招商证券股份有限公司 关于浙江艾罗网络能源技术股份有限公司 首次公开发行部分限售股及部分战略配售 根据中国证券监督管理委员会于 2023 年 5 月 16 日印发的《关于同意浙江艾 罗网络能源技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 1094 号）的决定，公司获准向社会公开发行人民币普通股 A 股 40,000,000 股， 并于 2024 年 1 月 3 日在上海证券交易所科创板上市。公司首次公开发行股票前 总股本为 12,000 万股，首次公开发行股票后总股本为 16,000 万股，其中有限售 条件流通股 14,144.0591 万股，占公司总股本的 88.4004%，无限售条件流通股 1,855.9409 万股，占公司总股本的 11.5996%。 首次公开发行网下配售的 13,440,591 股限售股已于 2024 年 7 月 3 日上市流 通，具体情况详见公司于 2024 年 6 月 26 日在上海证券交易所网站 （www.sse.com.cn）披露的《首次公开发行网下配售限售股上市流通公告》（公告 编号：2024-032）。 本次上市流通的限售股为公司首次公开发行部分限售股 ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-043 浙江艾罗网络能源技术股份有限公司 2024 年季度权益分派实 施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/12/19 | 2024/12/20 | 2024/12/20 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 13 日的 2023 年年度股东大会授权董事 会在符合利润分配的条件下具体制定，并经 2024 年 11 月 15 日召开的第二届董事 会第八次会议审议通过。 二、 分配方案 1. 发放年度：2024 年季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 每股现金红利 0.9375 元 相关日期 本次利润分配以方案实施前的公司总股 ...

Group 1: Financial Performance - In Q3 2024, the company achieved operating revenue of ¥823.31 million, a year-on-year increase of 35.39% [3] - Net profit attributable to shareholders was ¥57.47 million, up 33.96% year-on-year [3] - Net profit excluding non-recurring gains and losses reached ¥63.16 million, reflecting a 51.74% year-on-year growth [3] - For the first nine months of 2024, operating revenue totaled ¥2.407 billion, a decrease of 39.93% year-on-year [3] - Net profit attributable to shareholders for the same period was ¥160 million, down 84.24% year-on-year [3] - The company's gross margin for the first three quarters was 37.26% [3] Group 2: Research and Development - R&D investment for the first three quarters of 2024 amounted to ¥384 million, an increase of 88.88% year-on-year [3] - The company is focusing on product innovation and technology iteration [3] Group 3: Market and Product Development - The gross margin for Q3 2024 was approximately 35.4%, a decrease of 1.5 percentage points quarter-on-quarter due to changes in customer and product structure [4] - The company is actively participating in the formulation of industry standards and promoting integrated solar storage products in the domestic market [4][5] - The company has signed an investment agreement for a large storage project, which is progressing as planned [4] Group 4: Future Outlook - The company plans to enhance its overseas marketing network and deepen global strategic deployment [6] - Domestic revenue accounted for 0.57% of the main business in 2023, with future reports expected to provide more details on the domestic and international revenue ratio [6]

证券代码：688717 证券简称：艾罗能源 公告编号：2024-042 浙江艾罗网络能源技术股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日(星期三)至 12 月 03 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@solaxpower.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 12 月 04 日下 午 13:00-14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、 说明 ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-041 浙江艾罗网络能源技术股份有限公司 第二届监事会第七次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）第二届监事会第 七次会议于 2024 年 11 月 15 日在浙江省杭州市桐庐县城南街道石珠路 278 号公 司会议室以现场与通讯结合方式召开。本次会议的通知于 2024 年 11 月 12 日以 邮件方式送达全体监事。本次会议应出席监事 3 名，实际出席监事 3 名。本次会 议由监事会主席祝东敏先生主持，本次会议的召集和召开程序符合国家有关法律、 法规和《公司章程》的规定。 二、监事会会议审议情况 本次会议经与会监事认真审议并表决，一致通过了如下事项： （一）审议通过《关于2024年前三季度利润分配方案的议案》 监事会认为：公司本次利润分配方案充分考虑了公司的盈利情况、资金需求 情况等因素，符合公司经营现状，合理履行了相关程序，符合《关于进一步落实 上市公司现金分红 ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-040 浙江艾罗网络能源技术股份有限公司 关于 2024 年前三季度利润分配方案的公告 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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：A 股每股派发现金红利 0.9375 元（含税）。 （一）董事会会议的召开、审议和表决情况 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持现金 分红总额不变，相应调整每股现金分红金额，并将在相关公告中披露。 一、利润分配方案内容 截至2024年9月30日，浙江艾罗网络能源技术股份有限公司（以下简称"公 司"）合并报表中期末未分配利润为人民币2,229,874,243.74元。经董事会决议， 公司2024年三季度拟以实施权益分派股权登记日登记的总股本为基数分配利润。 本次利润分配方案如下： 公司拟向全体股东每股派发现金红利0.9375元（含税）。截至2024年9月30日， 公司总股本160,000, ...

