证券代码：002015 证券简称：协鑫能科 编号：2024-005 协鑫能源科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |----------------|--------------------------|----------------------------------------------------------------|--------| | | □ 特定对象调研 | √ 分析师会议 | | | 投 资者关 | □ 媒体采访 | □ 业绩说明会 | | | 系 活动类 | □ 新闻发布会 | □ 路演活动 | | | 别 | √ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | | | | | | | 浙商资管 | 基金经理 | 庞雅菁 | | | 澜熙资产 | 投资总监 | 徐松鹏 | | | 辰翔投资 | 投资经理 | 彭志松 | | | | | | | 参 与单位 | 中信建投 | 电力设备及新能源首席分析师 | 许琳 | | | | | | | | 西南证券 | 电力设备及新能源首席分析师 | 韩晨 | ...

年公司服务电量 202.68亿 kWh, 配电项目累计管理容量 3204MVA;辅助服 务响应电量累计约 1400万 kWh;用户侧管理容量超 1600万 kVA。截至报告 期末,公司成功投运了超千 P 的算力资源。同时,公司还储备了一定量的库 存算力和在途算力,以满足公司能源+算力协同发展的需求。 公司点评报告 · 公用事业行业 光伏储能投运高增推动扣非业绩大幅提升 协鑫能科 2024 年三季报点评 2024年11月16日 ● 事件:公司发布 2024年三季报,前三季度实现营收 75.52亿元,同比-15.70%, 实现归母净利6.06亿元(扣非 4.62亿元),同比-36.43%(扣非同比+60.10%)。 实现经现净额 17.32亿元,同比+10.35%,ROE(加权)为 5.14%,同比-2.97pct。 2024 三季度单季度实现营收 28.49 亿元,同比-7.98%;实现归母净利 1.95 亿元(扣非 1.86亿元),同比+22.34%(扣非+183.74%)。 ● 分布式光伏、储能等投运大幅增长推动扣非净利润大幅增长。报告期,公 司销售毛利率、净利率分别为 26.05%、9.33%,同比+8. ...

2024年11月09日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|------------------| | | | | | 协鑫能科 (002015) | 投资评级 | 买入 | | Q3 业绩大幅提升,新能源业务快速推进 | | 维持评级 | | 报告摘要 | 2024年11月08日 收盘价(元): | 8.32 | | ◆ 事件：公司发布 2024年三季报，2024年前三季度公司实现营收 75.52 亿元，同比 | 公司基本数据 | | | 下降 12.11%;归母净利润 6.06亿元,同比下降 ...

http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------------------------------------------------|-----------------------------------|-----------------------------------------| | 2024 年 10 月 29 日 \n协鑫能科（ 002015.SZ ） \n扣非净利润高增， "电力+算力"战略稳步推进 \n投资要点 | 投资评级 股价 | 电力及公用事业 \n(2024-10-29) | 公司研究●证券研究报告 \n\| \n买入 | 公司 ...

