证券代码：300274 证券简称：阳光电源 公告编号：2025－015 阳光电源股份有限公司 关于回购公司股份方案的公告 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。 特别提示： 1、阳光电源股份有限公司（以下简称"公司"）拟使用自有或自筹资金以 集中竞价交易方式回购公司部分人民币普通股 A 股股份（以下简称"本次回购"）， 用于后期实施员工持股计划或股权激励计划。在综合考虑公司财务状况、经营情 况以及未来盈利能力的情况下，本次回购的资金总额不低于人民币 3 亿元（含） 且不超过人民币 6 亿元（含），回购股份价格不超过 100 元/股（含，未超过公 司董事会通过回购股份决议前三十个交易日公司股票交易均价的 150%），回购 股份的实施期限为自董事会审议通过回购股份方案之日起 12 个月内；在回购股 份价格不超过人民币 100 元/股条件下，本次回购股份约为 300 万股至 600 万股， 约占公司已发行总股本的比例为 0.14%至 0.29%，具体回购股份的数量以回购期 满时实际回购的股份数量为准。 （3）本次回购的股份将用于实施员工持股计划或股权激励计划，可 ...

同意：8 票；弃权：0 票；反对：0 票。 基于对公司未来发展的信心和对公司价值的认可，为建立健全公司长效激励 机制，充分调动员工的积极性，有效地将股东利益、公司利益和员工个人利益紧 密结合在一起，促进公司长期、持续、健康发展，在综合考虑公司经营情况、财 务状况、盈利能力及发展前景等基础上，公司拟使用不低于人民币 3 亿元（含） 且不超过人民币 6 亿元（含）自有或自筹资金以集中竞价交易方式回购部分股份， 用于实施员工持股计划或股权激励计划，回购期限为自公司董事会审议通过本次 回购方案之日起 12 个月内。 证券代码：300274 证券简称：阳光电源 公告编号：2025-014 阳光电源股份有限公司 第五届董事会第十六次会议决议公告 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 2025 年 4 月 7 日以电话、即 时通讯等方式发出召开第五届董事会第十六次会议的通知，会议于 2025 年 4 月 9 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 ...

从指数持仓来看，中证细分机械设备产业主题指数十大权重分别为：宁德时代（14.35%）、汇川技术 （6.56%）、三一重工（5.37%）、国电南瑞（4.54%）、隆基绿能（4.3%）、中国中车（4.17%）、阳 光电源（3.95%）、潍柴动力（3.89%）、徐工机械（3.27%）、中国船舶（3.13%）。 金融界4月8日消息，上证指数低开高走，中证细分机械设备产业主题指数 (细分机械，000812)上涨 2.05%，报5281.3点，成交额558.73亿元。 数据统计显示，中证细分机械设备产业主题指数近一个月下跌14.85%，近三个月下跌8.40%，年至今下 跌12.71%。 据了解，中证细分产业主题指数系列由细分有色、细分机械等7条指数组成，分别从相关细分产业中选 取规模较大、流动性较好的上市公司证券作为指数样本，以反映相关细分产业上市公司证券的整体表 现。该指数以2004年12月31日为基日，以1000.0点为基点。 跟踪细分机械的公募基金包括：富国中证细分机械设备产业主题联接A、富国中证细分机械设备产业主 题联接C、富国中证细分机械设备产业ETF、国泰中证细分机械设备产业ETF。 从中证细分机械设备产业主 ...

Core Insights - Sunpower Technology Co., Ltd. has obtained a patent for a "Double-layer Rotating Fixture Board," which is significant in the field of fixture technology [1] - The patent includes a detailed description of the structure and functionality of the double-layer rotating fixture board, indicating innovation in design and potential applications [1] Company Overview - Sunpower Technology Co., Ltd. was established in 2007 and is located in Hefei City, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 2,073.211424 billion RMB and a paid-in capital of 1,485.150984 billion RMB [2] - Sunpower has made investments in 87 companies and participated in 3,120 bidding projects, showcasing its active role in the industry [2] - The company holds 6,90 trademark registrations and 4,588 patent registrations, along with 109 administrative licenses, indicating a strong intellectual property portfolio [2]

