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 | | --- | --- ...

证券代码：300820 证券简称：英杰电气 公告编号：2024-078 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 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance of a company in the photovoltaic (PV) and semiconductor industries, focusing on their financial results for Q3 2024 and overall market conditions. Key Financial Metrics - Q3 2024 revenue reached 1.329 billion yuan, a year-on-year increase of 17.36% [1] - Net profit for the period was 317 million yuan, up 13.2% year-on-year [1] - Gross profit margin improved to 42%, compared to 37% in the previous year [7] - Cash flow increased significantly to 346 million yuan, up from a negative 47 million yuan last year [6] Revenue Breakdown by Industry - Revenue from the photovoltaic industry was 632 million yuan, accounting for 47.57% of total revenue [1] - Revenue from semiconductor and electronic materials was 293 million yuan, representing 22.08% of total revenue [1] - Other industries, including charging stations and energy storage, generated 424 million yuan, making up 30.39% of total revenue [1][2] Order Trends - Total orders for the first three quarters amounted to 1.42 billion yuan, a decrease of approximately 31.5% year-on-year, primarily due to a significant drop in orders from the photovoltaic sector [2] - Orders in the photovoltaic sector decreased by over 50% year-on-year [2] - Semiconductor materials orders increased by over 10% year-on-year, reaching 328 million yuan, with a 23% share of total orders [4] - The company has a backlog of orders totaling 3 billion yuan, with 2.35 billion yuan from the photovoltaic sector [4] Market Conditions - The domestic market remains sluggish, while overseas markets present opportunities for growth [3] - The company is actively pursuing overseas orders, particularly in the photovoltaic equipment sector [3] - The semiconductor industry is experiencing a slight recovery, with expectations for increased orders in the coming quarters [4][24] Challenges and Risks - The photovoltaic industry is facing a downturn, impacting order confirmations and revenue recognition [5][6] - The company is monitoring inventory levels, with inventory at 1.759 billion yuan and contract liabilities at 1.1 billion yuan, indicating a stable situation [2] - The company is cautious about the potential for bad debts and is assessing customer payment risks [9] R&D and Future Outlook - R&D expenses increased significantly, reaching over 100 million yuan, up from 97 million yuan last year, driven by a rise in R&D personnel [8][21] - The company is optimistic about future growth, particularly in the semiconductor and energy storage sectors, with plans to expand production capacity [12][34] - The company aims to achieve a revenue target of 5 billion yuan in the next few years, focusing on photovoltaic, energy storage, and overseas markets [34] Conclusion - The company is navigating a challenging market environment with a focus on maintaining growth through strategic overseas expansion and increased R&D investment. The outlook remains cautiously optimistic, with potential for recovery in the semiconductor sector and continued demand in energy storage and charging infrastructure.

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance in Q3 2024 met expectations, with revenue of 1.25 billion yuan, a year-on-year increase of 7%, and a net profit of 1.25 billion yuan, up 7% year-on-year [1]. - The increase in gross margin is attributed to a higher proportion of high-margin semiconductor products, with a gross margin of 41.68% in Q3 2024, up 1.12 percentage points year-on-year [1]. - The company has seen significant growth in its RF power supply orders, exceeding the total order amount for the entire year of 2023 in the first half of 2024 [2]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 1.329 billion yuan, a year-on-year growth of 17.36%, and a net profit of 303 million yuan, up 8.27% year-on-year [1]. - The projected revenues for 2024-2026 are 2.27 billion yuan, 2.655 billion yuan, and 2.966 billion yuan, representing year-on-year growth rates of 28%, 17%, and 11.7% respectively [2]. - The projected net profits for the same period are 528 million yuan, 713 million yuan, and 820 million yuan, with growth rates of 22.4%, 35%, and 15% respectively [2]. - The company's current P/E ratios for 2024, 2025, and 2026 are 20.4, 15.1, and 13.1 respectively [2][3].

