干源证券 电力设备/光伏设备 公 司 研 究 阳光电源（300274.SZ） 2024 年 11 月 01 日 销售费用投入加大，Q3 业绩略不及预期 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 90.62 | | 一年最高最低 ( 元 ) | 119.19/56.38 | | 总市值 ( 亿元 ) | 1,878.74 | | 流通市值 ( 亿元 ) | 1,440.86 | | 总股本 ( 亿股 ) | 20.73 | | 流通股本 ( 亿股 ) | 15.90 | | 近 3 个月换手率 (%) | 112.9 | 股价走势图 -40% 0% 40% 80% 120% 2023-11 2024-03 2024-07 阳光电源 沪深300 数据来源：聚源 相关研究报告 《发行 GDR 募投海外产能，全球化布 局再进一步—公司信息更新报告》 -2024.10.15 《光储龙头地位稳固，业绩稳定增长 —公司信息更新报告》-20 ...

2024年11月01日 来源：公司年报、国金证券研究所 阳光电源 (300274.SZ) 买入 (维持评级) 公司点评 证券研究报告 费用管控成效初现，年末确收有望加 渡 业绩简评 2024 年 10 月 31 日,公司发布三季报,2024 年前三季度实现营收 499 亿元,同比增长 7.6%;归母净利润 76 亿元,同比增长 5.2%。 其中 3Q24 实现营收 189 亿元,同比增长 6.4%,环比增长 2.8%;归 母净利润 26.4 亿元，同比下降 8.0%，环比下降 7.8%。 经营分析 存货环比高增,年末确收加快公司高增有望兑现:截至 202403 末 存货 322 亿元,环比 Q2 末增加 40 亿元,预计新增存货规模主要 以储能及电站项目为主,进入年末交付旺季,储能及电站项目确收 加速有望支持公司业务兑现高增长。 业务拓展拉高短期费率,Q3 费控初有成效:公司前三季度销售/管 理 / 研 发 费 用 率 分 别 为 5.56%/1.63%/4.76%， 同 比 +1.28pct/+0.37pct/+1.00pct,主要系公司上半年加大业务拓展 力度,人员薪酬等成本上升影响。三季度公司加强费用管 ...

Industry Overview - The global renewable energy sector continues to grow, driven by low-carbon goals and improved economic viability of new energy sources [1] - In the first three quarters of 2024, global photovoltaic installations reached approximately 288 GW, a year-on-year increase of 20% [1] - The energy storage market saw installations exceed 100 GWh, with a significant year-on-year growth of 57% [2] - Domestic wind power capacity increased from 33 GW in the same period last year to 39 GW, reflecting a 19% growth [2] Company Performance - For the first three quarters of 2024, the company achieved revenue of 49.9 billion yuan, a year-on-year increase of 7.6% [2] - Net profit attributable to shareholders reached 7.6 billion yuan, up 5% from the previous year [2] - Research and development expenses amounted to 2.38 billion yuan, representing a 36% increase year-on-year [3] Financial Metrics - Accounts receivable increased to 25.3 billion yuan, up 4.2 billion yuan from the beginning of the year, primarily due to revenue growth [4] - Inventory balance rose to 32.2 billion yuan, an increase of 10.7 billion yuan, driven by ongoing construction projects and inventory for overseas orders [4] - Operating cash flow decreased to 800 million yuan, down 3.8 billion yuan year-on-year, mainly due to increased inventory and accounts receivable [4] Market Outlook - The renewable energy sector is expected to see significant growth, with the share of renewable energy in global primary energy consumption projected to rise from 5.4% in 2023 to 21% by 2030 [3] - The company anticipates that the global photovoltaic market will grow by 15-20% in the coming year, aligning with industry growth rates [5] - The storage market's profitability varies significantly across regions, with higher returns expected in Europe and North America compared to the domestic market [5]

证券代码：300274 证券简称：阳光电源 公告编号：2024-112 阳光电源股份有限公司 关于为子公司提供担保额度预计的进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、担保额度预计情况概述 阳光电源股份有限公司（以下简称"公司"）2024 年 4 月 22 日召开第五届董 事会第七次会议审议通过了《关于为子公司提供 2024 年度担保额度预计及为子 公司担保的议案》，同意为十四家子公司向业务相关方（包括但不限于银行、金 融机构及其他业务合作方）申请银行综合授信（包括但不限于办理流动资金贷款、 项目贷款、承兑汇票、信用证、保函、票据贴现、保理、出口押汇、外汇远期结 售汇以及衍生产品等相关业务）及日常经营需要（包括但不限于履约担保、产品 质量担保）时提供担保，担保额度预计不超过人民币 1,350,000 万元，其中，同 意为 SUNGROW IBERICA SA（以下简称"西班牙阳光"）提供担保额度为 110,000 万元，同意为 Sungrow Deutschland GmbH（以下简称"德国阳光"）提供担保额 度为 30,000 万元。在上述额度 ...

