[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年半年报点评 当前价：59.60 元 锦浪科技（300763）电力设备 目标价：——元（6 个月） 新兴市场方兴未艾，出货增长后劲充足 [Table_Summary 业绩总结：公司发布 ] 2024年半年度报告。2024H1年公司实现营收 33.5亿元， 同比+3.2%；归母净利润 3.5 亿元，同比-43.8%；扣非净利润 3.2 亿元，同比 -50.9%。其中二季度公司实现营收 19.6 亿元，同比+22.6%；归母净利润 3.3 亿元，同比+9.5%；扣非净利润 3.1亿元，同比-8.8%。24H1业绩为预告中枢， 二季度业绩超预期。 二季度盈利能力全面提升，主要源于海外市场回暖后出货占比提升，原材料成 本下降，以及费用率下降。24Q2海外新兴市场如巴基斯坦、乌克兰光伏与户储 装机需求爆发，国内逆变器出口环比增长，公司二季度海外并网和储能逆变器 接单量持续向好，海外出货占比提升。海外市场盈利能力较国内更好，同时公 司原材料成本下降在二季度逐步体现，因此二季度毛利率提升。随着出货与营 收增长，费用率降低，因此 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 3.355 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders decreased by 43.84% to 352 million yuan [2] - The inverter business faced revenue decline due to inventory pressure in Europe, but there are signs of improvement in Q2 2024 with increasing order volumes and shipment growth [3] - The residential photovoltaic power generation system and new energy power production businesses showed significant revenue growth, with a 39.6% increase in revenue for the residential photovoltaic power generation system and a 191.64% increase for new energy power production in H1 2024 [3] Summary by Sections Financial Performance - H1 2024 revenue: 3.355 billion yuan, up 3.2% YoY; net profit: 352 million yuan, down 43.84% YoY; Q2 2024 revenue: 1.958 billion yuan, up 22.64% YoY; net profit: 332 million yuan, up 9.53% YoY [2] - H1 2024 revenue breakdown: storage inverters: 192 million yuan (down 38.48% YoY), grid-connected inverters: 2.05 billion yuan (down 8.02% YoY) [3] Growth Drivers - The company added 783 million kWh of operational distributed photovoltaic power generation capacity in H1 2024, with revenue from this segment reaching 33.71 million yuan [3] - The residential photovoltaic power generation system revenue reached 776 million yuan in H1 2024, driven by policy support and seasonal factors [3] Profitability Forecast and Valuation - The profit forecast for 2024-2026 has been raised, with expected net profits of 985 million yuan, 1.346 billion yuan, and 1.692 billion yuan respectively, reflecting increases of 14%, 32%, and 30% [3] - The current stock price corresponds to a PE ratio of 24, 18, and 14 for 2024-2026 [3]

证券研究报告·公司点评报告·光伏设备 锦浪科技（300763） 2024 年中报点评：Q2 逆变器量利双升，Q3 排产创新高 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5890 | 6101 | 9011 | 12059 | 15156 | | 同比（ % ） | 77.80 | 3.59 | 47.70 | 33.82 | 25.68 | | 归母净利润（百万元） | 1,059.73 | 779.36 | 1,202.56 | 1,656.44 | 2,117.74 | | 同比（ % ） | 123.65 | (26.46) | 54.30 | 37.74 | 27.85 | | EPS- 最新摊 ...

证券代码：300763 证券简称：锦浪科技 公告编号：2024-069 锦浪科技股份有限公司 关于公司为全资子（孙）公司提供担保的进展公告及子公司为子 公司提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 特别风险提示： 锦浪科技股份有限公司（以下简称"锦浪科技"或"公司"）及其全资子公司对 全资子（孙）公司担保总额超过最近一期经审计净资产 100%，前述担保均为公 司或其全资子公司对全资子（孙）公司的担保，财务风险处于公司可控范围内， 敬请投资者充分关注担保风险。 一、关于公司为全资子（孙）公司提供担保的进展 为满足全资孙公司宁波市灿宛新能源有限公司（以下简称"宁波灿宛"）、 宁波市曜泰新能源有限公司（以下简称"宁波曜泰"）、宁波市曜时新能源有限 公司（以下简称"宁波曜时"）、宁波市卓启新能源有限公司（以下简称"宁波 卓启"）的生产经营需求，公司分别于 2023 年 5 月 26 日、2023 年 12 月 8 日就 为上述项目公司分别与中国建设银行股份有限公司象山支行（以下简称"建设银 行"）、交通银行股份有限公司宁波象山支行（以下简称"交 ...

