证券代码：301291 证券简称：明阳电气 公告编号：2024-045 广东明阳电气股份有限公司 关于续聘会计师事务所的公告 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。 广东明阳电气股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开 第二届董事会第九次会议，审议通过《关于续聘会计师事务所的议案》，同意继 续聘请致同会计师事务所（特殊普通合伙）（以下简称"致同所"）为公司 2024 年 度审计机构，该事项尚需提交公司股东大会审议。具体情况如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：2011 年 12 月 22 日（有限责任转为特殊普通合伙） 组织形式：特殊普通合伙 注册地址：北京市朝阳区建国门外大街 22 号赛特广场 5 层 致同会计师事务所近三年因执业行为受到刑事处罚 0 次、行政处罚 0 次、监 督管理措施 10 次、自律监管措施 4 次和纪律处分 1 次。30 名从业人员近三年因 执业行为受到刑事处罚 0 次、行政处罚 0 次、监督管理措施 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-043 广东明阳电气股份有限公司 （一）审议通过《关于<2024 年第三季度报告>的议案》 公司董事会认为：公司将 2024 年第三季度总体经营状况全面、客观、真实 地反映在了已经编制完成的《2024 年第三季度报告》，不存在任何虚假记载、误 导性陈述或者重大遗漏。 表决结果：7 票同意，0 票反对，0 票弃权，0 票回避。 第二届董事会第九次会议决议公告 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、 董事会会议召开情况 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 于 2024 年 10 月 28 日在公司会议室以现场结合通讯的方式召开。本次会议通知 已于 2024 年 10 月 18 日送达各位董事。会议应到董事 7 名，实到董事 7 名，会 议召集及召开程序符合《中华人民共和国公司法》和公司章程的规定。本次会议 由公司董事长张传卫主持，公司监事、高级管理人员列席会议。 本次董事会会议的召集、召开和表决程序符合国家有关法律、行政法规、部 门规章、规范性文件和《公司 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-044 本公司及监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、监事会会议召开情况 广东明阳电气股份有限公司（以下简称"公司"）第二届监事会第九次会议 于 2024 年 10 月 28 日在公司会议室召开。本次会议通知已于 2024 年 10 月 18 日 送达各位监事。会议应出席监事 3 人，实际出席监事 3 人。本次会议由监事会主 席沈军先生主持，董事会秘书列席。 本次会议的召集、召开和表决程序符合国家有关法律、行政法规、部门规章、 规范性文件及《公司章程》的规定，会议形成的决议合法有效。 二、监事会会议审议情况 经与会监事审议表决，审议通过了以下议案： （一）审议通过《关于<2024 年第三季度报告>的议案》 公司监事会认为：公司编制的《2024 年第三季度报告》及摘要全面、客观、 真实地反映了公司 2024 年第三季度报告总体经营状况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 广东明阳电气股份有限公司 第二届监事会第九次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权，0 票回 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-041 广东明阳电气股份有限公司 关于持股 5%以上股东减持股份的预披露公告 （一）减持股东名称：深圳市创新投资集团有限公司； （二）股东持股情况：截至本公告日，深创投持有公司股份数量为15,667,890 股，占公司总股本比例为 5.02%。 二、本次减持计划的主要内容 （一）减持计划 1、拟减持的原因：股东自身资金需求； 2、股份来源：公司首次公开发行前股份； 3、减持方式：集中竞价和大宗交易方式； 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。 特别提示： 深圳市创新投资集团有限公司（以下简称"深创投"）持有广东明阳电气股 份有限公司（以下简称"公司"）股份 15,667,890 股（占公司总股本比例 5.02%）， 现深创投计划于本公告披露之日起 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%）, 其中：通过集中竞价方式减持公司股份不超过 3,122,000 股（占公司总股本比例 不超过 1.00%） ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 2.473 billion yuan in H1 2024, a YoY increase of 29.94%, with net profit attributable to shareholders of 246 million yuan, a YoY increase of 52.36%, exceeding expectations [1] - Multiple business lines showed rapid growth, with photovoltaic sector up 32%, wind power sector up 25%, and energy storage sector up 62% YoY [2] - Transformer products revenue reached 474 million yuan in H1 2024, more than doubling YoY [2] - Q2 2024 gross margin improved to 23.40%, up 0.33 percentage points QoQ despite rising copper prices [2] - Q2 2024 net margin reached 10.88%, up 2.20 percentage points QoQ [2] - The company has obtained international certifications (IEEE, IEC, CQC, UL, CE, DNV-GL), laying foundation for overseas expansion [2] - Forecasted net profit for 2024-2026 is 652/840/1039 million yuan, with PE ratios of 15.0/11.6/9.4x based on Sep 12, 2024 closing price [2] Financial Performance - 2024E revenue is projected at 6.421 billion yuan, with 28.1% YoY growth [3] - 2024E net profit is forecasted at 652 million yuan, with 31.0% YoY growth [3] - 2024E gross margin is expected to remain stable at 22.9% [3] - 2024E ROE is projected to improve to 14.0% [3] - 2024E EPS is estimated at 2.09 yuan [3] - 2024E operating cash flow is expected to be -589 million yuan [4] - 2024E total assets are projected to reach 8.577 billion yuan [4] - 2024E liabilities are forecasted at 3.918 billion yuan, with a debt-to-asset ratio of 45.7% [4] Business Development - The company has strengthened cost control and secured some material supplies in advance [2] - Indirect export business with