Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company experienced a significant decline in revenue and profit in the first half of 2024, with revenue dropping by 45% year-on-year to 489 million yuan and a net loss of 68 million yuan, a 136% decrease compared to the previous year [3] - The decline in revenue is attributed to insufficient market demand, with domestic revenue falling from 733 million yuan to 445 million yuan and international revenue decreasing from 155 million yuan to 44 million yuan [3] - The company increased its R&D expenses by 26% to 192 million yuan, focusing on expanding its product offerings in integrated circuits, electric drives, and data centers, resulting in a high R&D expense ratio of 39% in H1 2024 [3] - Future growth is expected from new products such as high-reliability integrated circuit micro-modules, motor drives, and server power supplies [3] - The projected net profits for 2024-2026 are estimated at 36 million yuan, 176 million yuan, and 312 million yuan, reflecting year-on-year growth rates of -63.09%, 391.92%, and 77.45% respectively, with corresponding P/E ratios of 140.40, 28.54, and 16.08 [3] Financial Summary - In 2023, the company reported total revenue of 1.467 billion yuan, with a projected decline to 1.169 billion yuan in 2024, followed by a recovery to 1.464 billion yuan in 2025 and 1.742 billion yuan in 2026 [5] - The company's net profit is expected to decrease significantly in 2024 to 35.74 million yuan, before rebounding to 175.82 million yuan in 2025 and 311.99 million yuan in 2026 [5] - The company's asset-liability ratio is currently at 30.0%, with a projected decrease to 28.1% in 2024 [5]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 489 million yuan, down 44.9% year-over-year, and a net loss of 68 million yuan [1]. - The second quarter of 2024 showed signs of improvement, with revenue of 289 million yuan, a 25.9% year-over-year decline but a 44.6% increase quarter-over-quarter, indicating a potential turning point in performance [1]. - The decline in performance is attributed to weak demand for military and civilian products, a drop in gross margin, and a substantial increase in R&D expenses [1]. - The company expects a gradual improvement in performance throughout 2024, with a potential positive growth rate in Q3 [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 42.9%, down 7.2 percentage points year-over-year, with Q2 gross margin at 45.4%, down 11.3 percentage points [1]. - R&D expenses increased significantly to 192 million yuan, up 26.3%, leading to a higher R&D expense ratio [1]. - The company’s subsidiaries underperformed, with Shenzhen Leino's revenue down 51.4% year-over-year, while Wuhan Yongli's revenue decreased by 9.5% [1]. - The company has high inventory levels but also substantial cash reserves, providing operational flexibility for Q4 [1]. Future Outlook - The company is expanding its production capacity, with new projects expected to come online in 2025, which could significantly enhance revenue potential [1]. - The report forecasts net profits for 2024-2026 to be -41 million, 185 million, and 259 million yuan respectively, with corresponding EPS of -0.08, 0.34, and 0.48 yuan [2][7]. - The anticipated recovery in downstream demand in Q4 2024 is expected to provide substantial operational leverage for the company [2].

新雷能投资者关系活动记录表（2024 年度） 投资者关系活动记录表 证券代码：300593 证券简称：新雷能 编号：2024-003 北京新雷能科技股份有限公司 | --- | --- | --- | |-------------------------|------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

新雷能（300593.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 2Q24 营收环比增长 45%；加大研发拓展多品类业务 2024 年 08 月 18 日 ➢ 事件：8 月 16 日，公司发布 2024 年中报，1H24 实现营收 4.89 亿元，YOY -44.9%；归母净利润-0.68 亿元，1H23 为 1.90 亿元；扣非净利润-0.74 亿元， 1H23 为 1.76 亿元。业绩表现符合市场预期。受所处行业订单波动及市场需求不 足的影响，公司 1H24 业绩出现同比下滑，我们综合点评如下： ➢ 2Q24 营收环比增长 45%；亏损幅度环比收窄。1）单季度表现：公司 2Q24 实现营收 2.89 亿元，同比减少 25.9%，环比增长 44.6%；归母净利润-0.29 亿 元，2Q23 为 0.77 亿元，2Q24 归母净利润同比虽然转亏但环比 1Q24 的-0.39 亿元，亏损幅度有所收窄。受需求端影响，公司自 2Q23 开始连续五个季度营收 同比下滑；自 3Q23 开始连续四个季度出现亏损。我们预计，随着下半年下游需 求的逐渐恢复，公司利润有望重拾增长。2）盈利 ...

