Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a clear trend of international expansion, with overseas orders contributing to sustained performance improvement [1] - In 2024, the company achieved revenue of 4.773 billion yuan, a year-on-year decrease of 3.23%, while net profit attributable to shareholders was 419 million yuan, an increase of 46.49% year-on-year [5] - The company's gross margin improved to 22.92%, up 3.69 percentage points year-on-year, indicating enhanced profitability [5] - The company expects net profits for 2025-2027 to be 739 million, 881 million, and 1.041 billion yuan respectively, corresponding to P/E ratios of 14, 11, and 10 times [7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 831 million yuan, a year-on-year increase of 16.78%, and a net profit of 88 million yuan, up 71.56% year-on-year [6] - The company's inverter business generated revenue of 2.75 billion yuan in 2024, with a gross margin of 22.55%, reflecting a year-on-year increase of 2.3 percentage points [6] - The company’s overseas revenue reached 1.16 billion yuan in 2024, a year-on-year increase of 69% [6] Business Segments - The energy storage PCS business generated revenue of 1.93 billion yuan in 2024, with a gross margin of 21.98%, up 5.81 percentage points year-on-year [9] - The company is transitioning from a domestic leader in PCS to a global specialized leader, indicating significant growth potential in overseas markets [9] Financial Projections - The company forecasts revenues of 6.879 billion, 8.166 billion, and 9.395 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 44.1%, 18.7%, and 15.0% [10] - The projected gross margins for the next few years are expected to remain stable around 24.3% [10]

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

兴业证券股份有限公司 关于上能电气股份有限公司 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 向不特定对象发行可转换公司债券之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"）作为上能电气股份有限公 司（以下简称"上能电气"或"上市公司"）向不特定对象发行可转换公司债券 项目（以下简称"上能转债"）的保荐机构，根据《证券发行上市保荐业务管理 办法》、证券交易所监管规则等相关规定及兴业证券与上能电气签署的《保荐协 议》，兴业证券对上能转债的持续督导时间为该上市公司可转换公司债券上市当 年剩余时间及其后 2 个完整的会计年度，上能转债于 2022 年 7 月 1 日起在深圳 证券交易所挂牌上市，其持续督导期为 2022 年 7 月 1 日至 2024 年 12 月 31 日， 现兴业证券对上能转债的持续督导期限已满，兴业证券根据相关法律法规，出具 本保荐总结报告。 一、保荐机构及保荐代表人承诺 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构 | 兴业证券股份有限公司 | | -- ...

兴业证券股份有限公司 关于上能电气股份有限公司 2024 年度跟踪报告 | 保荐人名称：兴业证券股份有限公司 | 被保荐公司简称：上能电气 | | --- | --- | | 保荐代表人姓名：唐涛 | 联系电话：025-84661585 | | 保荐代表人姓名：毛祖丰 | 联系电话：025-84661595 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 募集资金管理制度、内控制度、内部审计制 | 是 | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4 ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 is projected at 4.773 billion RMB, a year-on-year decrease of 3.2%, while the net profit attributable to the parent company is expected to be 419 million RMB, an increase of 46.5% year-on-year [1] - The company has experienced a significant increase in net profit in Q1 2025, with a year-on-year growth of 71.6% [1] - The company is expanding its product range and driving growth through both domestic and international markets, particularly in Asia, Africa, and Europe [1][4] Revenue and Profitability - The company's photovoltaic inverter business revenue for 2024 is estimated at 2.75 billion RMB, a decrease of 4% year-on-year, with a gross margin of 22.6%, up 2.3 percentage points [2] - The company shipped approximately 25GW of photovoltaic inverters in 2024, with a significant portion being exported [2] - The storage business revenue for 2024 is projected at 1.93 billion RMB, remaining stable year-on-year, with a gross margin of 22.0%, an increase of 5.8 percentage points [3] Future Projections - The report forecasts net profits for 2025 and 2026 at 609.76 million RMB and 751.06 million RMB, respectively, with a new estimate for 2027 at 936.25 million RMB [4] - The target price for the company is set at 34.00 RMB, based on a projected PE ratio of 20 times for 2025 [4][8]