财联社10月25日讯（记者 刘梦然） 在储能需求稳定增长行业背景下，协鑫能科（002015.SZ）Q3净利 润同比增长两成。据公司披露，截至9月30日，公司并网总装机容量为5976.36MW，可再生能源装机占 发电总装机的比例进一步提高为57.81%。 今日披露的财报显示，公司在前三季度实现营业收入75.52亿元，同比下降15.70%；归属于上市公司股 东的净利润6.06亿元，同比下降36.43%；扣除非经常性损益后的净利润4.62亿元，同比增长60.10%。 不过，分季度看，协鑫能科在三季度实现营业收入28.49亿元，同比下降7.98%，归属于上市公司股东净 利润1.95亿元，同比增长22.34%；扣非后净利润1.86亿元，同比增长183.74%。 受益于新能源项目加速落地，中国新型储能装机规模持续增长，且在国内外部分应用场景已经具有经济 性。根据国家能源局数据，截至今年上半年，全国已建成投运新型储能项目累计装机规模达4444万千 瓦/9906万千瓦时，较2023年底增长超过40%。 财务数据上，今年前三季度，公司经营活动产生的现金流量净额达到17.32亿元，同比增长10.35%。截 至9月底，总资产达41 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 2.848 billion, a decrease of 7.98% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 195.15 million, an increase of 22.34% year-on-year[2] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter was RMB 185.86 million, an increase of 183.74% year-on-year[2] - Operating revenue decreased by 15.70% to 7,552,252,949.60 due to the disposal of some coal and gas power plants in the previous year[8] - Revenue for the first nine months of 2024 was RMB 755,225.29 million, a year-on-year decrease of 15.70%[13] - Net profit attributable to shareholders was RMB 60,593.69 million, a year-on-year decrease of 36.43%[13] - Net profit attributable to shareholders excluding non-recurring gains and losses was RMB 46,230.08 million, a year-on-year increase of 60.10%[13] - Total operating revenue for Q3 2024 was RMB 7,552,252,949.60, a decrease of 15.7% compared to RMB 8,958,270,114.79 in the same period last year[26] - Net profit attributable to the parent company's shareholders was RMB 605,936,898.90, down 36.4% from RMB 953,250,792.21 in the previous year[27] - Basic earnings per share (EPS) for Q3 2024 was RMB 0.3832, a 35.0% decrease from RMB 0.5897 in the same period last year[27] - Total comprehensive income for Q3 2024 was RMB 697,395,651.10, a 29.7% decrease from RMB 992,582,500.82 in the same period last year[27] Asset and Liability Changes - Total assets as of the end of the reporting period were RMB 41.222 billion, an increase of 21.37% compared to the end of the previous year[2] - Monetary funds at the end of the reporting period were RMB 4.946 billion, an increase of 54.32% compared to the beginning of the year[6] - Prepayments at the end of the reporting period were RMB 700.38 million, an increase of 202.13% compared to the beginning of the year[6] - Contract assets decreased by 100% to 0.00 due to the recovery of warranty receivables from the previous year[8] - Other current assets increased by 46.08% to 905,209,947.57 due to increased capital investment in distributed photovoltaic and energy storage station businesses[8] - Fixed assets increased by 36.51% to 17,935,242,420.68 due to the construction and operation of distributed photovoltaic and energy storage station projects[8] - Short-term borrowings increased by 36.23% to 4,310,806,668.98 due to business expansion and increased loan and bill financing[8] - Long-term borrowings increased by 37.88% to 8,525,643,211.68 due to increased acquisition and project loans[8] - Total assets as of September 30, 2024, reached RMB 4,122,226.84 million, a year-on-year increase of 21.37%[13] - Total assets increased to 41.22 billion yuan, up from 33.96 billion yuan at the beginning of the period, reflecting a 21.4% growth[23][24] - Current assets rose to 12.45 billion yuan, a 30.3% increase compared to the initial 9.56 billion yuan[23] - Fixed assets grew significantly to 17.94 billion yuan, up from 13.14 billion yuan, marking a 36.5% increase[23] - Long-term liabilities increased to 14.85 billion yuan, up from 10.54 billion yuan, showing a 40.9% rise[24] - Short-term borrowings surged to 4.31 billion yuan, a 36.2% increase from 3.16 billion yuan[23] - Accounts receivable increased to 4.84 billion yuan, up from 4.21 billion yuan, reflecting a 14.9% growth[23] - Prepayments rose sharply to 700.38 million yuan, a 202.1% increase from 231.81 million yuan[23] - Long-term equity investments decreased to 2.37 billion yuan, down from 2.91 billion yuan, a 18.4% decline[23] - Owner's equity slightly increased to 13.90 billion yuan, up from 13.75 billion yuan, a 1.1% growth[24] - Minority interests increased to 2.17 billion yuan, up from 1.89 billion yuan, a 14.8% rise[24] Cash Flow and Financial Activities - Cash flow from operating activities for the first three quarters was RMB 1.732 billion, an increase of 10.35% year-on-year[2] - Net cash flow from operating activities increased by 10.35% to 1,731,571,791.20 due to a decrease in fuel prices and procurement expenditures[9] - Net cash flow from investing activities decreased by 3186.70% to -4,185,358,808.47 due to increased capital investment in long-term assets[9] - Net cash flow from financing activities increased by 447.46% to 3,852,387,567.75 due to increased financing needs for distributed photovoltaic and energy storage station projects[9] - Operating cash inflow totaled RMB 10.53 billion, a slight increase from RMB 10.31 billion in the previous