证券代码：301291 证券简称：明阳电气 公告编号：2025-016 广东明阳电气股份有限公司 关于会计政策变更的公告 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。 特别提示： 广东明阳电气股份有限公司（以下简称"公司"）本次会计政策变更系根据 中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释第 17 号》及《企业会计准则解释第 18 号》的相关规定进行的相应变更，无需提交 公司董事会和股东会审议，不会对公司财务状况、经营成果和现金流量产生重大 影响。 一、本次会计政策变更概述 （一）会计政策变更原因 2023 年 10 月，财政部发布《企业会计准则解释第 17 号》（财会〔2023〕 21 号），规定了"关于流动负债与非流动负债的划分"、"关于供应商融资安 排的披露"、"关于售后租回交易的会计处理"的相关内容，该解释规定自 2024 年 1 月 1 日起施行。 2024 年 12 月，财政部发布《企业会计准则解释第 18 号》（财会〔2024〕 24 号），规定对于不属于单项履约义务的保证类质量保证，应当按照《企业会 计准则第 13 号 ...

单位：元 关于 2024 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 为真实准确地反映广东明阳电气股份有限公司（以下简称"公司"）的财务、 资产和经营状况，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，对合并 报表范围内截至 2024 年 12 月 31 日的各类应收款项、合同资产、存货等资产进 行了全面清查，并对前述资产可能存在的减值迹象和减值金额进行了充分的评估 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 度 对 相 关 资 产 计 提 信 用 及 资 产 减 值 准 备 的 总 金 额 为 154,389,669.99 元，具体情况如下： 证券代码：301291 证券简称：明阳电气 公告编号：2025-021 广东明阳电气股份有限公司 | 项目 | 本期计提金额 | | | --- | --- | --- | | 一、信用减值损失 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-022 广东明阳电气股份有限公司 关于举行 2024 年度网上业绩说明会的通知 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"）《2024 年年度报告》全文 及摘要于 2025 年 4 月 23 日在巨潮资讯网上披露。为便于广大投资者进一步了解 公司经营情况，公司定于 2025 年 5 月 15 日（星期四）15:00-17:00 举办 2024 年 度网上业绩说明会。本次年度业绩说明会将采用网络远程的方式举行，投资者可 登录"价值在线"（www.ir-online.cn）参与本次年度业绩说明会。 二〇二五年四月二十三日 出席本次年度业绩说明会的人员有：公司董事长张传卫先生、独立董事余鹏 翼先生、总裁郭献清先生、董事会秘书姚兴存先生、首席财务官刘文娣女士、保 荐代表人孙奥先生（如遇特殊情况，参会人员可能进行调整）。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度网上业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 ...

广东明阳电气股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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 2025 年 4 月 22 日召开 第二届董事会第十二次会议、第二届监事会第十二次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投资 项目建设的资金需求及募集资金投资计划正常进行的前提下，使用不超过人民币 6.00 亿元的闲置募集资金暂时补充流动资金，使用期限为自本次董事会审议通过 之日起不超过 12 个月，到期将归还至公司募集资金专项账户。现将具体内容公 告如下： 一、募集资金基本情况 证券代码：301291 证券简称：明阳电气 公告编号：2025- 024 经中国证券监督管理委员会《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》（证监许可〔2023〕1109 号）核准，公司向社会公众公开 发行人民币普通股股票（A 股）7,805 万股，发行价格为每股 38.13 元，募集资金 总额为 297,604.65 万元，扣除保荐承销费用 ...

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

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 maintains a "Buy" rating for key companies in the electric power equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - BYD launched the Super e-platform, featuring a new fast-charging battery that reduces internal resistance by 50%, achieving a maximum charging power of 1000kW and a charging speed of 2 km per second [2][12]. - The new platform also includes the world's first mass-produced 30,000 RPM motor, enhancing power density and performance [2][16]. - In the first two months of 2025, solar power installations reached 39.47GW, a year-on-year increase of 7.5% [3][32]. - The inverter exports in January-February 2025 totaled 7.669 billion yuan, a year-on-year increase of 6.24% [3][33]. - The total investment in power grid projects in January-February 2025 was 43.6 billion yuan, a year-on-year increase of 33.5% [4]. Summary by Sections New Energy Vehicles - BYD's Super e-platform features a fast-charging battery and a high-speed motor, significantly improving charging efficiency and vehicle performance [11][19]. - The platform's charging capability allows for a range of 400 km with just 5 minutes of charging [11][19]. New Energy Generation - The solar power sector saw a total of 39.47GW of new installations in the first two months of 2025, with a year-on-year growth of 7.5% [3][32]. - Inverter exports showed steady growth, with a total of 7.669 billion yuan in exports during the same period [3][33]. Power Equipment and Automation - The investment in power grid projects reached 43.6 billion yuan in January-February 2025, marking a 33.5% increase compared to the previous year [4]. - The overall electricity consumption in February 2025 was 743.4 billion kWh, reflecting an 8.6% year-on-year growth [4]. Market Performance - The electric power equipment and new energy sector experienced a decline of 1.72% in the week of March 17-21, 2025, underperforming compared to the Shanghai Composite Index [1].

Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]

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].

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 downstream renewable energy sector, accelerated data center construction, and opportunities in the international transformer market [1][2]. - The company plans to recognize a credit and asset impairment provision of 153 million yuan in 2024, an increase of 25.20% from 2023 [1]. Summary by Sections Financial Performance - The company forecasts a net profit of 1.64-2.64 billion yuan for Q4 2024, with a median estimate of 2.14 billion yuan, reflecting a year-on-year growth of 19.78% and a quarter-on-quarter growth of 13.20% [1]. - Revenue projections for 2024-2026 are 6.15 billion, 7.70 billion, and 9.10 billion yuan, with year-on-year growth rates of 24.3%, 25.3%, and 18.1% respectively [4][10]. - The net profit attributable to shareholders for the same period is expected to be 644 million, 825 million, and 1.01 billion yuan, with growth rates of 29.4%, 28.1%, and 22.4% respectively [4][10]. Business Opportunities - The company is poised to benefit from the anticipated acceleration in offshore wind power construction, with new installations projected to reach 10-15 GW in 2025 [2]. - The company has achieved international certifications, enhancing its global market presence and positioning for order growth in overseas markets [2]. - The launch of the MyPower data center power module is expected to provide new growth avenues, with significant contracts already secured [3]. Market Position - The company is recognized as a leading supplier of electrical equipment in China, with notable advantages in technology innovation and market branding [4]. - The strategic focus on expanding both domestic and international markets across various sectors, including renewable energy and data centers, is expected to drive sustained performance [4].