Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 38.86 RMB [2][4] Core Views - The company's revenue for H1 2024 reached 797 million RMB, a year-on-year increase of 23.88%, with net profit attributable to shareholders of 178 million RMB, up 9.17% [1] - The photovoltaic (PV) sector contributed 398 million RMB in revenue, a 13.79% increase, while the semiconductor sector saw a significant 122.55% growth, reaching 185 million RMB [1] - The company's contract liabilities stood at 1.247 billion RMB, indicating strong future revenue potential, and inventory remained high at 1.849 billion RMB [1] - The company has secured significant orders for semiconductor power supplies, with some models already in mass production, and has successfully obtained UL and CE certifications for its charging pile products, opening up overseas markets [1] Financial Performance - The company's revenue for H1 2024 was 797 million RMB, with a net profit of 178 million RMB, and a gross margin of 31.31% in the PV sector, down 2.55 percentage points year-on-year [1] - The semiconductor sector achieved a gross margin of 58.81%, up 11.05 percentage points year-on-year [1] - The company's EPS for 2024-2026 is projected to be 2.47, 3.01, and 3.55 RMB, respectively, with corresponding P/E ratios of 16, 13, and 11 times [2] Business Segments - In the PV sector, the company has a market share of over 70% in PV equipment power supplies, and it has secured batch orders for TOPCon technology-based power supplies, which are expected to support steady growth [1] - The semiconductor sector is rapidly growing, with the company receiving bulk orders for RF power supplies used in semiconductor etching and PECVD processes, and more models are in the testing phase for future mass production [1] - The charging pile business is gaining momentum, with the company's AC charging piles widely used in the domestic market and becoming the first in China to pass UL certification in the US, while DC charging piles have also received UL and CE certifications, securing large overseas orders [1] Valuation and Forecast - The company's revenue is expected to grow from 2.903 billion RMB in 2024 to 3.481 billion RMB in 2026, with net profit projected to increase from 664 million RMB to 783 million RMB over the same period [3] - The company's ROE is forecasted to remain stable at around 20-21% from 2024 to 2026, with a P/B ratio decreasing from 3.3 to 2.3 over the same period [3]

一、回购公司股份的进展情况 证券代码：300820 证券简称：英杰电气 公告编号：2024-068 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 ...

Investment Rating - Buy rating (first coverage) [1] Core Views - The company achieved revenue of 797 million yuan in H1 2024, a year-on-year increase of 23.88%, with net profit attributable to shareholders of 178 million yuan, up 9.17% year-on-year [1] - Semiconductor business revenue surged by 122.55% year-on-year in H1 2024, reaching 185 million yuan, while photovoltaic business revenue grew by 13.79% to 398 million yuan [2] - Gross margin for the semiconductor business increased significantly by 11.05 percentage points year-on-year to 58.81% in H1 2024 [2] - The company's RF power supply business is accelerating, with orders in H1 2024 exceeding the total for 2023, and more models are in the testing phase [2] - The company has made significant progress in overseas photovoltaic orders and is actively expanding into the domestic energy storage market [2] Financial Performance - In Q2 2024, the company achieved revenue of 423 million yuan, a year-on-year increase of 2.85%, and net profit attributable to shareholders of 98 million yuan, down 9.11% year-on-year [2] - Gross margin for H1 2024 was 42.23%, up 3.68 percentage points year-on-year, while net margin was 23.44%, down 1.83 percentage points [2] - R&D expenses increased by 82.52% year-on-year to 63 million yuan in H1 2024 [2] Business Highlights - The company's photovoltaic business is in a period of concentrated revenue recognition, with significant overseas order achievements in H1 2024 [2] - The company has secured batch orders for TOPCON silicon cell power supplies and is testing other technology routes [2] - The company has completed UL and CE certifications for its DC charging piles and achieved overseas sales in H1 2024 [2] Forecast and Valuation - Revenue is expected to reach 2.378 billion yuan in 2024, 2.953 billion yuan in 2025, and 3.638 billion yuan in 2026 [4] - Net profit attributable to shareholders is forecasted to be 586 million yuan in 2024, 778 million yuan in 2025, and 1.011 billion yuan in 2026 [4] - The current price corresponds to a P/E ratio of 15x for 2024, 11x for 2025, and 8x for 2026 [4] Market Data - Current stock price: 38.86 yuan [2] - 52-week price range: 30.66-66.78 yuan [2] - Total market capitalization: 8.577 billion yuan [2] - Average daily trading volume: 156.52 million yuan [2]

