关于控股股东部分股份新增质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：301291 证券简称：明阳电气 公告编号：2025-005 广东明阳电气股份有限公司 二、其他情况说明 本次控股股东部分股份质押，不会对公司生产经营和公司治理产生影响，不 会导致公司控制权发生变更。公司控股股东中山明阳资信状况良好，具备相应的 资金偿还能力，股份质押风险可控。控股股东及其一致行动人不存在非经营性资 金占用、违规担保等侵害公司利益的情形。公司将持续关注股东的质押情况，并 按规定及时履行信息披露义务，敬请广大投资者注意投资风险。 广东明阳电气股份有限公司（以下简称"公司"）近日接到控股股东中山市 明阳电器有限公司（以下简称"中山明阳"）的函告，获悉其所持有本公司的部 分股份办理了质押登记，具体事项如下： 一、股东股份质押基本情况 1、本次股份质押基本情况 | 是否为控股股 | 占其所 | 占公司 | 是否为 | 东或第一大股 | 本次质押数量 | 是否为限 | 质押起 | 质押到 | 质押 | | | | | | | | | --- | --- | -- ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market benchmark [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1]. - The company is benefiting from the growth in the renewable energy sector, accelerated data center construction, and international market opportunities due to transformer shortages [1][2]. - The company has introduced the MyPower data center power module, which has received significant orders, indicating strong market acceptance and potential for future revenue growth [3]. Summary by Sections Financial Performance - The company forecasts a net profit of 1.64-2.64 billion yuan for Q4 2024, with a year-on-year growth of 19.78% and a quarter-on-quarter growth of 13.20% [1]. - Revenue projections for 2024-2026 are 61.50 billion, 77.05 billion, and 90.97 billion yuan, with year-on-year growth rates of 24.3%, 25.3%, and 18.1% respectively [4][10]. Business Development - The company is positioned to benefit from the expected increase in offshore wind power installations, with a forecast of 10-15 GW of new capacity in 2025 [2]. - The company is actively expanding its overseas market presence through partnerships and has obtained various international certifications, which will support order growth in 2025 [2]. Product Innovation - The MyPower data center power module, launched in May 2024, is designed for efficiency and cost-effectiveness, contributing to the company's growth in the data center sector [3]. - The company has secured significant contracts, including a major order from ByteDance for a data center project, showcasing the competitive strength of its products [3].

明阳电气(301291) 公司研究/公司点评 海风+海外业务起量，数据中心业务贡献新增长点 ——明阳电气首次覆盖报告 国际市场变压器紧缺，加速海外市场布局。公司以间接出海+全球化布 局双轮驱动为战略：1）公司合作国内新能源头部企业，扩大海外市场 知名度；2）公司已获得中国 CQC、美国 UL、欧盟 CE、欧洲 DNV-GL 认证等国内外权威机构认证，有序推进业务全球化布局。我们看好 2025 年公司海外业务的订单增长。 数据中心业务提供增长弹性。2024 年 5 月，公司推出 MyPower 数据 中心电力模块产品，全系采用一体化设计、预制化生产、模块化交付 方案，可有效缩短建设周期、并降低建设成本。公司凭借该产品相继 中标江苏新纪联太仓大数据产业园二期 16 号楼项目、合盈数据(怀来) 科技产业园项目五期第一阶段项目；2024 年 9 月，公司电力模块中标 字节跳动的火山引擎数据中心项目，这是公司与字节跳动的首次合作， 也是公司推出 MyPower 数据中心电力模块以来金额最大的单笔订单。 公司连续中标第三方 IDC 运营商项目，表明电力模块产品已得到 IDC 用户的充分认可，彰显该产品的竞争实力，未来有望 ...

