证券代码：301291 证券简称：明阳电气 公告编号：2025-048 广东明阳电气股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 广东明阳电气股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开 第二届董事会第十二次会议和第二届监事会第十二次会议、于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于 2025 年度为合并报表范围内子公 司提供担保额度预计的议案》，同意公司为合并报表范围内的子公司提供预计合 计不超过 86,000 万元的担保额度，有效期限自 2024 年年度股东会审议通过之日 起至 2025 年年度股东会召开之日止。在上述担保额度和期限内，授权公司管理 层在担保额度内签署与担保相关的合同及法律文件，无需再逐项提请公司董事会 和股东会审批。具体内容详见公司在巨潮资讯网上披露的相关公告。 二、担保进展情况 （一）本次担保进展情况 1、近日，根据公司全资子公司明阳电气（陕西）有限公司（以下简称"陕 西明阳"）的实际生产经营需要，公司为陕 ...

Core Viewpoint - The company, Mingyang Electric (301291), has developed a new type of digital, intelligent, and environmentally friendly power equipment called MyPower data center power module, tailored for the needs of data center clients and application scenarios [1] Company Summary - The MyPower data center power module is designed for large data centers and core machine rooms in the rapidly growing computing power industry [1] - The company encourages investors to pay attention to its regular reports and interim announcements for specific performance details [1]

Group 1 - The core product of the company, MyPower data center power module, is designed to meet the needs of data center customers and can be widely applied in the rapidly growing computing power industry and large data centers [1] - The company has indicated that specific details regarding its performance can be found in regular reports and announcements [1] Group 2 - An investor inquired about specific products related to AIDC, their revenue contribution, and order volume, as well as their proportion in total revenue [3] - Despite rapid growth in revenue and net profit, the company's gross margin has declined for two consecutive quarters, raising questions about the reasons behind this trend [3] - There are concerns regarding whether the company can maintain revenue growth in the third quarter and if there will be any improvement in gross margin [3]

Core Viewpoint - Mingyang Electric experienced a 5.04% increase in stock price on September 23, with a trading volume of 846 million yuan, indicating strong market interest and activity in the stock [1]. Financing Summary - On September 23, Mingyang Electric had a financing buy-in amount of 118 million yuan and a financing repayment of 106 million yuan, resulting in a net financing buy of 12.07 million yuan [1]. - As of September 23, the total financing and securities lending balance for Mingyang Electric was 326 million yuan, with the financing balance accounting for 3.93% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had no shares repaid in securities lending on September 23, with 2,600 shares sold, amounting to 123,000 yuan at the closing price, and a securities lending balance of 1.15 million yuan, which is above the 70th percentile for the past year [1]. Business Performance - As of June 30, Mingyang Electric reported a total revenue of 3.475 billion yuan for the first half of 2025, representing a year-on-year growth of 40.51%, and a net profit attributable to shareholders of 306 million yuan, up 24.38% year-on-year [2]. - The company has distributed a total of 471 million yuan in dividends since its A-share listing [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Mingyang Electric was 13,200, a decrease of 2.33% from the previous period, while the average circulating shares per person increased by 2.39% to 12,277 shares [2]. - Among the top ten circulating shareholders, notable changes include an increase in holdings by Jianxin New Energy Industry Stock A and the entry of Guotai Junan Value Advantage Flexible Allocation Mixed A as a new shareholder [2].

Group 1 - The core viewpoint of the news is the performance and market position of Mingyang Electric, which saw a stock price increase of 5.37% to 47.47 CNY per share, with a total market capitalization of 14.82 billion CNY [1] - Mingyang Electric, established on November 27, 2015, specializes in the research, production, and sales of power distribution and control equipment for the renewable energy and new infrastructure sectors [1] - The company's revenue composition includes: box-type substations (53.70%), transformers (16.36%), complete switchgear (14.76%), and other products (13.51%) [1] Group 2 - From the perspective of fund holdings, a Southern Fund product holds a significant position in Mingyang Electric, with the Southern Growth Enterprise 2-Year Open Mixed Fund (160143) owning 177,900 shares, representing 2.95% of the fund's net value [2] - The Southern Growth Enterprise 2-Year Open Mixed Fund has achieved a year-to-date return of 43.82% and a one-year return of 77.97%, ranking 1366 out of 7995 in its category [2] - The fund manager, Ying Shuai, has a tenure of 18 years and 141 days, with the fund's total asset size at 5.465 billion CNY [3]

Core Viewpoint - The company focuses on smart transformers, box-type substations, and smart complete switchgear as its core products, which are applied in renewable energy and smart grid sectors, with advanced technology in photovoltaic inverter boost integration devices [1] Product Focus - The company's core products include smart transformers, box-type substations, and smart complete switchgear [1] - These products are utilized in renewable energy applications, including wind energy, photovoltaics, and energy storage [1] Technological Advancement - The technology for photovoltaic inverter boost integration devices has reached an internationally advanced level [1] - The company currently does not have a photovoltaic inverter business [1]