Investment Rating - The report upgrades the company's rating to "Buy" based on its strong growth prospects and attractive valuation, with a projected PE of 12 times for 2025 [10]. Core Views - The company is a leading player in the global inverter and energy storage market, with significant brand and technological advantages, and a strong overseas market presence. The core concern affecting the company's stock price is the sustainability of energy storage unit profitability, which has led to a long-term suppression of valuation and expectations. However, global energy storage demand is expected to continue to grow, and the company's energy storage gross margin is anticipated to recover to normal levels in the second half of this year, remaining above market expectations [1][3][10]. Summary by Sections Historical Performance - The company's stock price has experienced three phases since its listing. From 2011 to 2018, the main business was in inverters and EPC for power plants, heavily reliant on domestic photovoltaic subsidy policies. From 2019 to 2021, the company rapidly expanded its overseas inverter market share due to IGBT shortages and the pandemic, leading to significant stock price increases. Since 2022, the energy storage business has emerged as a second growth curve, with its output and profitability exceeding expectations, driving the stock price to outperform the photovoltaic index [2][19][20]. Current Situation - The energy storage business has become the core contradiction affecting the company's ROE and stock price. The inverter business has stabilized, with steady gross margins, while energy storage profits have significantly increased in recent years. The gross margin for energy storage is expected to improve due to the decline in lithium carbonate prices, but profitability per watt is projected to decline as the impact of lithium price decreases weakens [3][44]. Future Outlook - The company has sufficient orders on hand, with demand expected to grow rapidly in regions outside of the US and China, including Europe, the Middle East, South America, and Southeast Asia. The energy storage business is projected to ship 25-30 GWh in 2024, with global energy storage demand growth expected to reach 40-50% by 2025. The inverter business is expected to grow at around 10% annually, while the hydrogen energy business is anticipated to become a third growth curve [10][9][10]. Financial Projections - The company is expected to achieve revenues of 813.81 billion, 981.61 billion, and 1,108.91 billion yuan from 2024 to 2026, with net profits of 108.9 billion, 127.07 billion, and 140.19 billion yuan, corresponding to PE valuations of 13.69, 11.73, and 10.64 times [10].

