股票简称：明阳电气 股票代码：301291 信息披露义务人：深圳市创新投资集团有限公司 住所及通讯地址：深圳市南山区粤海街道海珠社区海德三道 1066 号深创投广场 5201 股份变动性质：股份减持（持股比例降至 5%以下） 签署日期：二〇二四年十一月七日 广东明阳电气股份有限公司 简式权益变动报告书 上市公司名称：广东明阳电气股份有限公司 股票上市地点：深圳证券交易所 1 信息披露义务人声明 一、本报告书是根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则第 15 号》"）及相关法律、规范和规范性文件编写。 二、本信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购办法》的规定，本报告书已全面披露信息披露义务 人在广东明阳电气股份有限公司（以下简称"公司"或"明阳电气"）中拥有权益 的股份变动情况；截至本报告书签署之日，除本报告书披露的信息外，上述信息披 露义务人没有通过任何其他方式增加或减少其在明阳电气中拥有权益的股份。 四、本 ...

Investment Rating - The report initiates coverage on Mingyang Electric (301291 SZ) with a "Buy" rating [3] Core Views - Mingyang Electric is a leading player in the new energy and new infrastructure power transformation sector, with a three-step growth strategy: stabilizing and expanding its market share in new energy power generation, increasing high-margin revenue from offshore wind projects, and expanding into overseas markets and domestic grid channels [1][2] - The company has a strong market position in the wind and solar sectors, with a 27 25% market share in wind power and 15 20% in solar power in 2022 [2] - Offshore wind is a key growth driver, with the company breaking the monopoly of foreign brands in offshore wind transformers and securing bulk orders [2] - The company is strategically expanding into overseas markets and domestic grid channels, which are expected to be the next growth drivers [3] Financial Performance - Revenue is expected to grow from 6 334 billion yuan in 2024 to 10 102 billion yuan in 2026, with a CAGR of 28% from 2024 to 2026 [3] - Net profit attributable to shareholders is projected to increase from 648 million yuan in 2024 to 1 067 billion yuan in 2026, with a CAGR of 30% [3] - The company's PE ratio is expected to decline from 18 6x in 2024 to 11 3x in 2026, indicating improving valuation metrics [3] Market Position and Competitive Advantages - Mingyang Electric has a strong foothold in the new energy sector, with its products widely used in wind, solar, and energy storage projects [1][2] - The company has a high customer concentration, with the top five customers accounting for 53% of sales in the new energy sector in 2022 [2] - In offshore wind, the company has achieved technological breakthroughs, with its offshore wind transformers and switchgear reaching international advanced levels [2] - The company is well-positioned to benefit from the global trend of increasing grid investments, particularly in North America and Europe [3] Growth Drivers - Offshore wind is expected to be a major growth driver, with the company's offshore wind products gradually replacing imports [2][47] - The company is expanding into overseas markets, particularly in regions with high demand for power equipment, such as North America and Europe [3][61] - Domestic grid upgrades and new energy construction are expected to drive demand for the company's high-voltage products [3][68] Industry Trends - The global transformer market is expected to grow at a CAGR of 4 8% from 2023 to 2028, driven by new energy construction, electric vehicle adoption, and grid upgrades [61] - Offshore wind is expected to grow at a CAGR of 28% from 2024 to 2028, with Mingyang Electric well-positioned to capture this growth [38][47] - Domestic grid investment is accelerating, with a 23% year-on-year increase in the first eight months of 2024, providing a strong tailwind for the company's grid-related products [66][68]

Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with total revenue reaching 4.09 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 440 million yuan, up 37.6% year-on-year [1]. - The company is expanding its overseas market presence, collaborating with well-known domestic and international renewable energy companies, and has successfully entered over 40 countries and regions [1]. - The company is investing in new facilities to increase production capacity, with a total investment of 1 billion yuan aimed at enhancing its manufacturing capabilities [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.09 billion yuan, a 23.5% increase year-on-year, and a net profit of 440 million yuan, a 37.6% increase year-on-year. The third quarter alone saw revenues of 1.62 billion yuan, up 14.9% year-on-year, and a net profit of 190 million yuan, up 22.1% year-on-year [1]. - The gross margin and net margin remained stable, with gross margins at 23% and net margins at 10.7% for the first three quarters of 2024 [1]. Cost and Expenses - Sales expenses increased by 40.4% year-on-year to 180 million yuan, primarily due to