伊戈尔电气股份有限公司 第六届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 伊戈尔电气股份有限公司（以下简称"公司"）第六届董事会第十八次会议 通知于 2024 年 7 月 24 日以电子邮件方式向全体董事发出，会议于 2024 年 7 月 29 日在公司会议室以现场与通讯相结合的方式召开。本次会议由董事长肖俊承 先生主持，应出席董事 5 人，实际出席董事 5 人，公司全体监事、部分高级管理 人员列席了本次会议。本次会议的召开符合《公司法》和《公司章程》等的规定。 证券代码：002922 证券简称：伊戈尔 公告编号：2024-073 《关于全资子公司存续分立的公告》详见《证券时报》《中国证券报》和巨 1 / 2 潮资讯网。 二、董事会会议审议情况 （一）审议通过了《关于与吉安市吉州区人民政府签署投资合同的议案》 基于公司业务布局规划，为进一步满足公司未来业务发展和市场拓展的需要， 公司与吉安市吉州区人民政府签署投资总额约 8 亿元的《投资合同》，在吉安市 吉州区投资建设新能源干式变压器及光储充智能微网系统数 ...

证券代码：002922 证券简称：伊戈尔 公告编号：2024-072 伊戈尔电气股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 伊戈尔电气股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第 六届董事会第十四次会议和第六届监事会第十二次会议，于 2024 年 4 月 19 日召 开 2023 年年度股东大会，审议通过了《关于 2024 年公司及子公司担保额度预计 的议案》， 同意公司对下属子公司提供担保额度为不超过 42.50 亿元人民币的担 保，子公司之间相互提供担保额度不超过 42.50 亿元人民币，担保有效期自公司 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会结束之日止。其中， 公司预计为佛山市顺德区伊戈尔电力科技有限公司（以下简称"顺德伊戈尔"）、 吉安伊戈尔电气有限公司（以下简称"吉安伊戈尔"）、吉安伊戈尔磁电科技有 限公司（以下简称"伊戈尔磁电"）、佛山市伊戈尔电子有限公司（以下简称"伊 戈尔电子"）分别提供 15 亿元、5 亿元、5 亿元 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company, indicating an expected stock price performance that exceeds the market benchmark by more than 10% [11][17][20]. Core Insights - The company is expected to experience rapid growth in overall performance due to the release of production capacity for photovoltaic step-up transformers and distribution transformers. The company is also leveraging economies of scale and cost reduction strategies to mitigate the negative impacts of raw material price fluctuations, with stable gross margin levels anticipated [13][17][20]. - The forecast for net profit attributable to the parent company for 2024-2026 has been raised to 418 million, 522 million, and 631 million yuan, respectively, reflecting year-on-year growth rates of 99.8%, 24.7%, and 21% [17][20][22]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 3,630 million yuan in 2023 to 4,829 million yuan in 2024, representing a growth rate of 33% [22]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 1.07 yuan, 1.33 yuan, and 1.61 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17.6, 14.1, and 11.7 [22][36]. - The company’s gross margin is expected to remain stable despite rising raw material costs, supported by increased efficiency from digital production lines and automation investments [13][25][26].

Investment Rating - Buy (Maintained) [1][3] Core Views - The company's H1 2024 net profit attributable to the parent company is expected to increase by 75-105% YoY, with non-GAAP net profit increasing by 77-106% YoY, exceeding market expectations [1] - The company's overseas business is developing rapidly, and the automation production line has improved quality and efficiency beyond expectations, leading to an upward revision of the 2024-2026 net profit forecasts [3] - The company's Q2 2024 revenue is expected to maintain a rapid growth rate, driven by contributions from photovoltaic step-up transformers and distribution transformers [7] Financial Performance - H1 2024 net profit attributable to the parent company is expected to be between 158-185 million yuan, with a median of 172 million yuan, a 91% YoY increase [1] - Q2 2024 net profit attributable to the parent company is expected to be 114 million yuan, a 60% YoY increase and a 96% QoQ increase [1] - The company's 2024-2026 net profit forecasts have been revised to 401, 556, and 704 million yuan, representing YoY increases of 91%, 39%, and 27% respectively [3] Business Outlook - The company's domestic major customers' Q2 shipment pace is in line with expectations, and the scale effect + digital factory quality and efficiency improvement have basically offset the impact of rising raw material prices on transformer gross margins [7] - Overseas direct sales customers in Europe and the US are gaining momentum, with faster progress in Europe and accelerated layout of North American factories, with the US factory expected to start production in Q4 2024 [7] - The company's photovoltaic step-up transformer and distribution transformer products are expected to maintain rapid revenue growth throughout the year, supported by the accelerated release of overseas production capacity [7] Valuation and Metrics - The company's current P/E ratios for 2024-2026 are 18x, 13x, and 10x respectively [3] - The company's 2024-2026 revenue is forecasted to be 5,162, 6,415, and 7,745 million yuan, with YoY growth rates of 42.20%, 24.27%, and 20.74% respectively [6] - The company's 2024-2026 EPS is forecasted to be 1.02, 1.42, and 1.80 yuan per share [6]

