中信证券股份有限公司 关于广州鹏辉能源科技股份有限公司 2024年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：鹏辉能源 | | --- | --- | | 保荐代表人姓名：梁勇 | 联系电话：010- 6083 8888 | | 保荐代表人姓名：徐焕杰 | 联系电话：010- 6083 8888 | 一、保荐工作概述 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | | 保荐人查阅了公司信息披露文件，投资者关 系登记表，深圳证券交易所互动易网站披露 | | | | 信息，重大信息的传递披露流程文件，内幕 | | | 1.信息披 | | | | | 信息管理和知情人登记管理情况，信息披露 | 不适用 | | 露 | 管理制度，检索公司舆情报道，对高级管理 | | | | 人员进行访谈，未发现公司在信息披露方面 | | | | 存在重大问题。 | | | 2.公司内 | 保荐人查阅了公司章程及内部制度文件，对 | | | 部制度的 | 公司高级管理人员进行访谈，未发现公司在 | 不适用 | | 建立和执 | 公司内部制度的建立和执行方面存在重大 ...

Investment Rating - The report downgrades the investment rating of PengHui Energy to "Recommend" due to higher PE valuation compared to industry peers [1] Core Views - H1 2024 revenue was 3.773 billion yuan, down 13.75% YoY, with net profit attributable to parent company of 42 million yuan, down 83.41% YoY [1] - Inventory impairment of 115 million yuan significantly impacted H1 performance, mainly due to declining battery cell prices [1] - Energy storage battery shipments grew rapidly in H1 2024, driven by large-scale and communication energy storage, while household storage declined [1] - The company is actively developing new battery technologies, including solid-state and sodium-ion batteries [1] Financial Performance - Q2 2024 revenue was 2.176 billion yuan, up 36.25% QoQ and 15.79% YoY [1] - H1 2024 credit and asset impairment provisions totaled 145 million yuan [1] - 2024-2026 forecasted net profit attributable to parent company: 175/369/497 million yuan [1] - Current PE ratios for 2024-2026: 72/34/25 times [1] Market Position - The company has over 20 years of experience in battery industry with diversified layout in energy storage, communication, consumer, and power sectors [1] - Strong customer resources in large-scale, household, portable, and commercial energy storage sectors [1] Technology Development - Launched 20Ah and 2000mAh soft-pack all-solid-state batteries on August 28 [1] - Introduced low-temperature household storage battery and 590Ah large-capacity power storage cell [1] - Using oxide composite solid electrolyte to enhance battery safety and reduce costs [1] Financial Forecasts - 2024-2026 revenue forecast: 7.532/8.035/9.258 billion yuan [2] - 2024-2026 EPS forecast: 0.35/0.73/0.99 yuan [2] - 2024-2026 ROE forecast: 3.2%/6.8%/9.9% [5] Valuation Metrics - Current market cap: 12.508 billion yuan [3] - 12-month high/low price: 36.70/16.41 yuan [3] - PB ratio: 2.3 times [2] - EV/EBITDA: 25/17/14/13 times for 2023A-2026E [5]

公 司 研 究 [Table_Reportdate] 2024年09月09日 [Table_invest] 买入（首次覆盖） 报告原因：业绩点评 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 联系人 赵敏敏 zmmin@longone.com.cn 电 力 设 备 与 新 能 源 | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/09/06 | | 收盘价 | 24.85 | | 总股本 ( 万股 ) | 50,344 | | 流通 A 股 /B 股 ( 万股 ) | 40,417/0 | | 资产负债率 (%) | 64.74% | | 市净率 ( 倍 ) | 2.23 | | 净资产收益率 ( 加权 ) | 0.74 | | 12 个月内最高 / 最低价 | 37.76/16.33 | [Table_QuotePic] -65% -53% -41% -30% -18% -7% 5% 16 ...