business scale growth and increased costs related to bidding and sales personnel [1]. - Research and development expenses rose by 33% year-on-year to 140 million yuan, reflecting the company's commitment to enhancing its R&D capabilities [1]. Capacity Expansion - The company is transitioning its existing production project to the "Mingyang Modern Energy High-end Equipment Technology Park Project," with a total investment of 1 billion yuan. This project aims to produce 10,000 sets of complete switchgear, 2,000 dry-type transformers, and 1,000 box-type substations annually, expected to be completed by the end of 2026 [1]. Market Expansion - The company is actively expanding its overseas market presence, with products now covering Southeast Asia, Europe, and North America. It has developed competitive technological solutions for various applications, enhancing its industry position [1]. Profit Forecast - Revenue projections for 2024-2026 are 6.42 billion yuan, 8.08 billion yuan, and 9.83 billion yuan, respectively, with net profit growth rates of 28.4%, 30.3%, and 29.3% [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][3]. Core Views - The company reported a revenue of 4.09 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 23.5%, and a net profit attributable to shareholders of 436 million yuan, up 37.6% year-on-year [1]. - The company is expected to achieve breakthroughs in overseas direct sales and progress in offshore wind projects, driving performance growth through a dual-engine strategy [1]. - The company has sufficient orders on hand, which is expected to support steady revenue growth, with projected revenues of 6.524 billion yuan, 8.369 billion yuan, and 10.392 billion yuan for 2024, 2025, and 2026 respectively [1]. Financial Performance - For Q3 2024, the company achieved a revenue of 1.62 billion yuan, a year-on-year increase of 14.85%, and a net profit of 189 million yuan, up 22.13% year-on-year [1]. - The gross profit margin for Q3 2024 was 22.73%, a decrease of 0.67 percentage points from the previous quarter [1]. - The projected net profit for 2024, 2025, and 2026 is expected to be 669 million yuan, 858 million yuan, and 1.063 billion yuan respectively, with corresponding P/E ratios of 17, 13, and 11 times [1][5]. Market Position and Strategy - The company is actively expanding its direct sales channels targeting markets in Europe, the Middle East, Southeast Asia, and North America, aiming for rapid development [1]. - The company is the only domestic entity to have successfully launched an offshore booster product, which is expected to replace imported brands in overseas markets [1]. - The successful implementation of fundraising projects is anticipated to allow the company to expand into higher voltage products, enriching its product matrix and gradually enhancing operational performance [1].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company demonstrated robust operational stability and significant growth, with a revenue of 4.09 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 23.52%. The net profit attributable to shareholders reached 436 million yuan, up 37.56% year-on-year [2]. - The company has increased its research and development (R&D) investment, with R&D expenses amounting to 138 million yuan for the first three quarters of 2024, a growth of 32.97% compared to the previous year [3]. - The company achieved positive cash flow in Q3 2024, with a net cash flow from operating activities of 280 million yuan, a significant improvement from the negative cash flow in the same period last year [3]. - The forecast for revenue from 2024 to 2026 is projected to be 6.55 billion, 8.08 billion, and 9.42 billion yuan, respectively, with corresponding growth rates of 32%, 23%, and 17% [3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.617 billion yuan, a year-on-year increase of 14.85% and a quarter-on-quarter increase of 12.44%. The net profit for the same quarter was 189 million yuan, up 22.13% year-on-year and 20.96% quarter-on-quarter [2]. - The gross margin for the first three quarters of 2024 was 23.05%, showing a slight increase, while the net margin was 10.65%, reflecting a year-on-year increase of 1 percentage point [2]. - The company’s financial metrics indicate a stable growth trajectory, with projected net profits of 640 million, 820 million, and 1.01 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 28%, 29%, and 23% [3][7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown robust growth driven by the continuous expansion of downstream wind