Investment Rating - The report maintains a "Buy" rating for Mingyang Electric (301291 SZ) with a current PE valuation of 13/10/7 times for 2024-2026 [5] Core Views - Mingyang Electric achieved strong revenue and profit growth in H1 2024 with revenue of 2 47 billion yuan (+30 2% YoY) and net profit of 250 million yuan (+51 4% YoY) [2] - The company's profitability improved with a comprehensive gross margin of 23 3% (+1 54pct YoY +0 33pct QoQ) driven by better supply chain management and technological advancements [3] - Revenue from new energy sectors grew rapidly with photovoltaic (+32% YoY) wind power (+25% YoY) and energy storage (+62% YoY) while data center business maintained steady growth (+4% YoY) [4] Business Performance Domestic and Overseas Markets - Mingyang Electric maintained leading market share in domestic box-type substation products and expanded to over 40 countries globally including Southeast Asia Europe Middle East and North America [3] - Box-type substation revenue reached 1 607 billion yuan (+23 45% YoY) with a gross margin of 22 11% (+1 63pct YoY) while transformer products grew 110 21% YoY to 474 million yuan [3] New Energy Sector - The company benefited from rapid expansion in China's new energy sector with 102 48GW of new photovoltaic capacity (+31% YoY) and 25 84GW of new wind power capacity (+12% YoY) [4] - Energy storage projects reached 44 44GW/99 06GWh representing over 40% growth compared to the end of 2023 [4] Financial Projections - Revenue is expected to grow at a CAGR of 30% from 2024-2026 reaching 10 791 billion yuan in 2026 [5] - Net profit is projected to increase at a CAGR of 31% reaching 1 135 billion yuan in 2026 [5] - ROE is forecasted to improve from 14 14% in 2024 to 18 49% in 2026 [7] R&D and Cash Flow - R&D expenses increased by 47% YoY to 89 million yuan in H1 2024 as the company accelerated product upgrades and expanded its product line [4] - Operating cash flow turned negative at -450 million yuan due to increased bill payments and inventory buildup but is expected to improve with enhanced receivables management [4]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[7]. - The company aims to achieve a revenue target of RMB 2.5 billion for the full year 2024, indicating a growth forecast of 20%[7]. - The company's operating revenue for the reporting period reached ¥2,472,901,942.68, representing a 29.94% increase compared to the previous year's adjusted revenue of ¥1,903,052,806.56[13]. - Net profit attributable to shareholders was ¥246,333,354.32, a 52.36% increase from the previous year's adjusted net profit of ¥161,680,993.72[13]. - The company reported a net profit margin of 12% for the first half of 2024, up from 10% in the same period last year[7]. - The company achieved a sales revenue of 2.473 billion yuan, representing a year-on-year growth of 29.94%[23]. - The company reported a total comprehensive income of 246,333,354.32 CNY for the first half of 2024, compared to a total of 161,680,993.72 CNY in the same period of 2023[112]. Research and Development - The R&D expenditure for new products and technologies increased by 25% compared to the previous year, focusing on smart energy solutions[7]. - The company's R&D investment increased by 47% year-on-year to approximately CNY 88.52 million, driven by the expansion of R&D projects and team[40]. - The company is focused on developing new products for the renewable energy sector, including high-capacity transformers and gas-insulated switchgear[24]. - The company is investing heavily in R&D, with a budget of 150 million allocated for new technology development in 2024[137]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2025[7]. - The company is exploring strategic partnerships for mergers and acquisitions to enhance its technological capabilities and market reach[7]. - The company is considering strategic acquisitions to enhance its product portfolio, with a target of acquiring at least two companies by the end of 2024[137]. - The company plans to enhance its production capacity and market share in the smart power distribution and control equipment sector, focusing on renewable energy and new infrastructure construction[55]. Financial Management - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[2]. - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 8% over the next year[137]. - The company is actively managing supply chain financing and enhancing sales collection efforts to improve net cash inflow from operating activities[58]. - The company plans to enhance cash flow management and strengthen supply chain financial management to improve operational cash flow in the future[23]. Assets and Liabilities - The total assets of the company as of June 30, 2024, amounted to RMB 8 billion, reflecting a 10% increase from the previous year[7]. - The company's total assets at the end of the reporting period were ¥7,866,811,705.97, reflecting a 0.14% increase from the previous year's total assets of ¥7,855,453,831.78[13]. - The total liabilities decreased from RMB 6,000,000,000 to RMB 5,900,000,000, indicating a reduction of about 1.7%[96]. - Cash and cash equivalents at the end of the reporting period amounted to ¥2,202,360,622.76, accounting for 28.00% of total assets[43]. Environmental Responsibility - The company emphasizes environmental responsibility and has implemented measures to reduce carbon emissions and promote green production[62][65]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[62]. Shareholder Information - The company has a significant amount of accounts receivable, which has been increasing due to business growth, but the risk of uncollectible accounts is low due to strong customer creditworthiness[57][58]. - The total number of ordinary shareholders at the end of the reporting period was 22,749, with major shareholders holding over 5% of shares[87]. - The largest shareholder, Zhongshan Mingyang Electric Co., Ltd., holds 41.82% of the shares, totaling 130,574,010 shares[87]. Risk Management - The management highlighted potential risks including supply chain disruptions and regulatory changes, with strategies in place to mitigate these risks[2]. - The company has identified risks related to industry policy adjustments and market competition, and is implementing strategies to mitigate these risks[55]. Financial Reporting and Compliance - The company’s half-year financial report was not audited[68]. - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations for the next 12 months[120]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission for financial reporting[119].

