证券代码： 300827 证券简称：上能电气 公告编号：2024-072 上能电气股份有限公司 特此公告。 上能电气股份有限公司监事会 2024 年 12 月 13 日 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。 上能电气股份有限公司（以下简称"公司"）监事会依据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交 易所创业板股票上市规则》（以下简称"《上市规则》"）及《深圳证券交易所创业 板上市公司自律监管指南第 1 号——业务办理》等相关法律、法规、规范性文件 和《公司章程》的有关规定，对公司 2022 年限制性股票激励计划第一批预留授 予部分第二个归属期归属名单进行了核查，发表核查意见如下： 公司 2022 年限制性股票激励计划第一批预留授予部分第二个归属期的 4 名 激励对象符合《公司法》《证券法》等法律、法规和规范性文件以及《公司章程》 规定的任职资格，符合《管理办法》《上市规则》等法律、法规和规范性文件规 定的激励对象条 ...

北京国枫律师事务所 关于上能电气股份有限公司 2022 年限制性股票激励计划第一批预留授予部分 第二个归属期归属事项的 法律意见书 国枫律证字[2022]AN186-9号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7、8 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 北京国枫律师事务所 关于上能电气股份有限公司 2022年限制性股票激励计划第一批预留授予部分 第二个归属期归属事项的 法律意见书 国枫律证字[2022]AN186-9号 致：上能电气股份有限公司 北京国枫律师事务所（以下简称"本所"）接受上能电气股份有限公司（以 下简称"上能电气"或"公司"）委托，担任上能电气2022年限制性股票激励计 划（以下简称"本次激励计划"）的专项法律顾问。 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》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《深圳证券交易所创业板上市公司自律监管指南第1号——业 ...

证券代码：300827 证券简称：上能电气 公告编号：2024-070 上能电气股份有限公司 第四届董事会第八次会议决议公告 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。 一、董事会会议召开情况 上能电气股份有限公司（以下简称"公司"）第四届董事会第八次会议通知 已于 2024 年 12 月 10 日通过邮件的方式送达。会议于 2024 年 12 月 13 日以现场 结合通讯的方式召开。本次会议应出席董事 9 人，实际出席董事 9 人，公司监事 及高级管理人员列席了会议。会议由公司董事长吴强先生主持，本次会议的召开 符合有关法律、法规及《公司章程》的相关规定。 二、董事会会议审议情况 1、审议通过了《关于公司 2022 年限制性股票激励计划第一批预留授予部 分第二个归属期符合归属条件的议案》 上述议案已经公司第四届董事会独立董事专门会议第三次会议及公司第四 届董事会薪酬与考核委员会第三次会议审议通过。 经表决，同意 9 票，反对 0 票，弃权 0 票。 具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于公司 2022 年限制性股票 ...

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。 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 65 CNY based on a 25x PE for 2025 [5]. Core Insights - The company is a veteran in the photovoltaic inverter industry, with significant growth driven by its energy storage business. The inverter business accounted for 58% of revenue in 2023, while energy storage contributed 39% [2][5]. - The company has a solid domestic market presence and is expanding into high-margin overseas markets, particularly in India and the Middle East, where demand is surging [3][4]. Summary by Sections Company Background - Established in 2012, the company acquired Emerson's photovoltaic inverter business in 2014, enhancing its R&D capabilities. It entered the energy storage market in 2017 and went public in 2020 [2][3][4]. Inverter Business - The company has maintained a strong market position in the domestic ground-mounted market, with stable demand and a projected shipment of 16-18 GW in 2024. The overseas market is expected to contribute over 30% of inverter revenue by 2024, with significant growth in India and the Middle East [3][4]. - The global photovoltaic market is expected to grow significantly, with projected installations of 490 GW in 2024 and 590 GW in 2025, maintaining a growth rate of over 15% [3][4][5]. Energy Storage Business - The global energy storage market is experiencing rapid growth, with expectations of 104 GWh and 250 GWh of installations in 2024 and 2025, respectively. The company is positioned as a leading player in the domestic market and is expanding its presence in North America and the Middle East [4][5]. - The company anticipates a doubling of domestic energy storage shipments in 2024, with significant contributions from high-margin overseas markets [4][5]. Financial Projections - The company forecasts a substantial increase in net profit, with projections of 515.28 million CNY in 2024, 935.15 million CNY in 2025, and 1.28 billion CNY in 2026, reflecting year-on-year growth rates of 80%, 81%, and 37%, respectively [5]. - Revenue is expected to grow from 4.93 billion CNY in 2023 to 7.29 billion CNY in 2024, with a year-on-year growth rate of 47.78% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Insights - The company's Q3 profitability has significantly improved, with overseas market conditions showing upward trends. The Q3 report indicates a revenue of 3.069 billion, a year-on-year decrease of 7.3%, while the net profit attributable to the parent company reached 302 million, an increase of 44.8% year-on-year [2][4]. - The company is expected to benefit from the growing demand in emerging markets such as the Middle East, India, and Central Asia, as well as successful entry into the European market with its inverter products [2][4]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 2,339 million - 2023A: 4,933 million - 2024E: 5,692 million - 2025E: 7,220 million - 2026E: 8,878 million - Year-on-year growth rates: 2023A: 111%, 2024E: 15%, 2025E: 27%, 2026E: 23% [2][5]. - **Net Profit Forecasts**: - 2022A: 82 million - 2023A: 286 million - 2024E: 564 million - 2025E: 954 million - 2026E: 1,255 million - Year-on-year growth rates: 2023A: 250%, 2024E: 97%, 2025E: 69%, 2026E: 31% [2][5]. - **Earnings Per Share (EPS)**: - 2022A: 0.23 - 2023A: 0.80 - 2024E: 1.57 - 2025E: 2.65 - 2026E: 3.49 [2][5]. - **Market Capitalization**: - As of November 16, 2024, the market capitalization is approximately 16,840.54 million [2][5]. - **Price-to-Earnings (P/E) Ratio**: - 2022A: 206.5 - 2023A: 58.9 - 2024E: 29.9 - 2025E: 17.6 - 2026E: 13.4 [2][5]. - **Price-to-Book (P/B) Ratio**: - 2022A: 16.4 - 2023A: 9.6 - 2024E: 7.5 - 2025E: 5.3 - 2026E: 3.8 [2][5].

