兴业证券股份有限公司 关于 上能电气股份有限公司 2023 年度向特定对象发行股票 之 发行保荐书 保荐机构（主承销商） （福州市湖东路 268 号） 二零二五年五月 发行保荐书 兴业证券股份有限公司 关于上能电气股份有限公司 2023年度向特定对象发行股票之发行保荐书 兴业证券股份有限公司接受上能电气股份有限公司的委托，担任其本次向特 定对象发行股票的保荐机构，唐涛和张思莹作为具体负责推荐的保荐代表人，特 为其出具本发行保荐书。 本保荐机构和保荐代表人根据《公司法》《证券法》等有关法律法规和中国 证监会、交易所的有关规定，诚实守信、勤勉尽责，并严格按照依法制定的业务 规则、行业执业规范和道德准则出具本发行保荐书，并保证所出具文件的真实性、 准确性、完整性。 3-1-1 | 目 | 录 2 | | --- | --- | | 释 | 义 3 | | 第一节 | 本次证券发行基本情况 4 | | | 一、本次证券发行具体负责推荐的保荐代表人 4 | | | 二、本次证券发行项目协办人及项目组其他成员 4 | | | 三、发行人基本情况 5 | | | 四、保荐机构与发行人关联关系的说明 8 | | | 五、保荐 ...

证券代码：300827 证券简称：上能电气 公告编号：2025-042 上能电气股份有限公司 2025 年 5 月 26 日 关于控股股东承诺特定期间不存在减持情况 或减持计划的承诺函的公告 上能电气股份有限公司（以下简称"公司"）拟向特定对象发行 A 股股票（以 下简称"本次发行"），并于 2023 年 5 月 18 日召开了第三届董事会第十七次会 议，审议通过了关于公司向特定对象发行 A 股股票的相关议案。2023 年 7 月 31 日，公司召开第三届董事会第二十次会议修订了本次发行的预案，新增公司控股 股东吴强先生作为本次发行的认购对象，据此，吴强先生出具了《关于特定期间 不存在减持情况或减持计划的承诺函》，承诺如下： "1、自本次发行的董事会决议公告日至本承诺函出具日，本人及本人之配偶、 父母、子女未以任何形式减持所持有的上能电气股票。 2、自发行定价基准日前六个月至本次发行完成后六个月内，本人及本人之 配偶、父母、子女不减持所持有的上能电气股票包括在本次发行前已持有的股份 及通过本次发行取得的股份。 3、本承诺的上述内容真实、准确、完整，本承诺函自签署之日起对本人具 有约束力，若本人违反上述承诺发生 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于上能电气股份有限公司 2024 年度股东大会的 法律意见书 国枫律股字[2025]A0253 号 致：上能电气股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》、《律师事务 所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所 证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、 行政法规、规章、规范性文件及《上能电气股份有限公司章程》（以下简称"《公司章程》"） 的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程 序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： ...