锦浪科技股份有限公司 第三届监事会第三十一次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 锦浪科技股份有限公司（以下简称"公司"）第三届监事会第三十一次会议 于 2024 年 8 月 27（星期二）在浙江省象山县经济开发区滨海工业园金开路 188 号公司会议室以现场结合通讯的方式召开。会议通知已于 2024 年 8 月 17 日通过 邮件、专人送达等书面方式通知各位监事。本次会议应出席监事 3 人，实际出席 监事 3 人（其中：通讯方式出席监事 1 人）。会议由监事会主席、职工代表监事 张丽女士主持，高管列席。会议召开符合有关法律、法规、规章和《公司章程》 的规定。出席会议的监事对各项议案进行了认真审议并做出了如下决议： 二、监事会会议审议情况 证券代码：300763 证券简称：锦浪科技 公告编号：2024-067 经审议，监事会认为：公司 2024 年半年度募集资金存放与使用情况专项报 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。 具体内容详见同日刊登于巨潮资讯网（ht ...

非经营性资金占用及其他关联资金往来情况汇总表 | 其它关联资金往来 | 资金往来方名称 | 往来方 与上市 公司的 | 上市公司核 算的会计科 | 年期 2024 | 2024 年 1-6 月往来累计 | 2024 年 1- 月往来 6 | 年 2024 | 1-6 | 2024 年 6 月 日 30 往来资金余 | | 往来性质 （经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 初 | 发生金额 | 资金的利 | 月偿还累计 | | | 往来形成 | | | | | 关联关 | 目 | 往来资金余 | （不含利 | 息 | 发生金额 | | 额 | 原因 | 来、非经营性 | | | | | | 额 | 息） | （如有） | | | | | 往来） | | | | 系 | | | | | | | | | | | 控股股东、实际控制 | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | | 宁波锦浪智慧能源有限 ...

锦浪科技股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）和深圳证券交易所印发的 《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（2023 年 12 月修订）》（深证上〔2023〕1146 号）的规定，将本公司募集资金 2024 年 1-6 月存放与使 用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 1. 2022 年向特定对象发行股票 根据中国证券监督管理委员会《关于同意锦浪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〕3012 号），并经深圳证券交易所同意，本公司由主承销商 海通证券股份有限公司采用代销方式，向特定对象发行 A 股股票 19,500,000 股，每股发行 价格为人民币 150.00 元，实际募集资金总额为人民币 292,500.00 万元，坐扣承销和保荐费 用 1,655.66 万元后的募集资金为 290,844.34 万元，已由主承 ...

