证券代码：301291 证券简称：明阳电气 公告编号：2025-026 广东明阳电气股份有限公司 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 2024 年 4 月 23 日召开 第二届董事会第七次会议和第二届监事会第七次会议、于 2024 年 5 月 23 日召开 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 22,000 万元的担保额度，有效期限自 2023 年年度股东大会审议通过之日起 至 2024 年年度股东大会召开之日止。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 和股东大会审批。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 "博瑞天成"）、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，公司为博瑞天成、陕西明阳分别向招商银行股份有限公司中山分 行(以下简称"招商银行中山分行")申请授信额度事项承担连带保证责任，担保 额度 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-026 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 2024 年 4 月 23 日召开 第二届董事会第七次会议和第二届监事会第七次会议、于 2024 年 5 月 23 日召开 2023 年年度股东大会，审议通过了《关于 2024 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 22,000 万元的担保额度，有效期限自 2023 年年度股东大会审议通过之日起 至 2024 年年度股东大会召开之日止。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 和股东大会审批。具体内容详见公司在巨潮资讯网上披露的相关公告。 3、注册地址：中山市南朗街道横门兴业西路 8 号一楼 101 室（增设 3 处经 营场所，具体为：1、中山市火炬开发区江陵西路 25 号 1 楼 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-025 广东明阳电气股份有限公司 关于召开 2024 年年度股东会的提示性公告 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"）第二届董事会第十二次会 议决定于 2025 年 5 月 16 日 15:00 召开公司 2024 年年度股东会，本次股东会将 采取现场表决及网络投票相结合的方式召开。会议通知已于 2025 年 4 月 24 日在 巨潮咨询网（www.cninfo.com.cn）披露，现再次将有关事项提示如下： 一、召开会议的基本情况 1、股东会届次：2024 年年度股东会。 2、股东会召集人：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十二次会议审议通过了 《关于提请召开公司 2024 年年度股东会的议案》，本次股东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：2025 年 5 月 16 日 15:00； （2）网络投票日期与时间：通过深圳证券交易所 ...

丨证券研究报告丨 公司研究丨点评报告丨明阳电气（301291.SZ） [Table_Title] 经营持续高增，海外、海风与 AIDC 等有望发力 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BUD284 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 公司发布 2024 年年报和 2025 年一季报。公司 2024 年全年营业收入 64.4 亿元，同比+29.6%； 归母净利润 6.6 亿元，同比+33.8%；扣非净利润 6.5 亿元，同比+33.6%。业绩落于此前预告 区间。公司 2025Q1 营业收入 13.1 亿元，同比+26.2%；归母净利润 1.1 亿元，同比+25.0%； 扣非净利润 1.1 亿元，同比+23.1%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 明阳电气（301291.SZ） cjzqdt11111 [Table_Title ...

公司布局新能源、数据中心、电网等多个下游场景，积极拓展海内外市场， 业务有望多点开花。我们 预计公司2025-2027 年营收81.31/96.52/113.44 亿元，同比+26.2%/+18.7%/+17.5%;归母净利润分别为 8.54/10.69/12.95 亿元，同比+28.9%/+25.2%/+21.1%。按照2025 年4 月23 日收盘市值对应PE 分别为 15.30/12.22/10.09 倍，维持公司"买入"评级。 公司积极拓展多下游场景，业绩有望多点开花。1）海外：公司坚持"间接出海+全球化布局"战略，产品 符合IEEE、IEC 等国际标准，并获得CQC、UL、CE、DNV-GL 等多项国内外权威机构认证，远销全球 60 多个国家和地区。2）海风：公司实现海上风电升压、变电、配电一体化解决方案的突破。3）数据 中心：公司推出MyPower 数据中心电力模块产品，成功斩获多个互联网头部客户重要订单。4）智能电 网： 公司积极布局高电压大容量产品和GIS 新产品，持续提升综合竞争力。 投资建议 公司发布2024 年年度报告&2025 年一季报：2024 年公司实现营收64.44 亿元（yoy ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 27 年 月 日 明阳电气（301291.SZ） 业绩稳定兑现，后续双海+数据中心有望贡献增量业绩 事件：公司发布 2024 年年度报告与 2025 年一季度报告。2024 年全年实现： 1）营收 64.44 亿元，同比+29.62%；归母净利润 6.63 亿元，同比+33.8%； 扣非归母净利润 6.54 亿元，同比+33.57%。2）毛利率 22.29%，同比-0.4pct； 净利率 10.28%，同比+0.22pct。3）期间费用率为 8.38%（（售 /管理/研发/ 财务费用率分别为 3.36%、2.05%、3.27%、-0.3%，同比分别变动-0.3，-0.55， +0.02，-0.18pct），同比-1.01pct。2025 年 Q1 实现：1）营收 13.06 亿元， 同比+26.21%，环比-44.53%；归母净利润 1.12 亿元，同比+25.01%，环比 -50.51%。扣非净利润为 1.1 亿元，同比+23.07%，环比-50.78%。2）毛利 率 21.78%，同比-5.59pcts。净利率 8.6%，同比-0. ...

