荐业务管理办法》等法律法 规的规定，中金公司委派方磊先生接替薛昊昕女士继续履行公司首发上市项目持续 督导工作的相关职责和义务。 本次保荐代表人变更后，负责公司首发上市项目持续督导期间的保荐代表人为 魏先勇先生、方磊先生，持续督导期至中国证券监督管理委 ...

重要内容提示： （网址：http://roadshow.sseinfo.com/） 投资者可于 2024 年 9 月 6 日(星期五) 16:00 前通过邮件、电话等形式将需 要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍关注的 问题进行回答。 阿特斯阳光电力集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 23 日发布公司《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况、发展理念，公司参与了由上海证券交易所主办的 2024 年半年度新能源行业集体业绩说明会，此次活动将采用线上文字互动的方式 举 行 ， 投 资 者 可 登 录 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com/）参与线上互动交流。 一、说明会类型 本次业绩说明会以线上文字互动形式召开，公司将针对 2024 年半年度的经营 证券代码：688472 证券简称：阿特斯 公告编号：2024-046 阿特斯阳光电力集团股份有限公司 关于参加 2024 年半年度科创板新能源行业 集体业绩说明会的公告 本公司董 ...

证券代码：688472 证券简称：阿特斯 公告编号：2024-047 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 8.41 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 411.06 亿元，占 公司最近一期经审计净资产的 191.92%,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 410.56 亿元。 一、担保情况概述 （一）本期新增担保情况 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 7 月 31 日至 2024 年 8 月 30 日期间，累计发生的授信担保金额为 8.41 亿元，占公司最近一期经审计净资产 的 3.93%。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 7 月 31 日至 2024 年 8 月 30 日签署的授信担保明细》。 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 ...

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------------|-----------|------------------------------------------| | 2024 年 08 月 28 日 | | | | | | 阿特斯（688472.SH） | | | | 公司快报 | | | | | | | 太阳能Ⅲ | | N 型赛道后发优势明显，储能业务第二主业增长 | 投资评级 | | 买入 | -A(维持) | | 曲线确立 | 股价 | (2024-08-27) | | 10.21元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 37,656.70 | | 事件：公司发布 ...

阿特斯（688472.SH） 大储爆发式量利齐升，光伏海外市场优势显著 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|--------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 47,536 | 51,310 | 55,000 | 67,714 | 82,093 | 股票信息 | | | 增长率 yoy（%） | 69.7 | 7.9 | 7.2 | 23.1 | 21.2 | | | | 归母净利润（百万元） | 2,157 | 2,903 | 3,232 | 4,491 | 5,322 | 行业 | 电力设备及新能源 | | 增长率 yoy（%） | 6065.4 | 34.6 | 11.3 | 38.9 | 18.5 | ...