Group 1 - The core point of the article is that Yangguang Power Co., Ltd. has applied for a patent for a cooling device and thermal management system, which aims to enhance the integration of battery packs and energy storage inverters, simplifying the thermal management system and saving space [1][3]. Group 2 - Yangguang Power Co., Ltd. was established in 2007 and is located in Hefei City, primarily engaged in the production and supply of electricity and heat [2]. - The company has a registered capital of 2,073.21 million RMB and a paid-in capital of 1,485.15 million RMB [2]. - Yangguang Power has invested in 87 companies and participated in 3,116 bidding projects, holding 690 trademark records and 4,564 patent records [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is experiencing strong growth in the solar and energy storage sectors, with a significant increase in revenue and net profit in 2023, achieving 72.25 billion yuan and 9.44 billion yuan respectively, representing year-on-year growth of 80% and 163% [8][13] - The company has a solid market position with high gross margins in its photovoltaic inverter and energy storage system segments, which were 37.93% and 37.47% respectively in 2023 [8][13] - The energy storage market is expected to see explosive growth, particularly in the US, Europe, and emerging markets, with the US projected to have a 50% increase in energy storage installations in 2025 [16][20] - The company’s profitability is expected to remain high, with projected net profits of 11 billion yuan in 2024, 13 billion yuan in 2025, and 15.48 billion yuan in 2026, reflecting year-on-year growth rates of 17%, 18%, and 19% respectively [1][24] Summary by Sections 1. Revenue Growth and Profitability - The company has shown steady revenue growth, with total revenue expected to reach 83.83 billion yuan in 2024 and 100.08 billion yuan in 2025, with year-on-year growth rates of 16.02% and 19.39% respectively [1][24] - The net profit is projected to grow to 11.02 billion yuan in 2024 and 13.02 billion yuan in 2025, maintaining a high profitability level [1][24] 2. Energy Storage Industry Outlook - The report highlights a strong outlook for the energy storage market, particularly in the US, where installations are expected to grow significantly, with a projected 28 GWh of installations in 2024, a 50% increase year-on-year [16][20] - In Europe, energy storage installations are expected to reach 8 GWh in 2024, representing a 125% increase, with further growth anticipated in 2025 [20][23] 3. Profit Forecast and Investment Rating - The report adjusts the profit forecast for 2024 to 11 billion yuan, 2025 to 13 billion yuan, and 2026 to 15.48 billion yuan, reflecting a strong growth trajectory [1][24] - The target price for the company is set at 113 yuan, based on an 18x PE ratio for 2025, maintaining the "Buy" rating [1][24]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing strong growth in the solar and energy storage sectors, with significant revenue and profit increases projected for the coming years [8][24] - The U.S. energy storage market is expected to see substantial growth, with a projected increase in installations and a strong pipeline of projects [16][20] - The company has a solid financial performance, with high gross margins in both photovoltaic inverters and energy storage systems [13][24] Summary by Sections 1. Revenue Growth and Profitability - The company has shown continuous growth in its core business, with 2023 revenue and net profit reaching 72.25 billion and 9.44 billion RMB, respectively, representing year-on-year increases of 79.47% and 162.69% [13] - For the first half of 2024, revenue and net profit are projected at 31 billion and 5 billion RMB, continuing the upward trend [13] - The gross margin for photovoltaic inverters and energy storage systems was 37.93% and 37.47% in 2023, indicating strong profitability [13] 2. Energy Storage Industry Outlook - The U.S. energy storage market is expected to grow significantly, with a projected installation of 28 GWh in 2024, a 50% increase year-on-year [16] - In Europe, energy storage installations are anticipated to reach 8 GWh in 2024, marking a 125% increase [20] - The Middle East is also expected to see a surge in energy storage installations, with significant projects already in the pipeline [23] 3. Profit Forecast and Investment Rating - The report adjusts the net profit forecast for 2024-2026 to 11 billion, 13 billion, and 15 billion RMB, respectively, reflecting a year-on-year growth of 17%, 18%, and 19% [24] - The target price for the company is set at 113 RMB, based on an 18x PE ratio for 2025 [24]

证券代码：300274 证券简称：阳光电源 公告编号：2025-009 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。 特别提示： 1、本次股东会没有出现否决议案的情形。 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议时间：2025 年 3 月 18 日（星期二）14:00； 阳光电源股份有限公司 2025 年第一次临时股东会决议公告 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 3 月 18 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00； 通过现场和网络投票的中小股东 3,303 人，代表股份 305,636,684 股，占公 司有表决权股份总数的 14.8920％（公司剔除回购账户总股本 20,859,760 股）。其 中，通过现场投票的中小股东 3 人，代表股份 1,240 股，占公司有表决权股份总 数的 0.0001％。通过网络投票的中小股东 3,300 人，代表股份 305,635,444 股， 占公司有表决 ...

敬启者: 上海市通力律师事务所 关于阳光电源股份有限公司 2025 年限制性股票激励计划授予事项的法律意见书 致: 阳光电源股份有限公司 上海市通力律师事务所(以下简称"本所")受阳光电源股份有限公司(以下简称"阳光电 源"或"公司")委托, 指派黄艳律师、郑江文律师(以下简称"本所律师")作为公司特聘专 项法律顾问, 就公司 2025 年限制性股票激励计划(以下简称"本次股权激励计划")授予事 项(以下简称"本次授予"), 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》")、中国证券监督管理委员会(以下简称"中国 证监会")发布的《上市公司股权激励管理办法》(以下简称"《管理办法》")、深圳证券交易 所发布的《深圳证券交易所创业板股票上市规则》《深圳证券交易所创业板上市公司自律监 管指南第 1 号——业务办理》等法律、行政法规和其他规范性文件(以下简称"法律、法规 和规范性文件")以及《阳光电源股份有限公司章程》(以下简称"《公司章程》")的有关规定 出具本法律意见书。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和《律师事 务 ...