好的,各位投资者,大家下午好,我是平安证券的电信分析师张智尧,那么今天下午我来为大家汇报的是我们对于上能电器这家公司的手续覆盖报告,标题是光处大机领军者出海步履昂扬,那么首先我来介绍一下我们对于这家公司的看好的核心逻辑, 公司它的主业是包括大型光伏地变器和大储PCS这两个板块然后大光伏地变器在去年上半年的营收占比里大约占到70%左右然后储能业务的占比在四分之一左右 然后我们认为一方面就是公司的光伏和大储的EDH和PCS在国内市场有比较稳固的基本盘,然后增量方面呢就是在 出海特别是这个新兴市场出海上面啊,不管是光复一边器产品还是处能PCS产品都有非常好的潜力,光复的话,呃,去年开始公司已经在印度和中东的业务取得比较大的增长,然后处能方面呢? 也是公司在我们非常看好的包括美国和中东市场都有非常好的发展潜力,然后包括公司的主能PCS这个商业模式也有比较强的亮点,所以在这个华为大主赛道公司也是我们非常推荐的一个核心标的。 OK 然后具体的投资建议的话我们的报告预计24到26年公司的规模性利润分别为5.5、9.1和12.5亿元然后对应昨天1月9号的收盘价PE分别为30倍、18倍和13倍那么我们手机覆盖还是给予一个推荐的 ...

电力设备及新能源 2025 年 1 月 8 日 上能电气（300827.SZ） 光储大机领军者，出海步履昂扬 推荐（首次） 1 月 7 日：44.30 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.si-neng.com | | 大股东/持股 | 吴强/20.24% | | 实际控制人 | 吴强，吴超 | | 总股本(百万股) | 360 | | 流通 A 股(百万股) | 260 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 159 | | 流通 A 股市值(亿元) | 115 | | 每股净资产(元) | 5.67 | | 资产负债率(%) | 72.5 | 行情走势图 -40% -30% -20% -10%0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2024/01/04 2024/06/04 2024/11/04 上能电气 沪深300指数 证券分析师 张之尧 投资咨询资格编号 S1060524070005 zhangzhiy ao757@pingan.com.cn 皮秀 投资咨询资格编号 S ...

Company Overview - The company, Shangneng Electric, has signed a 2 6GW photovoltaic inverter supply agreement for the Saudi PIF Phase IV photovoltaic power station project, which is part of Saudi Arabia's National Renewable Energy Plan (NREP) [1] - The supply agreement covers two sub-projects: the Haden solar photovoltaic power station (1GW) and the Al-Khushaybi power station project (1 6GW) [1] - The company will provide its 8 8MW centralized inverter-booster integrated machine, which is designed to handle high temperatures and sandy conditions, ensuring stable power generation [1] - Shangneng Electric has been expanding its global presence since 2018, with its first overseas inverter factory in India and a presence in major photovoltaic markets including the US, Europe, India, the Middle East, Africa, South America, Southeast Asia, and Central Asia [2] - The company's inverter shipments reached 23 47GW in 2023, a 133% year-on-year increase, ranking fourth globally in photovoltaic inverter shipments [2] - Shangneng Electric's revenue grew significantly in 2022 and 2023, with revenues of 2 339 billion yuan and 4 933 billion yuan, respectively, representing year-on-year growth of 114% and 111% [2] - In the first three quarters of 2024, the company's revenue was 3 069 billion yuan, a 7 3% year-on-year decrease, while net profit attributable to the parent company increased by 44 82% to 302 million yuan [2] Industry Trends - The Middle East's photovoltaic and energy storage market has experienced explosive growth following Saudi Arabia's "Vision 2030" and similar initiatives by neighboring countries such as the UAE and Oman [2] - Saudi Arabia's inverter exports to the Middle East surged by 694% in the first seven months of 2024, reaching 116 million USD, driven by the acceleration of large-scale photovoltaic power station tenders [3] - The long-term energy transition plans in the region are expected to sustain demand for photovoltaic inverters, with companies like Shangneng Electric benefiting from their experience and competitive pricing in ground power station projects [3] Strategic Achievements - The Saudi PIF Phase IV project represents another significant achievement for Shangneng Electric in its collaboration with international partners under the "Belt and Road" initiative [1] - The company continues to focus on technological innovation, leveraging its products, brand, and service capabilities to support global clients in transitioning to clean energy and contributing to a zero-carbon future [1]

证券时报e公司讯，据上能电气消息，近日，上能电气正式签署由沙特国际电力和水务公司、沙特公共 投资基金和沙特阿美电力公司共同投资建设的沙特PIF四期光伏电站2.6GW光伏逆变器供货协议。 本次上能电气供货协议涵盖了项目群中的哈登（Haden）和阿勒胡沙比（Al-Khushaybi）两个子项目， 总供货量高达2.6GW。 ...

证券研究报告·公司深度研究·光伏设备 上能电气（300827） 国内逆变业务压舱，海外光储厚积薄发 2024 年 11 月 19 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2339 | 4933 | 7289 | 10389 | 13965 | | 同比（ % ） | 114.08 | 110.93 | 47.78 | 42.53 | 34.42 | | 归母净利润（百万元） | 81.57 | 285.87 | 515.28 | 935.15 | 1,283.79 | | 同比（ % ） | 38.46 | 250.48 | 80.25 | 81.48 | 37.28 | | EPS- 最新摊薄（元 / 股） | 0.23 | 0.80 | 1 ...

