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（ ...

Investment Rating - The investment rating for the company is "Recommended" [4][14]. Core Views - The company has optimized its revenue structure and improved profitability, with a slight decrease in revenue for 2024 but significant growth in net profit [4][7]. - The company plans to distribute cash dividends and increase share capital through bonus shares [4]. - The company is focusing on expanding its overseas market presence, particularly in Europe, India, and the Middle East, while maintaining a strong position in the domestic market [10]. Financial Performance Summary - In 2024, the company achieved operating revenue of 4.773 billion yuan, a decrease of 3.2% year-on-year, while net profit attributable to shareholders increased by 46.5% to 419 million yuan [4][6]. - For Q1 2025, the company reported operating revenue of 831 million yuan, a year-on-year increase of 16.8%, and net profit of 88 million yuan, up 71.6% [4][7]. - The gross profit margin for 2024 was 22.9%, an increase of 5.79 percentage points from the previous year, with a net profit margin of 8.73% [7][12]. Revenue Breakdown - In 2024, revenue from photovoltaic inverters was 2.750 billion yuan, a decrease of 4.5%, while revenue from energy storage systems increased slightly to 1.928 billion yuan, a growth of 0.1% [7][10]. - The company’s revenue from overseas markets grew significantly by 68.7% to 1.164 billion yuan, accounting for 24.4% of total revenue [7][10]. Market Position - The company ranks fourth in the domestic photovoltaic inverter bidding market with a total winning capacity of 18.2 GW in 2024 [10]. - It is also ranked second in both domestic and overseas markets for energy storage inverters [10]. Future Projections - The company forecasts operating revenues of 6.066 billion yuan in 2025, with a projected net profit of 632 million yuan, reflecting a growth rate of 50.8% [6][12]. - The expected earnings per share (EPS) for 2025 is 1.76 yuan, with a price-to-earnings (P/E) ratio of 16.1 [12].

Investment Rating - The report maintains a "Recommended" investment rating for the company [4][12]. Core Insights - The company achieved a revenue of 4.773 billion yuan in 2024, a decrease of 3.2% year-on-year, while the net profit attributable to shareholders increased by 46.5% to 419 million yuan [4][7]. - In Q1 2025, the company reported a revenue of 831 million yuan, reflecting a year-on-year growth of 16.8% [4][7]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held [4]. Revenue and Profitability - The company's revenue structure is optimizing, with a notable shift towards overseas markets, where revenue grew by 68.7% to 1.164 billion yuan in 2024, accounting for 24.4% of total revenue [7][8]. - The gross margin improved to 22.9% in 2024, up from 19.2% in 2023, with the net margin also increasing to 8.73% [7][10]. - The company is expected to see continued growth in net profit, with projections of 632 million yuan in 2025 and 1.083 billion yuan in 2027 [6][10]. Market Position and Strategy - The company holds a leading position in the photovoltaic and energy storage inverter markets, ranking fourth globally in photovoltaic inverter shipments in 2023 [8]. - The company is expanding its presence in key overseas markets, including Europe, India, and the Middle East, to mitigate risks associated with domestic policy fluctuations [8][10]. - The focus for 2025 includes advancing large-scale energy storage markets and enhancing supply chain and after-sales service networks in emerging markets along the Belt and Road Initiative [8]. Financial Projections - Revenue is projected to grow to 6.066 billion yuan in 2025, with a compound annual growth rate (CAGR) of 27.1% from 2024 to 2025 [6][10]. - The earnings per share (EPS) are expected to increase from 1.16 yuan in 2024 to 1.76 yuan in 2025, and further to 3.01 yuan by 2027 [6][10]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 24.2 in 2024 to 9.4 by 2027, indicating potential undervaluation [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing growth in overseas solar storage, with a significant number of orders on hand. The revenue for 2024 is projected to be 4.773 billion yuan, a decrease of 3.23% year-on-year, while the net profit attributable to the parent company is expected to increase by 46.49% to 418.78 million yuan [7][8] - The company’s photovoltaic inverter revenue for 2024 is expected to be 2.75 billion yuan, a decrease of 4.5% year-on-year, while the storage PCS revenue is projected to be 1.93 billion yuan, a slight increase of 0.1% year-on-year. The overall gross margin is expected to improve, particularly in overseas markets [7] - The company has maintained stable operating expenses, with a significant increase in contract liabilities, indicating a strong order backlog. The operating cash flow for 2024 is projected to be 1.2 billion yuan, showing a positive turnaround [7] Financial Projections - Total revenue projections for the company are as follows: 4.933 billion yuan for 2023, 4.773 billion yuan for 2024, 6.672 billion yuan for 2025, 8.632 billion yuan for 2026, and 11 billion yuan for 2027 [1][8] - The net profit attributable to the parent company is forecasted to be 285.87 million yuan for 2023, 418.78 million yuan for 2024, 566.91 million yuan for 2025, 737.34 million yuan for 2026, and 933.42 million yuan for 2027 [1][8] - The earnings per share (EPS) is expected to increase from 0.80 yuan in 2023 to 2.60 yuan in 2027, reflecting a strong growth trajectory [1][8] Market Data - The closing price of the company's stock is 28.21 yuan, with a market capitalization of approximately 10.143 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 24.22 based on the latest diluted EPS [1][5]

