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]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [2][3]. Core Views - The company is a leading player in the transformer industry, benefiting from the expansion of renewable energy generation and accelerated global investment in power grids [3][11]. - Revenue projections for 2024-2026 are estimated at 65.12 billion, 79.33 billion, and 93.77 billion yuan, with growth rates of 31.6%, 21.8%, and 18.2% respectively [3][7]. - Net profit attributable to the parent company is expected to reach 6.53 billion, 7.92 billion, and 9.53 billion yuan for the same period, with growth rates of 31.3%, 21.2%, and 20.4% respectively [3][7]. - The target price for 2025 is set at 42.21 yuan, corresponding to a valuation of approximately 16.64x PE [3][9]. Summary by Sections 1. Profit Forecast and Investment Advice - The company is projected to achieve total revenue of 65.12 billion yuan in 2024, with a year-on-year growth of 31.61% [8]. - The gross profit margin is expected to be around 21.33% in 2024 [8]. - The box-type substation business is anticipated to grow significantly, with revenues of 47.18 billion yuan in 2024, reflecting a growth rate of 36.43% [8][19]. 2. Leading Transformer Enterprise with Years of Industry Experience - The company focuses on three main product segments, supporting the renewable energy and new infrastructure sectors [11]. - It has established itself as a key player in the research and manufacturing of power distribution and control equipment [11][14]. - The company has a strong historical background, being a subsidiary of the Mingyang Group, which has been in the industry since 1993 [14][16]. 3. High Industry Prosperity and Accelerated Transformer Demand - The demand for transformers is expected to accelerate due to the growth of renewable energy installations and upgrades in power grids [3][11]. - The company is well-positioned to benefit from the increasing demand for transformers in various applications, including wind and solar energy [3][11]. 4. Clear Company Advantages with Dual Growth Drivers - The company has established long-term partnerships with major power generation groups, providing a solid foundation for its renewable energy business [3][11]. - It is actively expanding its international market presence while leveraging its domestic advantages [3][11].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 45.8 RMB, based on a projected PE of 23 times for 2024 [1]. Core Views - The company benefits from the platform resources of the Mingyang Group and has developed into a leading domestic player in the power distribution and control equipment sector, focusing on new energy and infrastructure [1][15]. - The company is expected to see continued growth in its earnings per share (EPS), projected at 1.99 RMB, 2.56 RMB, and 3.15 RMB for 2024, 2025, and 2026 respectively [1]. - The company is well-positioned to benefit from the high demand in the new energy sector, particularly in wind and solar energy, as well as from the expansion of data centers and stable growth in grid investment [1][13]. Summary by Sections Company Overview - The company, a subsidiary of Mingyang Group, specializes in the research and manufacturing of power distribution and control equipment, with major products including box substations, complete switchgear, and transformers [15][27]. - The company has established a strong market position in the new energy sector, with a focus on wind and solar energy, and is expanding its overseas business [1][27]. Financial Projections - Revenue is projected to grow from 3,236 million RMB in 2022 to 9,220 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 25.91% from 2024 to 2026 [3]. - Net profit attributable to the parent company is expected to increase from 265.29 million RMB in 2022 to 984.49 million RMB in 2026, reflecting a strong growth trajectory [3]. - The company's EPS is forecasted to rise significantly, indicating robust profitability [3]. Market Position and Strategy - The company has a significant market share in the wind and solar transformer sectors, with respective shares of 27% and 15% in 2022, showing an increase from previous years [22][72]. - The company is actively pursuing a dual strategy of indirect overseas expansion and global layout, aiming to capitalize on the high demand for new energy construction abroad [14][23]. - The company has established stable partnerships with major clients in the new energy sector, ensuring a steady flow of orders and revenue [47][62]. Product Development and Innovation - The company has developed advanced products such as the 66kV prefabricated intelligent offshore booster system and 72.5kV environmentally friendly gas-insulated switchgear, which are expected to enhance its competitive edge [2][14]. - Continuous investment in research and development has led to improved product quality and cost efficiency, contributing to the company's strong market position [60][71]. Industry Trends - The new energy sector is experiencing rapid growth, driven by declining costs of wind and solar components, which is expected to sustain high demand for related transformer products [13][40]. - The overall investment in the power grid is projected to grow steadily, supported by government policies aimed at enhancing infrastructure and promoting new energy sources [76].