Investment Rating - The report indicates a positive outlook for the company, highlighting its growth potential in the renewable energy sector and data center markets, which are expected to contribute to revenue and profit growth in the coming years [4][14]. Core Insights - The company, Mingyang Electric (301291.SZ), has shifted its focus towards the renewable energy market, particularly in wind and solar power, and has developed advanced products that have gained significant market traction [4][5]. - The demand for power supply stability and reliability in data centers is increasing, driven by the growth of cloud computing, big data, and AI technologies, presenting opportunities for the company [3][14]. - The company's revenue and profit growth are supported by a strong order backlog and increased delivery scale, with a projected net profit of 600 million to 700 million yuan for 2024, representing a year-on-year increase of 21% to 41% [7][8]. Summary by Sections Section 1: Renewable Energy and New Markets - The company has established a solid foundation in the renewable energy sector, with significant contributions from solar and wind power, which accounted for 80% of its revenue from 2020 to 2022, and a compound annual growth rate (CAGR) of 93% in the solar sector [11][14]. - New markets such as data centers and smart grids are also showing rapid growth, with respective CAGRs of 158%, 90%, and 274% from 2020 to 2022 [11]. Section 2: Financial Performance - The company has maintained stable profitability, with a gross margin of 23%, an adjusted operating profit margin of 13%, and a net profit margin of 11% for the first three quarters of 2024, showing improvement over the previous years [15][17]. - The company's return on equity (ROE) and return on invested capital (ROIC) are 19% and 11%, respectively, outperforming its competitor Jinpan Technology [19]. Section 3: Market Dynamics and Challenges - The company is facing increasing competition in the market, which may exert pressure on its operations, as indicated by the planned impairment provisions of approximately 150 million yuan for 2024 [25][28]. - Despite the competitive landscape, the company has established long-term partnerships with major state-owned power generation groups and other key players in the industry, ensuring a stable customer base [25][30].

证券代码：301291 证券简称：明阳电气 公告编号：2025-004 广东明阳电气股份有限公司 关于股东股份减持计划期满暨实施结果的公告 信息披露义务人深圳市创新投资集团有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 广东明阳电气股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日在 巨潮资讯网披露了《关于持股 5%以上股东减持股份的预披露公告》（公告编号： 2024-041），公司股东深圳市创新投资集团有限公司（以下简称"深创投"）计 划于预披露公告之日起 15 个交易日后的 3 个月内以集中竞价、大宗交易的方式 减持公司股份不超过 9,366,000 股（占公司总股本比例不超过 3.00%）。 2024 年 11 月 8 日，公司在巨潮资讯网披露了《关于股东减持后持股比例低 于 5%的提示性公告》（公告编号：2024-048）。 截至目前，深创投股份减持计划期限已届满，公司收到深创投出具的《关于 股份减持计划期满暨实施情况的告知函》，现将相关情况公告如下： 一、股东减持情况 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18-41.37%. The forecasted net profit for Q4 2024 is estimated to be 164-264 million yuan, with a median growth of 19.78% year-on-year and 13.20% quarter-on-quarter [4] - The company's overseas and offshore wind business is anticipated to drive performance, with a focus on expanding direct sales channels in markets such as Europe, the Middle East, Southeast Asia, and North America. This is expected to support margin improvement [4] - The company has successfully secured significant contracts, including a major data center project with ByteDance, indicating strong product recognition and potential for new revenue streams [5] Financial Projections - Revenue projections for 2024-2026 are 65.24 billion yuan, 83.69 billion yuan, and 103.92 billion yuan respectively, with net profits of 669 million yuan, 858 million yuan, and 1.063 billion yuan respectively. The corresponding P/E ratios are 24.2, 18.9, and 15.2 times [6] - Key financial metrics for 2023A and projections for 2024E, 2025E, and 2026E include: - Revenue: 4948 million yuan (2023A), 6524 million yuan (2024E), 8369 million yuan (2025E), 10392 million yuan (2026E) - Net profit: 498 million yuan (2023A), 669 million yuan (2024E), 858 million yuan (2025E), 1063 million yuan (2026E) - Gross margin: 22.7% (2023A), 22.4% (2024E), 21.7% (2025E), 21.0% (2026E) [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1] - The company is projected to continue its growth trajectory in 2025, driven by increased orders and improved operational efficiency [2] - The company is focusing on expanding its presence in offshore markets and enhancing