Financial Performance - In 2024, the company's revenue reached 1.78 billion CNY, a year-on-year increase of 0.59%, while net profit decreased by 25.19% [2] - Revenue from the photovoltaic industry was 873.79 million CNY, accounting for 49.08% of total revenue, a year-on-year decrease of 10.27% [2] - Revenue from the semiconductor and electronic materials industry was 350.61 million CNY, accounting for 19.69% of total revenue, a year-on-year increase of 6.41% [2] - Other industries saw revenue growth of approximately 553 million CNY, a year-on-year increase of 18.92% [2] Reasons for Performance Decline - Delayed revenue recognition in the photovoltaic sector due to equipment capacity adjustments, with nearly 1.9 billion CNY of goods shipped but not yet recognized as sales [3] - Provision for inventory impairment of approximately 43.71 million CNY due to the challenging conditions in the photovoltaic industry [3] - Increased operating expenses, particularly R&D expenses, which grew by 40% [3] Cash Flow and Inventory - Net cash flow from operating activities was 601.77 million CNY, an increase of 462.05 million CNY year-on-year [5] - Inventory decreased from 1.838 billion CNY in 2023 to 1.556 billion CNY in 2024, with contract liabilities remaining stable at around 1.1 billion CNY [5] Order Situation - New orders in 2024 decreased by approximately 40% due to a significant drop in photovoltaic orders, while overseas orders reached around 500 million CNY [6] - As of the end of 2024, the company had over 2.7 billion CNY in hand orders, providing a solid basis for future revenue recognition [6] Future Outlook - The company aims to achieve revenue of 5 billion CNY within the next 3 to 4 years and enter the top 100 private enterprises in Sichuan [17] - Despite current challenges in the photovoltaic sector, the management remains confident in the company's growth potential and plans to enhance efforts in various segments [18]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term pressure on performance, with expectations for accelerated progress in semiconductor RF power supply technology as it moves towards 5nm advanced processes [1][2] - The company has established itself as a leader in photovoltaic power supply, with a market share exceeding 70%, and is also making significant strides in the semiconductor power supply sector, which has become its second-largest revenue source after photovoltaics [2][3] - The company is focusing on key processes such as semiconductor etching and thin film deposition, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] Financial Summary - For 2024, the company reported revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, and a net profit of 320 million yuan, a decline of 25.2% [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points [1] - The company expects net profits to grow significantly from 449 million yuan in 2025 to 712 million yuan in 2027, reflecting year-on-year growth rates of 39%, 21%, and 31% respectively [4]

Core Viewpoint - Yingjie Electric has demonstrated resilience in its performance despite the overall decline in the photovoltaic industry, achieving significant growth in operating cash flow and maintaining a high dividend payout ratio [1][2][7]. Financial Performance - In 2024, Yingjie Electric reported a main revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit was 323 million yuan, down 25.2% year-on-year [2]. - The operating cash flow net amount increased significantly by 330.7% to 600 million yuan, marking a historical high [2][3]. - The company distributed a total cash dividend of 88 million yuan to shareholders, resulting in a dividend payout ratio of 32%, the highest in recent years [1][7]. Semiconductor RF Power Business - The semiconductor RF power business has enhanced the company's profitability, with sales revenue from this sector reaching 350 million yuan, accounting for 19.69% of total revenue, the highest since 2020 [3]. - The gross profit margin from semiconductor electronic materials has shown an upward trend, with figures of 50.86%, 49.55%, 42.84%, and 53.98% from 2021 to 2024 [3]. - The market for semiconductor RF power is projected to exceed $4.5 billion, with domestic substitution rates expected to accelerate [3]. Strategic Developments - Yingjie Electric has established a subsidiary, Chengdu Yingjie Chenhui Technology, to focus on the semiconductor RF power business, further expanding its presence in high-value sectors [2][4]. - The partnership with Zhongwei Company, which acquired a 16% stake in Yingjie Chenhui, is expected to promote the domestic substitution process for RF power [4]. Future Outlook - The company plans to continue focusing on breakthroughs in power electronics technology and expand its product matrix in the semiconductor and renewable energy sectors [6]. - Yingjie Electric aims to enhance its production capacity for charging piles, with expectations to reach 400,000 AC charging piles and 12,000 DC charging piles by the end of 2025 [7].

Core Viewpoint - In 2024, despite the challenges posed by the downturn in the traditional photovoltaic industry, the company Yingjie Electric (300820) demonstrates strong operational resilience and market vitality through proactive strategic planning, robust profitability, and impressive cash flow performance [1] Financial Performance - Yingjie Electric achieved a record revenue of 1.78 billion yuan in 2024, with a comprehensive gross margin increase to 38.50%, indicating steady enhancement in profitability [1] - The company recorded significant impairment losses totaling approximately 59 million yuan for inventory and contract assets, along with 12.49 million yuan for receivables, which cumulatively reduced profits by over 71 million yuan [1] Impairment Losses - The impairment losses for inventory and contract performance costs amounted to approximately 47.26 million yuan, while contract asset impairment losses were about 11.67 million yuan, reflecting a substantial increase from the previous period [3] Industry Outlook - The company has a substantial backlog of contracts, and while there are delays in revenue recognition due to the photovoltaic industry's downturn, execution is ongoing, and revenue will be recognized gradually [5] - Starting in the second half of 2024, government interventions and industry self-regulation are expected to support a recovery in the photovoltaic sector [5] Strategic Initiatives - The semiconductor business of Yingjie Electric is gradually increasing its contribution to revenue, becoming a new growth point for the company, which is crucial for revenue growth and margin improvement in 2024 [5] - The company plans to distribute a cash dividend of 4 yuan per 10 shares for the 2024 fiscal year, reflecting a stable financial condition and consistent dividend policy, with cumulative cash dividends over the past three years accounting for about 70% of average annual profits [5] Research and Development - In 2024, the company increased its R&D investment to over 136 million yuan, representing 7.67% of current revenue, and has established a technology-sharing platform for various power levels [6] - The company aims to enhance its competitive advantage by focusing on innovation in new energy, new materials, and high-end equipment, while accelerating new product development to explore new profit growth points [6]