证券代码：300274 证券简称：阳光电源 公告编号：2024-114 阳光电源股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日以电话、 即时通讯等方式发出召开第五届监事会十次会议通知，会议于 2024 年 10 月 31 日以通讯表决方式召开。会议应出席监事 3 人，实际出席监事 3 人。会议符合 《中华人民共和国公司法》及《公司章程》的规定。监事会主席陶高周先生主持 了会议，本次会议审议并通过了以下决议： 一、审议通过了《关于公司<2024 年第三季度报告>的议案》 同意：3 票；弃权：0 票；反对：0 票。 经审核，监事会认为：公司董事会编制和审核《2024 年第三季度报告》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。 《2024 年第三季度报告》详见同日刊登在中国证监会指定的创业板信息披 露网站的公告。 阳光电源股份有限公司 特此公告。 第五届监事会第十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司监事会 ...

证券代码：300274 证券简称：阳光电源 公告编号：2024-113 阳光电源股份有限公司董事会 2024 年 10 月 31 日 一、审议通过了《关于公司<2024 年第三季度报告>的议案》 同意：8 票；弃权：0 票；反对：0 票。 公司《2024 年第三季度报告》详见同日刊登在中国证监会指定的创业板信 息披露网站的公告。 特此公告。 阳光电源股份有限公司 第五届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日以电话、 即时通讯等方式发出召开第五届董事会第十二次会议的通知，会议于 2024 年 10 月 31 日以通讯表决方式召开。会议应出席董事 8 人，实际出席董事 8 人。会议 符合《中华人民共和国公司法》及《公司章程》的规定。董事长曹仁贤先生主持 了会议，本次会议审议并通过了以下决议： 1 ...

Revenue and Profit - Revenue for the third quarter of 2024 was RMB 18.93 billion, a 6.37% increase compared to the same period last year[2] - Revenue for the current period reached 49.95 billion RMB, compared to 46.41 billion RMB in the same period last year[19] - Net profit attributable to shareholders for the third quarter of 2024 was RMB 2.64 billion, a decrease of 7.96% year-over-year[2] - Net profit attributable to the parent company's shareholders was 7.60 billion RMB, an increase from 7.22 billion RMB in the prior year[20] - Operating profit for the current period was 9.04 billion RMB, up from 8.32 billion RMB in the previous year[19] - Basic earnings per share (EPS) for the current period was 3.67 RMB, compared to 3.47 RMB in the same period last year[20] - Total comprehensive income for the period was 7.67 billion RMB, up from 7.45 billion RMB in the prior year[20] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 reached RMB 105.59 billion, a 27.40% increase compared to the end of the previous year[3] - The company's total assets increased to RMB 105.59 billion, up from RMB 82.88 billion at the beginning of the period[17] - Total assets grew to 105.59 billion RMB, compared to 82.88 billion RMB in the same period last year[18] - Current assets rose to RMB 88.46 billion, compared to RMB 69.28 billion at the start of the period[17] - Non-current assets increased to RMB 17.13 billion, compared to RMB 13.59 billion at the beginning of the period[17] - Total liabilities increased to 69.44 billion RMB from 53.42 billion RMB year-over-year[18] - Total equity rose to 36.15 billion RMB, up from 29.45 billion RMB in the previous year[18] - Short-term borrowings surged by 130.48% to RMB 6.44 billion, driven by business expansion[7] - Short-term borrowings rose to RMB 6.44 billion, up from RMB 2.79 billion at the start of the period[17] - Long-term payables increased by 2171.26% to RMB 4,356,816,603.14 due to the rise in new energy financing lease borrowings[8] - Estimated liabilities grew by 33.83% to RMB 3,437,732,044.31, primarily due to increased product quality assurance provisions[8] Cash Flow - Operating cash flow for the first nine months of 2024 was RMB 803.94 million, a significant decrease of 82.34% compared to the same period last year[3] - Net cash flow from operating activities was RMB 803,937,387.39, a sharp decline from RMB 4,552,303,840.84 in the previous period[22] - Net cash flow from investing activities was negative RMB 4,604,816,851.67, an improvement from negative RMB 6,989,654,095.63 in the previous period[22] - Net cash flow from financing activities was RMB 3,589,272,786.04, up from RMB 2,109,050,644.07 in the previous period[23] - Cash received from investment recoveries grew by 196.58% to RMB 43,819,552,248.28, mainly from increased redemptions of financial products[11] - Cash paid for investments increased by 137.04% to RMB 46,710,768,633.71, driven by higher purchases of financial products[11] - Dividends paid surged by 202.38% to RMB 1,653,501,306.91, reflecting increased dividend distributions[11] - Cash paid for taxes and fees rose by 131.86% to RMB 5,592,839,511.64, primarily due to increased corporate income tax payments[11] - Sales revenue from goods and services received in cash was RMB 45,719,145,692.99, compared to RMB 44,607,512,671.13 in the previous period[22] - Tax refunds received were RMB 1,507,785,000.38, down from RMB 1,559,252,818.79 in the previous period[22] - Cash received from other operating activities was RMB 603,505,636.75, a decrease from RMB 1,139,813,204.97 in the previous period[22] - Total cash inflows from operating activities were RMB 47,830,436,330.12, slightly up from RMB 47,306,578,694.89 in the previous period[22] - Cash paid for goods and services was RMB 34,220,254,366.10, down from RMB 34,957,620,101.49 in the previous period[22] - Cash paid to employees and for employee benefits was RMB 4,132,090,513.12, up from RMB 2,948,458,620.46 in the previous period[22] Inventory and Accounts Receivable - Inventory increased by 49.95% to RMB 32.15 billion, primarily due to increased stockpiling[7] - Inventory surged to RMB 32.15 billion, a significant increase from RMB 21.44 billion at the beginning of the period[17] - Accounts receivable grew to RMB 25.31 billion, up from RMB 21.10 billion at the start of the period[17] Expenses and Investments - R&D expenses rose by 36.41% to RMB 2,376,195,425.22, driven by increased investment in materials and labor costs[9] - Financial expenses surged by 1817.19% to RMB 317,840,701.22, mainly due to reduced foreign exchange gains[9] - Investment income increased by 1212.84% to RMB 352,096,592.59, largely from gains on forward exchange contracts[10] - Interest expenses increased to 310.61 million RMB from 224.73 million RMB year-over-year[19] - Credit impairment losses widened to -401.60 million RMB from -203.85 million RMB in the previous year[19] Shareholder and Equity Information - The company's weighted average return on equity (ROE) for the first nine months of 2024 was 24.52%, a decrease of 7.81 percentage points compared to the same period last year[3] - Share capital increased by 39.60% to RMB 2,073,211,424.00 due to capital reserve conversion into shares[8] - The company's repurchase account held 16,058,083 shares, representing 0.77% of the total shares[13] - The top 10 shareholders collectively hold a significant portion of the company's shares, with the largest shareholder holding 12,874,414 shares[13] Fixed Assets and Other Financial Metrics - The company's fixed assets increased to RMB 7.64 billion, up from RMB 6.44 billion at the beginning of the period[17] - The company's monetary funds stood at RMB 17.63 billion, slightly down from RMB 18.03 billion at the beginning of the period[17] - Contract liabilities grew by 35.53% to RMB 8.90 billion, mainly due to increased advance payments from customers[7] - Non-recurring gains for the third quarter of 2024 amounted to RMB 142.61 million, primarily from government subsidies and financial asset transactions[4][5] - The company adjusted its accounting policies in 2024 due to new guidelines from the Ministry of Finance, affecting cost of sales and selling expenses[3]