四川英杰电气股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √ 特定对象调研 \n□ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 □ | □ 分析师会议 \n业绩 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 15%[2]. - The company's operating revenue for the reporting period reached ¥797,129,480.64, representing a 23.88% increase compared to ¥643,478,998.05 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥177,582,927.11, an increase of 9.17% from ¥162,659,110.04 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥171,714,796.87, reflecting an 8.14% increase from ¥158,411,720.61 in the same period last year[13]. - The net cash flow from operating activities was ¥253,302,709.92, a significant increase of 616.49% compared to a negative cash flow of ¥49,043,185.02 in the previous year[13]. - The gross profit margin for the first half of 2024 was reported at 35%, an improvement from 32% in the same period last year[3]. - The basic earnings per share for the reporting period was ¥0.81, an increase of 8.00% from ¥0.75 in the same period last year[13]. - The company reported a profit margin of approximately 23.4% for the first half of 2024, compared to 25.3% in the same period of 2023[114]. - Total operating costs amounted to ¥590.88 million, up 21.4% from ¥486.74 million year-on-year[113]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a revenue contribution of 25% from this region by the end of 2025[3]. - A strategic acquisition of a local competitor is expected to enhance the company's technological capabilities and increase production capacity by 30%[3]. - The company has invested RMB 50 million in R&D for new technologies, focusing on renewable energy solutions[3]. - The company plans to reinvest all profits into business expansion and R&D, with no cash dividends to be distributed this year[2]. - The company is actively expanding its market presence both domestically and internationally, particularly in the charging pile market[41]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[116]. Product Development and Innovation - New product development includes the launch of a high-efficiency power control system, projected to increase market share by 5% in the next year[3]. - The company has expanded its business into electric vehicle charging stations, developing a series of charging equipment to meet different power requirements[28]. - The company reported a significant focus on developing high-efficiency DC fast charging stations, with output power ranging from 120 kW to 800 kW, catering to various electric vehicle needs[31]. - The company’s commitment to innovation is reflected in its continuous investment in R&D, enhancing its competitive edge in the market[35]. Research and Development - Research and development investment increased by 82.52% to CNY 63,235.72 million, reflecting the company's commitment to innovation[47]. - The company has a stable R&D and management team, with a turnover rate of core technical personnel maintained below 5%[44]. - The company focuses on the research, development, production, and sales of industrial power supply equipment, including power control power supplies and special power supplies[20]. Risk Management - The management has identified potential risks including market volatility and supply chain disruptions, with strategies in place to mitigate these risks[2]. - The company faces significant risks due to high concentration in the photovoltaic industry, which could impact revenue stability if market conditions change[62]. - The company has implemented measures to mitigate risks associated with order fulfillment, including strict customer credit management[63]. - The company maintains a high overall gross margin, but faces risks of margin decline due to potential increases in raw material costs or decreased product prices[63]. Financial Position and Assets - The total assets at the end of the reporting period amounted to ¥4,064,782,020.66, marking a 4.36% increase from ¥3,894,959,667.69 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company were ¥2,259,714,527.15, up 5.35% from ¥2,144,861,876.11 at the end of the previous year[13]. - The company's cash and cash equivalents increased by CNY 176,620.88 million, a growth of 283.56% compared to the previous year[47]. - The company's total liabilities decreased from ¥1,500,000,000 to ¥1,400,000,000, indicating a reduction of about 6.7%[107]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the first half of 2024[71]. - The company issued 3,968,883 shares in 2023, which will be released for trading on February 29, 2024[92]. - The total number of ordinary shareholders at the end of the reporting period was 17,687[98]. - Wang Jun and Zhou Yinghuai are the controlling shareholders, holding 33.63% and 33.04% of shares respectively[99]. Corporate Governance - The company held its first extraordinary general meeting of 2024 on March 25, with a participation rate of 72.00%[69]. - The annual general meeting for 2023 took place on May 16, 2024, with a participation rate of 70.44%[69]. - The company has maintained a robust financial policy, ensuring no misuse of funds by major shareholders or related parties during the reporting period[75]. - The company has not experienced any significant changes in the measurement attributes of its main assets during the reporting period[50]. Compliance and Reporting - The financial statements were approved by the board of directors on August 28, 2024, reflecting the company's financial status as of June 30, 2024[139]. - The semi-annual financial report has not been audited[79]. - The company follows the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission for financial reporting[135]. Taxation and Government Grants - The corporate income tax rate for Sichuan Yingjie Electric Co., Ltd. is 15%, while several subsidiaries have a rate of 25%[198]. - The company benefits from a VAT refund policy for software products, where the actual tax burden exceeding 3% is refunded[199]. - For the fiscal year 2024, the company qualifies for a 15% corporate income tax rate under the Western Development tax incentive policy, with over 60% of revenue from main business activities[200].

