中信证券股份有限公司 | 11.从事风险投资、委托理财、套期保值业务等事项是否建 | √ | | --- | --- | | 立了完备、合规的内控制度 | | | （三）信息披露 | | 保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：新雷能 保荐代表人姓名：唐俊文 联系电话：010-60838544 保荐代表人姓名：肖扬 联系电话：010-60838633 现场检查人员姓名：肖扬、周哲立、郭琛钰、白宁鑫 现场检查对应期间：2024 年 1 月 1 日 - 2024 年 12 月 31 日 现场检查时间：2025 年 4 月 22 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有 ...

中信证券股份有限公司关于 北京新雷能科技股份有限公司持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 5 月 一、发行人基本情况 二、本次发行情况概述 经中国证券监督管理委员会《关于同意北京新雷能科技股份有限公司向特定 对象发行股票注册的批复》（证监许可﹝2022﹞2062 号）批复，公司向特定对象 发行股票 37,849,061 股，每股发行价格为 41.76 元/股，募集资金总额为 1,580,576,787.36 元，扣除发行费用（不含税金额）33,169,931.09 元，实际募集 1 中文名称：北京新雷能科技股份有限公司 注册资本：542,498,469.00 元 法定代表人：王彬 成立日期：1997 年 6 月 11 日 注册地址：北京市昌平区科技园区双营中路 139 号院 1 号楼一,二,三层 股票简称：新雷能 股票代码：300593 上市时间：2017 年 1 月 13 日 上市地点：深圳证券交易所 邮政编码：102200 电 话：010-81913636 公司网址：www.xinleineng.com 电子信箱：300593@xinleineng.com 资金 ...

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、 | 是 | | 内部审计制度、关联交易制度） | | | | 是，根据新雷能2024年度内部控制 | | | 自我评价报告、2024年度内部控制 | | （2）公司是否有效执行相关规章制度 | 审计报告，发行人有效执行了相关 | | | 规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 0次 | 1 中信证券股份有限公司 关于北京新雷能科技股份有限公司2024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 ...

Group 1: Financial Performance - In 2024, the company's operating revenue was 922.73 million, a year-on-year decrease of 37.16% [2] - The net profit attributable to shareholders was -501 million, a decline of 617.17% compared to the previous year [3] - In Q1 2025, the operating revenue reached 233 million, showing a year-on-year growth of 16.75% [3] Group 2: Revenue Composition and Business Segments - The company's revenue is primarily derived from integrated circuits (IC), power supply products, and motor products [3] - Integrated circuits include special power management chips and motor driver chips, used in high-reliability fields such as aerospace and power generation [3] - Power supply products are utilized in various sectors, including aviation, communication, and data centers [3] Group 3: Research and Development - In 2024, R&D expenses amounted to 390.18 million, an increase of 17.41% year-on-year [2] - The focus areas for R&D in the next 3-5 years include integrated circuit micro-modules and AI device power supplies [3] - The company is actively expanding its product categories and application fields, particularly in integrated circuits and data centers [2] Group 4: Market Challenges and Strategies - The company faces challenges from insufficient downstream demand and cyclical fluctuations in the communication industry [2] - Strategies to enhance competitiveness include increasing market expansion efforts and accelerating the conversion of new research products [2] - The company plans to balance debt and equity financing to optimize its capital structure, maintaining a debt ratio below 50% historically [4] Group 5: International Business Development - In 2022 and 2023, overseas business revenue accounted for approximately 20% of total revenue, with 270 million in 2023 [3] - In 2024, overseas revenue declined to 83 million due to industry impacts [3] - The company has a subsidiary in Singapore and aims to actively expand its overseas market presence [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company has shown signs of demand recovery, with a potential return to growth in performance [5] - The company experienced a significant decline in revenue in 2024, but the first quarter of 2025 shows a positive growth trend [5] - Ongoing capacity expansion projects are expected to support future growth as downstream demand gradually recovers [5] Financial Performance Summary - In 2024, the company's revenue was 922 million yuan, a year-on-year decrease of 37.16%, with a net loss of 501 million yuan, a decrease of 617.17% [4][5] - For Q1 2025, revenue was 233 million yuan, a year-on-year increase of 16.75%, with a net loss of 44 million yuan, a decrease of 13.42% [4][5] - The company’s total liabilities increased to 1.845 billion yuan in Q1 2025, a year-on-year increase of 34.38% [4][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.19 yuan, 0.48 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 73.4, 29.2, and 18.6 [6]