period[30] - Operating cash outflow was RMB 8.80 billion, compared to RMB 8.74 billion in the prior period[30] - Net cash flow from operating activities reached RMB 1.73 billion, up from RMB 1.57 billion[30] - Investment cash outflow surged to RMB 5.26 billion, significantly higher than RMB 1.76 billion in the previous period[30] - Net cash flow from investment activities was negative RMB 4.19 billion, compared to negative RMB 127.34 million[30] - Financing cash inflow increased to RMB 12.66 billion from RMB 7.63 billion[30] - Net cash flow from financing activities was RMB 3.85 billion, a turnaround from negative RMB 1.11 billion[30] - Cash and cash equivalents at the end of the period stood at RMB 4.15 billion, up from RMB 3.91 billion[31] - The company received RMB 793.42 million in other operating-related cash, up from RMB 595.71 million[30] - Tax refunds received amounted to RMB 40.39 million, down from RMB 73.27 million[30] Earnings and Shareholder Metrics - Basic earnings per share for the third quarter were RMB 0.1234, an increase of 24.90% year-on-year[2] - Weighted average return on equity for the third quarter was 1.67%, an increase of 0.38 percentage points year-on-year[2] - Non-recurring gains and losses for the third quarter amounted to RMB 9.282 million, mainly due to equity disposal gains and asset disposal losses[4] - The company's asset disposal gains increased by 145.9% to RMB 76,823,949.24 in Q3 2024, up from RMB 31,243,904.87 in the previous year[26] R&D and Investment Activities - R&D expenses increased by 39.20% to 19,466,519.65 due to increased R&D costs in energy storage manufacturing[8] - R&D expenses increased by 39.2% to RMB 19,466,519.65 in Q3 2024, up from RMB 13,984,148.94 in the same period last year[26] - Investment income dropped significantly by 79.7% to RMB 134,364,733.40 in Q3 2024, compared to RMB 663,152,557.63 in the same period last year[26] Energy Storage and Renewable Energy Projects - The company has accumulated 9.14GW/17.89GWh of independent energy storage projects, with 2.35GW/4.7GWh included in provincial power plans[14] - 12 independent energy storage stations have been put into operation with a total scale of 0.7GW/1.4GWh[14] - The company has accumulated over 15MW/38MWh of commercial and industrial energy storage projects, with 5.25MW/17.5MWh already connected to the grid[14] - The company's total installed capacity reached 5,976.36 MW, with renewable energy accounting for 57.81% of the total, including 2,083.37 MW of photovoltaic power and 817.85 MW of wind power[18] - The company's "Xin Sunshine" residential photovoltaic business added 33,446 new shipments totaling 1,081.62 MW, with 32,940 new grid connections totaling 1,015.33 MW[18] - The company's commercial and industrial distributed photovoltaic business added 365.26 MW of new construction and 199.64 MW of new grid connections[18] - The company's "light-storage-charging" integrated business has developed 10,938 DC fast charging guns (equivalent to 60 kW/gun), with 3,201 guns under construction or operation and 1,367 guns online and operational[19] - The company operates 52 battery swap stations, covering both passenger and commercial vehicle scenarios, with passenger vehicle stations located in cities such as Hangzhou, Guangzhou, and Urumqi[19] Electricity Sales and Trading - The company continues to expand its electricity sales business in key regions such as Jiangsu, Zhejiang, Guangdong, Shandong, and Sichuan-Chongqing[16] - The company's market-oriented trading service electricity volume reached 20.268 billion kWh, with a cumulative distribution project management capacity of 3,204 MVA, serving over 600 users in Zhejiang and Sichuan[17] - The company's green electricity trading volume was 339 million kWh, with domestic and international green certificate corresponding electricity totaling 460 million kWh, and auxiliary service response electricity reaching approximately 14 million kWh[17] Virtual Power Plant and Demand Response - The company's virtual power plant has a dispatchable load capacity of approximately 300MW, accounting for about 20% of Jiangsu Province's actual dispatchable load[15] - The company's demand response scale is approximately 500MW[15] Computing Resources and Energy-Computing Synergy - The company successfully deployed over 1,000 P of computing resources, with additional inventory and in-transit computing resources to meet the needs of energy-computing synergy development[17] Operating Costs and Financial Expenses - Total operating costs for Q3 2024 were RMB 6,835,627,330.86, a 20.1% decrease compared to RMB 8,552,859,184.99 in the previous year[26] - Financial expenses decreased by 6.9% to RMB 572,780,163.97 in Q3 2024, down from RMB 615,443,778.33 in the previous year[26] Cash Received from Sales and Services - Cash received from sales of goods and services was RMB 9,699,017,252.47, a slight increase of 0.6% compared to RMB 9,638,225,209.55 in the previous year[28]