第一章 总则 第一条 为了完善广东明阳电气股份有限公司（以下简称"公司"）内部控制制 度，建立健全公司内部控制评价标准，确保公司内部控制评价工作有效开展，根据《企 业内部控制基本规范》《企业内部控制工作指引》等有关规定，结合公司规模、行业 特征、风险偏好和风险承受度等因素，制定本公司内部控制缺陷认定标准。本标准适 用于公司内部控制缺陷认定。 第二章 内部控制缺陷的分类 第二条 内部控制缺陷按照成因或来源分为设计缺陷和运行缺陷两类： （一）设计缺陷：指公司未建立为实现控制目标所必要的控制，或者现有控制设 计不适当，即使控制正常运行也难以实现控制目标。 （二）运行缺陷：指建立了设计有效的内部控制，由于运行不当，包括未按设计 的方式运行、没有得到有效运行、执行人员缺乏必要授权或专业胜任能力等，无法有 效实现控制目标。 第三条 内部控制缺陷按照影响程度分为重大缺陷、重要缺陷和一般缺陷： 广东明阳电气股份有限公司 内部控制缺陷认定标准 广东明阳电气股份有限公司 内部控制缺陷认定标准 （二）非财务报告缺陷指财务报告缺陷以外的内部控制设计和运行缺陷。 第三章 内部控制缺陷的认定标准 第五条 内部控制缺陷的重要性和影响程度是 ...

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 证券代码：301291 证券简称：明阳电气 公告编号：2024-039 广东明阳电气股份有限公司 第二届董事会第八次会议决议公告 广东明阳电气股份有限公司（以下简称"公司"）第二届董事会第八次会议 于 2024 年 8 月 26 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 8 月 16 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《公司章程》的规定，会议形成的决议合法有效。 二、 董事会会议审议及表决情况 经与会董事审议表决，审议通过了以下议案： （一）审议通过《关于<2024 年半年度报告>及摘要的议案》 公司董事会认为：公司编制的《2024 年半年度报告》及摘要全面、客观、真 实地反映了公司 2024 年半年度总体经营状况， ...

广东明阳电气股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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。 根据《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》和《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》有关规定，现 将广东明阳电气股份有限公司（以下简称"公司"或"本公司"）2024年半年度募集资金 存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 2024年1-6月，公司使用募集资金直接投入承诺投资项目合计金额为5,083.93万元。 截至2024年6月30日，募集资金累计投入承诺投资项目63,240.24万元（包括以募集资 金利息投入137.94万元），以超募资金永久补充流动资金47,000.00万元。根据公司董事 会、股东大会的决议及授权，报告期内公司使用部分闲置募集资金进行现金管理，截至2024 年6月30日，公司使用募集资金进行现金管理尚未到期赎回的金额为43,000.00万元。 | 项目 | | 金额（万元） | | --- | --- | -- ...

申万宏源证券承销保荐有限责任公司 关于广东明阳电气股份有限公司 2024年半年度跟踪报告 | 保荐人名称：申万宏源证券承销保荐有限 责任公司 | 被保荐公司简称：明阳电气 | | --- | --- | | 保荐代表人姓名：孙奥 | 联系电话：0755-23996949 | | 保荐代表人姓名：孙吉 | 联系电话：0755-23996949 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4. ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-038 广东明阳电气股份有限公司 关于 2024 年半年度计提信用及资产减值准备的公告 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。 一、本次计提减值准备情况概述 （一）计提减值准备的原因 广东明阳电气股份有限公司（以下简称"公司"）根据《深圳证劵交易所创业 板股票上市规则》《企业会计准则》等相关法律法规以及公司会计政策等相关规 定，本着谨慎性原则，公司对合并报表范围内截至 2024 年 6 月 30 日的各类应收 款项、合同资产、存货等资产进行了全面清查，对各项资产减值的可能性进行了 充分评估和分析，对存在减值迹象的资产计提相应减值准备。 （二）计提减值准备的范围和金额 公司 2024 年半年度对相关资产计提信用及资产减值准备的总金额为 5,561.69 万元，具体情况如下： 单位：万元 | 项目 | 本期计提金额 | | | --- | --- | --- | | 一、信用减值损失 | | -2,306.91 | | 其中：应收票据坏账损失 | | -395.58 | | 应收账款坏账损失 ...