证券代码：002922 证券简称：伊戈尔 公告编号：2024-071 伊戈尔电气股份有限公司 关于完成工商变更登记及备案的公告 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。 伊戈尔电气股份有限公司（以下简称"公司"）于 2024 年 6 月 4 日召开第 六届董事会第十七次会议，审议通过了《关于修改公司章程并办理工商变更登记 的议案》，公司注册资本由人民币 39,131.9691 万元变更为 39,178.1691 万元。具 体内容详见公司披露在《证券时报》《中国证券报》及巨潮资讯网的《关于修改 公司章程并办理工商变更登记的公告》（公告编号：2024-062）。 目前，公司已办理完成上述事项工商变更及备案登记手续，并取得了佛山市 市场监督管理局换发的《营业执照》，具体情况如下： 一、变更前后对比 | 登记/备案事项 | 变更前内容 | | 变更后内容 | | | --- | --- | --- | --- | --- | | 注册资本 | 39,131.9691 | 万元人民币 | 39,178.1691 | 万元人民币 | 除上述变更外，其他工商登记/备案 ...

Financial Performance - The company expects net profit attributable to shareholders to be between 158 million and 185 million CNY, representing a year-on-year growth of 75.10% to 105.02% compared to 90.23 million CNY in the same period last year[11]. - The net profit after deducting non-recurring gains and losses is projected to be between 150 million and 175 million CNY, showing a year-on-year increase of 76.91% to 106.40% from 84.79 million CNY last year[11]. - Basic earnings per share are anticipated to be between 0.41 CNY and 0.48 CNY, compared to 0.30 CNY per share in the same period last year[11]. Operational Improvements - The company has increased its investment in digital production lines and automation equipment, leading to improved efficiency and quality[7]. - The company has successfully expanded its global market presence, resulting in a significant increase in orders compared to the previous year[7]. - The company is focused on seizing industry development opportunities to enhance its competitive position[7]. Financial Reporting and Assurance - The performance forecast has been communicated with the accounting firm, and there are no discrepancies regarding the earnings outlook[2]. - The company emphasizes the importance of the upcoming detailed financial report for precise data verification[13]. - The earnings forecast is based on preliminary calculations by the finance department and is subject to change[13]. - The company assures the accuracy and completeness of the disclosed information, with no misleading statements or omissions[10].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 26.5 CNY based on a projected 30x PE for 2024 [26][43]. Core Insights - The company is positioned to benefit from the high demand in the power equipment sector driven by the synergy of "new energy, distribution network, and data centers" [62]. - The company has established deep partnerships with major clients in the photovoltaic sector, which is expected to drive rapid revenue growth [19][63]. - The company is expanding its overseas presence and increasing direct sales efforts, particularly in North America and Europe, to capitalize on growing international demand [13][19]. Summary by Sections Market Overview - The global photovoltaic installation is projected to grow significantly, with new installations expected to reach 1,321 GW by 2030, reflecting a CAGR of 16% [2]. - The average price of photovoltaic inverters is expected to decrease from 0.22 CNY/W in 2023 to 0.15 CNY/W by 2030 [2]. Financial Projections - The company’s revenue is forecasted to grow from 3.63 billion CNY in 2023 to 7.73 billion CNY by 2026, with a CAGR of 28.68% [28]. - The net profit attributable to the parent company is expected to increase from 209 million CNY in 2023 to 638 million CNY by 2026, with a growth rate of 31.06% in 2026 [28]. Product and Market Strategy - The company has diversified its product offerings from high-frequency inductors to include photovoltaic step-up transformers and smart box transformers, expanding into data center power supply systems [10][19]. - The company is implementing a "2+X" strategy to enhance its product and capacity development across various sectors [33][67]. Customer and Sales Strategy - The company has established strong ties with leading photovoltaic companies, with the largest customer accounting for 43% of revenue in 2023 [75]. - The company is actively increasing its overseas sales team and direct sales efforts to enhance its market presence in international markets [13][19].