证券代码：300593 证券简称：新雷能 公告编号：2025-034 北京新雷能科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 北京新雷能科技股份有限公司（以下简称"公司"）已于2024 年10月23日召开第六届董事会第八次会议和第六届监事会第八次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 决定使用额度不超过40,000万元人民币的闲置募集资金进行现金管 理,具体内容详见公司2024年10月24日披露于巨潮资讯网站上的相关 公告。 近日，公司使用部分闲置募集资金购买了银行理财产品，现就相 关事宜公告如下： 注：公司、公司实际控制人与上述受托方不存在关联关系。 二、审批程序 购买主体 签约银 行 产品 名称 产品 类型 存款金 额（万 元） 起息 日 到期 日 预期年化 收益率 资金 来源 北京新雷 能科技股 份有限公 司 北京银 行股份 有限公 司 欧元/美元 固定日观察 区间型结构 性存款 保本 浮动 收益 型 5,000 2025 年4月 28日 2025 年7月 2 ...

Summary of Conference Call Records Company Overview - **Company**: 新雷能 (New Ray Energy) - **Industry**: Power supply solutions, focusing on aerospace, communication, data centers, and integrated circuits Key Points and Arguments Financial Performance - **Q1 Revenue**: 2.33 billion CNY, up 16.75% year-on-year, but net profit attributable to shareholders was -43.74 million CNY, down 13.74% due to increased financial expenses and reduced investment income [1][3] - **2024 Revenue**: 9.22 billion CNY, down 37.16% year-on-year; net profit was -0.1 billion CNY, down 617.17% due to revenue decline, significant impairment provisions, and increased R&D expenses of approximately 40 million CNY [2] - **Product Revenue**: Integrated circuit micro-modules revenue was 3.98 million CNY, down 44%; data center server power revenue was over 60 million CNY, nearly doubling year-on-year; motor and electric drive products revenue reached over 30 million CNY [2] Strategic Focus and Development - **2024 Work Focus**: Product development and innovation, market expansion, and capacity construction, with specific projects in aerospace, communication, and data centers [1][4] - **New Product Development**: Enhancements in power density for aerospace power components, development of natural cooling rectifiers in communication, and power conversion modules for data centers [1][4] - **Integrated Circuits**: Completion of seven high-performance power management chips [1][4] Capacity Expansion - **New Projects**: Beijing module power expansion project expected to be operational by year-end; projects in Shenzhen, Xi'an, and Chengdu anticipated to start in Q3 or Q4 [1][4][7] - **Production Capacity**: Overall capacity utilization is steadily improving, with new projects expected to optimize production layout and efficiency [7][8] Market Outlook - **Data Center Power Market**: Significant growth potential, with last year's revenue of approximately 60 million CNY, doubling year-on-year; expected to continue rapid growth driven by new demands such as adaptive computing and AI applications [11] - **Core Competitiveness**: Ability to provide comprehensive power solutions from AC supply to server core units, giving a unique advantage in the domestic market [11] R&D and Innovation - **R&D Investment**: High R&D expenses in 2024, focusing on smart motor drives, integrated circuits, and data centers; new business segments like integrated circuits have started generating revenue [6] - **Future R&D Plans**: Continued focus on enhancing design capabilities and improving product performance metrics [4][6] Inventory and Management - **Inventory Impairment**: Primarily due to industry impacts and previous high growth demand; management plans to strengthen customer demand confirmation to mitigate future impairments [6] Profitability and Margins - **Gross Margin Trends**: Significant improvement in Q1 gross margin; expected to stabilize as order volumes increase and production efficiency improves [9][10] Customer and Order Trends - **Order Growth**: Positive outlook for orders in 2025, with a notable increase compared to 2024; however, the sustainability of this growth remains to be seen [17] Satellite Sector Developments - **Low Earth Orbit Satellites**: Progress made in product design and testing, with expectations for further development based on national planning [18][19] Additional Important Insights - **Market Dynamics**: The company is adapting to market changes with new product developments and customer management strategies to address declining demand certainty [6] - **Long-term Vision**: Focus on maintaining a stable operational level while increasing R&D investment in key areas to drive future growth [2][4]