Core Viewpoint - The company, Mingyang Electric, is actively engaging with various institutional investors and has reported strong financial performance, focusing on innovation and expansion in the renewable energy sector. Business Overview - The company primarily engages in the research, production, and sales of power distribution and control equipment for renewable energy, new infrastructure, and related fields, with core products including smart transformers and box-type substations [2] - It has a strong brand influence and market share in the power distribution and control equipment industry, serving major power generation groups and telecom operators in China, while also expanding into international markets [2] Financial Performance - In 2024, the company achieved a revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.80% [3] - For Q1 2025, the company reported a revenue of 1.306 billion yuan, a 26.21% increase year-on-year, and a net profit of 112 million yuan, up 25.01% [9][10] R&D Investment and Achievements - The company emphasizes technological innovation, with R&D investment reaching 211 million yuan in 2024, accounting for 3.27% of revenue [4] - Key technological breakthroughs include developments in offshore wind power transformers and environmentally upgraded switchgear [4][7] Industry Position and Competitive Advantage - The company has accumulated hundreds of patents and maintains a leading position in the renewable energy equipment manufacturing sector, focusing on smart power distribution equipment [6][7] - Its strategic focus on innovation and market responsiveness enhances its competitive edge and market share [6][7] Dividend Policy and Shareholder Returns - The company has implemented two cash dividend distributions totaling approximately 225 million yuan since its listing, with a proposed cash dividend of 7.20 yuan per 10 shares for 2024, representing 33.93% of the net profit [8] Future Outlook - The company plans to continue its innovation-driven strategy, focusing on sustainable growth and market expansion, while enhancing its organizational structure and talent development [10]

Business Overview - The company primarily engages in the research, production, and sales of power distribution and control equipment for renewable energy, new infrastructure, and smart grid sectors, with core products including smart transformers and box-type substations [2][3]. - The company has a strong brand influence and significant market share in the power distribution and control equipment industry, serving major clients across China and expanding into international markets [2][3]. Financial Performance - In 2024, the company achieved a revenue of CNY 6.444 billion, representing a year-on-year growth of 29.62% [3]. - The net profit attributable to shareholders was CNY 663 million, up 33.80% from the previous year [3]. - The net profit after deducting non-recurring gains and losses was CNY 654 million, reflecting a growth of 33.57% [3]. - For Q1 2025, the company reported a revenue of CNY 1.306 billion, a 26.21% increase year-on-year, and a net profit of CNY 112 million, up 25.01% [8]. Research and Development - The company invested CNY 211 million in R&D in 2024, accounting for 3.27% of its revenue [4]. - Key technological advancements include the development of offshore wind plant oil transformers and low-frequency power transmission systems [4][6]. Market Expansion - The company is actively expanding into high-end and emerging industries, particularly in renewable energy and data centers, with successful product offerings like the MyPower data center power module [5]. - It is also enhancing its smart grid market presence by developing high-voltage and GIS products [5]. Competitive Advantages - The company holds hundreds of patents and has established a leading position in the renewable energy equipment manufacturing sector through strategic innovation and market responsiveness [6]. - Its focus on technology-driven strategies and continuous R&D investment has solidified its competitive edge [6]. Shareholder Returns - The company has implemented two cash dividend distributions totaling nearly CNY 225 million since its listing, with a proposed cash dividend of CNY 7.20 per 10 shares for 2024, representing 33.93% of the net profit [7][8]. Future Outlook - The company aims to maintain sustainable growth through innovation, market expansion, and talent development, while adapting to structural changes in the industry [9].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company demonstrated steady growth in 2024, achieving a revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit attributable to shareholders of 663 million yuan, up 33.8% year-on-year [1]. - The company is actively expanding into multiple business areas, focusing on technological innovation and independent research and development, particularly in the renewable energy sector [3]. - Revenue projections for 2025-2027 are estimated at 8.106 billion yuan, 9.688 billion yuan, and 11.033 billion yuan, with corresponding growth rates of 26%, 20%, and 14% [3]. Financial Performance Summary - In 2024, the company's gross margin was 22.29%, a decrease of 0.40 percentage points year-on-year, while the net profit margin was 10.28%, an increase of 0.22 percentage points year-on-year [2]. - The revenue structure for 2024 shows that the box transformer revenue was 4.239 billion yuan, accounting for 65.79% of total revenue, with a gross margin of 21.13% [2]. - The company reported a net profit of 1.12 billion yuan in Q1 2025, reflecting a year-on-year growth of 25.01% [1]. Revenue and Profit Forecast - The forecast for total revenue is 8.106 billion yuan for 2025, with a growth rate of 25.8%, and a net profit of 865 million yuan, reflecting a growth rate of 30.5% [4][10]. - The projected earnings per share for 2025 is 2.77 yuan, with a price-to-earnings ratio (PE) of 15 [4][10].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company demonstrated robust growth in 2024, achieving a revenue of 6.444 billion yuan, a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.8% year-on-year [1]. - The company is actively expanding into multiple business areas, focusing on technological innovation and self-research, particularly in offshore wind power and data center solutions [3]. - Revenue projections for 2025-2027 are estimated at 8.106 billion yuan, 9.688 billion yuan, and 11.033 billion yuan, with corresponding growth rates of 26%, 20%, and 14% [3]. Financial Performance Summary - In 2024, the company's gross margin was 22.29%, a decrease of 0.40 percentage points year-on-year, while the net profit margin was 10.28%, an increase of 0.22 percentage points year-on-year [2]. - The revenue structure for 2024 shows that the box transformer revenue was 4.239 billion yuan, accounting for 65.79% of total revenue, with a growth of 22.60% year-on-year [2]. - The company reported a net profit of 1.12 billion yuan in Q1 2025, reflecting a year-on-year growth of 25.01% [1]. Revenue and Profit Forecast - The forecast for total revenue is 8.106 billion yuan for 2025, with a growth rate of 25.8%, and a net profit of 865 million yuan, reflecting a growth rate of 30.5% [4]. - The projected earnings per share for 2025 is 2.77 yuan, with a price-to-earnings ratio (PE) of 15 [4].