Investment Rating - The report maintains a "Buy" rating for the company [2][6][4]. Core Insights - The company's revenue for H1 2024 reached 1.926 billion yuan, a year-on-year decrease of 11.53%, while the net profit attributable to shareholders was 161 million yuan, an increase of 18.90% [6]. - The growth in overseas sales, particularly in the inverter business, significantly contributed to the revenue increase, with overseas revenue rising by 115.46% year-on-year to 475 million yuan, accounting for 24.65% of total revenue [2][6]. - The company is expected to benefit from emerging market demand and the replacement of aging inverters, with a projected revenue growth of 38.16%, 27.56%, and 25.46% for 2024, 2025, and 2026, respectively [6][7]. Summary by Sections Financial Performance - In H1 2024, the photovoltaic inverter business generated revenue of 1.383 billion yuan, up 6.20% year-on-year, while the energy storage business saw a revenue decline of 37.96% to 507 million yuan [6]. - The overall gross margin improved, with the photovoltaic inverter gross margin increasing by 2.61 percentage points to 22.46% and the energy storage gross margin rising by 10.85 percentage points to 22.67% [6][7]. Revenue Forecast - The company forecasts revenues of 6.815 billion yuan, 8.693 billion yuan, and 10.906 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 525 million yuan, 752 million yuan, and 1.060 billion yuan [7][6]. Market Opportunities - The report highlights the potential for growth in new markets, particularly in the Middle East and India, where governments are implementing policies to stimulate solar energy demand [6][7]. - The company ranks fourth globally in photovoltaic inverter shipments and is well-positioned to capitalize on both emerging market opportunities and the replacement demand for aging inverters [6].

证券代码：300827 证券简称：上能电气 公告编号：2024-054 上能电气股份有限公司 第四届董事会第五次会议决议公告 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"）第四届董事会第五次会议通知 已于 2024 年 8 月 26 日通过电话的方式送达。会议于 2024 年 8 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 表决结果：经审议，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 年限制性股票激励计划第二批预留授予部分第一个归属期符合归属条件的 公告》。 1、审议通过了《关于公司 2022 年限制性股票激励计划第二批预留授予部 分第一个归属期符合归属条件的议案》； 根据《上市公司股权激励管理办法》《上能电 ...

证券代码： 300827 证券简称： 上能电气 公告编号：2024-056 上能电气股份有限公司 关于调整公司 2022 年限制性股票激励计划授予价格的公告 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。 上能电气股份有限公司（以下简称"公司"或"上能电气"）于 2024 年 8 月 28 日召开了第四届董事会第五次会议及第四届监事会第五次会议，审议通过 了《关于调整公司 2022 年限制性股票激励计划授予价格的议案》，现将有关情况 公告如下： 一、本次限制性股票授予已履行的决策程序和信息披露情况 1、2022 年 8 月 19 日，公司召开第三届董事会第九次会议，审议通过了《关 于<上能电气股份有限公司 2022 年限制性股票激励计划（草案）>及其摘要的议 案》、《关于<上能电气股份有限公司 2022 年限制性股票激励计划实施考核管理办 法> 的议案》、《关于提请股东大会授权董事会办理公司 2022 年限制性股票激励 计划相关事宜的议案》，公司独立董事对本次股权激励计划的相关事项发表了独 立意见。 2、2022 年 8 月 19 日，公司召开第三届监事会第九 ...

关于上能电气股份有限公司 2022 年限制性股票激励计划第二批预留授予部分 北京国枫律师事务所 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 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二批预留授予部分 第一个归属期调整及归属相关事项的 第一个归属期调整及归属相关事项的 法律意见书 国枫律证字[2022]AN186-7号 法律意见书 国枫律证字[2022]AN186-7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》、《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——业务办理》等 ...

1、审议通过了《关于公司 2022 年限制性股票激励计划第二批预留授予部 分第一个归属期符合归属条件的议案》； 经审议，监事会认为公司 2022 年限制性股票激励计划第二批预留授予部分 第一个归属期归属条件已经成就，本次归属符合《上市公司股权激励管理办法》 《上能电气股份有限公司 2022 年限制性股票激励计划（草案）》等相关规定， 激励对象的归属资格合法、有效。因此，监事会同意公司 2022 年限制性股票激 励计划第二批预留授予部分第一个归属期归属名单并出具相应核查意见，同意公 司为满足条件的激励对象办理第二批预留授予部分第一个归属期归属相关事宜。 证券代码：300827 证券简称：上能电气 公告编号：2024-055 上能电气股份有限公司 第四届监事会第五次会议决议公告 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。 一、监事会会议召开情况 上能电气股份有限公司（以下简称"公司"）第四届监事会第五次会议通知 已于 2024 年 8 月 26 日通过电话的方式送达。会议于 2024 年 8 月 28 日在以现场 结合通讯的方式召开。本次会议应出席监事 3 人 ...

