证券代码：300820 证券简称：英杰电气 公告编号：2025-030 四川英杰电气股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 1、四川英杰电气股份有限公司（以下简称"公司"或"本公司"）回购专 用证券账户中的股份 1,394,000 股不参与本次权益分派。本次权益分派将以公司 现有总股本 221,618,988 股剔除公司回购专用证券账户中的 1,394,000 股后的 220,224,988 股为基数，向全体股东每 10 股派发现金股利人民币 4.00 元（含税）， 共计派发现金股利 88,089,995.20 元（含税）； 2、本次权益分派实施后计算除权除息价格时，按公司总股本（含回购股份） 折算的每10股现金股利（含税）=现金分红总额÷总股本×10=88,089,995.20元 ÷221,618,988股×10股=3.974839元（保留六位小数，最后一位直接截取，不四 舍五入）。公司本次权益分派实施后除权除息参考价=权益分派股权登记日收盘价 -0.3974839元/股。 公司 2024 ...

Core Viewpoint - The nuclear power sector in Hong Kong and A-shares experienced significant gains following U.S. President Trump's signing of executive orders aimed at boosting nuclear energy, which is expected to increase uranium demand substantially [1][2][4]. Group 1: Market Reactions - Hong Kong nuclear power stocks surged, with China National Nuclear Power (02302.HK) rising by 129.78%, and other companies like China General Nuclear Power (01164.HK) and China General Nuclear Power Electric (01816.HK) also seeing notable increases [1]. - In the A-share market, several nuclear-related stocks hit their daily limit, including Atlantic (600558.SH) and Baobian Electric (600550.SH), with significant gains across the board [1]. Group 2: U.S. Nuclear Energy Initiatives - Trump's executive orders aim to initiate the construction of 10 large nuclear power plants by 2030 and quadruple U.S. nuclear power capacity by 2050, marking a significant intervention in the nuclear energy sector [1][2]. - Jefferies noted that these actions could lead to a substantial increase in uranium demand, indicating a major shift in U.S. nuclear policy [1]. Group 3: Underlying Factors - The recent activity in U.S. nuclear stocks is linked to the rising electricity demand driven by the rapid development of AI technologies, which is expected to create a power supply gap [2][3]. - Experts suggest that nuclear power, with its low emissions and stable output, is seen as a critical solution to the impending electricity crisis exacerbated by AI's growth [2][3]. Group 4: Uranium Market Outlook - The global uranium market is anticipated to enter a structural shortage phase, with existing mines depleting and new projects taking years to come online, leading to a projected uranium shortfall of 130 million pounds by 2040 [4]. - Analysts from institutions like Goldman Sachs and Zheshang Securities predict that the demand for natural uranium will significantly benefit from the expected growth in nuclear power needs, indicating a long-term bullish trend for uranium [4].

Market Overview - The Shanghai Composite Index closed at 3348.37 points, above the annual line, with a decline of 0.94% [1] - The total trading volume of A-shares reached 1,182.564 billion yuan [1] Stocks Breaking Annual Line - A total of 31 A-shares have surpassed the annual line today, with notable stocks including: - Pruis (4.48% deviation) - Yingjie Electric (3.80% deviation) - Boying Special Welding (3.01% deviation) [1] - Stocks with smaller deviations just above the annual line include: - Shuangjian Co., Ltd. - Rhine Biology - Bull Group [1] Top Performers - The top three stocks with the highest deviation rates from the annual line are: 1. Pruis: 5.17% increase, 8.64% turnover rate, latest price 30.12 yuan 2. Yingjie Electric: 5.80% increase, 8.35% turnover rate, latest price 48.50 yuan 3. Boying Special Welding: 3.28% increase, 6.03% turnover rate, latest price 22.70 yuan [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Fosa Technology: 3.03% increase, 8.32% turnover rate, latest price 32.31 yuan - Shandong Haihua: 5.57% increase, 6.80% turnover rate, latest price 5.88 yuan - Renfu Pharmaceutical: 3.06% increase, 2.53% turnover rate, latest price 20.88 yuan [1]

Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

Core Viewpoint - The company aims to maintain its technological advantage in the competitive renewable energy sector through multi-dimensional strategies including R&D, collaboration, and customer-oriented solutions [1][2]. Group 1: Technological Advantage - The company focuses on core areas to enhance technology iteration, developing high-precision, low-energy consumption power supply equipment [1]. - It aims to optimize power supply performance in key semiconductor processes and explore breakthroughs in third-generation semiconductor manufacturing [1]. - The company is committed to creating customized solutions based on customer needs and establishing a rapid response mechanism for special processes [1]. Group 2: Cost Control and Efficiency - In 2024, the company implemented various measures for cost control, including using standard parts to reduce costs from the design phase [2]. - It has established long-term relationships with suppliers to ensure reasonable procurement costs and optimized manufacturing processes to control costs effectively [2]. - Future plans include further optimizing the cost structure through supply chain collaboration and smart manufacturing upgrades [2]. Group 3: Business Strategy and Growth - The company prioritizes semiconductor and electronic materials as key growth areas, with significant potential for revenue generation [2][6]. - The semiconductor business is expected to grow, with 2024 revenue from this sector reaching 3.5 billion, accounting for 19.69% of total revenue [4]. - The company has set a long-term revenue target of 5 billion within 3-4 years, despite current challenges in the photovoltaic sector [4]. Group 4: Market Opportunities - The company is exploring the hydrogen production sector, which has significant growth potential due to increasing global demand for clean energy [13]. - It is also expanding its presence in traditional industries such as steel metallurgy and glass fiber manufacturing, which may lead to substantial revenue growth [13]. - The company is actively pursuing international market opportunities, with positive sales performance in overseas photovoltaic orders [16]. Group 5: Financial Health and Future Outlook - The company's asset-liability ratio stands at 48.44%, indicating a stable financial position within the industry [12]. - The company is focused on managing accounts receivable and project acceptance to mitigate risks associated with the photovoltaic sector's downturn [18]. - The overall financial risk is considered manageable, with ongoing efforts to enhance revenue recognition and project execution [18].

Group 1: Company Advantages and Market Position - The company has a strong technical foundation and extensive industry experience since its establishment in 1996, which aids in quickly addressing market demands in the semiconductor power supply sector [1][2]. - The company is recognized as a national high-tech enterprise and has a strong reputation in the industry, which enhances its ability to attract talent despite being located in Sichuan [2]. - Compared to international competitors, the company has made significant progress in technology but still has gaps in brand recognition and some high-end technical indicators [2]. Group 2: Industry Outlook and Growth Opportunities - The company sees numerous opportunities in the renewable energy sector, particularly in photovoltaic, energy storage, and electric vehicle charging stations, with a notable breakthrough in overseas photovoltaic orders [3][4]. - The global semiconductor market is growing, and the company has made strides in domestic semiconductor equipment power supply, with expectations for continued order increases [3][4]. - The company aims to achieve a revenue target of 5 billion yuan, with plans to expand production capacity to meet market demands [4][5]. Group 3: Revenue Recognition and Financial Management - Revenue recognition varies significantly across business lines due to industry characteristics, with delays in project completion affecting income recognition [4][8]. - The company has a current asset-liability ratio of 48.44%, which is considered reasonable within the industry, indicating manageable debt risk [8][9]. - The company has implemented measures to accelerate project acceptance and receivables management to mitigate revenue recognition pressures in the photovoltaic sector [8][9]. Group 4: Future Growth Drivers - Future growth points are expected to come from semiconductor business, charging stations, energy storage, and international market expansion [5][6]. - The company is exploring opportunities in the hydrogen production sector, leveraging its experience in power supply technology [6][7]. - The company is also focusing on expanding its presence in traditional industries and emerging fields, which could significantly boost revenue [7][8]. Group 5: Innovation and R&D Strategy - The company emphasizes continuous R&D investment and technological innovation to maintain competitiveness and meet market demands [15][20]. - Plans for 2025 include focusing on domestic semiconductor power supply technology and enhancing team capabilities to support innovation [18][21]. - The company aims to optimize its cost structure through various measures, including supply chain collaboration and production efficiency improvements [22][23].

