Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 49.9 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 7.6%, with a net profit of 7.6 billion RMB, up 5.2% year-on-year [1] - The inventory increased significantly, reaching 32.2 billion RMB by the end of Q3 2024, indicating a potential acceleration in revenue recognition due to the peak delivery season for energy storage and power station projects [1] - The company has begun to see the effects of cost control, with a reduction in expense ratios in Q3 compared to the first half of the year, suggesting further improvements in profitability [2] - The company has applied for Global Depositary Receipts (GDR), aiming to raise 4.88 billion RMB to enhance its production capacity for energy storage products and inverters, which will strengthen its global competitiveness [3] Summary by Sections Performance Analysis - For Q3 2024, the company achieved a revenue of 18.9 billion RMB, a year-on-year increase of 6.4% and a quarter-on-quarter increase of 2.8%, while net profit decreased by 8.0% year-on-year [1] - The operating cash flow showed a significant improvement, with a net cash flow from operating activities of 3.4 billion RMB in Q3, a year-on-year increase of 3.6 billion RMB [2] Financial Forecast - The report adjusts the net profit forecast for 2024-2026 to 11.9 billion RMB, 14.9 billion RMB, and 18.0 billion RMB, respectively, with corresponding P/E ratios of 16, 13, and 10 [3] - The company is expected to maintain a strong growth trajectory, with revenue projected to reach 90.0 billion RMB in 2024, reflecting a growth rate of 24.6% [5] Cost Management - The company has improved its cost management, with sales, management, and R&D expense ratios decreasing in Q3 compared to the first half of the year, indicating effective cost control measures [2] - The overall expense ratio is expected to further decline as revenue recognition accelerates in Q4 [2]

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 | ...

上海市通力律师事务所 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 股股份的法律意见书 致：阳光电源股份有限公司 敬启者： 上海市通力律师事务所（以下简称"本所"）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》"）、《上市公司证券发行注册管理办法》（以下简称"《管理办法》"）、 《境内企业境外发行证券和上市管理试行办法》（以下简称"《管理试行办法》"）、 《境内外证券交易所互联互通存托凭证业务监管规定》（以下简称"《业务监管规 定》"）和有权立法机构、监管机构已公开颁布、生效且现时有效的法律、法规以及 规范性文件等有关规定（以下简称"法律、法规以及规范性文件"），按照律师行业 公认的业务标准、道德规范和勤勉尽责精神，出具本法律意见书。 24SH3051001/WZJW/cj/cm/D2 4-1-1 本所出具的法律意见书和律师工作报告仅对出具日以前已经发生或存在的且与本 次发行有关的中国法律问题，根据中国现行有效的法律、法规以及规范性文件发表法 律意见，并不对有关会计、审计、资产评估等专业事项发表意见，也不具备适当资格 对其他国家或地 ...