关于全资子公司增资扩股暨关联交易的公告 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。 广州鹏辉能源科技股份有限公司（以下简称"公司"） 于2024年10月16日召开第 五届董事会第九次会议及第五届监事会第八次会议，审议通过了《关于全资子公司增资 扩股暨关联交易的议案》。现将有关情况公告如下： 一、本次增资扩股暨关联交易概述 证券代码：300438 证券简称：鹏辉能源 公告编号：2024-043 广州鹏辉能源科技股份有限公司 为进一步调动公司经营管理团队、核心骨干的积极性，更好地促进公司工商业储能 业务的快速发展，公司全资子公司广州鹏辉智慧能源技术有限公司（以下简称"鹏辉智 慧能源"）拟增资3333.3333万元，本次增资完成后，总股本由10,000万元增加至 13333.3333万元，其中广州辉瀛企业管理咨询合伙企业（有限合伙）（以下简称"广州 辉瀛"）拟以1669.50万元人民币认缴鹏辉智慧能源新增注册资本1,590.00万元，本次 增资完成后，将持有鹏辉智慧能源12.00%的股份；广州瀛鼎企业管理咨询合伙企业（有 限合伙）（以下简称"广州瀛鼎"）拟以14 ...

证券代码：300438 证券简称：鹏辉能源 公告编号：2024-044 广州鹏辉能源科技股份有限公司 关于投资建设小动力方形铝壳锂离子电池日产能3万支和电容式 根据《深圳证券交易所创业板股票上市规则》等法律法规和本公司《公司章程》等 规章制度的相关规定，本次投资事项无需提交公司股东大会审议。 3、本次投资不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。 锂离子电池日产能50万支项目的公告 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。 一、投资概述 1、本次投资基本情况 广州鹏辉能源科技股份有限公司（以下简称"公司"）为进一步优化公司产能布局， 增强公司业务的影响力和综合竞争力，公司拟在驻马店市正阳县新建小动力方形铝壳锂 离子电池日产能 3 万支和电容式锂离子电池日产能 50 万支项目（以下简称"项目"）， 计划总投资 10 亿元。 2、投资履行的审批程序 公司已于 2024 年 10 月 16 日召开第五届董事会第九次会议，审议通过了《关于投 资建设小动力方形铝壳锂离子电池日产能 3 万支和电容式锂离子电池日产能 50 万支项 目 ...

证券代码： 300438 证券简称：鹏辉能源 广州鹏辉能源科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------|--------------------------------------------------------------------|-----------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 编号： PH20240912 | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | | | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 √ 其他 （ 2024 集体接待日） | | | 广东辖区上市公司 ...

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]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has experienced significant short-term pressure on its performance due to industry supply-demand imbalances and intensified competition. However, there are signs of recovery in quarterly data, particularly in Q2 2024, where revenue increased by 15.8% year-on-year and 36.3% quarter-on-quarter [6][13][15]. - The company is focusing on innovation in solid-state battery technology, with plans for mass production by 2026. It has established a comprehensive production capacity of approximately 70 GWh, with ongoing expansions in various locations [6][18][26]. - The energy storage segment is a key focus area, with the company ranking among the top eight globally in energy storage market shipments. It has established strong partnerships with leading downstream clients, which is expected to drive further demand growth [6][26][30]. Summary by Sections Performance Overview - In the first half of 2024, the company reported revenue of 3.773 billion yuan, a year-on-year decrease of 13.8%, and a net profit of 42 million yuan, down 83.4% year-on-year. The gross margin was 14.2%, a decline of 4.6 percentage points [6][13]. - Q2 2024 showed a recovery with revenue of 2.176 billion yuan, a year-on-year increase of 15.8% and a quarter-on-quarter increase of 36.3%. The net profit for Q2 was 25 million yuan, down 63.2% year-on-year but up 54.8% quarter-on-quarter [6][15]. Focus on Energy Storage - The company has a well-rounded product matrix in the energy storage sector and has been recognized as a top player in the global market. It has successfully completed several large-scale projects, enhancing its market position [6][26][27]. - The energy storage business accounted for a significant portion of the company's revenue, with a compound annual growth rate (CAGR) of approximately 136% from 2020 to 2022 [29]. Technological Advancements - The company has made strides in solid-state battery technology, with the first generation of solid-state batteries set to be mass-produced by 2026. The energy density of these batteries is expected to reach 280 Wh/kg, with a production cost only 15% higher than conventional lithium batteries [6][18][22]. - The company has also invested heavily in research and development, with R&D expenses reaching 370 million yuan in the past year and a workforce of 1,366 dedicated to innovation [24]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 8.848 billion yuan, 10.152 billion yuan, and 12.595 billion yuan, respectively, with expected year-on-year growth rates of 27.6%, 14.7%, and 24.1% [7]. - The net profit forecasts for the same years are 192 million yuan, 468 million yuan, and 644 million yuan, indicating substantial growth potential [7]. Strategic Partnerships - The company has established deep ties with leading clients in the energy storage sector, which is expected to enhance demand and sales efficiency. Its marketing and channel management have kept sales expenses at a low level compared to industry standards [26][30].

[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]

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests a focus on continuous monitoring and potential investment opportunities based on future performance [4][7]. Core Viewpoints - The company reported a revenue of 3.773 billion yuan for H1 2024, a decrease of 13.75% year-on-year, and a net profit of 42 million yuan, down 83.41% year-on-year. However, Q2 2024 showed a revenue increase of 15.79% year-on-year and a 36.25% quarter-on-quarter increase [2][6]. - The decline in revenue is attributed to significant price drops in energy storage products and asset impairment losses amounting to 125 million yuan, which impacted net profit [6]. - Positive trends in large-scale energy storage demand, particularly in the U.S. and Australia, are expected to support future growth for the company [6]. - The introduction of new technologies and products, such as the HOME-II series and POLAR series batteries, is anticipated to drive long-term development and market acceptance [6]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 14.20%, down 4.64 percentage points year-on-year, and a net margin of 0.50%, down 5.92 percentage points year-on-year [6]. - The company forecasts revenues of 7.056 billion yuan, 7.823 billion yuan, and 8.844 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.8%, 10.9%, and 13.1% [7][8]. - The projected net profits for the same years are 106 million yuan, 162 million yuan, and 230 million yuan, with significant growth rates of 146.4%, 52.2%, and 42.2% respectively [7][8]. Market Trends and Future Outlook - The report highlights a substantial increase in large-scale energy storage installations in the U.S., with a year-on-year growth of 126% in capacity [6]. - The Australian market also shows a significant increase in large-scale storage projects, with a 218% year-on-year growth [6]. - The company is expected to benefit from these trends, with a strong outlook for overseas demand driving revenue growth [6].

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. ...