证券研究报告 | 公司动态点评 2024 年 09 月 09 日 锦浪科技（300763.SZ） 逆变器主业改善显著，电站业务资产稳健 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------------|-------------|--------------|--------------|------------|-----------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | | | | | | | | | | | | | 营业收入（百万元） | 5,890 | 6,101 | 8,886 | 11,295 | 13,497 | 股票信息 | | | 增长率 yoy （ % ） | 77.8 | 3.6 | 45.7 | 27.1 | 19.5 ...

华福证券 锦浪科技（300763.SZ） 24Q2 业绩显著改善，盈利能力实现修复 投资要点： 业绩点评 公司发布 24H1 业绩公告，实现营业收入 33.5 亿元，同比+3.2%； 归母净利 3.5 亿元，同比-44%；扣非归母净利 3.2 亿元，同比-51%； 其中 Q2 实现营业收入 19.6 亿元，同比+22.6%，环比+40.2%；归母净 利 3.3 亿元，同比+9.5%，环比+1536%；扣非归母净利 3.1 亿元，同比 -8.8%，环比+2146%。 24Q2 逆变器出货环比显著增长 公司 24H1 逆变器营收 22.4 亿元，综合毛利率 19.3%（环比 23H2 提升 4.4pct），其中并网逆变器毛利率 18.5%（环比提升 4.7pct），储 能逆变器毛利率 27.6%（环比下降 2pct）；整体 24H1 逆变器销量 50.12 万台（同比+29%，环比+40%），我们预计并网逆变器销量约 47-48 万 台，储能逆变器销量约 3 万台，其中 24Q2 逆变器销量约 30 万台（环 比增长约 43%），并网逆变器销量 27-28 万台（环比增长约 35%）， 储能逆变器销量 2-3 万 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 300763.SZ 买入 原评级：买入 市场价格:人民币 57.13 板块评级:强于大市 股价表现 (45%) (33%) (21%) (9%) 2% 14% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 锦浪科技 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (16.5) (11.6) 0.8 (22.7) 相对深圳成指 (4.4) (8.3) 12.6 (1.7) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 399.45 | | 流通股 ( 百万 ) | | 321.53 | | 总市值 ( 人民币 百万 ) | | 22,820.44 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 550.86 | | 主要股东 | | | | 王一鸣 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 71.11 CNY, compared to the current price of 57.30 CNY [2][3]. Core Views - The company's performance in Q2 2024 showed significant improvement, with revenue and profit both increasing compared to the previous quarter. The inverter business experienced a rise in both volume and profit [2][3]. - The report highlights that the increase in overseas shipments has positively impacted the company's performance, with expectations for continued growth in the second half of the year due to emerging market demand and inventory depletion in Europe [3]. - The company's power station business maintains a high gross margin and stable scale, with significant year-on-year growth in revenue from household photovoltaic systems and new energy power production [3]. Financial Summary - In H1 2024, the company achieved revenue of 3.355 billion CNY, a year-on-year increase of 3.20%, while net profit attributable to the parent company was 352 million CNY, a decrease of 43.84%. The gross margin was 32.18%, down 4.55 percentage points year-on-year [2]. - For Q2 2024, revenue reached 1.958 billion CNY, up 22.64% year-on-year and 40.18% quarter-on-quarter, with net profit of 332 million CNY, an increase of 9.57% year-on-year and a staggering 1536.32% quarter-on-quarter [2]. - The inverter business generated revenue of 2.242 billion CNY in H1 2024, down 11.76% year-on-year, while the gross margin was 19.28%. The company expects the inverter business to continue its growth trend in the second half of the year [3]. - The household photovoltaic system revenue was 780 million CNY in H1 2024, a year-on-year increase of 39.60%, with a gross margin of 61.21% [3]. - The company forecasts net profits of 947 million CNY, 1.196 billion CNY, and 1.476 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24, 19, and 16 [4].