（一）会议召开情况 2024年度股东大会决议公告 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。 1.本次股东大会没有出现否决议案的情形。 证券代码：300827 证券简称：上能电气 公告编号：2025-040 上能电气股份有限公司 2.本次股东大会不涉及变更以往股东大会已通过的决议。 1、会议召开时间： 一、会议召开和出席情况 特别提示： 5、会议主持人：公司董事长吴强先生 6、本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 （二）会议出席情况 1、本次出席会议股东的总体情况：本次会议现场出席及网络出席的股东 和股东代表共301人，代表公司股份数为157,222,066股，占公司有表决权股 （1）现场会议召开时间：2025年5月20日（星期二）14:00 （2） 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2025年5月20日（星期二）9:15—9：25，9：30—11:30 和13:00—15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为：2025年5月20日（星期二） 9:15-15: ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][3]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is expected to reach 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established a presence in major global solar storage markets, including Europe, India, the Middle East, and North America, enhancing its localized marketing network [3]. Profitability Forecast - The company anticipates rapid growth in its overseas solar storage business in 2024, leading to an acceleration in overall performance. Revenue forecasts for 2025-2027 have been adjusted to 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively, with net profit forecasts of 639 million, 844 million, and 1.007 billion yuan [4][12]. Valuation Metrics - The current price of the company's stock is 29.25 yuan, with a projected price-to-earnings ratio (P/E) of 16, 12, and 10 for the years 2025, 2026, and 2027, respectively [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is expected to achieve steady growth in 2024, with a total revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, primarily due to a reduction in domestic energy storage system integration business. However, the net profit attributable to the parent company is projected to increase by 46.49% to 419 million yuan, driven by rapid growth in overseas solar storage business [1][4]. - The company has made significant progress in its overseas solar storage business, with overseas revenue reaching 1.164 billion yuan in 2024, a year-on-year increase of 68.74% [2][4]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 4.773 billion yuan, with a net profit of 419 million yuan, reflecting a 46.49% increase year-on-year. The gross margin is projected to be 22.92%, up by 3.69 percentage points [1][4]. - For Q1 2025, revenue is forecasted at 831 million yuan, a year-on-year increase of 16.78%, with a net profit of 88 million yuan, up 71.56% year-on-year [1]. Business Segmentation - In 2024, the photovoltaic segment is expected to generate revenue of 2.750 billion yuan, down 4.45% year-on-year, while the energy storage segment is projected to achieve revenue of 1.928 billion yuan, a slight increase of 0.08% year-on-year [2]. - The company has established subsidiaries in key overseas markets such as Germany, Greece, and Spain, enhancing its localized marketing network [3]. Growth Projections - The company anticipates rapid growth in its overseas solar storage business, with adjusted revenue forecasts for 2025-2027 set at 6.24 billion, 7.31 billion, and 8.41 billion yuan, respectively [4]. - The net profit forecasts for the same period are adjusted to 640 million, 840 million, and 1.01 billion yuan, respectively, reflecting a strong growth trajectory [4]. Market Position - The company has established a presence in major global solar storage markets, including North America, Europe, and Asia, positioning itself for future growth [3].

Group 1: Company Growth and Performance - The company aims for significant growth in 2025 by focusing on expanding its energy storage business, enhancing global market presence, and improving operational management [2] - In 2024, the company achieved a revenue of CNY 4.773 billion, a decrease of 3.23% year-on-year, primarily due to reduced domestic energy storage system integration business [2] - The net profit attributable to shareholders was CNY 419 million, an increase of 46.49% year-on-year, driven by rapid growth in overseas solar and storage business [2] Group 2: Market Position and Competitive Advantage - The company ranked fourth globally in solar inverter shipments according to S&P Global's 2023 report, maintaining a top ten position for several years [3] - It has been among the top two in domestic energy storage inverter shipments for four consecutive years (2021-2024) [3] - The company has established a strong reputation and competitive advantage in the solar inverter and energy storage inverter markets [3] Group 3: Global Expansion Strategy - The company has completed market entries in Europe, India, the Middle East, South America, Southeast Asia, Central Asia, and the United States, with plans to strengthen its presence in emerging markets along the Belt and Road Initiative in 2025 [3] - It has set up subsidiaries in key European countries such as Germany, Greece, and Spain to enhance local marketing networks [3] - A recent framework cooperation agreement with Europower for 750MW of energy storage products marks a significant step in expanding into the European market [3] Group 4: Industry Outlook and Challenges - The company views the ongoing global push for carbon neutrality and the significant reduction in solar LCOE costs as positive indicators for future growth in the solar and storage sectors [4] - Despite concerns about potential vicious competition in the inverter market, the company remains optimistic about the industry's future and is committed to increasing R&D investments to maintain product competitiveness [4] - The impact of U.S. tariff policies on the company's North American business is considered limited due to its low market share in that region [3]

