第五届监事会第二十一次会议决议公告 本公司及监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。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）第五届监事 会第二十一次会议于 2025 年 4 月 25 日在青岛市崂山区松岭路 336 号特锐德办公大 楼会议室以现场表决的方式召开，会议应到监事 3 人，实到监事 3 人，符合公司章 程规定的法定人数。本次会议通知于 2025 年 4 月 21 日以现场及通讯方式发出，会 议的通知和召开符合《公司法》与《公司章程》的规定。本次会议由公司监事会主 席邵巧明先生主持。经与会监事认真审议，通过了以下议案： 一、审议通过《2025 年第一季度报告》 表决结果：同意3票、反对0票、弃权0票，本议案获表决通过。 经审核，监事会认为董事会编制和审核公司《2025年第一季度报告》的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见与本公告同日刊登在中国证监会指定的创业板信息披露网站上 的《2025年第一季度报告》。 证券代码： ...

证券代码：300001 证券简称：特锐德 公告编号：2025-041 青岛特锐德电气股份有限公司 第五届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛特锐德电气股份有限公司（以下简称"公司"或"特锐德"）第五届董事 会第二十五次会议于2025年4月25日在青岛市崂山区松岭路336号特锐德办公大楼会 议室以通讯和现场表决相结合的方式召开，会议应到董事9人，实到董事9人，符合 公司章程规定的法定人数。本次会议通知于2025年4月21日以现场及通讯方式发出， 会议的通知和召开符合《公司法》与《公司章程》的规定。本次会议由公司董事长 于德翔先生主持，与会董事经过认真审议，形成如下决议： 一、审议通过《2025年第一季度报告》 表决结果：9票赞成，0票反对，0票弃权，本议案获表决通过。 具体内容详见与本公告同日刊登在中国证监会指定的创业板信息披露网站上的 《2025年第一季度报告》。 本议案中的财务报告部分已经董事会审计委员会审议通过。 二、审议通过《关于二级全资子公司变更为一级全资子公司的议案》 表决结果：9票赞成，0票反对，0票弃 ...

Financial Performance - The company's revenue for Q1 2025 was ¥2,102,222,678.83, a decrease of 3.46% compared to ¥2,568,939,926.58 in the same period last year[4] - Net profit attributable to shareholders was ¥64,777,315.42, reflecting a 5.17% increase from ¥61,595,699.07 year-on-year[4] - The net profit after deducting non-recurring gains and losses decreased by 3.90% to ¥45,485,404.84 from ¥47,332,563.12 in the previous year[4] - Total operating revenue for the current period reached ¥2,102,222,678.83, an increase from ¥2,031,837,881.92 in the previous period, reflecting a growth of approximately 3.5%[19] - Total operating costs increased to ¥2,143,033,825.05 from ¥2,042,485,817.82, representing a rise of about 4.9%[19] - The gross profit margin decreased, with operating costs constituting approximately 101.9% of operating revenue in the current period compared to 100.5% in the previous period[19] - The company's net profit for the current period is 46,392,981.36, an increase from 38,170,067.75 in the previous period, representing a growth of approximately 21.5%[20] - The total profit before tax is 26,640,166.82, compared to 32,886,070.81 in the previous period, representing a decrease of about 19%[20] - The company's operating profit is reported at 24,846,496.44, down from 36,104,428.40 in the previous period, reflecting a decline of approximately 31.5%[20] - The basic and diluted earnings per share remain at 0.06, unchanged from the previous period[21] Cash Flow and Assets - Cash flow from operating activities showed a negative net amount of ¥668,160,568.88, a decline of 21.11% compared to ¥-551,683,016.16 last year[4] - Cash and cash equivalents decreased to ¥1,996,418,443.30 from ¥2,742,215,485.49, a decline of approximately 27.2%[16] - The net cash flow from operating activities is -668,160,568.88, worsening from -551,683,016.16 in the previous period[22] - The company incurred a net cash outflow from investing activities of -116,863,757.63, an improvement from -182,541,514.51 in the previous period[24] - The net cash flow from financing activities is 167,003,821.49, compared to 53,926,050.69 in the previous period, indicating a significant