Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 54.88 [4][6]. Core Views - The company has shown significant improvement in profitability, with Q3 2024 revenue reaching RMB 1.143 billion, a year-on-year increase of 0.83% and a quarter-on-quarter decrease of 5.88%. The net profit attributable to the parent company was RMB 141 million, reflecting a year-on-year increase of 92.59% and a quarter-on-quarter increase of 28.83% [1]. - The company's gross margin and net margin for Q3 2024 reached 29.26% and 12.32%, respectively, indicating a notable increase due to a higher proportion of string inverters and an increase in overseas sales [1]. - The domestic and international business strategies are driving growth in both photovoltaic and energy storage sectors, with expectations for rapid growth in these areas [1]. Summary by Sections Revenue and Profitability - Q3 2024 revenue was RMB 1.143 billion, with a gross margin of 29.26% and a net margin of 12.32%, showing significant profitability improvements [1]. - The company’s net profit attributable to the parent company for Q3 2024 was RMB 141 million, with a year-on-year increase of 92.59% [1]. Market Position - In the domestic market, the company ranked second in photovoltaic inverter bids with 1.257 GW out of a total of 7.2 GW in Q3 2024 [2]. - The company has established a framework agreement for nearly 600 MW of photovoltaic inverters in Brazil, enhancing its presence in the South American market [2]. Energy Storage - The company maintains its leading position in the domestic high-power PCS market, with a significant share of the new installations in 2024 [3]. - The company has successfully entered the U.S. market, completing its first energy storage project in September 2024 [3]. Financial Forecast - The report forecasts net profits for the company to be RMB 5.03 billion, RMB 7.04 billion, and RMB 9.08 billion for 2024, 2025, and 2026, respectively [4]. - The target price for 2025 is set at a PE ratio of 28 times, reflecting the company's cost advantages and expected rapid growth in the energy storage business [4].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.069 billion CNY, a year-on-year decrease of 7.3% [2] - The net profit attributable to shareholders for the same period was 302 million CNY, a year-on-year increase of 44.82% [2] - In Q3 2024, the company reported operating revenue of 1.143 billion CNY, a year-on-year growth of 0.83% [2] - The net profit for Q3 2024 was 141 million CNY, reflecting a significant year-on-year increase of 92.59% [2][3] Group 2: Market Insights - The global photovoltaic market is experiencing rapid growth, with optimistic estimates suggesting that by 2030, domestic new installations may reach 317 GW and global new installations may reach 587 GW [4] - From January to September 2024, China's cumulative new photovoltaic installations reached 160.88 GW, indicating steady growth in the domestic photovoltaic sector [4] Group 3: Business Expansion and Strategy - The company has seen significant growth in its overseas market share, particularly in the Middle East, Europe, and the United States, due to energy transition processes in these regions [5][6] - The company has established sales channels in major global photovoltaic and energy storage markets, enhancing its competitive edge [6] - The first U.S. energy storage project was successfully shipped in September 2024, marking a new phase in the company's entry into the U.S. market [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company has achieved significant growth in profitability, with a notable increase in net profit by 44.82% year-on-year for the first three quarters of 2024, despite a revenue decline of 7.30% [2][6]. - The expansion into overseas solar and storage markets has yielded positive results, contributing to improved profitability [2][6]. - The company reported a gross margin of 29.26% in Q3 2024, an increase of 5.62 percentage points year-on-year, indicating enhanced operational efficiency [6]. Financial Performance Summary - For the first three quarters of 2024, the company generated revenue of 3.069 billion yuan, down 7.30% year-on-year, while net profit attributable to shareholders reached 302 million yuan, up 44.82% [2][6]. - In Q3 2024 alone, revenue was 1.143 billion yuan, reflecting a slight increase of 0.83% year-on-year, but a decrease of 5.88% quarter-on-quarter [2][6]. - The company’s contract liabilities increased by 43% from the previous quarter, indicating a strong order backlog [6]. Market Expansion and Demand Growth - The company has strategically targeted emerging markets such as the Middle East, India, Africa, and Southeast Asia, where solar and storage market potential is significant due to favorable sunlight conditions and weaker grid infrastructure [6]. - In H1 2024, overseas business revenue surged by 115.46% year-on-year, showcasing the effectiveness of the company's international expansion strategy [6]. - The company made its first shipment of 22 string inverter energy storage systems to the U.S. market in September 2024, marking a significant milestone in its entry into high-value markets [6]. Future Projections - Revenue projections for 2024-2026 are estimated at 6.738 billion yuan, 8.629 billion yuan, and 10.592 billion yuan, with year-on-year growth rates of 36.61%, 28.05%, and 22.75% respectively [6][7]. - Net profit forecasts for the same period are 524 million yuan, 773 million yuan, and 1.041 billion yuan, with growth rates of 83.39%, 47.37%, and 34.75% respectively [6][7]. - The expected earnings per share (EPS) for 2024-2026 are 1.46 yuan, 2.15 yuan, and 2.90 yuan, indicating a compound annual growth rate (CAGR) of 53.85% over three years [6][7].