[Table_Title] 评级：增持（维持） 市场价格：27.81 元 153.08 分析师：曾彪 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：朱柏睿 执业证书编号：S0740522080002 Email：zhubr@zts.com.cn [Table_Profit] 基本状况 总股本（百万股） 503 流通股本（百万股） 404 市价（元） 27.81 市值（百万元） 13,998 流通市值（百万元） 11,240 24Q2 盈利环比改善，大储产品出货高增 鹏辉能源(300438.SZ)/电力 设备 证券研究报告/公司点评 2024 年 9 月 4 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------------|-------|-------|-------|--------------------------|-------| | [Tabl ...

Investment Rating - The report maintains a "Recommend" rating for PengHui Energy (300438 SZ) [1][3] Core Views - PengHui Energy's H1 2024 revenue was 3 73 billion yuan, down 13 75% YoY, with net profit attributable to shareholders of 41 million yuan, down 83 41% YoY [1] - Q2 2024 revenue was 2 176 billion yuan, up 15 79% YoY and 38 49% QoQ, with net profit attributable to shareholders of 25 million yuan, down 63 21% YoY but up 54 81% QoQ [1] - The company's energy storage product shipments showed significant growth in H1 2024, with large-scale and communication energy storage shipments increasing substantially, while household energy storage shipments declined sharply [1] - PengHui Energy has strong R&D capabilities, launching new products such as the HOME-II series cylindrical battery, Great series commercial energy storage system, and POLAR series low-temperature household energy storage battery [1] - The company is actively expanding production capacity, with plans to build a 36GWh zero-carbon factory in Qingdao and two battery projects in Ulanqab, Inner Mongolia [1] Financial Performance - Q2 2024 gross margin was 15 93%, down 1 42 percentage points YoY but up 4 10 percentage points QoQ [1] - Q2 2024 net margin was 0 43%, down 3 21 percentage points YoY and 0 17 percentage points QoQ [1] - Q2 2024 operating expense ratio was 10 43%, up 0 57 percentage points YoY, with sales, management, R&D, and financial expense ratios of 2 09%, 3 46%, 4 54%, and 0 66% respectively [1] - Revenue is expected to grow 22 7% to 8 506 billion yuan in 2024, 23 4% to 10 499 billion yuan in 2025, and 10 6% to 11 616 billion yuan in 2026 [1][2] - Net profit attributable to shareholders is forecast to grow 273 4% to 161 million yuan in 2024, 164 1% to 425 million yuan in 2025, and 27 2% to 541 million yuan in 2026 [1][2] Production and R&D - PengHui Energy has eight modern production bases, demonstrating significant scale advantages [1] - The company is developing solid-state batteries and sodium-ion batteries, with a planned 1GWh semi-solid-state battery project in Ulanqab [1] - New product launches include the HOME-II series cylindrical battery with reduced internal resistance and improved cycle life, the Great series commercial energy storage system, and the POLAR series low-temperature household energy storage battery [1] Market and Customers - The company has strengthened cooperation with major clients such as China Energy, State Power Investment, Three Gorges Group, and China Resources Power in large-scale energy storage [1] - In household energy storage, PengHui Energy has deepened partnerships with leading companies like Sungrow, Deye, and SolaX Power [1] - For commercial and industrial energy storage, the company is actively developing customers such as CRRC, Intellifusion, and Xianhe Co [1]

证券研究报告 非金融公司|公司点评|鹏辉能源（300438） 2024 年半年报点评： 业绩短期承压，海外需求向好助力公司发 展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 实现营收 37.73 亿元，同比-13.75%；归母净利润 0.42 亿元，同比-83.41%。第二季度实现营收 21.76 亿元，同比+15.79%，环比+36.25%；归母净利 润 0.25 亿元，同比-63.21%，环比+54.81%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月28日 鹏辉能源(300438) 2024 年半年报点评： 业绩短期承压，海外需求向好助力公司发展 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 电力设备/电池 | | 投资评级： | | | 当前价格： | 22. ...