increase[24] - Total assets at the end of the reporting period were ¥24,581,133,968.26, down 1.73% from ¥25,013,398,123.96 at the end of the previous year[5] - Total liabilities decreased to ¥16,037,788,857.08 from ¥16,551,351,035.43, a reduction of approximately 3.1%[18] - The company's retained earnings increased to ¥3,061,394,610.03 from ¥2,996,617,294.61, reflecting a growth of about 2.2%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,838, with no preferred shareholders having restored voting rights[10] - The largest shareholder, Qingdao Derui Investment Co., Ltd., holds 31.57% of shares, totaling 333,290,422 shares, with 143,840,000 shares pledged[10] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder being Hong Kong Central Clearing Limited at 2.10%[10] - The total number of shares held by the top ten unrestricted shareholders includes 333,290,422 shares from Qingdao Derui Investment Co., Ltd.[10] - The company has a share buyback account holding 8,205,340 shares, accounting for 0.78% of total shares[11] Operational Highlights - The company achieved a contract amount exceeding 3.8 billion RMB in Q1 2025, representing a year-on-year growth of over 30%[14] - The total charging volume surpassed 4 billion kWh in Q1 2025, showing a year-on-year increase of over 40%[14] - The company successfully won a 700 million RMB project for the Saudi National Grid, highlighting its competitive strength in international markets[14] - A wholly-owned subsidiary, Qingdao Teruid International Power Equipment Co., Ltd., was established in March 2025 to enhance overseas business capabilities[14] - The company is focused on a global development strategy, emphasizing "smart manufacturing + integrated services" and electric vehicle charging networks[14] Investment and Income - Investment income rose by 39.12% year-on-year, attributed to higher investment returns recognized under the equity method[8] - Non-operating income increased by 36.87% compared to the previous year, mainly due to an increase in compensation and penalties received[9] - Research and development expenses rose to ¥90,529,540.44 from ¥86,860,447.14, an increase of approximately 3.8%[19] Receivables and Inventory - Accounts receivable financing decreased by 61.52% compared to the beginning of the year, primarily due to a reduction in receivables measured at fair value[8] - Accounts receivable decreased to ¥8,946,462,509.76 from ¥9,338,675,902.14, a reduction of about 4.2%[16] - Inventory increased by 60.42% compared to the beginning of the year, driven by an increase in sales orders[8] - Inventory increased significantly to ¥1,934,070,591.38 from ¥1,205,616,602.16, marking an increase of approximately 60.5%[16]

证券研究报告 | 2025年04月24日 特锐德（300001.SZ） 优于大市 充电网业务快速增长，电力设备盈利能力显著提升 公司 2024 年实现归母净利润 9.17 亿元，同比+87%。最新会计准则口径下， 2024 年公司实现营收 153.74 亿元，同比+21%；实现归母净利润 9.17 亿元， 同比+87%；实现扣非归母净利润 7.64 亿元，同比+89%。公司 2024 年毛利率 为 25.92%，同比-0.32pct；净利率为 6.11%，同比+2.50pct。2024Q4 公司实 现营收 64.77 亿元，环比+83%；实现归母净利润 4.70 亿元，环比+86%；实 现扣非归母净利润 3.79 亿元，环比+68%。 公司电动汽车充电网业务实现快速增长。公司 2024 年电动汽车充电网业务 实现营收 48.90 亿元，同比+18%；实现归母净利润 2.08 亿元，同比+72%。 2024 年公司充电量突破 130 亿度，同比+40%。截至 2024 年末公司运营公共 充电桩数量达到 70.9 万个，稳居行业首位。公司持续加大充电网生态合作， 扩大产业协同。截至 2024 年底，公司在全国范围 ...