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company is a leading player in the centralized photovoltaic inverter and energy storage converter market, with expectations for volume and profit growth over the next two years [1][3]. - The company is transitioning from a low-tolerance market to mid and high ROE markets, with significant growth potential in overseas markets [2][3]. - The company has a strong competitive edge due to its cost structure, product quality, and R&D capabilities, which are expected to support its profitability [1][3][21]. Summary by Sections Company Overview - The company has been deeply involved in the power electronics industry for over 20 years and is currently entering a harvest phase in overseas markets [10]. - The company has established a solid domestic business foundation while expanding into low-tolerance, mid-ROE markets (Asia, Africa, and Latin America) and high-ROE markets (Europe, North America, and Australia) [3][10]. Financial Performance - The company has experienced rapid revenue growth, with a CAGR of 32.6% from 2017 to 2023, and a CAGR of 26.9% for net profit during the same period [16]. - For 2024, the company expects net profits of 568 million yuan, with corresponding PE ratios of 24.63, 17.67, and 13.92 for the years 2024, 2025, and 2026 respectively [3][5]. Market Dynamics - The demand for centralized energy storage is expected to increase significantly, driven by energy transition strategies in countries like Saudi Arabia and the UAE [1][2]. - The company is well-positioned to capture market share in North America, where it has already begun shipping high-margin PCS orders [2][3]. Competitive Advantages - The company maintains a leading position in the low-tolerance market, with a strong focus on cost control, product quality, and R&D barriers [21]. - The company has a competitive edge in unit costs, with its photovoltaic inverter costs significantly lower than industry averages [21][24]. Product and Technology Development - The company is continuously advancing its product offerings, focusing on large-capacity products to enhance cost efficiency [24]. - The company has a robust R&D team, with a high R&D expense ratio of 5.56% in 2024H1, supporting ongoing product innovation [27].

Financial Performance - The company's revenue for Q3 2024 was ¥1,143,114,680.73, representing a 0.83% increase year-over-year, while the year-to-date revenue decreased by 7.30% to ¥3,069,056,752.97[2] - Net profit attributable to shareholders for Q3 2024 was ¥141,186,516.34, a significant increase of 92.59% compared to the same period last year, and a year-to-date increase of 44.82% to ¥301,870,420.17[2] - The basic earnings per share for Q3 2024 was ¥0.39, an increase of 85.71% year-over-year, with a year-to-date figure of ¥0.84, up 40.00%[2] - Total revenue for Q3 2024 was CNY 3,069,056,752.97, a decrease of 7.3% compared to CNY 3,310,647,595.13 in Q3 2023[17] - The net profit for Q3 2024 was CNY 300,840,629.53, a 44.3% increase from CNY 208,451,976.88 in the same period last year[18] - The total comprehensive income attributable to the parent company was CNY 301,988,355.44, compared to CNY 208,017,928.80 in Q3 2023, reflecting a growth of 45.0%[19] - The total profit for the period was CNY 308,407,339.20, compared to CNY 211,543,883.19 in the same quarter last year, reflecting a growth of 45.7%[18] Assets and Liabilities - Total assets as of September 30, 2024, reached ¥7,431,619,875.51, reflecting a 7.08% increase from the end of the previous year[2] - Non-current assets totaled CNY 974,971,227.30, up from CNY 809,694,722.48 year-over-year, highlighting growth in long-term investments[16] - The total liabilities amounted to CNY 5,386,584,365.43, up from CNY 5,177,630,904.69, reflecting a rise in financial obligations[16] - The company's equity attributable to shareholders increased by 16.11% year-over-year to ¥2,039,381,191.73[2] - The equity attributable to shareholders increased to CNY 2,039,381,191.73, compared to CNY 1,756,433,093.81 in the previous year, showing improved shareholder value[16] Cash Flow - The cash flow from operating activities showed a net outflow of ¥649,099,650.37 year-to-date, which is an improvement of 18.72% compared to the previous year[2] - Cash received from sales increased by 47.50% to approximately ¥2.93 billion compared to the previous period[10] - Cash inflow from operating activities reached CNY 3,672,620,707.93, up from CNY 2,622,399,017.60, representing a 40.0% increase[20] - Cash obtained from loans increased by 80.99% to approximately ¥1.58 billion, reflecting a rise in borrowings[11] - Net cash flow from financing activities was CNY 722,342,047.49, compared to CNY 506,380,572.36 in Q3 2023, indicating a 42.5% increase[21] Expenses - Management expenses for Q3 2024 increased by 57.61% to ¥75,846,007.44, primarily due to higher operational costs[9] - Total operating costs for Q3 2024 were CNY 2,748,205,387.76, down from CNY 3,055,492,174.01 in the same period last year, reflecting a cost reduction strategy[17] - Research and development expenses increased to CNY 170,904,671.08 in Q3 2024, compared to CNY 156,304,576.77 in Q3 2023, indicating a focus on innovation[17] Shareholder Information - The number of common shareholders at the end of the reporting period was 30,447[12] - The largest shareholder, Wu Qiang, holds 20.24% of the shares, totaling approximately 72.48 million shares[12] Other Financial Metrics - The company reported a significant decrease of 91.17% in cash received from investment income, down to approximately ¥222,521.37[11] - Tax refunds received surged by 465.54% to approximately ¥20.33 million, primarily due to an increase in tax refunds[11] - Cash paid for purchasing goods and services rose by 34.08% to approximately ¥2.89 billion, attributed to higher cash payments for purchases[11] - Cash paid for debt repayment increased by 116.50% to approximately ¥798.58 million, mainly due to higher repayments of due loans[11] - The company experienced a decrease in credit impairment losses, reporting CNY -27,540,927.80 compared to CNY -46,387,085.68 in the previous year[18] - Other comprehensive income after tax was CNY 117,935.27, a recovery from CNY -434,048.08 in Q3 2023[18] Future Outlook - Future outlook includes continued investment in data resources and technology development to enhance competitive advantage[16]