证券代码：300820 证券简称：英杰电气 公告编号：2024-064 四川英杰电气股份有限公司 关于 2023 年限制性股票激励计划第一类限制性股票 第一期解除限售条件成就的公告 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。 重要内容提示： 1、符合本次解除限售条件的激励对象共计 5 人。 2、本次第一类限制性股票解除限售数量为 8.3280 万股，占公司股本总额的 0.0377%。 3、本次解除限售的限制性股票在相关手续办理完后、上市流通前，公司将 发布相关提示性公告，敬请投资者注意。 四川英杰电气股份有限公司（以下简称"公司"或"英杰电气"）于 2024 年 8 月 28 日召开第五届董事会第十一次会议和第五届监事会第十一次会议，审议通 过了《关于 2023 年限制性股票激励计划第一类限制性股票第一期解除限售条件 成就的议案》，符合解除限售条件的激励对象共计 5 人，可申请解除限售的限制 性股票数量为 8.3280 万股，占公司股本总额的 0.0377%，现对有关事项说明如下： 一、本激励计划简述及已履行的相关审批程序 （一）本激励计划简述 公司于 2 ...

证券简称：英杰电气 证券代码：300820 在本独立财务顾问报告中，除非特别载明，以下简称具有如下含义： 上海荣正企业咨询服务（集团）股份有限公司 关于 四川英杰电气股份有限公司 2023 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 2024 年 8 月 | 一、释义 2 | | --- | | 二、声明 3 | | 三、基本假设 4 | | 四、本激励计划的已履行的审批程序 5 | | 五、本激励计划预留授予情况 7 | | 六、独立财务顾问意见 11 | | （一）限制性股票授予条件成就的说明 11 | | （二）权益授予日确定的说明 11 | | （三）实施本激励计划对相关年度财务状况和经营成果影响的说明 12 | | （四）结论性意见 12 | | 七、备查文件及咨询方式 13 | | （一）备查文件 13 | | （二）咨询方式 13 | 一、释义 | 英杰电气、公司、 | 指 | 四川英杰电气股份有限公司（含合并报表分、子公司） | | --- | --- | --- | | 上市公司 | | | | 本激励计划、限制 | | | | 性股票激励计划、 | 指 | 四川英杰电气股 ...

证券简称：英杰电气 证券代码：300820 首次授予第一期解除限售及归属条件成就 相关事项 之 独立财务顾问报告 2024 年 8 月 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、本次限制性股票激励计划已履行的审批程序 7 | | 五、独立财务顾问意见 9 | | 六、备查文件及咨询方式 17 | 一、释义 在本独立财务顾问报告中，除非特别载明，以下简称具有如下含义： 上海荣正企业咨询服务（集团）股份有限公司 关于 四川英杰电气股份有限公司 2023 年限制性股票激励计划 （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本报告 中列载的信息和对本报告做任何解释或者说明。 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于本次限制性股票激励计划的相关信息。 | 英杰电气、公司、 | 指 | 四川英杰电气股份有限公司（含合并报表分、子公司） | | --- | --- | --- | | 上市公司 | | | | 本激励计划、限制 | | | | 性股票激励计划、 股权激励计划 | 指 | 四川英杰电气股份有限公司 2023 年限制 ...

2024 年上半年非经营性资金占用及其他关联资金往来情况汇总表 上市公司名称：四川英杰电气股份有限公司 单位：元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年期初占 | 2024 年半年度占用累计 | 2024 年半年 | 2024 年半 年度偿还累 | 2024 年 月 30 日 | 6 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 用 资金余额 | 发生金额（不含利息） | 度占用资金的 利息(如有） | 计 | 占用 | | | | | | | | | | | | 发生金额 | 资金余额 | | | | | 控股股东、实际控制人 | | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | | | | ...

证券代码：300820 证券简称：英杰电气 公告编号：2024-058 四川英杰电气股份有限公司 第五届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 四川英杰电气股份有限公司（以下简称"公司"）第五届监事会第十一次会议已 于 2024 年 8 月 17 日以书面方式通知各位监事，会议于 2024 年 8 月 28 日在公司会 议室以现场方式召开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事 会主席米雪女士召集并主持，本次会议的召集、召开和表决程序符合《中华人民共 和国公司法》（以下简称"《公司法》"）等法律、法规、规范性文件和《公司章程》 的有关规定，会议合法、有效。 二、监事会会议审议情况 经与会监事认真讨论，审议并通过如下事项： 号——创业板上市公司规范运作》和公司《募集资金管理制度》等规定的要求，不 存在违规使用募集资金的情况，不存在损害公司及全体股东、特别是中小股东利益 的情形。 具体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）上同日发布的《2024 ...