董事、监事和高级管理人员所持公司股份及其变动管理制度 第一章 总则 第一条 为加强广东明阳电气股份有限公司（以下简称"公司"或"本公司"） 对董事、监事和高级管理人员所持公司股份及其变动的管理，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"）《上市 公司股东减持股份管理暂行办法》《上市公司董事、监事和高级管理人员所持本公 司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第 18 号—— 股东及董事、监事、高级管理人员减持股份》等相关法律、法规、规范性文件及 《广东明阳电气股份有限公司章程》（以下简称"《公司章程》"）的规定，制定 本制度。 广东明阳电气股份有限公司 （四）公司因涉嫌证券期货违法犯罪，被中国证监会立案调查或者被司法机关 立案侦查，或者被行政处罚、判处刑罚未满六个月的； 第二条 本制度适用于公司董事、监事、高级管理人员所持本公司股份及其变 动的管理。 第三条 公司董事、监事、高级管理人员所持本公司股份，是指登记在其名下 和利用他人账户持有的所有公司股份及其衍生品种。公司董事、 ...

Investment Rating - The report assigns an "Outperform" rating to Mingyang Electric (301291) [2] Core Views - Mingyang Electric is a leading enterprise in new energy electrical equipment, with 80% of its 2023 revenue coming from the new energy sector [2] - The company is expanding into overseas markets and offshore wind power, opening up new growth opportunities [2] - Revenue from photovoltaic, wind power, and energy storage sectors grew by 83%, 22%, and 237% YoY respectively in 2023 [2] - The company's 2023 revenue reached 4.948 billion yuan, up 52.91% YoY, with net profit attributable to shareholders increasing by 87.92% to 498 million yuan [2] Market and Industry Analysis - The global power transmission and distribution equipment market is expected to reach $44.54 billion by 2030, with a CAGR of 4.4% from 2024 to 2030 [3] - The global box-type substation market is projected to grow from 43.5 billion yuan to 59.6 billion yuan by 2030, with a CAGR of 4.5% [3] - The low/medium voltage switchgear market is expected to grow from $57.71 billion in 2023 to $71.8 billion by 2030, with a CAGR of 3.1% [3] - The transformer market is forecasted to grow from $23.54 billion in 2023 to $30.65 billion by 2030, with a CAGR of 3.9% [3] Financial Performance and Projections - 2024/25 net profit attributable to shareholders is projected to be 627 million yuan and 822 million yuan, with EPS of 2.01 yuan and 2.63 yuan respectively [4] - Revenue is expected to grow by 25.3% in 2024, 19.3% in 2025, and 10.6% in 2026 [5] - Gross margin is forecasted to be 21.6% in 2024, 22.2% in 2025, and 22.6% in 2026 [5] - ROE is projected to increase from 11.8% in 2023 to 15.8% in 2026 [5] Product Segment Analysis - Box-type substation revenue is expected to grow by 30% in 2024, 20% in 2025, and 10% in 2026, with gross margins of 20.5%, 21.0%, and 21.3% respectively [6] - Transformer revenue is projected to grow by 30% in 2024, 20% in 2025, and 10% in 2026, with gross margins of 26%, 27%, and 28% respectively [6] - Complete switchgear revenue is expected to decline by 10% in 2024 but grow by 10% in both 2025 and 2026, with a consistent gross margin of 18% [6] Valuation and Peer Comparison - The report suggests a 2024 PE range of 18-22X, with a fair value range of 36.18-44.22 yuan [8] - Comparable companies include Jinpan Technology (688676) with a 2024E PE of 22X, TBEA (600089) with 8X, and Baiyun Electric (603861) with 18X [9]

股 票 研 究 [table_Authors] 庞钧文(分析师) 周奥铮(研究助理) 021-38674703 010-83939782 pangjunwen@gtjas.com zhouaozheng026728@gtjas.co m 登记编号 S0880517120001 S0880122080013 [当前价格： Table_CurPrice] 31.35 [Table_Market] 交易数据 52 周内股价区间（元） 24.36-43.88 总市值（百万元） 9,787 总股本/流通A股（百万股） 312/128 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 4,298 每股净资产（元） 13.77 市净率（现价） 2.3 净负债率 -63.35% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -14% 1% 相对指数 12% -3% 24% [Table_Finance] 财务摘要（百万元） 2022A 2023A 2024E 2025E 2026E 营业收入 3,236 4 ...