Core Viewpoint - The company reported a decline in revenue for 2024 but achieved significant growth in net profit, indicating a structural improvement in profitability driven by the rapid expansion of its overseas solar storage business [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.77 billion yuan, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of 420 million yuan, a year-on-year increase of 46.5% [1] - For Q1 2025, the company reported operating revenue of 830 million yuan, a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 90 million yuan, a year-on-year increase of 71.6% [1] - The gross profit margin for 2024 was 22.9%, an increase of 3.7 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 24.3%, up 0.7 percentage points year-on-year and 5.7 percentage points quarter-on-quarter [1] Group 2: Inverter Business - The company's photovoltaic inverter business generated operating revenue of 2.75 billion yuan in 2024, a year-on-year decrease of 4.5%, with a gross margin of 22.6%, up 5.1 percentage points year-on-year [2] - In 2024, the company sold 25.1 GW of photovoltaic inverters, a year-on-year increase of 7.0% [2] - The company plans to strengthen its market expansion in emerging markets along the Belt and Road Initiative and the Middle East to mitigate risks from policy fluctuations in single countries [2] Group 3: Energy Storage Business - The energy storage business achieved operating revenue of 1.93 billion yuan in 2024, a year-on-year increase of 0.1%, with a gross margin of 22.0%, up 7.1 percentage points year-on-year [3] - The company ranked second in domestic energy storage PCS shipment volume for four consecutive years, focusing on large-scale storage and overseas market expansion [3] - The prices of energy storage systems and PCS saw significant declines due to falling lithium battery raw material prices and increased industry competition, with price drops of approximately 45% and 30% for mainstream products, respectively [3] Group 4: Profit Forecast and Investment Recommendations - The company is projected to achieve operating revenues of 6.43 billion yuan, 8.83 billion yuan, and 10.35 billion yuan for 2025-2027, with year-on-year growth rates of 34.6%, 37.4%, and 17.2% respectively [4] - Net profits attributable to shareholders are expected to be 580 million yuan, 800 million yuan, and 960 million yuan for the same period, with year-on-year growth rates of 38.0%, 37.8%, and 20.7% respectively [4] - The company is expected to maintain steady growth in performance due to its dual-track layout in solar and storage, along with breakthroughs in overseas markets [4]

Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, indicating limited marginal impact from recent developments [1]. Core Insights - The final anti-dumping and countervailing duty rates announced by the U.S. Department of Commerce for solar cells imported from four Southeast Asian countries (Cambodia, Malaysia, Thailand, Vietnam) have generally increased, with some companies facing punitive rates exceeding 3000% due to non-compliance during investigations [1][11][12]. - Despite the increased duty rates, the marginal impact is expected to be limited as companies have already adjusted their export strategies to mitigate risks, and the U.S. remains reliant on imported solar cells due to insufficient domestic production capacity [2][12]. Industry Price Trends Main Material Segment - The average price of polysilicon dense material is reported at 40.0 CNY/kg, and granular material at 38.0 CNY/kg, remaining stable week-on-week [3][37]. - The average price for 182-183.75mm monocrystalline P-type silicon wafers is 1.15 CNY/piece, also stable, while N-type wafers have seen price decreases of up to 6.9% [3][38]. - The average price for 182-183.75mm monocrystalline PERC cells is 0.295 CNY/W, down 1.7% from the previous week [3][43]. Auxiliary Material Segment - The price of 3.2mm coated photovoltaic glass is stable at 22.25 CNY/m², and 2.0mm coated glass at 14.25 CNY/m² [4][53]. - Prices for transparent EVA film, white EVA film, and POE film remain unchanged at 6.14 CNY/m², 6.64 CNY/m², and 8.51 CNY/m² respectively [4][53]. Market Performance Overview Industry and Stock Performance - The overall industry index increased by 0.59%, with the electric equipment sector rising by 2.40% [14][15]. - The top-performing stocks in the electric equipment sector include Fangzheng Electric (+28.20%) and Saimo Intelligent (+19.18%), while Qingdao Zhongcheng saw a significant decline of -20.50% [20][22]. PE Valuation - As of April 25, the electric equipment sector has a PE (TTM) of 23x, with the photovoltaic equipment sector at 17x [25][29]. - The PE valuation percentile for the electric equipment sector is 17.5%, indicating its relative valuation compared to historical data [30][33].

证券代码：300827 证券简称：上能电气 公告编号：2025-039 上能电气股份有限公司 关于首次回购公司股份暨回购结果与股份变动的公告 2025 年 4 月 24 日，公司通过股份回购专用证券账户以集中竞价交易方式实 施了首次回购，累计回购股份数量为 1,761,958 股，占公司目前总股本的 0.49%。 最高成交价为 28.50 元/股，最低成交价为 28.14 元/股，成交总金额为 49,992,026.30 元（不含交易费用）。本次回购符合公司股份回购方案及相关法 律法规的规定。本次回购方案已全部实施完毕。 二、本次回购情况与回购方案不存在差异的说明 本公司及董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。 上能电气股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第四 届董事会第十一次会议审议通过了《关于回购公司股份方案的议案》，同意公司 使用自有资金或自筹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（以下简称"本次回购"），本次回购的股份将用于股权激励计划。本次用于 回购股份的资金总额不低于人民币 3,600 万元（ ...