证券研究报告·公司深度研究·光伏设备 艾罗能源（688717） 光储为基，拓界前行 2024年 05月 21日 买入（首次） 证券分析师 曾朵红 [Table_EPS] 执业证书：S0600516080001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 4612 4473 3979 5632 8282 zengdh@dwzq.com.cn 同比（%） 453.86 (3.01) (11.05) 41.56 47.04 证券分析师 郭亚男 归母净利润（百万元） 1,134.01 1,064.62 448.33 683.23 931.81 执业证书：S0600523070003 同比（%） 1,703.61 (6.12) (57.89) 52.40 36.38 guoyn@dwzq.com.cn EPS-最新摊薄（元/股） 7.09 6.65 2.80 4.27 5.82 股价走势 P/E（现价&最新摊薄） 8.24 8.78 20.85 13.68 10.03 [ [TT aab bl le e_ _T Sa ug m] mary] ...

证券代码：688717 证券简称：艾罗能源 公告编号：2024-029 公司名称：浙江艾罗网络能源技术股份有限公司 统一社会信用代码：91330122589883343W 类型：其他股份有限公司（上市） 法定代表人：李新富 注册资本：壹亿陆仟万元整 浙江艾罗网络能源技术股份有限公司 关于完成公司经营范围变更并换发营业执照的公告 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。 浙江艾罗网络能源技术股份有限公司（以下简称"公司"）于2024年5月13 日召开了2023年年度股东大会，审议通过了《关于变更经营范围及修订<公司章 程>并办理工商变更登记的议案》，同意变更公司经营范围、修订《浙江艾罗网 络能源技术股份有限公司章程》并办理工商变更登记。具体内容详见公司分别 于2024年4月30日、2024年5月14日披露于上海证券交易所网站 （www.sse.com.cn）的《浙江艾罗网络能源技术股份有限公司关于变更经营范 围及修订<公司章程>并办理工商变更登记的公告》（公告编号：2024-027）、 《浙江艾罗网络能源技术股份有限公 ...

Investment Rating - The report gives a "Recommended" rating for the company with a target price of 80.91 CNY based on a 26x PE for 2024 [1][3][7]. Core Insights - The company is a well-known player in the energy storage sector, focusing on the European household storage market, with approximately 88% of its 2023 revenue coming from Europe [1][6]. - The energy storage products are the main revenue contributors, with energy storage batteries generating 2.347 billion CNY in 2023, accounting for 53% of total revenue, despite a 6% year-on-year decline [1][30]. - The company is expected to benefit from the recovery of inventory depletion in Europe, which is anticipated to contribute significantly to its performance [1][6]. Summary by Sections Company Overview - The company specializes in photovoltaic energy storage systems and products, offering a range of products including energy storage inverters and batteries, and has a strong focus on technology development [12][29]. - The company has a stable shareholding structure, with the actual controllers holding 35.06% of the shares, and has implemented employee stock ownership plans to enhance management stability [15][16]. Business Performance - The company experienced a compound annual growth rate (CAGR) of 84.19% in revenue from 2019 to 2023, with total revenue of 4.473 billion CNY in 2023, a slight decline of 3.01% year-on-year [18][20]. - The energy storage business, which includes energy storage inverters and batteries, accounted for about 80% of total revenue, with energy storage inverters contributing 24% and batteries 53% in 2023 [20][30]. Market Potential - The energy storage market in Europe is expected to grow significantly, with estimates suggesting that the market for photovoltaic inverters, energy storage inverters, and energy storage batteries could reach 4.748 trillion CNY by 2025 and 9.342 trillion CNY by 2030 [6][11]. - The company has a market share of approximately 7% globally and around 10% in Europe for household energy storage batteries, indicating substantial room for growth [6][11]. Product Development and Market Expansion - The company is actively expanding its product line and entering new markets, with plans to launch commercial energy storage inverters and other products in 2024 [1][6]. - The company is also making strides in markets outside Europe, including Japan, where it has established a sales agreement with Sharp Energy [1][6].