特锐德（300001.SZ） 优于大市 充电网业务快速增长，电力设备盈利能力显著提升 证券研究报告 | 2025年04月24日 公司 2024 年实现归母净利润 9.17 亿元，同比+87%。最新会计准则口径下， 2024 年公司实现营收 153.74 亿元，同比+21%；实现归母净利润 9.17 亿元， 同比+87%；实现扣非归母净利润 7.64 亿元，同比+89%。公司 2024 年毛利率 为 25.92%，同比-0.32pct；净利率为 6.11%，同比+2.50pct。2024Q4 公司实 现营收 64.77 亿元，环比+83%；实现归母净利润 4.70 亿元，环比+86%；实 现扣非归母净利润 3.79 亿元，环比+68%。 公司电动汽车充电网业务实现快速增长。公司 2024 年电动汽车充电网业务 实现营收 48.90 亿元，同比+18%；实现归母净利润 2.08 亿元，同比+72%。 2024 年公司充电量突破 130 亿度，同比+40%。截至 2024 年末公司运营公共 充电桩数量达到 70.9 万个，稳居行业首位。公司持续加大充电网生态合作， 扩大产业协同。截至 2024 年底，公司在全国范围 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company reported a revenue of 15.374 billion RMB for 2024, representing a year-on-year increase of 21.15%, with a net profit attributable to shareholders of 917 million RMB, up 86.62% year-on-year [1][5]. - The charging business is expected to enhance profitability, and the company is expanding its presence in the overseas market while maintaining a strong position in the power equipment sector [1][5]. - The company has a leading market share in the charging pile business, with a revenue of 4.89 billion RMB in 2024, a year-on-year increase of 18%, and a net profit of 208 million RMB, up 72% year-on-year [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.88 billion RMB, with a year-on-year increase of 49% and a quarter-on-quarter increase of 17%. The net profit for the same period was 470 million RMB, reflecting a year-on-year increase of 75% and a quarter-on-quarter increase of 86% [2][5]. - The gross margin for Q4 2024 reached 37.51%, up 16.8 percentage points quarter-on-quarter, primarily due to high-margin sales of charging pile equipment during the peak season [2][5]. Charging Business - The company’s charging pile business is projected to grow significantly, with an expected revenue of 11.42 billion RMB in 2025, reflecting a growth rate of 53% [12][5]. - The company has established over 290 joint ventures and partnerships with more than 70 automotive manufacturers, building over 1900 brand-specific charging stations [3][5]. Power Equipment Sector - The company’s revenue from "smart manufacturing + integrated services" reached 10.49 billion RMB in 2024, a year-on-year increase of 22%, with a net profit of 710 million RMB, up 91% year-on-year [4][5]. - The company has secured a leading market share in high-voltage prefabricated modular substations and new energy box transformers, with overseas contracts amounting to 800 million RMB, a year-on-year increase of 132% [4][5]. Valuation and Forecast - The report projects net profits of 1.211 billion RMB and 1.594 billion RMB for 2025 and 2026, respectively, reflecting an upward revision of 31% and 32% from previous estimates [5][12]. - The target price for the company is set at 40.60 RMB, based on a projected price-to-earnings ratio of 35 times for 2025 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 15.374 billion yuan for 2024, representing a year-on-year growth of 21.15%, and a net profit attributable to shareholders of 917 million yuan, which is an increase of 86.62% [1]. - The "Smart Manufacturing + Integrated Services" segment saw a revenue of 10.485 billion yuan, up 22.47% year-on-year, with a net profit of 709 million yuan, reflecting a growth of 91.42% [2]. - The electric vehicle charging network business generated 4.890 billion yuan in revenue, a year-on-year increase of 18.41%, with a net profit of 208 million yuan, up 71.93% [2]. - The company has established over 800 new energy microgrid stations and has engaged in online information exchange with 38 power control centers, indicating a strong position in virtual power plant technology [3]. - The profit forecasts for 2025, 2026, and 2027 have been raised to 1.167 billion yuan, 1.547 billion yuan, and 1.960 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 13 [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.884 