Group 1 - Shareholders of Tietuo Machinery plan to reduce their holdings by up to 1,800,000 shares, representing 1.95% of the total share capital, within 15 trading days until August 1, 2025 [1] - Senior management of Upower Electric completed their share reduction plan, with one executive reducing 1,605,000 shares, accounting for 0.0448% of the total share capital after excluding repurchased shares [2] - Jiangsu Jianghai Machinery, a major shareholder of Zhonghuan Hailu, has completed its share reduction plan, reducing 975,908 shares, which is 0.9759% of the total share capital [3] Group 2 - Major shareholders of Duopule plan to reduce their holdings by up to 3,000,000 shares, or 4.85% of the total share capital, within three months after 15 trading days [4] - Shareholders of Jinpu Garden plan to reduce their holdings by up to 1,839,313 shares, each accounting for 1% of the total share capital, within three months [5] - Major shareholders of Liaoning Energy plan to reduce their holdings by up to 39,660,520 shares, representing 3% of the total share capital, within three months after 15 trading days [6] Group 3 - Senior management of Qianzhao Optoelectronics has terminated their share reduction plan without executing any share sales [7] - Major shareholders of Wolong Nuclear Materials plan to reduce their holdings by up to 24,926,600 shares, or 2% of the total share capital, within three months after 15 trading days [8] - Major shareholders of Taiyong Changzheng plan to reduce their holdings by up to 6,695,765 shares, representing 3% of the total share capital, within three months after 15 trading days [9] Group 4 - Major shareholders of Dagang Holdings plan to reduce their holdings by up to 9,520,000 shares, approximately 3% of the total share capital, within three months after 15 trading days [10] - Directors of Yawey Holdings plan to reduce their holdings by up to 4,716,250 shares, or 0.86% of the total share capital, within three months after 15 trading days [11] - Shareholders of Source Fly Pet plan to reduce their holdings by up to 5,651,413 shares, representing 3% of the total share capital, within three months after 15 trading days [12] Group 5 - Major shareholders of Jiangsu Boyun plan to reduce their holdings by up to 2,913,999 shares, or 3% of the total share capital, within three months after 15 trading days [13] - Directors of Supor plan to reduce their holdings by a total of 99,080 shares within three months after 15 trading days [14] - Major shareholders of Yinglian Holdings plan to reduce their holdings by up to 10,458,200 shares, each accounting for 2.50% of the total share capital, within three months after 15 trading days [15]

上能电气股份有限公司 市值管理制度 第一章 总 则 （三）规范性原则：公司的市值管理行为必须建立在国家各项法律、法规及 监管规则的基础上。 （四）常态性原则：公司的市值成长是一个持续的、动态的过程，公司应当 及时关注资本市场及公司股价动态，常态化地开展市值管理工作。 第一条 为加强上能电气股份有限公司（以下简称"公司"）市值管理工作， 进一步规范公司的市值管理行为，切实维护公司、投资者及其他利益相关者的合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》《上市公司监管指引第 10 号——市值管理》等相 关法律法规和《上能电气股份有限公司章程》，结合公司实际情况，制定本制度。 第二条 本制度所指市值管理，是指上市公司以提高公司质量为基础，为提 升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理是公司战略管理的重要内容，是董事会的核心工作之一。 公司应持续保障市值管理工作的开展。 第四条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小 投资者利益，诚实守信、规 ...