新雷能（300593.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 2Q24 营收环比增长 45%；加大研发拓展多品类业务 2024 年 08 月 18 日 ➢ 事件：8 月 16 日，公司发布 2024 年中报，1H24 实现营收 4.89 亿元，YOY -44.9%；归母净利润-0.68 亿元，1H23 为 1.90 亿元；扣非净利润-0.74 亿元， 1H23 为 1.76 亿元。业绩表现符合市场预期。受所处行业订单波动及市场需求不 足的影响，公司 1H24 业绩出现同比下滑，我们综合点评如下： ➢ 2Q24 营收环比增长 45%；亏损幅度环比收窄。1）单季度表现：公司 2Q24 实现营收 2.89 亿元，同比减少 25.9%，环比增长 44.6%；归母净利润-0.29 亿 元，2Q23 为 0.77 亿元，2Q24 归母净利润同比虽然转亏但环比 1Q24 的-0.39 亿元，亏损幅度有所收窄。受需求端影响，公司自 2Q23 开始连续五个季度营收 同比下滑；自 3Q23 开始连续四个季度出现亏损。我们预计，随着下半年下游需 求的逐渐恢复，公司利润有望重拾增长。2）盈利 ...

关于为全资子公司提供银行授信担保的公告 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。 一、担保情况概述 北京新雷能科技股份有限公司（以下简称"公司"或"本公司"） 2024 年 8 月 15 日召开第六届董事会第六次会议，审议通过了《关于 为全资子公司提供银行授信担保的议案》，同意公司分别为全资子公 司西安市新雷能电子科技有限责任公司（以下简称"西安雷能"）、 深圳市雷能混合集成电路有限公司（以下简称"深圳雷能"）向银行 申请授信额度提供担保，同时授权公司董事长或董事长指定的授权代 理人办理相关业务，代表公司办理相关手续、签署相关法律文件等。 本次公司子公司拟申请授信的金融机构范围及额度具体如下： | 序号 | 被担保方 | 融资银行 | 申请授信额度 | | | --- | --- | --- | --- | --- | | 1 | 西安市新雷能电子科技有 | 交通银行股份有限公司西 | 不超过 7,000 | 万元（含） | | | 限责任公司 | 安高新支行 | | | | 2 | 深圳市雷能混合集成电路 | 徽商银行股份有限公司深 | 不超过 6,0 ...

