证券代码：002150 证券简称：通润装备 公告编号：2025-027 江苏通润装备科技股份有限公司 关于收到重大资产购买之业绩补偿款的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏通润装备科技股份有限公司（以下简称"公司"）于近日收到浙江正泰 电器股份有限公司（以下简称"正泰电器"）、上海挚者管理咨询中心（有限合 伙）（以下简称"上海挚者"）、上海绰峰管理咨询中心（有限合伙）（以下简 称"上海绰峰"）（以上三个主体以下合称"交易对方"或"补偿义务主体"） 支付的全部现金补偿款合计人民币 4,495.65 万元。现将相关事项公告如下： 一、本次业绩补偿事项概况 2023 年，公司以支付现金方式购买交易对方合计持有的温州盎泰电源系统 有限公司（以下简称"盎泰电源"）100%股权（以下简称"标的资产"），本次 交易标的资产合计作价 84,030.47 万元。上述重大资产购买所涉及事项的交割已 完成。 1 2024 年度业绩承诺实现情况及业绩补偿方案的公告》（公告编号：2025-012）。 二、本次业绩补偿方案履行情况 2025 年 4 月 24 日，公 ...

Group 1 - The company, Tongrun Equipment (002150), has received a total cash compensation of RMB 44.9565 million from Zhejiang Chint Electric (601877), Shanghai Zhizhe Management Consulting Center (Limited Partnership), and Shanghai Chuo Feng Management Consulting Center (Limited Partnership) [1] - The compensation is related to the acquisition of 100% equity of Wenzhou Antai Power System Co., Ltd. through cash payment in 2023 [1] - According to performance commitments, Chint Electric is required to compensate RMB 39.0995 million, Shanghai Chuo Feng RMB 1.3945 million, and Shanghai Zhizhe RMB 4.4625 million [1] Group 2 - The company held a board and supervisory committee meeting on April 18, 2025, to review and approve the performance compensation plan [1] - The company notified the compensation obligors on April 24, 2025, regarding the compensation obligations [1] - As of the announcement date, the company has received all compensation payments [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.371 billion yuan in 2024, representing a year-on-year growth of 34%, and a net profit attributable to shareholders of 217 million yuan, which is a significant increase of 237% [2][4]. - In Q4 2024, the company achieved a revenue of 930 million yuan, up 11% year-on-year and 12% quarter-on-quarter, with a net profit of 110 million yuan, reflecting a year-on-year growth of 406% and a quarter-on-quarter growth of 261% [2][4]. - For Q1 2025, the company reported a revenue of 808 million yuan, an 18% increase year-on-year, and a net profit of 18 million yuan, which is a 20% year-on-year growth [2][4]. Summary by Sections Financial Performance - In 2024, the company's solar storage business generated a revenue of 2.02 billion yuan, an 80% increase year-on-year, with inverter sales reaching 8.7 GW, up 108% year-on-year, and energy storage product sales of 0.3 GWh, a 41% increase [10]. - The metal products business achieved a revenue of 1.33 billion yuan in 2024, a 10% year-on-year growth, with a gross margin of 29.7%, which is an increase of 3.4 percentage points [10]. - The company expects to maintain stable operations in the metal products sector while actively expanding into new business areas such as commercial refrigerators and electromechanical products [10]. Market Outlook - The company aims to consolidate its market position in North America and South Korea while expanding into European, African, and Latin American markets [10]. - The North American market is expected to benefit from the company's proactive inventory buildup ahead of tariff implementations, while the European market is anticipated to grow due to increasing demand for ground and commercial storage [10]. - Emerging markets such as Brazil, Ukraine, and Pakistan are also being targeted for further penetration, contributing to performance growth [10]. Profitability Forecast - The company is projected to achieve a net profit attributable to shareholders of 300 million yuan in 2025 and 410 million yuan in 2026, corresponding to price-to-earnings ratios of 13 and 10 times, respectively [10].

证券代码：002150 证券简称：通润装备 公告编号：2025-026 公司 2024 年度利润分配预案尚需提交公司 2024 年年度股东大会审议批准， 公司股东大会将采取现场表决和网络投票相结合的方式召开，为中小股东参与现 金分红决策提供便利，且对中小投资者的表决单独计票并披露。此外，公司将通 过投资者热线、互动易平台等多种渠道接受投资者尤其是中小股东的意见或建议， 并及时给予反馈，切实保障投资者权益。 一、现金分红水平低于当年净利润 30%的原因 公司主要从事光伏储能设备、元器件以及金属制品的研发、生产及销售业务， 为满足日常经营周转需要、增强抗风险能力，公司需要一定的安全资金保障，以 保障公司业务发展的需要和其他资金需求。公司业务发展稳定，具备持续盈利能 力，光伏储能设备、元器件业务正处于成长期，公司正在积极推进松江生产基地 建设，存在资本性支出。因此，基于公司实际情况并充分考虑维护股东利益，在 保证公司正常经营的前提下，提出了本次利润分配预案。 二、留存未分配利润的预计用途及使用计划 公司留存未分配利润结转至下一年度，主要用于满足公司日常经营和长期发 展资金需求，支持公司主营业务发展以及流动资金需求等 ...