上能电气股份有限公司 舆情管理制度 第一章 总 则 第一条 为了规范上能电气股份有限公司（以下简称"公司"）应对各类舆 情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、 公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据 《深圳证券交易所创业板股票上市规则》等法律、法规、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》"）的有关规定，结合公司实 际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成较大影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他可能对公司股票及其衍生品种交易价格产生较大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的各类舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实 ...

表决结果：同意 3 票；反对 0 票；弃权 0 票。 证券代码： 300827 证券简称：上能电气 公告编号：2024-068 上能电气股份有限公司 第四届监事会第七次会议决议公告 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。 上能电气股份有限公司（以下简称"公司"）第四届监事会第七次会议通知 已于 2024 年 10 月 25 日通过邮件的方式送达。会议于 2024 年 10 月 28 日在公司 会议室以现场结合通讯的方式召开。本次会议应出席监事 3 人，实际出席监事 3 人。董事会秘书陈运萍列席了本次监事会会议。会议由监事会主席刘德龙先生主 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、监事会会议审议情况 经监事会审议，形成决议如下： （一）审议通过《关于公司 2024 年第三季度报告的议案》 具体内容详见同日披露在巨潮资讯网（http：//www.cninfo.com.cn）的《2024 年第三季度报告》。 三、备查文件 1、第四届监事会第七次会议决议； 特此公告。 上能电气股份有限公司监事会 2024 年 10 月 28 日 ...

一、董事会会议召开情况 证券代码： 300827 证券简称：上能电气 公告编号：2024-067 上能电气股份有限公司 第四届董事会第七次会议决议公告 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。 上能电气股份有限公司（以下简称"公司"）第四届董事会第七次会议通知 已于 2024 年 10 月 25 日通过邮件的方式送达。会议于 2024 年 10 月 28 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 （一）审议通过《关于公司 2024 年第三季度报告的议案》 具体内容详见同日披露在巨潮资讯网（http：//www.cninfo.com.cn）的《2024 年第三季度报告》。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 （二）审议通过《关于制定<舆情管理制度>的议案》 具体内容详见同日披露在巨潮资讯网（http：//www.cninfo.com.cn）的《舆 情管 ...

证券代码：300827 证券简称：上能电气 公告编号：2024-066 上能电气股份有限公司 关于公司 2022 年限制性股票激励计划首次授予部分第二个 归属期归属结果暨股份上市的公告 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。 特别提示： 1、本次归属的限制性股票上市流通日：2024 年 10 月 11 日，本次归属的限 制性股票不设限售期。 2、本次归属的限制性股票上市流通数量：137.4762 万股，占公司目前总股 本的 0.3839%。 3、授予数量（调整前）：向激励对象授予的限制性股票总数量为 470.00 万 股，占本激励计划草案公告日公司股本总额 23,760.0864 万股的 1.98%。其中， 首次授予限制性股票 377.80 万股，占本激励计划草案公告日公司股本总额的 1.59%，占本次授予限制性股票数量总额的 80.38%；预留授予限制性股票 92.20 万股，占本激励计划草案公告日公司股本总额的 0.39%，占本次授予权益总额的 19.62%。 4、授予价格（调整前）：本次限制性股票的首次授予价格为 34.24 元/股。 5、激励对 ...

关于集合短期融资券兑付完成的公告 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。 证券代码： 300827 证券简称：上能电气 公告编号：2024-065 上能电气股份有限公司 特此公告。 上能电气股份有限公司董事会 2024 年 9 月 20 日 上能电气股份有限公司（以下简称"公司"）参与的长三角先进制造业企业 2023 年度第一期集合短期融资券（简称"23 长三角集合 CP001"）于 2023 年 12 月 22 日成功发行。本次集合发行总额为人民币 7 亿元，其中公司发行金额为人 民币 2 亿元，发行利率为 2.98%，期限为 270 天，起息日为 2023 年 12 月 25 日， 兑付日为 2024 年 9 月 20 日。具体内容详见公司在中国证监会指定的创业板信息 披露网站巨潮资讯网（www.cninfo.com.cn）披露的《关于集合短期融资券发行 结果的公告》（公告编号：2023-132）。 截至本公告披露日，公司已按期兑付了本次集合短期融资券本金 2 亿元和利 息 4,396,721.31 元，合计 204,396,721.31 元人民币 ...