2024年09月19日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|------------| | | | | | 协鑫能科 (002015) | 投资评级 | 买入 | | 主业盈利能力提升,"光储充算"一体化持续发力 | | 维持评级 | | 报告摘要 | 2024年09月18日 | | | ◆ 事件:公司发布2024年中报,2024年上半年公司实现营收 47.03亿元,同比下降 | 收盘价(元): | 6.46 | | 16.41%;归母净利润 4.11 亿元,同比下降 48.72%;扣非归母净利润 2.76 亿 | 公司基本数据 | | | 元,同比增长 23.82 ...

协鑫能源科技股份有限公司 2024 年半年度报告全文 协鑫能源科技股份有限公司 2024 年半年度报告 2024 年 8 月 29 日 1 协鑫能源科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人朱钰峰、主管会计工作负责人彭毅及会计机构负责人（会计 主管人员）卢文江声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等方面的内容，均不构成本公司对任何投资 者的承诺，敬请投资者注意投资风险。公司已在本报告第三节"管理层讨论与 分析"之"十、公司面临的风险和应对措施"部分，详细描述了公司经营中可能 存在的风险，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 协鑫能源科技股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |---------------------------------- ...

①Robotaxi 有望为"换电模式"带来近200亿元投资空间，当前换电出租车渗透率不足17%仍为蓝海，或 为运营商解决服务次数+运营里程两大核心矛盾；②金牌策略：美联储降息交易对A股影响偏弱，短期 可以关注三中全会催化的政策主题和中报业绩结构亮点。 《风口研报》今日导读 1、换电（协鑫能科、山东威达、中恒电气）：①光大证券殷中枢指出，商用车换电仅需花费3-5分钟， 节约时间可提高单车单日订单量，这对于处于商业化早期的Robotaxi尤为重要，有助于提前实现盈亏 平衡；②Robotaxi的toB商业模式是换电获得规模效益的最佳途径，Robotaxi解决了换电经济性模型中 单站单日服务次数、单车单日运营里程两个核心变量，或成为换电最适合的应用场景；③据协鑫能科公 告，单个乘用车换电站投资成本（不含电池及线路）260万元，假设远期50%的运营车辆为换电 Robotaxi，Robotaxi带来的换电站投资（不含电池）有望达到近200亿元；④据NDANEV，2023年1月 换电车辆累计接入29.7万辆，其中出租乘用车仅5.0万辆，运营车辆换电仍是蓝海，利好换电产业链相 关公司；⑤风险提示：Robotaxi推广不及预期 ...

证券研究报告 | 公司动态点评 2024 年 06月 13日 协鑫能科（002015.SZ） 清洁能源主业发展稳健，“光储充算”多线并行发展 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 10,951 10,144 12,564 14,265 16,231 股票信息 增长率yoy（%） -3.3 -7.4 23.9 13.5 13.8 归母净利润（百万元） 684 909 1,247 1,498 1,731 行业 电力及公用事业 增长率yoy（%） -32.5 32.9 37.2 20.1 15.6 2024年6月12日收盘价（元） 8.87 ROE（%） 5.2 7.0 8.8 9.6 10.2 总市值（百万元） 14,398.89 EPS最新摊薄（元） 0.42 0.56 0.77 0.92 1.07 流通市值（百万元） 14,398.89 P/E（倍） 21.0 15.8 11.5 9.6 8.3 总股本（百万股） 1,623.32 P/B（倍） 1.3 1.2 1.1 1.0 0.9 流通股本（百万股） 1,623.32 资料来源：公司财报 ...