证券研究报告 非金融公司|公司点评|锦浪科技（300763） 2024 半年报点评： 海外出货环比向好，盈利有望持续改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 公司 2024H1 实现营业收入 33.5 亿元，同比增长 3.2%，实现归母净利润 3.5 亿元，同比减少 43.8%，其中 Q2 实现归母净利润 3.3 亿元，环比增长 1536.0%，实现毛利率 37.8%，环比提升 13.6pct。2024Q2 公司并网及储能逆变器海外接单量持续向好，拉动海外出货占比提升，盈利 水平季度环比显著改善，分布式电站业务保持稳健滚动开发节奏。公司海外出货节奏逐渐恢 复，有望支撑业绩规模，同时盈利水平得到结构性改善，维持"增持"评级。 |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 2023/8 2023/12 2024/4 2024/8 非金融公司|公司点评 glzqdatemark2 2024年09月03日 锦浪科技(300763) 2024 半年报点评： 海外出货环比向好，盈利有望持续改 ...

Investment Rating - The report does not specify a clear investment rating for the company, but it discusses the potential for growth in the overseas market and the company's performance in the second quarter of 2024, indicating a positive outlook for the future [2][12]. Core Insights - The company, Jinlang Technology, reported a revenue of 3.35 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders decreased by 43.8% to 350 million yuan [2]. - The second quarter of 2024 showed a significant improvement with a revenue of 1.96 billion yuan, up 22.6% year-on-year, and a net profit of 330 million yuan, an increase of 9.5% year-on-year [2]. - The growth in the overseas market, particularly in emerging markets like Pakistan and Ukraine, has contributed to the increase in sales and profitability [2]. - The gross margin for Q2 2024 improved by 13.6 percentage points to 37.8%, and the net margin increased by 15.5 percentage points to 17.0% [2]. Performance Summary - For H1 2024, the company achieved a revenue of 3.35 billion yuan, with a net profit of 350 million yuan, reflecting a decline in profitability compared to the previous year [2]. - The second quarter's performance exceeded expectations, driven by a recovery in overseas markets and a decrease in raw material costs [2]. - The company’s household photovoltaic system revenue grew by 39.6% year-on-year, reaching 780 million yuan, with a gross margin of 61.2% [2]. - The photovoltaic power generation business saw a remarkable growth of 191.6% year-on-year, contributing to the overall revenue increase [2]. Future Outlook - The report anticipates continued growth in inverter exports in the second half of 2024, supported by strong demand in emerging markets [2]. - The company is expected to benefit from the increasing demand for photovoltaic and energy storage solutions, with projected net profits for 2024, 2025, and 2026 at 1.11 billion yuan, 1.54 billion yuan, and 1.88 billion yuan respectively [2][6].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 3.35 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 350 million yuan, a decrease of 43.8% year-on-year [2] - The second quarter showed a revenue of 1.96 billion yuan, up 22.6% year-on-year, with a net profit of 330 million yuan, an increase of 9.5% year-on-year [2] - The improvement in profitability in Q2 was attributed to increased overseas market shipments, reduced raw material costs, and lower expense ratios [2] - The company expects continued growth in inverter exports in the second half of the year due to strong demand in emerging markets [2] Summary by Sections Performance Summary - H1 2024 revenue was 3.35 billion yuan, up 3.2% year-on-year; net profit was 350 million yuan, down 43.8% year-on-year; Q2 revenue was 1.96 billion yuan, up 22.6% year-on-year; net profit was 330 million yuan, up 9.5% year-on-year [2] - The company’s gross margin in Q2 increased by 13.6 percentage points to 37.8%, and net margin increased by 15.5 percentage points to 17.0% [2] Business Segments - The household photovoltaic system segment generated 780 million yuan in revenue, a 39.6% increase year-on-year, with a gross margin of 61.2% [2] - The photovoltaic power generation business saw revenue of 300 million yuan, a 191.6% increase year-on-year, with a gross margin of 54.3% [2] - The company added 176.5 MW of operational distributed power stations in H1 2024, contributing approximately 18 million yuan in net profit [2] Market Outlook - Emerging markets are expected to drive continued growth in inverter exports, supported by rising electricity demand and favorable loan policies [2] - The company anticipates a strong demand for energy storage in overseas markets, leading to increased shipments and profitability [2] Earnings Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.11 billion yuan, 1.54 billion yuan, and 1.88 billion yuan, respectively [2][7]

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 ...