四不可能 证 券 研 究 报 告 2024年08月28日 电力设备及新能源 鹏辉能源(300438.SZ) 聚焦储能发力，营收环比改善 推荐 ( 维持) 事项： 公司发布2024年半年度报告。上半年，公司实现营业收入37.73亿元，同比减 少13.8%；实现归母净利润0.42亿元，同比减少83.4%。第二季度，公司实现 单季营收21.76亿元，同比/环比分别增长15.8%/36.3%；实现归母净利润0.25 亿元，同比/环比分别-63.2%/+54.8%。 平安观点： ■ 公司上半年营收和毛利率略承压，二季度环比改善。1）收入端：公司 2024年上半年实现营收37.73亿元，同比减少13.8%，主要由于户储电池 出货量和售价呈现较大幅度下跌，储能电池业务板块收入同比下降。第 二 季 度 ， 公 司 实 现 单 季 营 收 21.76 亿 元 ， 同 比 / 环 比 分 别 增 长 15.8%/36.3%，收入环比已呈现改善。收入地域分布来看，公司上半年 境内/海外收入占比分别为86.4%/13.6%，地域分布与2023年上半年 （86.8%/13.2%）相比无明显变化。2）毛利率：公司上半年销售毛利率 14. ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2024-039 广州鹏辉能源科技股份有限公司 广州鹏辉能源科技股份有限公司（以下简称"公司"）第五届监事会第七次会议通 知于 2024 年 8 月 20 日以通讯、邮件等方式向公司监事发出。会议于 2024 年 8 月 26 日 下午在公司六楼会议室以现场投票与通讯表决相结合方式举行，应出席监事 3 人，实际 出席监事 3 人，参与表决的监事 3 人。本次会议由监事会主席刘小国主持，会议的通知、 召集、召开和表决程序符合《公司法》《公司章程》的规定，会议经过认真讨论审议， 全体监事一致通过决议如下： 二、会议审议情况 1、会议以赞成三人，反对零人，弃权零人，赞成人数占出席会议有表决权监事人 数的 100%，审议通过《关于公司 2024 年半年度报告全文及其摘要的议案》 监事会认为：公司 2024 年半年度报告符合法律、行政法规、中国证监会和深圳证 券交易所的相关规定，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。 具 体 内 容 详 见 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 巨 ...