Summary of Conference Call Notes Industry Overview - Companies shipping to the US market are experiencing trading impacts due to previous significant price increases in the sector, leading to a relatively expensive position for some stocks [1] - There is a trend of profit-taking among certain funds, indicating a cautious market sentiment [1] - The upcoming second-quarter earnings reports are creating uncertainty regarding the future outlook for transformer companies, resulting in differing opinions among market participants [1] Key Points - The overall sector has seen substantial gains recently, which may contribute to the current market dynamics [1] - Market participants are closely monitoring the performance of transformer companies as earnings reports approach, highlighting potential volatility [1] Additional Insights - The divergence in market sentiment regarding the future performance of transformer companies suggests a need for careful analysis of upcoming earnings and market conditions [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.36 CNY per share [68]. Core Insights - The company has achieved significant revenue growth, with a compound annual growth rate (CAGR) of 27.2% in revenue and 38.2% in net profit from 2018 to 2023. In 2023, the company reported revenue of 3.63 billion CNY, a year-on-year increase of 28.7%, and a net profit of 209 million CNY, up 9.3% [66][32][50]. - The company is expanding its product offerings in the photovoltaic sector, particularly through high-frequency inductors and boost transformers, which have seen substantial demand growth [13][21][40]. - The company is also investing in overseas production capabilities, with a new factory planned in Mexico to cater to the North American market, addressing the supply-demand mismatch in transformers [68][110]. Summary by Sections Business Overview - The company has a diversified product portfolio, focusing on energy products and lighting, with a strategic "2+X" approach that includes vehicle power supplies and energy storage systems [81][55]. - In 2023, the company's revenue from new energy products reached 2.63 billion CNY, a 42% increase year-on-year, contributing to 72% of total revenue [99][66]. Financial Performance - The company has shown a strong recovery in profitability, with a gross margin of 22.3% and a net margin of 6.0% in 2023, reflecting a stable cost management strategy [38][32]. - The first quarter of 2024 saw continued growth, with revenue of 770 million CNY, up 21.1%, and net profit of 60 million CNY, a remarkable increase of 206.7% [32][66]. Market Position and Strategy - The company has successfully penetrated the inverter supply chain of leading manufacturers, leveraging its competitive advantages in reliability and cost control [19][13]. - The global market for photovoltaic transformers is projected to grow significantly, with expectations of reaching 7.3 billion USD by 2031, indicating a robust growth opportunity for the company [25][21]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 4.87 billion CNY in 2024, 6.35 billion CNY in 2025, and 8.20 billion CNY in 2026, reflecting growth rates of 34.0%, 30.5%, and 29.2% respectively [68][52]. - The planned expansion into the Mexican market is anticipated to enhance the company's ability to meet increasing demand in North America, particularly in light of aging infrastructure and the need for modernization [110][68].

证券代码：002922 证券简称：伊戈尔 公告编号：2024-069 伊戈尔电气股份有限公司 本次回购股份资金来源为公司自有资金，回购价格未超过回购方案中拟定的 价格上限。本次回购符合相关法律法规的要求，符合既定的回购股份方案。 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 伊戈尔电气股份有限公司（以下简称"公司"）于 2023 年 12 月 21 日召开 第六届董事会第十三次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金不低于人民币 6,000 万元（含）且不超过人民币 12,000 万元 （含）以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票， 回购股份将用于股权激励或员工持股计划。本次回购价格为不超过人民币 22 元/ 股。具体回购股份的资金金额、回购股份数量、回购价格等将以回购期限届满或 者回购股份实施完毕时实际回购情况为准。本次回购股份的实施期限为自董事会 审议通过之日起 12 个月内。因公司完成实施 2023 年年度权益分派，本次回购价 格上限由不超过人民币 22 元/股调整为不 ...