上能电气（300827.SZ） 光伏设备 证券研究报告/公司点评报告 2024 年 11 月 16 日 Q3 盈利能力提升明显，出海景气向上 上能电气 24 三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's profit performance is strong, with significant improvements in profitability [3] - The company is accelerating its global expansion, with notable progress in overseas markets, particularly in the US, Europe, India, and the Middle East [2] - The company's overseas revenue in H1 2024 increased by 115.46% YoY, with significant growth in the Indian and Middle Eastern markets [2] - The company successfully delivered 1.016GW of high-efficiency centralized inverter-booster integrated machines to the Al Kahfah solar power station project in Saudi Arabia [2] - The company's first US energy storage project, a 140.8MW energy storage station in Texas, was successfully shipped in September 2024 [2] Financial Performance - In Q3 2024, the company's revenue was RMB 1.14 billion, a 1% YoY increase, while net profit attributable to the parent company was RMB 140 million, a 93% YoY increase [3] - The company's gross profit margin in Q3 2024 was 29.3%, up 5.6 percentage points YoY, and the net profit margin was 12.3%, up 5.9 percentage points YoY [3] - The company's operating cash flow in Q3 2024 was RMB 120 million, a 119% YoY increase [3] - The company's construction-in-progress at the end of Q3 2024 was RMB 170 million, an 841% increase compared to the beginning of the year [3] Future Projections - The company is expected to achieve revenues of RMB 6.9 billion, RMB 9.23 billion, and RMB 11.15 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 40%, 34%, and 21% [5] - Net profit attributable to the parent company is projected to be RMB 550 million, RMB 830 million, and RMB 1.02 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 92%, 52%, and 22% [5] - The company's EPS is expected to be RMB 1.5, RMB 2.3, and RMB 2.8 in 2024, 2025, and 2026, respectively [5] Market Performance - The company's stock price has shown strong performance, with a 24.9% increase over the past month, a 73.8% increase over the past three months, and a 78.5% increase over the past year [3] - The company's current market capitalization is RMB 18.66 billion, with a circulating market capitalization of RMB 13.49 billion [3]

2024 年 11 月 05 日 公司点评 买入/上调 上能电气(300827) 目标价: 昨收盘:46.85 上能电气 2024 年三季报点评：盈利能力提升，出海继续加速 ◼ 走势比较 (40%) (18%) 4% 26% 48% 70% 23/11/624/1/1724/3/2924/6/924/8/20 24/10/31 上能电气 沪深300 事件：公司披露 2024 年三季报： 2024Q1-3 营收 30.69 亿，yoy-7.3%；归母净利润 3.01 亿，yoy+44.8%； 扣非净利润 3 亿，yoy+50.8%。其中，2024Q3 营收 11.43 亿，yoy+0.8%， qoq-5.9%；归母净利润 1.41 亿，yoy+92.6%,qoq+28.8%；扣非净利润 1.43 亿，yoy+104.7%,qoq+29.5%。 2024Q3 盈利能力提升,经营规模继续扩大： 盈利能力持续提升，2024Q1-3 毛利率/净利率分别为 25.3%/9.8%，同 比+5.8/+3.5pct。其中，2024Q3 毛利率/净利率分别为 29.3%/12.3%，同 比+5.62/+5.85pct。2024Q ...

上能电气（ [Table_StockNameRptType] 300827） 公司点评 盈利能力显著提升，关注 Q4 业绩向上弹性 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-11-02 | | [Table_BaseData] 收盘价（元） | 43.80 | | 近 12 个月最高 / 最低（元） | 48.40/18.60 | | 总股本（百万股） | 359 | | 流通股本（百万股） | 260 | | 流通股比例（ % ） | 72.33 | | 总市值（亿元） | 157 | | 流通市值（亿元） | 114 | [公司价格与沪深 Table_Chart] 300 走势比较 -39% -9% 22% 53% 83% 11/23 2/24 5/24 8/24 上能电气 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@haz ...

证券研究报告 经营预测指标与估值 上能电气 (300827 CH) 海内外双轮驱动,盈利能力显著环增 | --- | --- | |---------------------------------|------------------| | 年春研究 | 李报点评 | | 2024 年 10 月 31 日 \| 中国内地 | 电力设备与新能源 | 24Q3 收入 11.43 亿元,同/环比+0.83%/-5.88%,归母 1.41 亿元,同/环比 +92.59%/+28.83%,扣非 1.43 亿元,同/环比+104.70%/+29.54%,归母基 本符合我们此前 1.40 亿的预期。24Q3 毛利率/净利率达 29.26%/12.32%, 环比+6.62/+3.32pct,盈利能力显著提升,主要系组串占比提升及海外占比 提升。24Q3 期间费用率达 16.82%,环比+5.37pct,主要系营收基数减少 所致,其中销售/管理/研发/财务分别+2.09/+0.77/+0.90/+1.61pct。公司国 内外业务双轮驱动,光伏储能均有望高速增长,我们维持"买入"评级。 光伏逆变器:国内中标规模领先,海外渠道持 ...