证券代码：300593 证券简称：新雷能 公告编号：2024-061 北京新雷能科技股份有限公司 2024年半年度募集资金存放与使用情况的专项报告 （一）实际募集资金金额、资金到账时间 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，实际募集资金净额为1,547,406,856.27 元。上述募资资金已于2022年10月11日划至公司指定账户，中汇会计 师事务所（特殊普通合伙）就公司本次向特定对象发行股票的募集资 金到账事项出具了《验资报告》（中汇会验[2022]7094号），确认募 集资金到账。 （二）募集资金使用金额及余额 截至2024年6月30日，公司募集资金使用情况如下： 单位：万元 | | 项目 | 金额 | | --- | --- | --- | | 期初存款余额 | | 30,287.12 | | 期初理财余额 | | 24, ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 20%[7]. - The company's operating revenue for the reporting period was ¥488,670,135.59, a decrease of 44.93% compared to the same period last year[11]. - The net profit attributable to shareholders was -¥68,044,529.34, representing a decline of 135.73% year-over-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥74,358,734.42, a decrease of 142.29% compared to the previous year[11]. - The company reported a significant increase in financial expenses by 976.55% to ¥6,492,434.49, mainly due to increased guarantee fees and cash discounts[41]. - The company reported a net loss of ¥71,300,958.05 for the first half of 2024, compared to a net profit of ¥188,232,202.64 in the first half of 2023[126]. - The basic earnings per share for the first half of 2024 was -¥0.13, compared to ¥0.35 in the same period of 2023[126]. Research and Development - The company has invested RMB 50 million in R&D for new technologies, focusing on sustainable energy solutions[7]. - R&D expenses for the first half of 2024 amounted to CNY 19,164.68 million, an increase of CNY 3,988.84 million, representing a growth of 26.28% year-on-year[31]. - The company maintained a high level of R&D investment, accumulating 357 intellectual properties, including 62 invention patents, as of June 30, 2024[32]. - The R&D team consists of over 1,200 personnel, emphasizing the company's focus on technological innovation and collaboration with educational institutions[39]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[7]. - The company has projected a revenue growth of 25% for the second half of 2024, aiming for a total annual revenue of RMB 1.2 billion[7]. - The company is focusing on diversifying its customer base to reduce reliance on major clients in the communication sector[62]. - The company plans to focus on market expansion and new product development as part of its future strategy[126]. Product Development - New product development includes the launch of a high-efficiency power supply system, expected to improve energy conversion efficiency by 10%[7]. - The company has developed new power supply products that have entered the communication and data center sectors, gaining wide recognition from domestic and international clients[19]. - The company plans to expand its product offerings in the power supply and motor drive categories, focusing on high-reliability applications in various industries[21]. Financial Position - Total assets at the end of the reporting period were ¥4,494,411,673.78, down 2.64% from the end of the previous year[11]. - The company's net assets attributable to shareholders decreased by 4.05% to ¥2,881,333,314.11 compared to the previous year[11]. - The total liabilities increased slightly from ¥1,383,709,323.01 to ¥1,384,639,601.68, an increase of approximately 0.1%[120]. - The total equity decreased from ¥3,232,531,557.89 to ¥3,109,772,072.10, a decline of approximately 3.8%[120]. Risks and Challenges - The management has identified potential risks including market competition and supply chain disruptions, with corresponding mitigation strategies outlined[2]. - The company faces risks from fluctuations in downstream industry demand, particularly in aviation, aerospace, and data centers, which may affect procurement[61]. - Labor cost increases pose a risk to profit margins, prompting the company to optimize operations and improve productivity[62]. Shareholder Engagement and Governance - The company held its 2023 annual general meeting on May 13, 2024, with an investor participation rate of 27.85%[66]. - The company is focused on enhancing its governance and shareholder engagement through regular meetings and transparent communication[66]. - The company has committed to avoiding competition with its controlling shareholder, Yongli Technology, as part of its acquisition commitments[74]. Cash Flow and Investments - The net cash flow from operating activities improved to ¥31,623,577.40, a 117.56% increase from -¥180,047,856.69 in the same period last year[11]. - The total investment amount for the reporting period was ¥163,630,099.33, representing a 21.79% increase compared to ¥134,354,380.07 in the same period last year[48]. - The company has ongoing projects in power electronics manufacturing, with a total investment of ¥28,360,676.86 and a progress rate of 28.42%[49]. Environmental and Social Responsibility - The company actively participated in social responsibility by donating 100,000 yuan to a foundation for public welfare during the reporting period[73]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[72]. Share Capital and Stock Information - The total number of shares increased from 538,304,782 to 542,498,469, with a change of 4,193,687 shares, representing a 0.78% increase[100]. - The company repurchased a total of 2,792,000 shares from November 2023 to June 30, 2024, with a total transaction amount of approximately ¥39,976,740.78[101]. - The largest shareholder, Wang Bin, holds 19.35% of the shares, totaling 104,957,909 shares, with 78,718,431 shares being restricted[104]. Accounting and Financial Reporting - The semi-annual financial report has not been audited[83]. - The company prepares consolidated financial statements based on its own and its subsidiaries' financial reports, reflecting the overall financial position and performance[172]. - The company uses expected credit loss models to assess impairment for financial assets, including those measured at amortized cost and debt instruments measured at fair value[188].

证券代码：300593 证券简称：新雷能 公告编号：2024-059 北京新雷能科技股份有限公司 第六届监事会第六次会议决议公告 本公司及监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。 二、监事会审议情况 经与会监事审议表决，本次会议通过了以下议案： 1、审议通过《关于公司 2024 年半年度报告及摘要的议案》 经审议，监事会认为：董事会编制和审核公司《2024 年半年度 报告》及《2024 年半年度报告摘要》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。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 2、审议通过《关于<公司 2024 年半年度募集资金存放与使用情 况的专项报告>的议案》 经审议，监事会认为：公司严格按照《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第2号—创业 板上市公司规范运作》等相关规定，对募集资金实行专户存储，并对 募集资金的使用执行严格的审批程序，以保证专款专用，2024年半年 度不存在违规使用募集资金的情 ...

证券代码：300593 证券简称：新雷能 公告编号：2024-062 北京新雷能科技股份有限公司 1、上述知识产权均为公司及子公司自主研发，并陆续在相关业 务中应用。 关于取得知识产权的公告 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"）及子公司取 得中华人民共和国国家知识产权局颁发的知识产权证书，证书具体信 息如下： | 序 | 专利名称 | 专利类型 | 专利号 | 授权公告 | 有效 | | --- | --- | --- | --- | --- | --- | | 号 | | | | 日 | 期 | | 1 | 雷能 PID 调试上位机软 | 软件著作权 | 2024SR0105231 | 2024-01-16 | - | | | 件 V1.00 | | | | | | 2 | 雷能 bootloader 程序升 | 软件著作权 | 2024SR0106020 | 2024-01-16 | - | | | 级软件 V1.00 | | | | | | 3 | 一种 DC-DC 电源变换器、 恒压以及恒流输出 ...