广州鹏辉能源科技股份有限公司 2024 年 8 月 27 日 | | | | 上市公司核 | 2024 年 | 2024 年半年度 | 2024 年半年 | 2024 年 | 2024 年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 算的会计科 | 期初占用 | 度占用累计发 生金额（不含 | 度占用资金 的利息（如 | 半年度偿 还累计发 | 半年度期 末占用资 | 占用原因 | 占用 性质 | | | | | 目 | 资金余额 | 利息） | 有） | 生金额 | 金余额 | | | | 现大股东及其 | - | - | - | - | - | - | - | - | - | - | | 附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前大股东及其 | - | - | - | - | - | - | - | - | - ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥3.77 billion, representing a decrease of 13.75% compared to the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥41.68 million, down 83.41% year-on-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥11.65 million, a decline of 95.05% compared to the previous year[11]. - The net cash flow from operating activities was negative at approximately -¥284.73 million, a significant decrease of 428.02% year-on-year[11]. - Basic and diluted earnings per share for the first half of 2024 were both ¥0.0828, down 84.67% from the same period last year[11]. - The total assets at the end of the reporting period were approximately ¥15.89 billion, an increase of 1.42% compared to the end of the previous year[11]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥5.40 billion, a slight decrease of 0.04% from the previous year[11]. Dividend and Shareholder Communication - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company emphasizes the importance of information disclosure, ensuring it is accurate, complete, and timely[63]. - The company aims to improve corporate governance and internal control systems to protect shareholder rights[63]. - The company is committed to increasing cash dividend frequency and optimizing the dividend schedule to reward investors[63]. - The annual general meeting had a participation rate of 31.83% on May 17, 2024[59]. - The company plans to enhance investor communication through various channels, including performance briefings and investor interaction platforms[63]. Risk Management and Compliance - The company has acknowledged potential risk factors and corresponding countermeasures in its report, which investors are encouraged to review[2]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[64]. - The company actively engages in social responsibility initiatives, including tax compliance and support for charitable activities[65]. - There are no significant issues or other circumstances regarding the use and disclosure of raised funds[44]. - The company has not reported any significant litigation or arbitration matters during the reporting period[68]. Research and Development - The company's R&D investment decreased by 24.71% to ¥166,103,295.76 compared to the previous year[30]. - The company plans to enhance its R&D efforts and product differentiation to maintain market competitiveness amid increasing competition and price pressures[54]. - The company has introduced sodium battery industrialization technology and achieved breakthroughs in several cutting-edge technologies, maintaining industry leadership in multiple performance metrics[56]. - The company has launched new products and technologies, including gel electrolyte technology and innovative cathode materials, to improve battery performance across safety, lifespan, and efficiency[56]. Market and Product Development - The company aims to strengthen its energy storage business and capture new market opportunities in the energy storage sector[18]. - The company plans to enhance its customer structure and improve operational efficiency in the consumer battery market[18]. - The company is focusing on the electric two-wheeler, electric forklift, and electric vehicle markets to enhance its product offerings[18]. - The company is actively expanding its presence in the electric two-wheeler battery market, capitalizing on the increasing adoption driven by environmental policies and urban mobility needs[21]. - The company launched the second generation of large cylindrical batteries, the HOME-II series, with capacities ranging from 6Ah to 50Ah, achieving significant shipment volumes in the first half of 2024[23]. Financial Position and Assets - The company's cash and cash equivalents decreased to 1,457,281,054.17 yuan, which is 9.17% of total assets, down from 14.31% in the previous year[35]. - Accounts receivable increased to 2,468,192,274.12 yuan, making up 15.53% of total assets, up from 10.55% last year[35]. - The company has a total of 1,043,015,480.73 yuan in assets that are subject to restrictions, including cash and fixed assets[38]. - The company’s short-term borrowings increased to 1,255,517,099.95 yuan, representing 7.90% of total assets, up from 5.72% last year[35]. - The company’s long-term borrowings decreased to 1,530,696,045.03 yuan, accounting for 9.63% of total assets, down from 10.34% last year[36]. Share Repurchase and Capital Management - The company repurchased 2,406,700 shares, accounting for 0.48% of the total share capital, with a total transaction amount of approximately ¥59.97 million[58]. - The highest transaction price during the share repurchase was ¥27.17 per share, while the lowest was ¥20.28 per share[58]. - The company has completed the repurchase of shares as of February 1, 2024, with relevant announcements made on January 2 and February 1[81]. - The company plans to repurchase shares using its own funds, with a total repurchase amount not less than RMB 50 million and not exceeding RMB 60 million, at a maximum price of RMB 50 per share[85]. Financial Reporting and Accounting Policies - The company follows the accounting standards for business enterprises, ensuring the financial statements reflect true and complete financial conditions[134]. - The financial report for the half-year period has not been audited, which may affect the reliability of the financial data presented[99]. - The company recognizes revenue when the company fulfills its performance obligations, which occurs when the customer obtains control of the related goods[191]. - The company recognizes lease liabilities at the present value of unpaid lease payments at the lease commencement date[198]. Investment and Growth Strategy - The company plans to invest in two battery projects in Ulanqab, Inner Mongolia, with an annual production capacity of 10GWh for energy storage cells and systems, and 1GWh for semi-solid batteries[24]. - The company has established eight modern production bases globally, covering over 1.6 million square meters, enhancing its manufacturing capabilities and scale advantages[24]. - The company has established five overseas offices in the US, Germany, Japan, Indonesia, and Singapore, facilitating product sales to over 50 countries and regions[24].