its product offerings in the renewable energy sector [2] Financial Performance Summary - Revenue projections for 2024-2026 are 6.89 billion, 8.60 billion, and 9.29 billion yuan, with year-on-year growth rates of 39%, 25%, and 8% respectively [3] - Expected net profits for the same period are 658 million, 876 million, and 1.08 billion yuan, with growth rates of 32%, 33%, and 24% respectively [3] - The company's P/E ratios for 2024-2026 are projected to be 23.1x, 17.4x, and 14.1x [3] Operational Highlights - The company has seen a significant increase in its order backlog and product delivery scale, which is expected to drive revenue and profit growth [2] - The company is implementing cost control measures and enhancing operational efficiency to improve overall profitability [2] - The company is poised to benefit from the growing demand in the offshore wind, data center, and renewable energy sectors [2][8]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock price of Mingyang Electric, which rose by 5.60% as of 10:07 AM, with a trading volume of 2.676 million shares and a transaction amount of 136 million yuan, indicating a turnover rate of 1.66% [1] - The company has released its latest earnings forecast, projecting a net profit of 600 million to 700 million yuan for 2024, representing a year-on-year growth of 21.18% to 41.37% [1] - In terms of market performance, Mingyang Electric has seen a net inflow of 3.6986 million yuan in the past five days, despite a net outflow of 2.3764 million yuan on the previous trading day [1] Group 2 - The margin trading data indicates that as of January 21, the total margin balance for the stock is 42.7481 million yuan, with a financing balance of 41.4215 million yuan, showing a decrease of 19.419 million yuan over the past five days, which is a decline of 31.92% [1] - Institutional ratings show that in the past month, three institutions have rated the stock as a buy, with the highest target price set at 53.60 yuan by Guosen Securities in a report published on December 29 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1]. - The company has seen an increase in orders and delivery scale, which has driven revenue and profit growth [1]. - The company plans to recognize impairment provisions of approximately 153 million yuan in 2024, which includes credit impairment and asset impairment [2]. - The company has made significant progress in multiple business areas, including offshore wind, overseas projects, and data centers [2]. Financial Forecasts - Revenue projections for 2024-2026 are 66.52 billion yuan, 82.00 billion yuan, and 95.66 billion yuan, with corresponding growth rates of 34%, 23%, and 17% [3][4]. - Net profit attributable to shareholders is forecasted to be 6.55 billion yuan, 8.68 billion yuan, and 10.59 billion yuan for the same period, with growth rates of 32%, 32%, and 22% [3][4]. - The report provides a PE ratio forecast of 23X, 18X, and 14X for 2024-2026 based on the closing price on January 21, 2025 [3].

Financial Projections - The estimated net profit for 2024 is projected to be between 600 million and 700 million CNY, representing a year-on-year growth of 21.18% to 41.37% compared to 497.87 million CNY in the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 590 million and 690 million CNY, indicating a growth of 21.10% to 41.63% from 489.92 million CNY in the previous year[3]. - The estimated impact of non-recurring gains and losses on net profit for 2024 is approximately 10 million CNY, mainly from financial product returns and government subsidies[6]. - The financial data in the performance forecast is preliminary and has not been audited by the annual audit accounting firm[4]. - The specific financial data for the 2024 annual performance will be detailed in the company's annual report[7]. Factors Influencing Profitability - The increase in net profit is primarily driven by a rise in orders on hand and an increase in actual product delivery scale, which boosted revenue and profitability[6]. - The company has implemented cost reduction and efficiency enhancement measures, improving overall profitability[6]. - The performance forecast considers factors such as impairment provisions[7]. Corporate Actions and Investor Guidance - The company completed the acquisition of 100% equity in Guangdong Borui Tiancheng Energy Technology Co., Ltd. in January 2024, leading to retrospective adjustments in the previous year's data[3]. - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[7].