关于公司 2022 年限制性股票激励计划第二批预留授予部分 第一个归属期符合归属条件的公告 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。 重要内容提示： 1、限制性股票拟归属数量：4.2881 万股，占目前公司总股本的 0.0120% 证券代码： 300827 证券简称：上能电气 公告编号：2024-057 上能电气股份有限公司 2、归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 3、归属价格（调整后）：23.79 元/股 上能电气股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开了第 四届董事会第五次会议和第四届监事会第五次会议，审议通过了《关于公司 2022 年限制性股票激励计划第二批预留授予部分第一个归属期符合归属条件的议案》， 董事会认为公司 2022 年限制性股票激励计划（以下简称"本激励计划"）第二批 预留授予部分第一个归属期规定的归属条件已经成就，本次可归属数量为 4.2881 万股，同意为符合条件的 2 名激励对象办理归属相关事宜，现将有关事 项说明如下： 一、2022 年限制性股票激励计划实施情况概要 （一） ...

Market Expansion and Risk Management - The company plans to actively expand its overseas market to reduce risks associated with policy fluctuations in a single country[1]. - The company will closely monitor international market changes and exchange rate fluctuations to mitigate foreign exchange risks[2]. - The company will assess the impact of international trade protection measures and prepare risk response plans[3]. - To mitigate risks, the company plans to expand its international market presence and increase market share in energy quality products and photovoltaic stock replacements[57]. - The company will continue to focus on domestic market stability while cautiously expanding its international market layout[58]. Research and Development - The company will increase R&D investment and accelerate the launch of new products to meet diverse market demands[2]. - The company reported a research and development investment of 107 million yuan, an increase of 22.10% compared to the same period last year[32]. - The company has a dedicated R&D team of over 431 personnel, with significant experience in power electronics development[32]. - The company continues to enhance its research and development capabilities in the energy sector[124]. - The company has maintained a focus on independent research and development in the field of power electronics and energy conversion[124]. Financial Performance - The company's operating revenue for the reporting period was ¥1,925,942,072.24, a decrease of 11.53% compared to the same period last year[12]. - Net profit attributable to shareholders was ¥160,683,903.83, an increase of 18.90% year-on-year[12]. - The net cash flow from operating activities was -¥764,784,814.42, a decline of 279.47% compared to the previous year[12]. - Basic earnings per share increased by 15.38% to ¥0.45[12]. - The company's total assets at the end of the reporting period were ¥6,637,744,190.24, down 4.36% from the end of the previous year[12]. Accounts Receivable and Management - The accounts receivable balance has increased significantly due to rapid growth in customer numbers, raising the risk of bad debts[2]. - The company will enhance management of accounts receivable and strengthen credit assessment to ensure timely collection[2]. - The company reported a significant increase in accounts receivable due to rapid growth, raising concerns about bad debt risks[57]. - Accounts receivable increased to CNY 2,150,096,731.57, which is 32.39% of total assets, up from 30.12% the previous year[41]. Industry Trends and Positioning - The photovoltaic and energy storage industries are in a growth phase, influenced by policies and product economics[1]. - The company aims to maintain its leading position in photovoltaic and energy storage products while increasing market share in power quality products[1]. - The energy storage industry is experiencing rapid growth, driven by policy support and economic factors, with significant demand expected in emerging markets[20]. - The company ranked fourth globally in photovoltaic inverter product shipments in 2023, maintaining a position in the top ten for eleven consecutive years[22]. Product Offerings and Innovations - The company’s photovoltaic inverter products cover a power range from 3 kW to 350 kW, utilizing advanced multi-level and soft-switching technologies for maximum system efficiency[23]. - The energy storage products include centralized storage inverters and string storage inverters, with power ranges from 125kW to 8000kW, supporting multi-machine parallel functionality[26]. - The company is actively expanding its product offerings in the energy storage sector, with a range of products from 125 kW to 8000 kW[35]. - The company has developed advanced energy management systems, including Sienergy and Yuexiang SOLAR, for efficient operation and maintenance of solar power plants[30]. Cash Flow and Financing Activities - The net cash flow from operating activities was -¥445,323,325.74, worsening from -¥210,875,041.13 year-over-year[109]. - Cash inflow from financing activities totaled ¥823,486,378.29, compared to ¥257,861,117.00 in the previous year, indicating a growth of about 219%[108]. - The company reported a net cash outflow from investment activities of -¥219,514,936.39, which is a decline from -¥70,740,524.16 in the previous year[108]. - The total cash and cash equivalents at the end of the period were ¥1,008,403,732.79, slightly up from ¥994,596,506.84 at the end of the previous year[108]. Shareholder Information and Equity - The company did not plan to distribute cash dividends or issue bonus shares for the half-year period[63]. - The total number of shares increased from 358,038,965 to 358,038,965, with no new shares issued or repurchased[81]. - The shareholding of Wu Qiang, the controlling shareholder, is 20.24%, amounting to 72,477,904 shares[83]. - The company has not implemented any share buyback or repurchase plans[84]. Compliance and Governance - The half-year financial report was not audited[74]. - The company reported no significant litigation or arbitration matters during the reporting period[67]. - There were no penalties or rectification measures taken against the company during the reporting period[68]. - The financial report was approved by the board of directors on August 27, 2024[124]. Accounting Policies and Estimates - The company uses the Chinese Yuan (RMB) as its functional currency for accounting purposes[131]. - The company recognizes significant bad debt provisions for receivables exceeding 10% of the total bad debt provisions and amounts greater than 10 million RMB[132]. - The company applies fair value measurement for identifiable net assets acquired in business combinations under non-common control[133]. - The company assesses expected credit losses based on historical credit loss experience and current conditions, with a focus on future economic forecasts[144].