and solar storage, with a revenue increase of 23.5% year-on-year in the first three quarters of 2024 [3][4] - The company is increasing its production capacity significantly, with a total investment in the "Mingyang Modern Energy High-end Equipment Technology Park Project" rising from 220 million to 1 billion RMB [2][4] - The company is expanding its product matrix and enhancing its competitive advantage, with expectations of revenue growth of 30% in 2024 and net profit growth of 33% [4] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 4.09 billion RMB, a year-on-year increase of 23.5%, and a net profit of 440 million RMB, up 37.6% [2][3] - The third quarter alone saw revenues of 1.62 billion RMB, growing 14.9% year-on-year, and a net profit of 190 million RMB, increasing by 21.2% [2] Market Position - The company leads the market share in domestic box-type substations and has a presence in over 40 countries, including Southeast Asia, Europe, the Middle East, and North America [4] - The comprehensive gross margin for the first three quarters was 23.0%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin reached 10.7%, up 1 percentage point [4] Future Projections - Revenue projections for 2024-2026 are 6.42 billion, 8.27 billion, and 10.79 billion RMB, with expected growth rates of 30%, 29%, and 30% respectively [4] - Net profit forecasts for the same period are 660 million, 870 million, and 1.13 billion RMB, with growth rates of 33%, 31%, and 31% respectively [4]

Revenue and Profit Growth - Revenue for the third quarter reached 1,617,428,355.28 yuan, a year-on-year increase of 14.85%[2] - Net profit attributable to shareholders of the listed company was 189,337,456.51 yuan, up 22.13% compared to the same period last year[2] - Total operating revenue for the period reached 4,090,330,297.96 yuan, a 23.5% increase compared to the previous period's 3,311,372,538.31 yuan[19] - Net profit for the period was 435,670,810.83 yuan, a 37.6% increase from 316,715,395.52 yuan in the previous period[20] - Net profit attributable to the parent company's shareholders increased to RMB 1.13 billion from RMB 893.40 million, up by 26.4%[18] R&D and Sales Expenses - R&D expenses increased by 32.97% to 137,757,915.36 yuan, driven by increased investment in R&D projects and team expansion[5] - Sales expenses rose by 40.39% to 179,235,202.27 yuan, mainly due to increased bidding costs and sales personnel compensation[5] - R&D expenses increased to 137,757,915.36 yuan, a 33% rise from 103,601,048.41 yuan in the previous period[19] Assets and Liabilities - Total assets as of the end of the reporting period were 8,519,855,106.18 yuan, an increase of 8.46% compared to the end of the previous year[2] - Total assets increased to RMB 85.20 billion from RMB 78.55 billion, a growth of 8.5%[16][18] - Current assets totaled RMB 71.64 billion, up from RMB 68.10 billion, reflecting a 5.2% increase[16] - Total liabilities grew to RMB 40.75 billion from RMB 36.37 billion, a 12.0% increase[17][18] - Fixed assets slightly increased to RMB 495.36 million from RMB 490.36 million, a 1.0% growth[16] - Construction in progress significantly rose to RMB 77.87 million from RMB 2.00 million, a massive increase of 3787.5%[16] Cash Flow and Financial Activities - Operating cash flow for January-September 2024 was -170.73 million yuan, a decrease of 348.14% compared to the same period in 2023, mainly due to increased bill payments and higher inventory preparation[7] - Investment cash flow for January-September 2024 was -996.22 million yuan, a decrease of 2,935.35% compared to the same period in 2023, primarily due to the company's purchase of financial products[7] - Financing cash flow for January-September 2024 was -219.71 million yuan, a decrease of 107.67% compared to the same period in 2023, mainly due to the receipt of funds from the company's initial public offering in the previous year[7] - Cash flow from operating activities was -170,733,627.81 yuan, a significant decrease from 68,805,584.91 yuan in the previous period[21] - Cash received from sales of goods and services was 3,212,770,495.57 yuan, a 34.6% increase from 2,386,329,432.75 yuan in the previous period[21] - Cash paid for goods and services was 2,727,789,906.80 yuan, up 48.2% from 1,840,635,095.59 yuan in the previous period[21] - Investment cash outflow totaled 1,053,997,506.91 RMB, with a net cash flow from investment activities of -996,221,899.74 RMB[22] - Financing cash inflow reached 194,413,174.74 RMB, while financing cash outflow was 414,126,221.26 RMB, resulting