Investment Rating - The report maintains a "Buy" rating for Airo Energy (688717 SH) [5] Core Views - Airo Energy's Q3 2024 revenue was RMB 823 million, up 35 39% YoY but down 8 45% QoQ [3] - Q3 net profit attributable to shareholders was RMB 57 million, up 33 96% YoY but down 16 77% QoQ [3] - The company's Q3 revenue decline was attributed to factors such as typhoon impacts on shipment confirmation, weakened demand in emerging markets, and European summer holidays [3] - Airo Energy is expected to achieve profits of RMB 300 million and RMB 600 million in 2024 and 2025, respectively, with corresponding P E ratios of 37 and 16 [4] Financial Performance - For the first three quarters of 2024, Airo Energy reported revenue of RMB 2 407 billion, down 39 93% YoY, and net profit attributable to shareholders of RMB 160 million, down 84 24% YoY [3] - Q3 operating expense ratio was 28 2%, down 2 2 percentage points QoQ, with R&D expenses reaching a historical high of RMB 150 million [4] - Accounts payable and notes payable at the end of Q3 reached RMB 1 41 billion, up 18% QoQ and hitting a record high [4] Future Outlook - The company is expected to expand through new markets (Pakistan, Ukraine, South Africa) and new products (European commercial storage cabinets, residential low-voltage storage inverters, low-voltage storage batteries, microinverters) [4] - The European market, a key strength for Airo Energy, is expected to see demand recovery as channel inventories decrease [4] - The US and Japanese markets are also anticipated to contribute more to the company's performance [4] Financial Projections - Revenue is projected to be RMB 3 523 billion in 2024 and RMB 5 515 billion in 2025 [8] - Net profit attributable to shareholders is forecasted at RMB 265 million in 2024 and RMB 624 million in 2025 [8] - EPS is expected to be RMB 1 65 in 2024 and RMB 3 90 in 2025 [8]

Investment Rating - The report maintains a "Recommend" rating for Airo Energy (688717) with a target price of 66.08 CNY [1] Core Views - Airo Energy's profitability remains strong, with new business expansion expected to contribute incremental growth [1] - The company's revenue for Q1-Q3 2024 was 2.407 billion CNY, a year-on-year decrease of 39.93%, while net profit attributable to shareholders was 160 million CNY, down 84.24% year-on-year [1] - In Q3 2024, revenue was 823 million CNY, up 35.39% year-on-year but down 8.45% quarter-on-quarter, with net profit attributable to shareholders at 57 million CNY, up 33.96% year-on-year but down 16.77% quarter-on-quarter [1] - The company's gross margin for Q1-Q3 2024 was 37.26%, down 3.92 percentage points year-on-year, while the net margin attributable to shareholders was 6.67%, down 18.74 percentage points year-on-year [1] Financial Performance - Revenue for 2024E is projected at 3.41 billion CNY, a year-on-year decrease of 23.8%, with net profit attributable to shareholders expected to be 268 million CNY, down 74.8% year-on-year [3] - For 2025E, revenue is forecasted to grow by 14.6% to 3.908 billion CNY, with net profit attributable to shareholders increasing by 97.2% to 529 million CNY [3] - In 2026E, revenue is expected to reach 4.805 billion CNY, a year-on-year increase of 22.9%, with net profit attributable to shareholders projected at 665 million CNY, up 25.8% year-on-year [3] Business Expansion - Airo Energy is actively expanding its new business, with large-scale energy storage products entering the R&D investment phase [2] - The company plans to invest at least 1.05 billion CNY in the construction of a "Large-scale Energy Storage System and Smart Energy System R&D and Production Project" [2] - New products such as micro-inverters, commercial and industrial storage, and charging piles are expected to contribute to future revenue growth [2] Market Development - Airo Energy has obtained over 1,100 domestic and international certifications for its products, enabling market access in different countries and enhancing brand recognition [2] - The company's sales network covers more than 80 countries and regions, with subsidiaries established in developed markets such as the UK, US, Netherlands, Japan, and Germany [2] Valuation - The current market value of Airo Energy is 9.21 billion CNY, with a circulating market value of 1.842 billion CNY [4] - The company's P/E ratio for 2024E is 34x, expected to decrease to 17x in 2025E and 14x in 2026E [3] - The target price of 66.08 CNY is based on a 20x P/E ratio for 2025E [2]