Core Viewpoint - Tongrun Equipment's acquisition of Antai Power has not met profit commitments, leading to significant financial repercussions and highlighting challenges in the photovoltaic industry [1][3][4]. Company Summary - Antai Power is projected to achieve a cumulative net profit of approximately 184 million yuan in 2023 and 2024, falling short of the promised 202 million yuan [1]. - Compensation obligations from related parties amount to approximately 39.1 million yuan from Zhengtai Electric, 1.39 million yuan from Shanghai Chuo Feng, and 4.46 million yuan from Shanghai Zhi Zhe [1]. - The company reported a negative operating cash flow of 70 million yuan in Q1 2025, continuing a trend of cash outflow [1]. - The asset-liability ratio surged from 17.91% to 56.87% post-acquisition, with total liabilities reaching 2.773 billion yuan [2]. Industry Summary - The photovoltaic industry is experiencing a downturn, with a 56% year-on-year reduction in financing scale and over 15 companies halting or postponing fundraising plans [3]. - The global photovoltaic installation growth rate is expected to drop to 15% in 2025, with China's inverter production capacity surplus projected to exceed 40% [3]. - The industry's blind expansion has led to overcapacity and price wars, making it difficult for companies like Tongrun Equipment to maintain profitability [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in inverter sales in 2025, with accelerated overseas expansion in energy storage gradually ramping up [1] - The company reported a revenue of 3.37 billion yuan in 2024, a year-on-year increase of 34%, and a net profit of 217.17 million yuan, a year-on-year increase of 237% [8] - The inverter segment is projected to see a revenue increase of 20%+ in 2025, driven by inventory reserves in the U.S. to meet demand [8] Financial Projections - Total revenue is forecasted to grow from 2.52 billion yuan in 2023 to 6.61 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.62% [1] - The net profit attributable to the parent company is expected to rise from 64.39 million yuan in 2023 to 515.93 million yuan in 2027, reflecting a significant growth trajectory [1] - The earnings per share (EPS) is projected to increase from 0.18 yuan in 2023 to 1.42 yuan in 2027 [1] Market Performance - The company achieved a gross margin of 30% in 2024, with a slight increase in profitability due to a higher proportion of overseas sales [8] - The toolbox cabinet segment is expected to maintain steady growth, with revenue projected at 10.6 billion yuan in 2024, a year-on-year increase of 20% [8] - The company’s market capitalization is approximately 4.05 billion yuan, with a price-to-earnings (P/E) ratio of 18.67 based on the latest diluted EPS [6][9]

Summary of Tongrun Equipment Conference Call Company Overview - **Company**: Tongrun Equipment - **Industry**: Renewable Energy, specifically focusing on photovoltaic (PV) and energy storage solutions Key Financial Performance - **2024 Revenue**: 18 billion CNY, a year-on-year increase of 80.07% - **2024 Net Profit**: 2.17 billion CNY, a year-on-year increase of 237.28%, primarily driven by growth in photovoltaic energy storage business [1][2] - **Q1 2025 Revenue**: 8.08 billion CNY, a year-on-year increase of 18.01% - **Q1 2025 Net Profit**: 18.31 million CNY, a year-on-year increase of 19.7% [1][2] Business Segments Renewable Energy - Focus on North America and South Korea markets, with leading positions in commercial PV inverters [1][4] - Expansion into emerging markets such as Europe, Latin America, and Pakistan, with full-scenario PV solutions launched in Europe [1][4] - In 2024, inverter shipments increased by approximately 20%, with significant growth in the US (20%-28%), Europe (over 20%), and South Korea (over 40%) [1][6] Metal Products - Revenue from metal products reached 1.334 billion CNY, a year-on-year increase of 10.14% [2] - Focus on expanding production capacity and developing new product lines such as workbenches and tool cabinets [1][4] Market Dynamics - **Supply Chain Management**: The company has optimized its supply chain and strengthened partnerships to mitigate the impact of US-China tariff disputes [3][7] - **Profit Margins**: North America maintains a gross margin of 40%-50%, while Europe exceeds 30%. The Chinese market is more competitive, with margins between 15%-25% [3][26] Product Development - Successful development of high-power string inverter products (330 kW and 350 kW) for European and North American markets [5] - New generation home and commercial energy storage solutions launched, aimed at global commercial energy storage systems [5] Future Outlook - **2025 Goals**: Anticipated growth in inverter-based energy storage, with significant projects in Japan and Australia [15][16] - **Market Expansion**: Expected overseas shipment growth of 20%-30% compared to the previous year, with a focus on high-margin markets [26] - **Challenges**: Anticipated decline in large-scale energy storage demand in the US due to high tariffs and supply chain issues [24] Additional Insights - **European Market**: Strong growth in commercial energy storage, with a focus on centralized grid-side storage projects [30][33] - **Order Backlog**: Approximately 160 million USD in orders in North America, with expectations for double-digit growth in revenue [34] - **Gross Margin Trends**: Margins are expected to stabilize in the US market due to sufficient inventory and potential price adjustments to counter tariff impacts [36] Conclusion Tongrun Equipment is positioned for significant growth in the renewable energy sector, particularly in photovoltaic and energy storage solutions, with a strong focus on international markets and product innovation. The company is actively managing challenges related to tariffs and competition while aiming to enhance its market share and profitability.