Financial Performance - In 2024, the company achieved operating revenue of 922 million CNY, a decrease of 37.16% year-on-year [2] - The net profit attributable to the parent company was -501 million CNY, a decline of 617.17% year-on-year [2] - In Q1 2025, operating revenue was 233 million CNY, an increase of 16.75% year-on-year, while the net profit was -43.74 million CNY, a decrease of 13.42% year-on-year [2] Reasons for 2024 Performance - Decline in overall revenue due to insufficient downstream demand in specialized industries, cyclical fluctuations in the communication sector, and underperformance in data center market expansion [2] - Asset impairment losses totaled 281.81 million CNY, including inventory write-downs of 253.71 million CNY [2] - Increased R&D expenses of 390.18 million CNY, up 17.41% year-on-year, reflecting the company's commitment to technological advancement [2] 2024 Work Focus - Strengthening product development and technological innovation in specialized fields such as aerospace, communication, data centers, integrated circuits, low-orbit satellites, and new energy [3][4] - Expanding product categories with existing mature customers and actively pursuing new industry clients [4] - Enhancing production capacity in Beijing, Xi'an, Shenzhen, and Chengdu, while advancing smart manufacturing and automation [4] 2025 Work Focus - Continuing to enhance integrated circuit design capabilities and SiP packaging technology [5] - Developing high-reliability, high-power-density power modules and customized power products for aerospace applications [6] - Increasing investment in R&D for high-reliability power management and emerging integrated circuit applications [6] Investor Communication Insights - Q1 2025 revenue shows improvement, with optimistic order and delivery outlook for Q2 and the full year [8] - R&D investment remains high, focusing on domestic production and new product categories [8] - Inventory impairment losses in 2024 were due to industry-wide impacts and overstocking based on previous demand forecasts [9] - New production capacity from projects in Beijing, Shenzhen, Xi'an, and Chengdu is expected to enhance overall output [9] Profit Margin Outlook - The company's gross margin is expected to stabilize, with potential improvements as demand increases and production efficiency rises [10] - The shift towards higher-margin products in aerospace could positively impact gross margin [10] Data Center Power Solutions - The company is strategically focused on data center power solutions, providing comprehensive power solutions from AC input to server power supply [11] - Current market presence is small, but there is significant potential for growth in this area [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 RMB [7][8]. Core Views - The company experienced a significant recovery in demand in Q1 2025, with expectations for strong growth in revenue and net profit throughout the year, driven by the release of previously accumulated demand and the launch of new products [1][2]. - Despite a decline in revenue in 2024 due to insufficient downstream demand in specialized industries and cyclical fluctuations in the communication sector, the company has made substantial progress in product development and market expansion, indicating a potential turning point in performance [2][3]. - The data center market is expected to provide new growth opportunities, with the company enhancing its production capacity and developing comprehensive power solutions for IDC facilities [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 922 million RMB, a year-over-year decline of 37.16%, and a net loss of 500.78 million RMB, a significant drop of 617.17% compared to the previous year [1][6]. - For Q1 2025, the company achieved revenue of 233 million RMB, an increase of 16.75% year-over-year, although it still reported a net loss of 44 million RMB, down 13.42% year-over-year [1][2]. Revenue and Profit Forecast - The company is projected to achieve net profits of 146.81 million RMB, 240.38 million RMB, and 313.46 million RMB for the years 2025, 2026, and 2027, respectively [4][6]. - The expected revenue for 2025 is 1.65 billion RMB, reflecting a growth of 79.20% compared to 2024 [6]. Valuation Metrics - The report estimates a price-to-earnings (PE) ratio of 69 for 2025, with a target price set at 18.72 RMB based on this valuation [4][8]. - The company's market capitalization is currently 7.35 billion RMB, with a closing price of 13.54 RMB as of April 22, 2025 [8].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the special power supply industry and strategic layout in multiple fields such as data centers and low-orbit satellites [6][8]. Core Viewpoints - The company reported a revenue of 920 million yuan for 2024, a year-over-year decline of 37.2%, and a net profit attributable to shareholders of -500 million yuan, marking a shift from profit in 2023 [3]. - The first quarter of 2025 showed a revenue increase of 16.8% year-over-year, amounting to 230 million yuan, although the net profit remained negative at -44 million yuan [3]. - The company is actively expanding its production capacity and has several projects expected to be operational by the third quarter of 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profitability, with a gross margin decrease of 5.4 percentage points to 40.0% [3][4]. - The fourth quarter of 2024 saw a revenue of 240 million yuan, down 35.8% year-over-year, primarily due to asset impairment losses totaling 280 million yuan for the year [3][4]. - The company’s R&D expenses increased by 17.4% to 390 million yuan in 2024, reflecting a focus on innovation and development [5]. Product and Market Development - The company made progress in the low-orbit satellite sector, developing a controller chip for commercial aerospace applications [4]. - Revenue from power supply and electric drive products was 870 million yuan, down 36.2% year-over-year, while integrated circuits and micro-modules generated 40 million yuan, down 44.0% [4]. Future Outlook - The company is expected to see a recovery in net profit, with projections of 101 million yuan in 2025, 307 million yuan in 2026, and 493 million yuan in 2027 [6][7]. - The anticipated revenue growth rates for the next few years are 62.6% in 2025, 40.2% in 2026, and 43.1% in 2027 [7][12].