证券代码：300820 证券简称：英杰电气 公告编号：2024-083 四川英杰电气股份有限公司 关于与专业投资机构共同投资的进展公告 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、与专业投资机构共同投资概述 四川英杰电气股份有限公司（以下简称"公司"）与专业投资机构宁波盈峰股权 投资基金管理有限公司及其他有限合伙人德阳投控兴产投资有限责任公司、四川 华体照明科技股份有限公司共同出资设立了珠海德盈嘉华启辰股权投资合伙企业 （有限合伙）（以下简称"德盈启辰"或"合伙企业"）。全体合伙人认缴出资总额 为人民币 20,010 万元，其中公司作为有限合伙人以自有资金出资人民币 6,000 万 元，占认缴出资总额的 29.98%。具体内容详见公司 2024 年 11 月 20 日于巨潮资讯 网（http://www.cninfo.com.cn）披露的《关于与专业投资机构共同投资的公告》（公 告编号：2024-080）。 德盈启辰于 2024 年 12 月 10 日在中国证券投资基金业协会完成备案手续，取 得了《私募投资基金备案证明》，具体内容详见公司 2024 年 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Views - The company is expected to see rapid growth in RF power supply products for the semiconductor sector starting in 2025E [2][4]. - The company has established itself as a leader in industrial power supply, focusing on power electronics technology applications across various industries, including power control supplies and special power supplies [2][4][21]. Summary by Sections Company Overview - The company has over 20 years of innovation, successfully developing several industry-first products, including the first fully digital single crystal furnace heating DC power supply in China and the first 36-pair multi-crystal silicon reduction furnace power supply globally [2][4][21]. - The company has a strong brand presence in the domestic power control and special industrial power supply equipment market [2][4]. Financial Performance - The company reported revenues of 1.28 billion yuan in 2022 and 1.77 billion yuan in 2023, with year-on-year growth rates of 94.34% and 37.99%, respectively [47]. - The projected revenues for 2024E, 2025E, and 2026E are 2.22 billion yuan, 2.61 billion yuan, and 2.91 billion yuan, reflecting year-on-year growth rates of 25.56%, 17.35%, and 11.84% [4][47]. - The net profit for 2024E, 2025E, and 2026E is expected to be 550 million yuan, 670 million yuan, and 806 million yuan, with growth rates of 27.45%, 21.82%, and 20.36% [4][47]. Market Dynamics - The company’s orders for the first three quarters of 2024 were approximately 1.4 billion yuan, showing a decline primarily due to a significant drop in the photovoltaic sector, which saw orders decrease by over 50% year-on-year [3][32]. - Orders from the semiconductor electronic materials sector increased by over 10% year-on-year, amounting to 328 million yuan [3][32]. - The company aims to expand its overseas market for photovoltaic power supplies and increase sales in semiconductor electronic materials and new energy charging pile businesses [3][32]. Growth Opportunities - The partnership with leading semiconductor equipment companies is expected to accelerate the domestic substitution process for RF power supplies [4][37]. - The company is focusing on expanding its sales scale in semiconductor electronic materials, which is anticipated to grow rapidly [4][50]. Product Segmentation - The company’s revenue from the photovoltaic sector was 974 million yuan in 2023, maintaining a market share of over 70% in the domestic market [27][43]. - The revenue from the semiconductor electronic materials sector has been increasing, with a significant growth rate of 69.35% in 2023 [47][50]. - The company has developed a series of electric vehicle charging equipment, achieving recognition in the industry for quality and innovation [25][29].

证券代码：300820 证券简称：英杰电气 公告编号：2024-082 四川英杰电气股份有限公司 关于与专业投资机构共同投资的进展公告 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。 四川英杰电气股份有限公司（以下简称"公司"）与专业投资机构宁波盈峰股权 投资基金管理有限公司及其他有限合伙人德阳投控兴产投资有限责任公司、四川 华体照明科技股份有限公司共同出资设立了珠海德盈嘉华启辰股权投资合伙企业 （有限合伙）。全体合伙人认缴出资总额为人民币 20,010 万元，其中公司作为有限 合伙人以自有资金出资人民币 6,000 万元，占认缴出资总额的 29.98%。具体内容 详见公司 2024 年 11 月 20 日于巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于与专业投资机构共同投资的公告》（公告编号：2024-080）。 公司于近日收到基金管理人的通知，珠海德盈嘉华启辰股权投资合伙企业（有 限合伙）已在中国证券投资基金业协会完成备案手续，取得了《私募投资基金备 案证明》。备案信息如下： 基金名称：珠海德盈嘉华启辰股权投资合伙企业（有限合 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is positioned as a leader in the domestic semiconductor equipment sector, particularly in RF power supplies, which are critical components facing increasing demand for domestic alternatives due to U.S. sanctions [3][4]. - The company has established a dedicated business unit for semiconductor RF power supplies, which has received recognition from major downstream players, enhancing its growth potential [4]. - The financial projections indicate significant revenue growth, with expected revenues of 2.27 billion, 2.66 billion, and 2.97 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 28%, 17%, and 11.7% [5][6]. Financial Summary - Revenue for 2022 was 1.283 billion yuan, with a growth rate of 94.3%. For 2023, revenue is projected at 1.770 billion yuan, reflecting a growth rate of 38% [6][14]. - The net profit for 2022 was 339 million yuan, with a year-on-year growth of 115.5%. The projected net profit for 2023 is 431 million yuan, indicating a growth of 27.2% [6][14]. - The gross margin for RF power supplies is reported to be over 55%, which is 20 percentage points higher than the traditional main business [4]. Market Context - The U.S. has intensified semiconductor export controls against China, prompting domestic companies to accelerate the adoption of local RF power supply alternatives [2][3]. - The increasing urgency for domestic substitution is driven by the risk of supply chain disruptions for semiconductor equipment manufacturers [3].