| | 资金占用 | 占用方与上 | 上市公司核算 | 2024 年期 | 2024 年半年度 占用累计发生 | 2024 年半年 | 2024 年半年 | 2024 年半年 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 方名称 | 市公司的关 | 的会计科目 | 初占用资金 | 金额（不含利 | 度占用资金的 | 度偿还累计 | 度期末占用 | 成原因 | 占用性质 | | | | 联关系 | | 余额 | 息） | 利息（如有） | 发生金额 | 资金余额 | | | | 控股股东、实际控制人及 | - | - | - | - | - | - | - | - | - | - | | 其附属企业 | - | - | - | - | - | - | - | - | - | - | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前控股股东、实际控制人 | - | | - | - | - | - | - | - | - | - ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of its stock [3]. Core Views - The company ranks fourth globally in photovoltaic inverter shipments and has been in the top ten for eleven consecutive years. It is a leading player in the domestic energy storage market, consistently ranking first in shipments of large-scale energy storage converters [2][5]. - The company is actively expanding its market presence in high-demand regions such as India, Saudi Arabia, and the United States, leveraging its technological and market strengths to drive growth [2][9]. Summary by Sections Company Overview - The company has established a sales company in the Middle East and built a sales service network, securing significant orders, including a partnership with Larsen & Toubro to supply 1,016 MW of inverter equipment for a solar power plant in Saudi Arabia [1]. Market Demand - The Indian market is experiencing rapid growth due to the ALMM listing system, leading to a surge in installations. In Q1 2024, India added approximately 7.5 GW of ground-mounted solar power, a fivefold increase from the previous quarter [9]. - Saudi Arabia's Vision 2030 is driving renewable energy development, with plans for 24 GWh of energy storage projects from 2024 to 2025. The company is well-positioned to benefit from these initiatives [10]. - In the U.S., decreasing solar storage costs and rising PPA prices are contributing to a steady increase in installations, with the company securing multiple large-scale project orders in the North American market [10]. Financial Projections - Revenue projections for the company are estimated at 8 billion, 9.67 billion, and 11.66 billion yuan for 2024, 2025, and 2026, respectively. Net profit attributable to the parent company is forecasted to be 520 million, 709 million, and 930 million yuan for the same years, with corresponding EPS of 1.45, 1.98, and 2.60 yuan per share [15][17].

证券代码：300827 证券简称：上能电气 公告编号：2024-047 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 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 2024 年 7 月 15 日召开第四 届董事会第三次会议审议通过了《关于回购公司股份方案的议案》，公司拟使用 自有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 2,600 万元（含）且不超过人民币 3,600 万元（含），回购股 份价格不超过 36 元/股（含），具体回购股份的数量以回购结束时实际回购的股 份数量为准。回购股份的实施期限为自董事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司 2024 年 7 月 15 日、2024 年 7 月 19 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于回购公司股份方案的公告》（公 告编号：2024-043）、《回购报告书》 ...