Financial Performance - Jinlong Technologies reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[20]. - The company's operating revenue for the reporting period was CNY 3,354,987,016.91, representing a 3.20% increase compared to the same period last year[27]. - The net profit attributable to shareholders decreased by 43.84% to CNY 352,232,566.75, down from CNY 627,188,155.93 in the previous year[27]. - The net cash flow from operating activities improved significantly, reaching CNY 593,761,927.68, a 669.88% increase from a negative cash flow of CNY 104,190,488.21 in the same period last year[27]. - The company's revenue for the reporting period was ¥3,354,987,016.91, representing a year-on-year increase of 3.20% compared to ¥3,250,945,195.57 in the previous year[64]. - The company's operating costs increased by 10.62% to ¥2,275,370,398.69 from ¥2,057,001,954.55, indicating a rise in expenses[64]. - The company reported a total revenue of 126.425 million yuan for the first half of 2024, reflecting a year-on-year increase of 4.8%[158]. - The company reported a total revenue of 1,800 million yuan for the first half of 2024, showing a significant increase compared to previous periods[163]. - The company reported a total revenue of 420 million yuan for the first half of 2024, reflecting a year-on-year increase of 10%[174]. Market Expansion and Strategy - Jinlong Technologies plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2025[20]. - The company has established partnerships with three new distributors in Europe, aiming to increase sales by 30% in that region[20]. - The company aims to expand its business in the renewable energy sector, particularly in solar power generation and energy storage solutions[36]. - The company is focusing on expanding its market presence and developing new technologies in the photovoltaic sector[85]. - The company plans to expand its market presence by entering new regions, aiming for a 15% increase in market share by the end of 2024[159]. - Market expansion efforts are focused on increasing presence in Southeast Asia, targeting a 15% market share by 2025[164]. - The company is actively pursuing market expansion strategies, focusing on renewable energy sectors and partnerships with local firms[172]. Research and Development - The company is investing RMB 200 million in R&D for new inverter technologies, aiming to enhance efficiency by 10%[20]. - The company has invested in R&D, resulting in a total of 247 authorized patents, enhancing its competitive edge in technology[52]. - The company is investing 4.8 million yuan in R&D for new technologies aimed at enhancing product efficiency[158]. - The company is investing 1,800 million yuan in research and development for new solar technology, targeting a 25% improvement in efficiency[159]. - The company is investing 200 million yuan in R&D for new technologies aimed at enhancing product efficiency and sustainability[161]. - The company is investing 100 million yuan in R&D for new technologies aimed at enhancing product efficiency[170]. - The company has allocated 1,630 million yuan for new product development and technological advancements in the renewable energy space[172]. Product Development and Innovation - The company has launched a new line of energy storage products, expecting to contribute an additional RMB 300 million in revenue by the end of 2024[20]. - The maximum efficiency of the company's inverters has reached 99.1%, driven by the introduction of new semiconductor materials and advanced control algorithms[42]. - The company has developed advanced inverter technologies, including high-precision power factor control with an accuracy of 9.01, enhancing operational efficiency[53]. - New product launches are expected to contribute an additional 500 million yuan in revenue by the end of 2024[161]. - The company has introduced a virtual synchronous machine technology that simulates synchronous generator operation, improving the stability and safety of wind and solar power integration[53]. - The company has launched a new product line that is expected to contribute an additional 420 million yuan in revenue by the end of the year[159]. Financial Guidance and Projections - The company has set a performance guidance of RMB 2.5 billion in revenue for the full year 2024, reflecting a growth target of 20%[20]. - The company has set a revenue guidance of 300 million yuan for the next quarter, indicating a projected growth of 10%[158]. - Future guidance indicates a projected revenue growth of 15% year-over-year for the next fiscal year[160]. - The company has provided a performance guidance for the next quarter, expecting a revenue growth of 12% to 15%[173]. Risks and Challenges - Jinlong Technologies is facing risks related to fluctuating raw material prices, which could impact profit margins by up to 5%[4]. - The company faces risks related to gross margin fluctuations, accounts receivable management, and inventory levels, which could impact operational performance[102][103]. - The company is exposed to risks related to intellectual property, as insufficient protection could harm its competitive edge and future business development[104]. - The company acknowledges stock price volatility risks influenced by macroeconomic policies, political situations, and investor sentiment, which could affect investor returns[107]. Corporate Governance and Social Responsibility - The company did not declare any cash dividends or bonus shares for the reporting period[5]. - The company has not faced any penalties for environmental violations during the reporting period, demonstrating compliance with environmental regulations[128]. - The company actively participates in social welfare initiatives while focusing on its own development[129]. - The company donated 1 million yuan to the Xiangshan County Education Foundation for educational improvements and 100,000 yuan to China University of Mining and Technology for talent development[130]. Acquisitions and Partnerships - The company is exploring potential acquisitions to strengthen its supply chain and reduce production costs by 15%[20]. - The company has completed two strategic acquisitions in the renewable energy sector, expected to enhance operational capabilities and revenue by 300 million yuan annually[161]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of 1 billion yuan allocated for potential deals[177]. Operational Efficiency - The company plans to reduce operational costs by 5% through efficiency improvements in the supply chain[158]. - The company has implemented multiple energy-saving measures, resulting in improved energy efficiency and reduced consumption during the reporting period[127]. - The company aims to reduce operational costs by 10% through efficiency improvements and technology upgrades in the upcoming year[168].

证券代码：300763 证券简称：锦浪科技 公告编号：2024-066 锦浪科技股份有限公司 第三届董事会第三十三次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 锦浪科技股份有限公司（以下简称"公司"）第三届董事会第三十三次会议 于 2024 年 8 月 27 日（星期二）在浙江省象山县经济开发区滨海工业园金开路 188 号公司会议室以现场结合通讯的方式召开。会议通知已于 2024 年 8 月 17 日 通过邮件、专人送达等方式通知全体董事。本次会议应出席董事 7 人，实际出席 董事 7 人（其中：通讯方式出席董事 4 人）。会议由董事长、总经理王一鸣先生 主持，公司监事、高管列席。本次会议的召开符合有关法律、法规、规章和《公 司章程》的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 董事会认为：公司 2024 年半年度募集资金存放及使用符合中国证监会、深 圳证券交易所的相关规定和要求，募集资金的存放及使用没有与募集资金项目的 实施计划相抵触，不影响募集资金项目的正常进行，不存在改变和变相改变募 ...

锦浪科技股份有限公司董事、监事、高级管理人员 关于 2024 年半年度报告的书面确认意见 根据《证券法》第八十二条的要求，本人作为锦浪科技股份有限 公司的董事、监事、高级管理人员，保证公司 2024 年半年度报告内 容真实、准确、完整，不存在任何虚假记载、误导性陈述或者重大遗 漏。 锦浪科技股份有限公司 2024 年 8 月 29 日 （本页无正文，为《锦浪科技股份有限公司董事、监事、高级管理人员关于 2024 年半年度报告的书面确认意见》之签字页） 全体董事： 王一鸣 张健华 郭俊强 张 婵 李育杉 楼红英 胡华权 全体监事： 张丽 贺华挺 陈益丹 高级管理人员： 王一鸣 郭俊强 张 婵 陆荷峰 ...