Financial Performance - The company's operating revenue for Q3 2024 was ¥823,312,610.17, representing a year-on-year increase of 35.39%[2] - The net profit attributable to shareholders for Q3 2024 was ¥57,464,957.12, reflecting a year-on-year increase of 33.96%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥63,162,292.46, showing a year-on-year increase of 51.74%[2] - The basic earnings per share for Q3 2024 was ¥0.36, with a year-to-date decrease of 88.22%[2] - The weighted average return on net assets for Q3 2024 was 1.28%, a decrease of 0.60 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 2,406,929,187.10, a decrease of 40% compared to CNY 4,007,174,319.08 in the same period of 2023[14] - The net profit for the first three quarters of 2024 reached ¥160,471,686.86, a significant decrease from ¥1,018,221,036.49 in the same period of 2023, representing a decline of approximately 84.3%[15] - The total profit for the first three quarters was ¥149,701,459.39, a significant drop from ¥1,168,596,291.90 in the same period of 2023, reflecting a decline of about 87.2%[15] Research and Development - Research and development expenses totaled ¥146,086,660.24 for Q3 2024, an increase of 74.76% compared to the same period last year[3] - The ratio of R&D expenses to operating revenue was 17.74%, an increase of 4.00 percentage points year-on-year[3] - Research and development expenses increased significantly to CNY 383,947,240.53, compared to CNY 203,280,795.66 in the previous year, indicating a focus on innovation[14] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥6,493,985,692.61, a 21.27% increase from the end of the previous year[3] - Current liabilities totaled CNY 1,809,402,845.78, a significant increase from CNY 833,875,403.60 in the previous year, indicating potential liquidity challenges[13] - The total equity attributable to shareholders increased to CNY 4,503,739,352.27 from CNY 4,340,453,396.59, reflecting a positive trend in shareholder value[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,157[8] - The largest shareholder, Li Xinf, holds 31,043,160 shares, representing 19.40% of the total shares[9] - The total number of shares held by the top ten shareholders is significant, with the top shareholder alone holding nearly 20% of the total shares[9] - The company reported no significant changes in the shareholder structure compared to the previous period[11] Cash Flow and Expenses - The company's cash and cash equivalents as of September 30, 2024, amount to approximately RMB 3.56 billion, an increase from RMB 3.04 billion at the end of 2023[11] - The net cash flow from operating activities improved to ¥686,815,008.88 compared to ¥617,303,797.56 in the same period last year, showing an increase of approximately 11.5%[18] - The company reported a tax expense of ¥10,770,227.47, a decrease from ¥150,375,255.41 in the same period last year, indicating a reduction of approximately 92.8%[15] - The company incurred credit impairment losses of ¥14,023,420.75, compared to ¥5,668,309.54 in the previous year, indicating an increase of approximately 147%[15] Inventory and Receivables - Accounts receivable increased to RMB 606.62 million from RMB 357.44 million year-over-year, indicating a growth of approximately 69.7%[11] - Inventory as of September 30, 2024, is RMB 1.22 billion, up from RMB 1.03 billion, reflecting a growth of about 18.0%[11] - The company reported a significant increase in prepayments, rising to RMB 27.43 million from RMB 11.72 million, a growth of approximately 134.5%[11] Future Outlook - The company emphasizes the importance of monitoring its operational performance and financial health in the upcoming quarters[11] - Future outlook includes continued investment in R&D and potential market expansion strategies, although specific figures are not provided in the report[14]

证券代码：688717 证券简称：艾罗能源 浙江艾罗网络能源技术股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |--------------|----------------------------------------|---------------------------------| | | | | | | £ | 特定对象调研 □分析师会议 | | | □ 媒体采访 ☑业绩说明会 | | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | £ 现场参观 □电话会议 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 通过上海证券交易所上证路演中心参与公司 | 2024 年半年度 | | 及人员姓名 | 业绩说明会的投资者 | | | 时间 | 2024 年 10 月 25 | 日（星期五） 上午 10:00-11:00 | | | 上海证券交易所上证路演中心 | | | 地点 | （网址： https://roadshow.sseinfo.com | ） | | | 董事长、总经理：李新富先生 ...