Group 1: Financial Performance - In 2023, the company achieved a revenue of 447,296.00 million, a decrease of 3.01% year-on-year [3] - The net profit attributable to shareholders was 106,461.74 million, down 6.12% year-on-year [3] - In Q1 2024, the company reported a revenue of 68,428.24 million and a net profit of 3,396.06 million [4] Group 2: Market Conditions - The demand in the household energy storage market decreased due to factors such as insufficient installation workers in European countries and falling electricity prices [3] - The company is actively expanding into markets in South Africa, North America, and Asia while developing domestic household energy storage applications [4][5] Group 3: Product Development and R&D - The gross margin for grid-connected inverters was 36.23%, while for energy storage inverters it was 52.62% [3] - R&D expenditure in Q1 2024 was 105,042,625.49, an increase of 83.52% year-on-year, primarily for personnel costs [5] - The company is focusing on developing high-power energy storage inverters (above 50kW) and large-capacity energy storage batteries (over 100 kWh) [6] Group 4: Operational Insights - The company has stable orders and is helping channels to reduce inventory, with Q1 2024 revenue showing a 46.9% increase compared to Q4 2023 [6] - As of December 31, 2023, the company had 802 R&D personnel [7] - The company is actively participating in the formulation of industry standards and promoting the integration of solar energy storage products in the domestic market [7][8]

证券代码：688717 证券简称：艾罗能源 公告编号：2024-024 浙江艾罗网络能源技术股份有限公司 关于为全资子公司提供担保的公告 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。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 本次担保无需经股东大会审议。 源签署《保证函》，向夏普能源就艾罗日本在上述《基本贸易合同》《质保合同》 《备忘录》项下的债务（包括但不限于金钱债务以及艾罗日本的质量保证责任） 提供连带责任保证，担保金额合计 64 亿日元，担保期限为根据《基本贸易合同》 《质保合同》《备忘录》的债务履行期开始之日起至履行期限届满之日起 1 年。 二、被担保人基本情况 公司名称：Solax Power Network (Japan) Co., LTD 重要内容提示： 被担保人名称：Solax Power Network (Japan) Co., LTD（以下简称"艾 罗日本"），上述被担保人为浙江艾罗网络能源技术股份有限公司（以下简称："艾 罗能源"或"公司"）的全资子公司，不存在其他关联关系。 本次担保金额及 ...

第二届监事会第三次会议决议公告 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个别及连带责任。 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 三次会议于2024年4月25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4月22日送达全体监 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。 证券代码： 688717 证券简称：艾罗能源 公告编号：2024-025 浙江艾罗网络能源技术股份有限公司 表决结果：3票赞成，0票反对，0票弃权 特此公告。 浙江艾罗网络能源技术股份有限公司监事会 二、监事会会议审议情况 2024 年 4 月 26 日 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《关于为全资子公司Solax Power Network (Japan) Co., LTD 提供担保的议案》 监事会认为： ...

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 为全资子公司提供担保的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为浙江 艾罗网络能源技术股份有限公司（以下简称"艾罗能源"或"公司"）首次公开 发行股票并在科创板上市持续督导阶段的保荐人，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》《上市公司监管指引第 8 号— 上市公司资金往来、对外担保的监管要求》等有关法律、行政法规、部门规章及 业务规则的要求，对艾罗能源为全资子公司提供担保事项进行了认真、审慎的核 查，核查情况及核查意见如下： 一、担保情况概述 艾罗能源全资子公司 Solax Power Network (Japan) Co., LTD（以下简称"艾 罗日本"）与 Sharp Energy Solutions Corporation（以下简称"夏普能源"）达成产 品销售业务合作意向，艾罗日本拟向夏普能源销售包括户用储能逆变器、户用储 能电池等产品，艾罗日本与夏普能源拟就上述合作签订《基本贸易合同》《质保 合同》以及关于质保期限的《备忘录》。 注册编号：0113-03-004214 注册地 ...