Financial Performance - In 2024, the company achieved operating revenue of CNY 3.371 billion, a year-on-year increase of 33.86% [2] - Revenue from photovoltaic energy storage equipment and components reached CNY 2.018 billion, growing by 80.07% [2] - The net profit attributable to shareholders was CNY 217 million, a significant increase of 237.28% [3] - In Q1 2025, operating revenue was CNY 808 million, reflecting a year-on-year growth of 18.01% [3] - The net profit attributable to shareholders in Q1 2025 was CNY 18.31 million, up by 19.70% [3] Business Operations New Energy Sector - The company focuses on key markets such as North America and South Korea, maintaining the top position in commercial photovoltaic inverter shipments in North America and market share in South Korea [3] - In 2024, the company launched a comprehensive solar storage solution for the European market, establishing subsidiaries and service centers in Poland and the Netherlands [3] - Successful delivery of large-scale energy storage projects in Japan and ongoing partnerships in emerging markets like Brazil and Pakistan [3] Metal Products Sector - The metal products business generated CNY 1.334 billion in revenue, a year-on-year increase of 10.14% [3] - The company is expanding production capacity and developing new growth areas, including data communication-related sheet metal business [3] Future Outlook - The company plans to strengthen its business capabilities across all sectors and actively expand in the new energy market, leveraging strategic resources from the parent group [4] - The company aims to enhance its performance and provide better returns to investors [4] Market Challenges and Strategies - The impact of tariff trade disputes is currently limited, with sufficient inventory in the U.S. market [5] - The company is monitoring tariff policies and may adjust product pricing and strategies accordingly [5] - In the overseas energy storage market, the focus will be on large-scale centralized storage project development in Europe, which can apply for EU subsidies [5]

江苏通润装备科技股份有限公司 关于开展外汇衍生品交易业务的可行性分析报告 为降低外汇汇率波动带来的风险，江苏通润装备科技股份有限公司（以下简 称"公司"）及其控股子公司（本报告中合称"公司"）拟以套期保值为目的开 展外汇衍生品交易业务，具体情况如下： 一、开展外汇衍生品交易业务的必要性和可行性 公司海外市场业务结算主要采用美元、欧元等多种货币，外汇收支规模较大。 受国际政治、经济等不确定因素影响，近年来外汇市场波动较大。为有效防范外 汇市场汇率波动所带来的风险，提高公司应对外汇汇率波动风险的能力，减少汇 率大幅波动对公司业绩造成不良影响，增强公司财务稳健性，经审慎考虑，公司 拟开展以套期保值为目的的外汇衍生品交易业务。 公司拟开展的外汇衍生品交易业务与主营业务紧密相关，是以套期保值为目 的的风险对冲交易，不以盈利为目的。本次拟开展的外汇衍生品交易业务交易品 种为与公司生产经营相关的合同结算货币，锁定部分合同对价的当期汇率，可以 降低汇率波动对公司经营成果造成的影响，能进一步提高公司应对外汇市场风险 的能力，增强公司财务稳健性。 公司已制定相关规章制度，具有完善的内部控制流程，采取的针对风险控制 的措施切实可行 ...

江苏通润装备科技股份有限公司 2024 年度董事会工作报告 2024 年，江苏通润装备科技股份有限公司（以下简称"公司"）董事会严格 按照《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》及《江苏通润装备科技股份有限公司章程》（以下简称"《公司章程》"）、 公司《董事会议事规则》等有关规定规范运作，本着恪尽职守、勤勉尽责的工作 态度，依法独立行使职权，全力保障股东权益、公司利益和员工的合法权益不受 侵犯。切实履行股东大会赋予的董事会职责，严格执行股东大会各项决议，积极 推进董事会各项决议的实施，不断规范公司法人治理结构，确保董事会科学决策 和规范运作。现将董事会 2024 年度的工作情况报告如下： 一、2024 年度公司经营情况回顾 报告期内，公司继续光储逆变器、储能系统业务和金属制品业务的双主业运 行的格局，充分把握优质资产注入所带来的快速发展机遇，在客户资源、营销渠 道、内部协作、管理与运作经验互惠、技术与产业信息共享等方面加强协同发展。 2024 年，面对复杂的经营环境，公司保持战略定力，加快新产品研 ...