Core Insights - The article highlights the rapid growth and increasing demand for energy storage solutions globally, with multiple companies securing significant contracts in May 2023, indicating a strong trend in the energy transition [1][2][3][4]. Group 1: Company Developments - Up to 10 GWh of energy storage contracts were secured by various companies, including Upwind Electric, Huichuan Technology, and others, showcasing the ongoing demand for energy storage solutions [1]. - Upwind Electric signed a framework cooperation agreement with Turkish company Europower for a total of 750 MW of energy storage products, expanding its presence in the Turkish and Eurasian markets [1]. - Huichuan Technology, along with Zhongchu Technology and Genaspi Energy, announced a collaboration on Australia's largest energy storage project, Bundey, with a capacity of 1.2 GW/3.9 GWh [1][2]. - Chuangneng New Energy signed a strategic cooperation agreement with UK-based Imersa for a 2.5 GWh project, focusing on their self-developed 5 MWh battery prefabricated cabin [2]. - Trina Storage announced a partnership with FlexGen to deliver a grid-level battery storage system in Houston, Texas, with a capacity of 371 MWh [2]. Group 2: Strategic Partnerships and Collaborations - Sige New Energy signed a 1 GWh framework cooperation agreement with Aprili ce, covering residential and commercial energy storage projects [3]. - Sige also reached a strategic cooperation agreement with Global Solar Bulgaria for a 200 MWh project using Sige's modular system [3]. - Honeycomb Energy signed four strategic cooperation agreements, covering over 2 GWh in total, including projects in India and Europe [3]. - Winco Energy secured over 1.3 GWh of intention orders in the European market, covering multiple countries [4]. Group 3: Market Trends and Projections - In 2024, Chinese energy storage companies are expected to show strong competitiveness in overseas markets, with an estimated order scale exceeding 150 GWh [4]. - In the first quarter of 2025, Chinese companies' overseas energy storage orders approached 100 GWh, reflecting a year-on-year growth of 756.72% [4].

■ 2024年利润增长主要来自海外光储业务 插播 ： 136号、394号文件等多项新政出台，2025工商业储能有何新打法？6月9日-12日，行家说储能联合光亚法兰克福举办"2025年全球用户侧储能产业 价值峰会暨应用示范展"，点击" 阅读原文 "了解详情 作为国内光伏逆变器龙头，上能电气借储能第二曲线打开了成长空间。且近两年非常重视海外储能布局，那么目前储能整体进展如何？ ■ 斩获750MW储能产品订单 行家说储能最新消息，近日，上能电气在Intersolar欧洲展上，与土耳其知名新能源公司Europower Enerji签订共计750MW的储能产品框架供货 协议，进一步加速对土耳其及欧亚储能市场的开拓与布局。 据了解，Europower总部位于土耳其，是欧亚区域著名的光伏系统制造和项目安装商，在成立的20余年间已落成数千个成功案例。 ■ 储能版图与2025年发展策略 在产品矩阵规划上，据行家说储能了解，目前上能电气储能产品包括集中式储能变流器、组串式储能变流器及储能集成系统。具有100kW到 12.5MW全功率段范围产品以及适应微网的并离网储能系统解决方案、构网型储能系统解决方案等，同时提供储能系统集成和储 ...

Investment Rating - The investment rating for Sineng Electric is maintained at BUY with a target price of RMB 34.00 [1][4][8] Core Views - Sineng Electric's revenue for 2024 is projected at RMB 4,773 million, with an attributable net profit of RMB 419 million, reflecting a year-on-year decline in revenue of 3.2% but a significant increase in net profit of 46.5% [1] - The company is experiencing intensified competition in the energy storage market, particularly in the Middle East, which has affected pricing and shipment volumes [4] - The report anticipates that the company's expansion in overseas markets, particularly in Asia, Africa, Latin America, and Europe, will drive incremental growth [1][4] Financial Performance - For 2024, the revenue from the PV inverter business is expected to be RMB 2.75 billion, down 4% year-on-year, while the gross profit margin (GPM) improved by 2.3 percentage points to 22.6% [2] - Energy storage revenue is projected to be RMB 1.93 billion, largely flat year-on-year, with a GPM increase of 5.8 percentage points to 22.0% [3] - The estimated attributable net profit for 2025 and 2026 is revised down to RMB 610 million and RMB 751 million, respectively, due to lower shipment volume assumptions [4] Market Outlook - The report highlights a robust growth in demand for solar-plus-storage systems both domestically and internationally, which is expected to benefit Sineng Electric's business [4] - The estimated average selling price (ASP) for PV inverters in 2024 is projected to be RMB 0.11/Wh, reflecting an 11% decline year-on-year [2] - The company is expected to maintain a steady ASP for energy storage systems at approximately RMB 0.16/W in 2024 [3]