阳光电源股份有限公司 发行保荐书 关于阳光电源股份有限公司 中国国际金融股份有限公司 关于 阳光电源股份有限公司 境外发行全球存托凭证 新增境内基础 A 股股份 之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2024 年 10 月 境外发行全球存托凭证新增境内基础 A 股股份之发行保荐书 中国证券监督管理委员会、深圳证券交易所： 阳光电源股份有限公司（以下简称"阳光电源"、"发行人"或"公司"）拟申请 境外发行全球存托凭证新增境内基础 A 股股份（以下简称"本次证券发行"或"本次 发行"），并已聘请中国国际金融股份有限公司（以下简称"中金公司"）作为本次证 券发行的保荐机构（以下简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《发 行证券的公司信息披露内容与格式准则第 27 号——发行保荐书和发行保荐工作报告》 （以下简称"《准则第 ...

中国国际金融股份有限公司 关于 阳光电源股份有限公司 境外发行全球存托凭证 新增境内基础 A 股股份 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2024 年 10 月 阳光电源股份有限公司 上市保荐书 深圳证券交易所： 中国国际金融股份有限公司（以下简称"保荐机构"、"本机构"或"中金公司"） 接受阳光电源股份有限公司（以下简称"阳光电源"、"发行人"或"公司"）的委托， 就发行人境外发行全球存托凭证新增境内基础 A 股股份事项（以下简称"本次发行"） 出具本上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》 （以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"），以及《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、 《境内外证券交易所互联互通存托凭证业务监管规定》《深圳证券交易所股票发行上市 审核业务指引第 2 号——上市保荐书内容与格式》等法律法规和中国证券监督管理委员 会（以下简称"中 ...

【RSM | 容 诚 审计报告 阳光电源股份有限公司 容诚审字[2024]230Z0321 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 6-1-1 ： 您可使用手机" 一 一 一 一 一 一 一 一 一 上 一 上 一 上 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 一 上 一 上 一 上 一 上 一 上 一 上 一 上 一 上 上 ： 上 上 ： 上 上 ： 上 上 ： 上 上 ： 上 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 8 | | 3 | 合并利润表 | 9 | | 4 | 合并现金流量表 | 10 | | 5 | 合并所有者权益变动表 | 11-12 | | 6 | 母公司资产负债表 | 13 | | 7 | 母公司利润表 | 14 | | 8 | 母公司现金流量表 | ાર | | 9 | 母公司所有者权益变动表 | 16-17 | | 10 | 财务报表附注 | 18-164 | ...