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]

Investment Rating - The report assigns a "Buy" rating to the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][11]. Core Views - The company has shown improved profitability, with a significant increase in net profit and gross margin, driven by cost reduction and optimized shipment structure [3][5]. - The company is accelerating its international expansion, successfully entering the U.S. market and supplying products to major projects in Saudi Arabia [4][5]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 3.069 billion, a year-over-year decrease of 7.3%, while net profit reached 301 million, up 44.8% year-over-year [2]. - In Q3 2024, revenue was 1.143 billion, showing a slight year-over-year increase of 0.8% but a quarter-over-quarter decrease of 5.9%. Net profit for Q3 was 141 million, up 92.6% year-over-year and 28.8% quarter-over-quarter [2]. Profitability Metrics - The gross margin and net margin for the first three quarters of 2024 were 25.3% and 9.8%, respectively, reflecting increases of 5.8 and 3.5 percentage points year-over-year. In Q3 2024, these margins improved to 29.3% and 12.3%, with year-over-year increases of 5.62 and 5.85 percentage points [3]. Product Development and Market Expansion - The company launched a 400KW string inverter in September 2024, aiming to capture the North American market. The first batch of 22 units was successfully shipped to the U.S. [4]. - The company has also supplied 1.016GW of efficient centralized inverters to a solar power project in Saudi Arabia, marking a significant step in its international strategy [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 6.071 billion, 8.092 billion, and 10.233 billion for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 23.1%, 33.3%, and 26.5% [5]. - Net profit forecasts for the same period are 569 million, 836 million, and 1.041 billion, with growth rates of 99.1%, 46.9%, and 24.5% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability has significantly improved, with a focus on upward performance elasticity in Q4 [1] - In Q3 2024, the company achieved a net profit of 1.41 billion yuan, a year-on-year increase of 92.6% and a quarter-on-quarter increase of 28.8% [2][3] - The company is a leading player in the centralized photovoltaic storage market, advancing towards a high ROE market [2] Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year decrease of 7.3%, primarily due to product structure adjustments [2] - The net profit attributable to the parent company for Q3 2024 was 1.41 billion yuan, with a gross profit margin of 29.26%, reflecting a year-on-year increase of 5.62 percentage points [2][3] - The company expects net profits of 5.68 billion, 7.93 billion, and 10.07 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 28, 20, and 16 [2][3] Market Demand and Product Strategy - The demand for photovoltaic inverters is steadily growing both domestically and internationally, with the company benefiting from this demand while optimizing its product structure [2] - The company has opened a North American service center and is accelerating its local operations, with a focus on high-margin orders in the U.S. [2] - The company anticipates that the Indian and Middle Eastern markets will begin large-scale tenders for energy storage, which could enhance its market share [2] Financial Projections - The company forecasts operating revenues of 4.93 billion, 6.84 billion, 9.16 billion, and 11.13 billion yuan for 2023, 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 110.9%, 38.6%, 33.9%, and 21.6% [3][4] - The gross profit margin is projected to improve from 19.2% in 2023 to 23.5% in 2026 [3][4] - The return on equity (ROE) is expected to rise from 16.3% in 2023 to 25.9% in 2026 [3][4]