RSM 容诚 审计报告 浙江艾罗网络能源技术股份有限公司 容诚审字|2024]200Z0245 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ace.mof.gov.cn） "进行查查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ace.mof.gov.cn） "进行查查 " " " 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10-11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15-16 | | 10 | 财务报表附注 | 17-116 | 审计 报告 容诚审字[2024]200Z0245 号 浙江艾罗网络能源技术股份有限公司全体股东: 一、审 ...

作为浙江艾罗网络能源技术股份有限公司（以下简称"公司"）的独立董事， 2023 年度，本人严格按照《公司法》、《上市公司独立董事管理办法》、《上市公 司治理准则》、《上海证券交易所科创板股票上市规则》和《公司章程》的有关规 定，认真履行独立董事的职责和义务，积极出席相关会议，及时了解公司生产经 营情况，对重大事项发表独立、客观的意见，维护公司及全体股东，特别是中小 股东的合法权益。现就 2023 年度工作情况向董事会作如下报告： 一、独立董事的基本情况 本人周鑫发，男，1955 年 10 月出生，中国国籍，无境外永久居留权，毕业 于浙江大学工业自动化专业，硕士研究生学历，教授级高级工程师。1992 年 1 月至 2003 年 5 月任中国光电发展中心高级工程师；2003 年 6 月至 2015 年 12 月 任浙江省能源研究所教授级高工；2019 年 7 月至今任恒盛能源股份有限公司独 立董事；2021 年 1 月至今任浙江浙能技术研究院有限公司顾问；2021 年 6 月至 今任嘉兴市燃气集团股份有限公司独立董事；2020 年 12 月至今任本公司独立董 事。 作为公司独立董事，经自查，我未在公司担任除独立董 ...