in a net cash flow from financing activities of -219,713,046.52 RMB[22] - The company received 2,795,531,734.82 RMB from absorbing investments, significantly contributing to the financing cash inflow[22] - Net increase in cash and cash equivalents was -1,386,668,574.07 RMB, with the ending balance of cash and cash equivalents at 1,602,441,310.26 RMB[22] - The company's initial cash and cash equivalents balance was 2,989,109,884.33 RMB, which decreased to 1,602,441,310.26 RMB by the end of the period[22] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 20,847, with no preferred shareholders[8] - Zhongshan Mingyang Electric Co., Ltd. holds 41.82% of the company's shares, totaling 130,574,010 shares, all of which are restricted shares[10] - Guo Xianqing holds 5.61% of the company's shares, totaling 17,512,320 shares, all of which are restricted shares[10] - Zhongshan Huizhong Enterprise Management Consulting Partnership holds 5.14% of the company's shares, totaling 16,053,030 shares, all of which are restricted shares[10] - Shenzhen Capital Group Co., Ltd. holds 5.02% of the company's shares, totaling 15,667,890 shares, with no restricted shares[10] - Zhongshan Huihui Enterprise Management Consulting Partnership holds 4.21% of the company's shares, totaling 13,134,240 shares, all of which are restricted shares[10] - Guangdong Liwan Venture Capital Management Co., Ltd. holds 2.27% of the company's shares, totaling 7,087,500 shares, with 185 restricted shares[10] Other Financial Metrics - Other income surged by 191.09% to 25,472,261.53 yuan, primarily due to government subsidies and VAT deductions[5] - The company's monetary funds decreased by 46.24% to 1,607,752,742.83 yuan, mainly due to increased bill payments and the purchase of financial products[6] - Accounts receivable increased by 173.29% to 305,667,089.15 yuan, reflecting growth in sales revenue[6] - Prepayments rose by 70.40% to 103,094,668.35 yuan, driven by increased inventory preparation due to business expansion[6] - Short-term loans increased by 191.31% to 37,000,000.00 yuan, mainly due to new bank loans[6] - Monetary funds decreased to RMB 1.61 billion from RMB 2.99 billion, a significant drop of 46.2%[15] - Accounts receivable rose to RMB 2.50 billion from RMB 2.15 billion, an increase of 16.3%[15] - Inventory increased to RMB 1.24 billion from RMB 995.29 million, up by 24.8%[16] - Short-term borrowings surged to RMB 37.00 million from RMB 12.70 million, a 191.3% rise[17] - Basic earnings per share (EPS) for the period was 1.40, compared to 1.22 in the previous period[20] - Credit impairment losses improved to -34,177,194.54 yuan, compared to -51,467,093.42 yuan in the previous period[20] - Cash outflow for the purchase of fixed assets, intangible assets, and other long-term assets was 135,497,506.91 yuan, a 313% increase from 32,820,614.55 yuan in the previous period[21] Audit and Reporting - The third quarter report was not audited[23]

申万宏源证券承销保荐有限责任公司 明书》（以下简称"《招股说明书》"）及 2023 年第三次临时股东大会决议，2023 年 10 月，公司使用超募资金 11,990.00 万元对"明阳电气股份智能化输配电设备 研发和制造中心项目"的其一子项目"大容量变压器及箱式变电站生产线建设项 目"追加投资。截至 2024 年 9 月 30 日，公司首次公开发行股票募投项目、募集 资金使用计划（调整后）及使用情况如下： 关于广东明阳电气股份有限公司 变更部分募投项目并使用超募资金投资建设的 核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"、"申万宏源承 销保荐"）作为广东明阳电气股份有限公司（以下简称"明阳电气"或"公司"） 首次公开发行股票并在创业板上市项目的保荐人，根据《证券发行上市保荐业务 管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《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》等相关 规定，对明阳电气变更部分募投项目并使用超募资金投资建设的事项进行了核查， 具体情况如下： ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-046 广东明阳电气股份有限公司 关于变更部分募投项目并使用超募资金投资建设的公告 一、募集资金基本情况 （一）募集资金及募投项目基本情况 根据中国证券监督管理委员会于 2023 年 5 月 18 日签发的证监许可〔2023〕 1109号文《关于同意广东明阳电气股份有限公司首次公开发行股票注册的批复》， 公司首次公开发行人民币普通股（A 股）7,805 万股，每股发行价格为 38.13 元， 本次发行募集资金总额为人民币 297,604.65 万元，扣除不含增值税发行费用人 民币 20,928.37 万元，实际募集资金净额为人民币 276,676.28 万元（其中包含 募投项目计划投入资金 118,750.00 万元、超募资金 157,926.28 万元）。上述募 集资金已于 2023 年 6 月 27 日到账，致同会计师事务所（特殊普通合伙）于 2023 年 6 月 28 日对募集资金到位情况进行了审验，并出具了致同验字（2023）第 441C000300 号《验资报告》。 公司对募集资金采取专户存储管理，设立相关专项账户。公司与保荐机构、 存 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-047 广东明阳电气股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 广东明阳电气股份有限公司（以下简称"公司"）第二届董事会第九次会议 决定于 2024 年 11 月 15 日 15:00 召开公司 2024 年第一次临时股东大会，本次股 东大会将采取现场表决及网络投票相结合的方式召开。根据相关规定，现将有关 事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会。 2、股东大会召集人：公司董事会。 3、会议召开的合法、合规性：公司第二届董事会第九次会议审议通过了《关 于提请召开 2024 年第一次临时股东大会的议案》，本次股东大会的召开符合有关 法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开日期和时间 （1）现场会议召开时间：2024 年 11 月 15 日 15:00； （2）网络投票日期与时间：通过深圳证券交易所交易系统进行网络投票的 时间为 2024 年 11 月 15 ...