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 1.329 billion CNY, with a net profit of 317 million CNY, representing a year-on-year increase of 13.44% [1] - The gross profit margin for the first three quarters is approximately 42%, remaining stable compared to the previous year [4] - Cash flow for Q3 2024 reached 346 million CNY, showing an increase of over 800% year-on-year due to timely contract confirmations and cash recoveries [2] Revenue Composition - Revenue from the photovoltaic industry amounted to 632 million CNY, accounting for 47.55% of total revenue [1] - Revenue from the semiconductor and electronic materials sector was 293 million CNY, representing 22.05% of total revenue, with a year-on-year growth of over 10% [2] - Other industries, including charging piles and energy storage, contributed 404 million CNY, making up 30.40% of total revenue [1] Order Status - The total orders on hand as of September 30, 2024, were approximately 3 billion CNY, indicating a historically high level [2] - Orders in the photovoltaic sector have decreased significantly, with a year-on-year decline exceeding 50% [2] - The semiconductor sector's orders have increased, now accounting for over 20% of total orders, up from around 14% last year [4] Strategic Goals - The company aims to expand its revenue scale based on last year's revenue of 1.77 billion CNY, focusing on three key areas: the semiconductor power market, charging piles and energy storage, and overseas business [5] - The company plans to enter the top 100 private enterprises in Sichuan within the next 2-3 years, leveraging these three directions for growth [5] Market Recognition - The company received the "Growth Power Annual Enterprise Award" from a selection organized by First Financial, Ernst & Young, and Silicon Valley Asset Management, recognizing its outstanding growth potential in the A-share market [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady revenue growth, with a 17.36% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.329 billion yuan. The net profit attributable to shareholders for the same period was 303 million yuan, up 8.27% year-on-year [2] - The company's profitability is steadily improving, with a gross margin of 42.01% for the first three quarters of 2024, an increase of 2.59 percentage points year-on-year. The net profit margin was 23.89%, a slight decrease of 0.82 percentage points year-on-year [3] - The company is positioned as a leader in the domestic semiconductor power supply market, with increasing domestic substitution rates in photovoltaic and semiconductor products. The charging pile business is also expected to become a new growth driver [5] Revenue and Profit Forecast - The company is expected to achieve net profits of 5.3 billion yuan in 2024, 6.8 billion yuan in 2025, and 8.0 billion yuan in 2026, with corresponding P/E ratios of 21, 16, and 14 times [6]

国泰君安证券股份有限公司 关于四川英杰电气股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为四 川英杰电气股份有限公司（以下简称"英杰电气"或"公司"）向特定对象发行 股票的保荐人，根据《证券发行上市保荐业务管理办法》《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》及《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》等相关法律法规和规范性文件的有关规定，对英杰电气使用部分 暂时闲置募集资金进行现金管理事项进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 上述募集资金到账情况已经信永中和会计师事务所（特殊普通合伙）审验， 并于 2023 年 8 月 11 日出具了《验资报告》（XYZH/2023CDAA3B0198）。 公司已对募集资金进行专户存储管理，并与存放募集资金的商业银行、保荐 人签订了《募集资金三方监管协议》，及对全资子公司实施募集资金投资项目的 相关专户与全资子公司、存放募集资金的商业银行、保荐人签订了《募集资金四 方监管协议》 ...

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [6]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [10]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [11]. - Employee training programs were enhanced, leading to a 20% improvement in productivity [12]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [17]. - Increased transparency in financial reporting, with detailed disclosures on executive compensation [18]. Customer Engagement - Introduced a new loyalty program, resulting in a 10% increase in repeat customers [19]. - Enhanced digital platforms, leading to a 25% rise in online sales [20]. - Customer service response times improved by 30%, driven by AI-powered support tools [21].

证券代码：300820 证券简称：英杰电气 公告编号：2024-077 四川英杰电气股份有限公司 经中国证券监督管理委员会《关于同意四川英杰电气股份有限公司向特定对象 发行股票注册的批复》（证监许可〔2023〕1582 号）同意，公司向特定对象发行人 民币普通股（A 股）3,968,883 股，面值为每股人民币 1 元，每股发行价格为人民币 62.99 元，本次募集资金总额为人民币 249,999,940.17 元，扣除相关发行费用（不含 增值税）6,886,018.40 元后，募集资金净额为人民币 243,113,921.77 元。 上述募集资金到账情况已经信永中和会计师事务所（特殊普通合伙）审验，并 于 2023 年 8 月 11 日出具了《验资报告》（XYZH/2023CDAA3B0198）。 公司已对募集资金进行专户存储管理，并与存放募集资金的商业银行、保荐人 签订了《募集资金三方监管协议》，及对全资子公司实施募集资金投资项目的相关 专户与全资子公司、存放募集资金的商业银行、保荐人签订了《募集资金四方监管 协议》。 二、募集资金存放使用情况 1、募集资金投资项目情况 根据公司《向特定对象发行 A 股股 ...