Financial Performance - The company's operating revenue for 2023 was CNY 4,472,959,966.07, a decrease of 3.01% compared to 2022[26]. - The net profit attributable to shareholders for 2023 was CNY 1,064,617,401.84, down 6.12% from the previous year[26]. - The net cash flow from operating activities decreased by 29.25% to CNY 634,588,914.59, primarily due to increased payments to suppliers and employee salaries[29]. - The basic earnings per share for 2023 was CNY 8.87, a decline of 6.14% compared to 2022[27]. - The company's operating revenue for 2023 was CNY 4,472.96 million, a year-on-year decrease of 3.01%[39]. - The net profit attributable to shareholders was 1,064.62 million yuan, down 6.12% year-on-year[39]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1,040.30 million yuan, a decrease of 7.16% year-on-year[39]. - The company's financial expenses showed a significant improvement, with a net gain of CNY 140,879,828.52 due to increased foreign exchange gains[143]. - The company reported a total revenue of 24,889.40 million RMB for the year, with a year-on-year increase of 118.67% compared to 11,381.85 million RMB in the previous year[99]. Research and Development - The company emphasizes the need for continuous R&D investment to maintain its technological leadership[6]. - The R&D expenditure as a percentage of operating revenue increased by 2.88 percentage points to 6.15%, reflecting the company's commitment to product development and innovation[27]. - The company reported a total R&D expenditure of approximately ¥274.93 million in 2023, representing an increase of 82.25% compared to ¥150.86 million in the previous year[94]. - R&D expenditure accounted for 6.15% of the company's total revenue, up from 3.27% in the previous year, indicating a significant increase of 2.88 percentage points[94]. - The company has accumulated 154 authorized patents, including 41 invention patents, and has received over 1100 domestic and international certifications for its products[47]. - The company has developed core technologies such as MPPT tracking technology and energy storage microgrid control technology, with a total of 41 invention patents and 66 utility model patents obtained[90]. - The company aims to enhance its product innovation capabilities by continuously increasing R&D investments to meet strategic development needs[95]. - The company is committed to enhancing its core R&D team by collaborating with universities to attract and cultivate innovative talent[183]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[29]. - The company is expanding its market presence, selling products in over 80 countries, with a focus on Europe and emerging markets like South Africa and North America[40]. - The company aims to expand its market presence in over 80 countries and regions, including Germany, Czech Republic, Italy, UK, and Spain[47]. - The company is focusing on the development of energy storage systems to address the instability of renewable energy sources, enhancing grid reliability[89]. - The company plans to strengthen its technology development and innovation efforts to improve product quality and expand its product range[180]. - The company intends to leverage advancements in energy storage and photovoltaic technologies to create comprehensive energy solutions[182]. - The company will focus on promoting brand advantages through a combination of online and offline marketing strategies[186]. - The company aims to enhance its overseas marketing network and deepen global strategic deployment to establish a competitive market advantage[186]. Corporate Governance and Compliance - The company has a standard unqualified audit report from the accounting firm Rongcheng[5]. - The company has confirmed that all directors can guarantee the authenticity, accuracy, and completeness of the annual report[8]. - The company has established a sound corporate governance structure and independent operational capabilities, ensuring compliance with legal regulations[188]. - The board of directors has approved the profit distribution plan, which is subject to shareholder meeting approval[6]. - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, adhering to relevant regulations[188]. - The board of directors convened 15 meetings during the reporting period, with a composition of 9 directors, including 3 independent directors[190]. Risks and Challenges - The company faces risks of significant performance decline due to inventory buildup among distributors and a decrease in European electricity prices[108]. - The company operates in a highly competitive market, with risks related to technological upgrades and potential loss of core technical personnel[111][109]. - The company faced risks related to policy changes in the solar energy sector, particularly regarding subsidy reductions and local industry protection measures in key markets like the US and EU[121]. Product Development and Innovation - The company is enhancing its R&D capabilities, developing high-power storage inverters (over 50kW) and large-capacity storage batteries (over 100kWh), with products expected to launch in 2024[41]. - The company has developed a new integrated energy storage system that combines inverters and batteries, enhancing compactness and user convenience[54]. - The company has developed multiple core technologies, including seamless switching technology for grid-connected and off-grid systems, which enhances its competitive edge in the market[103]. - The company is focused on continuous investment in new technology and product development to adapt to market dynamics and enhance its product offerings[102]. - The company aims to deepen the development of household energy storage technology and expand product lines including energy storage all-in-one machines and charging piles[83]. Financial Position and Assets - Total assets increased by 65.78% to CNY 5,355,179,866.68, while net assets rose by 238.19% to CNY 4,340,453,396.59, driven by the proceeds from the IPO and increased retained earnings[29]. - The company's accounts receivable at the end of the reporting period amounted to 357.44 million yuan, representing 6.67% of total assets and 7.99% of revenue[117]. - The total assets at the end of the period reached CNY 5,347,000,000, with cash and cash equivalents accounting for 56.74% of total assets, a significant increase from 24.50% in the previous year[147]. - The company successfully raised funds through an initial public offering, resulting in a cash influx that significantly boosted liquidity[146]. Production and Supply Chain - The company employs a procurement model based on "production-driven procurement + strategic stocking," ensuring effective control over the entire supply chain[62]. - A comprehensive supplier evaluation system is in place, focusing on supplier qualifications, production capacity, delivery timeliness, and after-sales service[63]. - The company focuses on independent production for its main products, including energy storage inverters and batteries, while outsourcing a small portion of PCB assembly[64]. - The company has ongoing projects for low-voltage and high-voltage energy storage systems, with total expected investments of ¥1.08 billion and ¥918 million respectively[97]. - The company will continue to optimize equipment configuration and improve automation and intelligence in production processes to meet rapidly expanding market demand[185].