billion yuan, a year-on-year increase of 48.56%, and a net profit of 470 million yuan, up 74.57% [1]. - The total revenue for 2024 is projected to reach 15.374 billion yuan, with a net profit of 917 million yuan, marking significant growth compared to 2023 [4]. Business Segments - The "Smart Manufacturing + Integrated Services" segment is a key growth driver, with a revenue of 10.485 billion yuan and a net profit of 709 million yuan [2]. - The electric vehicle charging network continues to expand, with a total of 709,000 public charging terminals by the end of 2024, maintaining industry leadership [2]. Market Position and Future Outlook - The company is well-positioned in the new energy sector, with a significant increase in bidding amounts for new energy projects, exceeding 70% year-on-year [2]. - The report highlights the potential for profit elasticity from auxiliary services and the ongoing improvement in charging operations profitability [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecast, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [5][6] Financial Summary - In 2024, the company reported total revenue of 15.37 billion yuan, with a year-on-year growth of 21.1% [8] - The net profit attributable to shareholders for 2024 was 920 million yuan, reflecting an 86.6% increase compared to the previous year [8] - The gross margin for 2024 was 25.9%, slightly down by 0.3 percentage points from the previous year, while the net margin improved to 6.1%, up 1.9 percentage points [8] - The company’s earnings per share (EPS) for 2024 was 0.87 yuan, with a projected EPS of 1.39 yuan, 1.92 yuan, and 2.29 yuan for 2025, 2026, and 2027 respectively [8] Business Segments - The traditional business segment achieved revenue of 10.49 billion yuan in 2024, with a year-on-year growth of 22.5% and a net profit margin of 6.8% [6] - The charging network business generated revenue of 4.89 billion yuan in 2024, with a year-on-year growth of 18.4%, and maintained a leading position in the industry with 709,000 public charging terminals [6] - The company’s overseas business contracts reached 800 million yuan in 2024, marking a significant increase of 131.9% year-on-year [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecasts, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, translating to EPS of 1.39, 1.92, and 2.29 yuan per share [5][6] Financial Performance Summary - In 2024, the company's total revenue reached 15.37 billion yuan, with a gross margin of 25.9% and a net margin of 6.1% [8] - The traditional business segment's revenue was 10.49 billion yuan, with a net profit margin of 6.8% [6] - The charging network business generated 4.89 billion yuan in revenue, with a significant increase in charging volume, reaching 13 billion kWh, up 40% year-on-year [6] Business Segment Analysis - The traditional business segment is solid, with a focus on cost control and benefiting from national carbon neutrality initiatives [6] - The company has made significant strides in its overseas business, achieving a contract amount of 800 million yuan in 2024, a year-on-year increase of 131.9% [6] - The charging network business continues to lead the industry with 709,000 public charging terminals, maintaining a competitive edge in key metrics [6]

青岛特锐德电气股份有限公司 报告正文 青岛特锐德电气股份有限公司 审计报告 和信审字（2025）第 000577 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-7 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 8-11 | | 2、合并及公司利润表 | 12-13 | | 3、合并及公司现金流量表 | 14-15 | | 4、合并及公司股东权益变动表 | 16-19 | | 5、财务报表附注 | 20-178 | 和信会计师事务所（特殊普通合伙） 二○二五年四月二十一日 和信会计师事务所（特殊普通合伙） 青岛特锐德电气股份有限公司 报告正文 审 计 报 告 和信审字(2025)第 000577 号 青岛特锐德电气股份有限公司全体股东： 一、审计意见 我们审计了青岛特锐德电气股份有限公司（以下简称"特锐德"）财务报表， 包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润 表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定 ...