四川英杰电气股份有限公司 独立董事 202 4 年度述职报告 （饶洁） 本人作为四川英杰电气股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《上市公司独立董事管理办法》《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》等法律法规及《公司章程》《独立董事工作制度》等公司相关规 定和要求，忠实地履行了独立董事的职责，谨慎、认真、勤勉地行使了独立董事的 权利，维护了公司整体利益，保护了中小股东合法权益。现将本人任职期间工作情 况报告如下： 本人饶洁，1963 年出生，中国国籍，无境外永久居留权，硕士，注册会计师。 历任中水致远资产评估有限公司四川分公司总经理，现任四川川润股份有限公司独 立董事，四川水井坊股份有限公司独立董事，四川金石租赁股份有限公司独立董事， 成都环美园林生态股份有限公司独立董事，四川经济法律研究会副会长，四川省资 产评估协会培训教育委员会主任委员及后续教育授课老师、西南财经大学财税学院 校外硕士导师。 2024 年 3 月，本人因连续任职满 6 年离任，不再担任公司独立董事、董事会审 计委员会主任委员、 ...

独立董事 202 4 年度述职报告 （冯渊） 本人作为四川英杰电气股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《上市公司独立董事管理办法》《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》等法律法规及《公司章程》《独立董事工作制度》等公司相关规 定和要求，忠实地履行了独立董事的职责，谨慎、认真、勤勉地行使了独立董事的 权利，维护了公司整体利益，保护了中小股东合法权益。现将本人任职期间工作 情况报告如下： 四川英杰电气股份有限公司 本人冯渊，1971 年出生，中国国籍，无境外永久居留权，硕士，注册会计师。 2013 年1月至今，任四川华信（集团）会计师事务所（特殊普通合伙）合伙人，2010 年 5 月至 2011 年 6 月担任中国证监会专职委员，2019 年 4 月至今担任中电科网络 安全科技股份有限公司独立董事，2024 年 3 月至今任公司独立董事。 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍本人 进行独立客观判断的关系 ...

四川英杰电气股份有限公司 独立董事 202 4 年度述职报告 （杨耕） 本人作为四川英杰电气股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《上市公司独立董事管理办法》《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》等法律法规及《公司章程》《独立董事工作制度》等公司相关规 定和要求，忠实地履行了独立董事的职责，谨慎、认真、勤勉地行使了独立董事的 权利，维护了公司整体利益，保护了中小股东合法权益。现将本人任职期间工作 情况报告如下： 本人杨耕，1957年出生，中国国籍，无境外永久居留权，博士。2000年 8月至 2023年4月历任清华大学研究员、博士生导师，2021年5月至2024年5月任新风光电 子科技股份有限公司独立董事，2021年10月至2024年10月任深圳双十科技股份有 限公司独立董事，2024年3月至今任公司独立董事。 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍本人 进行独立客观判断的关系，不存在影响独立董事独立性的 ...

四川英杰电气股份有限公司董事会 董事会关于独立董事独立性情况的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《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》等要求，四川 英杰电气股份有限公司（以下简称"公司"）董事会就公司现任独立董事杨耕先生、 冯渊女士、吴赞先生的独立性情况进行评估并出具如下专项意见： 经核查，公司现任独立董事杨耕先生、冯渊女士、吴赞先生未在公司担任除 独立董事以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及 主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不存 在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》《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》中对独立董 事独立性的相关要求。 四川英杰电气股份有限公司 2025 年 4 月 23 日 ...

四川英杰电气股份有限公司 独立董事 202 4 年度述职报告 2024 年 3 月，本人因连续任职满 6 年离任，不再担任公司独立董事、董事会提 名委员会主任委员、审计委员会委员、薪酬与考核委员会委员职务。 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍本人 进行独立客观判断的关系，不存在影响独立董事独立性的情况。本人符合《上市公 司独立董事管理办法》《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》等法律法规及《公司章程》中关于独立董事的任职资格及独 立性的相关要求。 本人张宇，1976 年出生，中国国籍，无境外永久居留权，硕士。曾任江苏畜产 进出口股份有限公司职员、北京金杜（成都）律师事务所律师助理、律师，四川泰 和泰律师事务所律师。2013 年 7 月至今任北京国枫（成都）律师事务所合伙人。现 任西藏诺迪康药业股份有限公司独立董事，为中华人民共和国司法部千名涉外律师 人才库成员。 （张宇） 本人作为四川英杰电气股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《上市 ...

本人吴赞，1985年出生，中国国籍，无境外永久居留权，博士。2012年4月至 2021年11月担任瑞典隆德大学博士后、研究员、副教授，实验室主任，2021年12 月至今担任浙江大学电气工程学院教授，2024年3月至今任公司独立董事。 四川英杰电气股份有限公司 独立董事 202 4 年度述职报告 （吴赞） 本人作为四川英杰电气股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《上市公司独立董事管理办法》《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》等法律法规及《公司章程》《独立董事工作制度》等公司相关规 定和要求，忠实地履行了独立董事的职责，谨慎、认真、勤勉地行使了独立董事的 权利，维护了公司整体利益，保护了中小股东合法权益。现将本人任职期间工作 情况报告如下： 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍本人 进行独立客观判断的关系，不存在影响独立董事独立性的情况。本人符合《上市公 司独立董事管理办法》《深圳证券交易所上市公司自 ...