Core Viewpoint - Mingyang Smart Energy (301291.SZ) focuses on smart transformers, box-type substations, and smart complete switchgear as its core products, which are applied in renewable energy and smart grid sectors [1] Group 1: Product Offerings - The company specializes in smart transformers, box-type substations, and smart complete switchgear [1] - The technology for photovoltaic inverter boost integrated devices has reached an internationally advanced level [1] - Currently, the company does not have a photovoltaic inverter business [1] Group 2: Industry Applications - The products are utilized in renewable energy fields, including wind energy, solar energy, and energy storage [1] - The company’s offerings are also relevant to the smart grid sector [1]

Core Viewpoint - Mingyang Electric's stock has experienced a decline in recent trading sessions, with a current market capitalization of 13.1 billion yuan and a year-to-date price drop of 2.71% [1] Financial Performance - For the first half of 2025, Mingyang Electric reported a revenue of 3.475 billion yuan, representing a year-on-year growth of 40.51%, and a net profit attributable to shareholders of 306 million yuan, up 24.38% from the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Mingyang Electric decreased by 2.33% to 13,200, while the average number of circulating shares per person increased by 2.39% to 12,277 shares [2] - The company has distributed a total of 471 million yuan in dividends since its A-share listing [3] Institutional Holdings - Among the top ten circulating shareholders, Jianxin New Energy Industry Stock A holds 2.1893 million shares, an increase of 343,700 shares from the previous period, while Guotai Junan Value Advantage Flexible Allocation Mixed A is a new entrant with 2.1 million shares [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric and new energy sectors, including Ningde Times, Keda Li, and others, indicating strong growth potential and favorable market conditions [7][8]. Core Insights - The overall performance of the electric and new energy sector is under pressure, but there was a sequential improvement in profitability in Q2 2025. The sector achieved a total revenue of 16,755.54 billion yuan in H1 2025, a year-on-year increase of 3.49%, with a net profit of 861.47 billion yuan, up 16.04% year-on-year [3][12]. - The new energy vehicle sector shows a positive trend, with H1 2025 revenue reaching 6,747.57 billion yuan, a 10.67% increase year-on-year, although net profit decreased by 41.93% [4][16]. - The renewable energy generation sector faced challenges, with H1 2025 revenue of 9,646.02 billion yuan, down 1.96% year-on-year, and a net profit of 360.66 billion yuan, down 4.60% [66]. Summary by Sections Electric and New Energy Sector Overview - The sector's overall revenue in H1 2025 was 16,755.54 billion yuan, with a net profit of 861.47 billion yuan, reflecting a year-on-year increase of 3.49% and 16.04% respectively. Q2 2025 saw a revenue of 9,206.13 billion yuan, a 5.22% increase year-on-year and a 21.95% increase quarter-on-quarter [3][12][14]. New Energy Vehicle Sector - The new energy vehicle sector reported a revenue of 6,747.57 billion yuan in H1 2025, a 10.67% increase year-on-year, with a net profit of 580.45 billion yuan, down 41.93%. In Q2 2025, revenue was 3,578.87 billion yuan, up 10.20% year-on-year, and net profit was 313.93 billion yuan, up 31.44% [4][16][23]. Renewable Energy Generation Sector - The renewable energy generation sector's revenue in H1 2025 was 9,646.02 billion yuan, a decrease of 1.96% year-on-year, with a net profit of 360.66 billion yuan, down 4.60%. The average gross margin for the sector was 14.74% [66][69]. Key Companies and Financial Projections - Key companies such as Ningde Times and Keda Li are projected to have strong earnings growth, with EPS estimates for 2025E at 14.96 yuan and 6.77 yuan respectively, indicating a favorable PE ratio [7][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant revenue growth of 40.5% year-on-year, achieving a total revenue of 3.47 billion yuan in the first half of 2025. The net profit attributable to shareholders reached 310 million yuan, reflecting a year-on-year increase of 24.4% [2][4]. - In Q2 2025, the company recorded a revenue of 2.17 billion yuan, marking a 50.8% increase year-on-year, with a net profit of 190 million yuan, up 24.0% year-on-year [2][4]. - The growth in revenue is primarily driven by the rapid expansion in the renewable energy and data center sectors, with notable progress in data center business orders during the reporting period [10]. Financial Performance - The company's revenue by segment in the first half of 2025 includes: - Box-type substations: 1.866 billion yuan, up 16.1% year-on-year - Transformers: 568 million yuan, up 19.9% year-on-year - Complete switchgear: 513 million yuan, up 91.0% year-on-year - Other revenues: 469 million yuan, up 502.0% year-on-year [10]. - The gross profit margin for the first half of 2025 was 20.99%, a decrease of 1.75 percentage points year-on-year. In Q2 2025, the gross profit margin was 20.51%, down 2.37 percentage points year-on-year [10]. - The company’s total inventory at the end of Q2 2025 was 1.221 billion yuan, an increase of 16.6% year-on-year, while contract assets reached 342 million yuan, up 21.0% year-on-year [10]. Future Outlook - The company is expected to achieve a net profit attributable to shareholders of approximately 876 million yuan in 2025, corresponding to a price-to-earnings ratio of about 16 times [10]. - The company is actively pursuing a dual strategy of "indirect overseas expansion + global layout," and has begun engaging with leading European wind turbine manufacturers [10].