higher margins contributed to profitability improvement [2] - The company is accelerating direct sales channel layout overseas [2] - Overseas business is expected to become a new growth driver [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7] Core Views - The company has exceeded performance expectations with a revenue of 2.473 billion and a net profit of 246 million for the first half of 2024, reflecting year-on-year growth rates of 30% and 52% respectively [1] - The company is well-positioned in the renewable energy sector, particularly in solar and wind power, with significant growth in its transformer product line, which saw a revenue increase of 110.21% [1][2] - The financial forecasts predict a net profit growth of 30% for 2024, 28% for 2025, and 26% for 2026, with corresponding price-to-earnings ratios of 14, 11, and 9 times [1][2] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.473 billion, a 30% increase year-on-year, and a net profit of 246 million, a 52% increase year-on-year [1] - The gross margin reached 23.3%, up 1.56 percentage points year-on-year, while the net profit margin was 10.0%, up 1.39 percentage points year-on-year [1] - For Q2 2024, revenue was 1.438 billion, a 21% increase year-on-year and a 39% increase quarter-on-quarter, with a net profit of 157 million, reflecting a 32% year-on-year and 74% quarter-on-quarter increase [1] Revenue Breakdown - The revenue from the solar sector was 1.097 billion, up 32% year-on-year, while the wind sector generated 588 million, a 25% increase year-on-year [1] - The energy storage sector saw the highest growth at 62%, with revenue of 332 million, while the data center sector grew by 4% to 118 million [1] Product Performance - The box-type substation products generated 1.607 billion in revenue, a 23.45% increase year-on-year, with a gross margin of 22.11% [1] - The transformer products experienced a significant revenue increase to 474 million, up 110.21%, with a gross margin of 25.79% [1] Future Projections - The company is projected to achieve net profits of 650 million in 2024, 830 million in 2025, and 1.044 billion in 2026, with growth rates of 30%, 28%, and 26% respectively [2] - The expected earnings per share (EPS) are forecasted to be 2.07 in 2024, 2.65 in 2025, and 3.34 in 2026 [2]

沪深 300 -3.6% -8.9% -12.4% 2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn [Table_Title] 公司业绩保持较快增长，海外和海风 有望提供双轮驱动 ——明阳电气（301291）2024 年半年报点评 最近一年走势 事件: 明阳电气 2024 年 8 月 28 日发布 2024 年半年度报告：2024H1，公司实 现营收 25 亿元，同比+30%；归母净利润 2.5 亿元，同比+52%；扣非归 母净利润 2.4 亿元，同比+55%；销售毛利率 23.3%，同比+1.5pct；销售 净利率 10.0%，同比+1.4pct。 其中，2024Q2，营收 14 亿元，环比+39%，同比+20%；归母净利润 1.6 亿元，环比+74%，同比+33%；扣非归母净利润 1.5 亿元，环比+74%， 同比+37%；销售毛利率 23.4%，环比+0.3pct，同比+0.7pct；销售净利 率 10. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has capitalized on the continuous growth in the renewable energy sector, accelerated data center construction, and a shortage of transformers overseas, leading to significant revenue growth across various business segments [2][6] - The company is expected to maintain steady progress in market expansion and product upgrades, with current expectations of overseas policy changes already reflected in the market [2][6] Financial Performance - In H1 2024, the company achieved revenue of 2.473 billion yuan, a year-on-year increase of 29.94%, and a net profit attributable to shareholders of 246 million yuan, up 52.36% year-on-year [6] - In Q2 2024, the company reported revenue of 1.438 billion yuan, a year-on-year increase of 20.25% and a quarter-on-quarter increase of 39.06%, with a net profit of 157 million yuan, reflecting a year-on-year increase of 32.96% and a quarter-on-quarter increase of 74.30% [6] - Revenue by industry segment includes 1.097 billion yuan from the photovoltaic sector (up 32% year-on-year), 588 million yuan from wind