证券代码：300820 证券简称：英杰电气 公告编号：2024-081 四川英杰电气股份有限公司 关于回购公司股份的进展公告 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。 四川英杰电气股份有限公司（以下简称"公司"或"本公司"）于 2024 年 7 月 9 日召开第五届董事会第十次会议、于 2024 年 7 月 25 日召开 2024 年第二次临 时股东大会，审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资 金以集中竞价交易方式回购公司部分人民币普通股 A 股股份，用于后期实施员工 持股计划或者股权激励，回购的资金总额不低于人民币 5,000.00 万元（含本数） 且不超过人民币 10,000.00 万元（含本数），回购股份价格不超过 62.00 元/股（含 本数），回购股份的实施期限为自股东大会审议通过回购股份方案之日起 12 个月 内。具体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回 购公司股份方案的公告》《回购报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a current price of 58.94 CNY and a target price of 82.25 CNY over a 6-month period [1]. Core Insights - The company reported a revenue of 1.329 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 17.36%. The net profit attributable to the parent company was 303 million CNY, up 8.27% year-on-year [4]. - The gross margin improved to 42.01%, an increase of 2.59 percentage points year-on-year, primarily due to the rapid growth of the higher-margin semiconductor business [4]. - The company is actively exploring new growth points in the photovoltaic battery segment and has seen a significant increase in semiconductor orders, indicating a shift towards domestic substitution [4]. Financial Performance - The company achieved a revenue of 6.32 billion CNY from the photovoltaic sector, accounting for 47.55% of total revenue, while the semiconductor and electronic materials sector contributed 2.93 billion CNY, or 22.05% [4]. - The forecast for revenue from 2024 to 2026 is 22.64 billion CNY, 27.86 billion CNY, and 34.02 billion CNY, with year-on-year growth rates of 27.91%, 23.06%, and 22.13% respectively [5]. - The net profit forecast for the same period is 4.88 billion CNY, 7.30 billion CNY, and 8.76 billion CNY, with growth rates of 13.10%, 49.55%, and 20.04% respectively [5]. Market Position and Strategy - The company has seen a decline in new photovoltaic orders, down over 50%, but has maintained a steady order flow in the multicrystalline segment due to increased overseas orders [4]. - The semiconductor segment's new orders increased by over 10%, now accounting for 23% of total orders, reflecting a strategic partnership with leading clients [4]. - The company is expanding its product offerings in the photovoltaic battery segment, particularly in TOPCON and HJT technologies, which are expected to yield significant orders in the near future [4].

证券代码：300820 证券简称：英杰电气 公告编号：2024-080 四川英杰电气股份有限公司 关于与专业投资机构共同投资的公告 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、与专业投资机构共同投资概述 （一）基金管理人、普通合伙人、执行事务合伙人的基本信息 公司名称：宁波盈峰股权投资基金管理有限公司 统一社会信用代码：91330206MA290XBD5Q 法定代表人：苏斌 企业类型：有限责任公司（自然人投资或控股） 注册地址：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 B 区 L0659 成立日期：2017 年 5 月 9 日 注册资本：10,000 万元 四川英杰电气股份有限公司（以下简称"公司"）于 2024 年 11 月 19 日与专业 投资机构宁波盈峰股权投资基金管理有限公司及其他有限合伙人德阳投控兴产投 资有限责任公司、四川华体照明科技股份有限公司签署了《珠海德盈嘉华启辰股 权投资合伙企业（有限合伙）合伙协议》，拟共同出资设立珠海德盈嘉华启辰股权 投资合伙企业（有限合伙）（以下简称"德盈启辰"或"合伙企业"，以工商登记 机关 ...

Group 1 - The core point of the article is that Yingjie Electric has successfully tested and delivered a 28MW thyristor hydrogen production rectifier power supply to a well-known domestic electrolyzer company [1] - The hydrogen production power supply utilizes advanced and reliable thyristor rectification technology, achieving high efficiency, high reliability, and low ripple output [1] - This technology perfectly matches the large-scale ALK hydrogen production cell [1]

英杰电气（ 300820） 公司点评 2024Q3 业绩符合预期，半导体射频电源稳步推进，引领国产替代 | --- | --- | --- | |------------------------------------------------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：300820 证券简称：英杰电气 公告编号：2024-079 四川英杰电气股份有限公司 四川英杰电气股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日披露了 《关于董事、高级管理人员减持股份的预披露公告》（公告编号：2024-021），公司 董事兼副总经理陈金杰先生、副总经理崔连润先生、副总经理兼董事会秘书刘世伟 先生、财务总监张海涛女士计划在该公告披露之日起 15 个交易日后的 6 个月内以集 中竞价方式减持公司股份合计不超过 120,500 股（占公司当时总股本比例 0.0547%）。 公司于近日收到了陈金杰先生、崔连润先生、刘世伟先生、张海涛女士分别出 具的《关于股份减持计划期限届满暨实施情况的告知函》。截至本公告披露日，上 述减持计划期限已届满，现将具体情况公告如下： 一、股东减持情况 1、股东减持股份情况 截至本公告披露日，本次减持计划的实施期限已届满。刘世伟先生在公告的减 持计划实施期间内未通过任何方式减持公司股份，陈金杰先生、崔连润先生、张海 涛女士减持情况如下： | | | | | | | 减持均价 | 减持股数 | 减持股份占 公司目前总 | | --- | --- ...