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [7]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while the semiconductor business is steadily improving [1]. - In 2024, the company achieved operating revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to the parent company of 323 million yuan, a year-on-year decrease of 25.19% [1][3]. - The company is actively expanding its semiconductor business and increasing research and development investment in semiconductor equipment power supply [5][6]. Financial Performance - In Q1 2025, the company reported operating revenue of 325 million yuan, a year-on-year decrease of 13.30%, and a net profit of 50 million yuan, a year-on-year decrease of 36.84% [1][3]. - The gross profit margin for 2024 was 38.50%, with a year-on-year increase of 1.27 percentage points, while the net profit margin was 18.84%, a year-on-year decrease of 5.53 percentage points [3]. - Research and development expenses increased by 40.18% year-on-year to 137 million yuan, representing a research expense ratio of 7.67% [3][4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a year-on-year decrease of 10.27%, contributing 49.08% to total revenue [4]. - The semiconductor and electronic materials segment achieved revenue of 351 million yuan in 2024, a year-on-year increase of 6.41%, contributing 19.69% to total revenue [5]. Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 23.8, 19.8, and 16.5, respectively [7].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [8]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while its semiconductor business is steadily improving [1]. - The company has increased its research and development investments, successfully establishing a technology-sharing platform across various power levels, which can facilitate cross-industry technology transfer and reuse [7]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 323 million yuan, a decrease of 25.19% year-on-year [2][4]. - For Q1 2025, the company reported revenue of 325 million yuan, down 13.30% year-on-year, and a net profit of 50 million yuan, down 36.84% year-on-year [2][4]. - The gross margin for 2024 was 38.50%, an increase of 1.27 percentage points year-on-year, while the net profit margin was 18.84%, a decrease of 5.53 percentage points year-on-year [4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a decline of 10.27% year-on-year, contributing 49.08% to total revenue [5]. - The semiconductor and electronic materials segment saw revenue of 351 million yuan in 2024, an increase of 6.41% year-on-year, contributing 19.69% to total revenue [6]. Market Data - As of May 16, 2025, the company's closing price was 44.67 yuan, with a year-to-date high of 73.50 yuan and a low of 34.14 yuan [4]. - The circulating A-share market capitalization is 4.96 billion yuan, while the total market capitalization is 9.90 billion yuan [4]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [7]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 23.8, 19.8, and 16.5, respectively [7].

国浩律师（成都）事务所 法律意见书 国浩律师（成都）事务所 关于 四川英杰电气股份有限公司 2024 年年度股东会 之 法律意见书 成都市高新区天府二街 269 号无国界 26 号楼 9 层 邮编：610000 Floor 9,Building 26,Boundary-Free Land Center,269 Tianfu 2 Street,Hi-Tech Zone,Chengdu, China 电话/Tel: +86 28 86119970 传真/Fax: +86 28 86119827 网址/Website: http://www.grandall.com.cn 国浩律师（成都）事务所 关于四川英杰电气股份有限公司2024年年度股东会 之 法律意见书 致：四川英杰电气股份有限公司 国浩律师（成都）事务所（以下简称"本所"）接受四川英杰电气股份有限公 司（以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东会（以下简 称"本次股东会"），并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 中国证券监督管理委员会发布的《上市公司股东会规则》《上市公司治理准则》 和深圳证券交易所（以下简称" ...

证券代码：300820 证券简称：英杰电气 公告编号：2025-029 四川英杰电气股份有限公司 2024年年度股东会决议公告 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。 特别提示： 3、会议召开地点：四川省德阳市金沙江西路686号公司二楼报告厅 4、会议召集人：公司董事会 5、会议主持人：公司董事长王军先生 1、本次股东会没有出现否决议案的情况； 2、本次股东会不涉及变更以往股东会已通过决议的情况。 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 16 日（星期五）14:30 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的具体时间为 2025 年 5 月 16 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深交所互联网投票系统投票的具体时间为2025年5月16日9:15 至 15:00 期间的任意时间。 2、会议召开方式：本次股东会采取现场投票与网络投票相结合的方式 6、本次会议的召集、召开符合有关法律、行政法规、部门规章 ...