power (up 25% year-on-year), 332 million yuan from energy storage (up 62% year-on-year), and 118 million yuan from data centers (up 4% year-on-year) [6] Profitability and Cost Management - The company has improved its profitability through enhanced supply chain management and technological advancements, resulting in a gross margin increase of 1.56 percentage points to 23.26% [6] - The gross margins for specific products include 22.11% for box-type substations (up 1.63 percentage points), 20.13% for complete switchgear (up 1.13 percentage points), and 25.79% for transformers (down 0.99 percentage points) [6] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 6.338 billion yuan, 7.484 billion yuan, and 8.488 billion yuan, with year-on-year growth rates of 28.09%, 18.08%, and 13.42% respectively [7] - Net profit forecasts for the same period are 633 million yuan, 804 million yuan, and 967 million yuan, with year-on-year growth rates of 27.19%, 27.04%, and 20.19% respectively [7] - Earnings per share (EPS) are projected to be 2.03 yuan, 2.58 yuan, and 3.10 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 24.76% [6][7]

[ T able_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年半年报点评 持有 （维持） 当前价：26.82 元 明阳电气（301291）电力设备 目标价：——元（6 个月） 业绩符合预期，变压器业务放量 [Table_Summary 事件：公司 202] 4H1 实现营业收入 24.7亿元，同比增长 29.9%；实现归母净利 润 2.5 亿元，同比增长 52.4%；扣非归母净利润 2.4 亿元，同比增长 55.4%。 2024 年第二季度公司实现营收 14.4 亿元，同比增长 20.3%；实现归母净利润 1.6 亿元，同比增长 33%；扣非归母净利润 1.5 亿元，同比增长 36.9%。 盈利能力快速提升，费用率管控较好。盈利端：2024H1 公司销售毛利率/净利 率分别为 23.3%/10%，同比+1.5pp/+1.4pp；24Q2 毛利率/净利率分别为 23.4%/10.9%，分别同比+0.7pp/+1pp，主要系公司加强对供应链的管控，叠加 自身技术进步带来的成本优势。费用端：公司 2024H1销售/管理（不含研发）/ 财务费用率分别为 4.5%/2.5%/-0. ...

Investment Rating - The report maintains a "Recommend" rating for Mingyang Electric (301291 SZ) [3][5] Core Views - Mingyang Electric achieved significant growth in H1 2024 with revenue of 2 473 billion yuan up 29 94% YoY and net profit attributable to parent company of 246 million yuan up 52 36% YoY [2] - The company's growth is driven by its steady business development strategy and the release of new high-quality production capacity [3] - Profitability improved with gross margin and net margin increasing to 23 26% and 9 96% respectively in H1 2024 [2] Financial Performance Revenue and Profit - Q2 2024 revenue reached 1 438 billion yuan up 20 25% YoY and 39 07% QoQ [2] - Net profit attributable to parent company in Q2 2024 was 157 million yuan up 32 96% YoY and 74 44% QoQ [2] - Forecasted revenue for 2024-2026 is 6 548 billion 8 300 billion and 9 849 billion yuan respectively [4][6] Profitability - Gross margin and net margin in Q2 2024 were 23 40% and 10 88% respectively [2] - Forecasted net profit for 2024-2026 is 630 million 844 million and 1 048 billion yuan respectively [4][6] Cash Flow - Operating cash flow in H1 2024 was -450 million yuan mainly due to increased bill payments and raw material inventory [2] - Forecasted operating cash flow for 2024-2026 is 41 million 699 million and 1 088 billion yuan respectively [8] Business Segments Product Breakdown - Box-type substation revenue in H1 2024 was 1 607 billion yuan accounting for 65% of total revenue [2] - Transformer product revenue surged 110 21% YoY to 474 million yuan in H1 2024 [2] Industry Breakdown - Photovoltaic industry revenue in H1 2024 was 1 097 billion yuan up 32% YoY and accounting for 42% of total revenue [2] - Energy storage industry revenue grew 62% YoY to 332 million yuan in H1 2024 [2] Valuation - The company's PE ratio for 2024-2026 is forecasted at 13X 10X and 8X respectively [3][4] - PB ratio for 2024-2026 is expected to be 1 8X 1 6X and 1 4X respectively [4][7] Growth Projections - Revenue growth rate for 2024-2026 is forecasted at 32% 27% and 19% respectively [3][4] - Net profit growth rate for 2024-2026 is expected to be 27% 34% and 24% respectively [3][4]