证券代码：301291 证券简称：明阳电气 公告编号：2024-035 广东明阳电气股份有限公司 （一）投资风险 关于使用闲置募集资金进行现金管理的进展公告 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。 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 的 2023 年年度股东大会，审议通过了《关于拟使用闲置募集资金进行现金管理 的议案》。为提高公司资金使用效率，实现公司与股东利益最大化，在确保不影 响募集资金投资项目建设的情况下，公司拟使用总额不超过人民币 10 亿元（含 本数；下同）的暂时闲置募集资金（含超募资金；下同）进行现金管理，投资安 全性高、流动性好、满足保本要求的产品；使用期限自 2023 年年度股东大会审 议通过之日起 12 个月内有效，在前述额度及决议有效期内，可循环滚动使用； 授权公司管理层在上述投资额度及期限内行使投资决策权并签署相关法律文件， 并由财务部负责具体实施事宜。具体内容详见公司在巨潮资讯网披露的相关公告。 ...

证券代码:301291 证券简称:明阳电 气 广东明阳电气股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|--------------------------------------|-------------------|----------------------------------| | | | | 编号:2024-002 | | | 特定对象调研 | ☐分析师会议 | | | | ☐媒体采访 | ☐业绩说明会 | | | 投资者关系活动类别 | ☐新闻发布会 | ☐路演活动 | | | | ☐现场参观 | | | | | ☐其他(请文字说明其他活动内容) | | | | | | | | | | | | | | | 生加银、鑫元基金、浙商基金、中银资管 | | 、嘉实基金、宝盈基金、国 | | | | | | | | | | | | 参与单位名称及人员姓名 | 创金合信基金、 | Greenlane Capital | 、大朴资产、互兴资产、创富兆业、 | | | | | | | | | | | | | | ...

Financial Performance - The estimated net profit for the first half of 2024 is projected to be between 220 million and 260 million CNY, representing a year-on-year increase of 36.07% to 60.81% compared to the adjusted net profit of 162.72 million CNY in the same period last year [3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 219 million and 259 million CNY, reflecting a year-on-year growth of 40.19% to 65.80% compared to the adjusted net profit of 156.25 million CNY from the previous year [3]. - The increase in orders on hand and the actual delivery scale of products have driven revenue and profit growth during the reporting period [13]. - The impact of non-recurring gains and losses on the company's net profit for the first half of 2024 is estimated to be approximately 1 million CNY [16]. Operational Efficiency - The company has been enhancing its operational efficiency and implementing cost reduction measures to improve overall profitability [5]. Future Reporting - The specific financial data for the first half of 2024 will be detailed in the company's upcoming semi-annual report [17]. - The financial data presented in the earnings forecast has not been audited by the accounting firm [12]. Acquisition - The company has completed the acquisition of 100% equity in Guangdong Borui Tiancheng Energy Technology Co., Ltd. as of January 2024 [1].

造成的一切后果及法律责任由该机构或个人承担，本公司保留追究其法律责任的权利。好的， 各位投资者，大家早上好，我是民生电信的邓永康。非常感谢大家参加我们的电话会。今天的 电话会我们是给大家再梳理一下，绵阳电器的投资逻辑。这也是我们在一度当时重点推荐过的 标的。但是中间确实受了一些影响，大概有几个方面的影响。一个就是近期公司有解禁，那解 禁在七月，也就是上周基本上反映过了。然后另外一个，大家担心的就是二季度的盈利，因为 二季度看确实铜价涨得比较多，大家担心业绩受影响。那目前摸下来二季度情况还非常不错， 再加上此前可能受了国网的某一家上网公司的处罚，短期可能在这家上网公司没办法投标，这 些可能对公司的股价形成一定影响。 发言人 00:59 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 明阳电气 20240708_原文 但近期来看，这些因素都已经消除。所以我们今天花点时间来给大家讲讲，我们对于李阳电器 的推荐的一些逻辑的梳理，以及当前怎么看这家公司。开始之前，我先大概汇报一下，我们对 于电网板块一些观点。因为近期其实波动也比较大我觉得主要还是受市场 ...

广东明阳电气股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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。 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 的 2023 年年度股东大会，审议通过了《关于拟使用闲置募集资金进行现金管理 的议案》。为提高公司资金使用效率，实现公司与股东利益最大化，在确保不影 响募集资金投资项目建设的情况下，公司拟使用总额不超过人民币 10 亿元（含 本数；下同）的暂时闲置募集资金（含超募资金；下同）进行现金管理，投资安 全性高、流动性好、满足保本要求的产品；使用期限自 2023 年年度股东大会审 议通过之日起 12 个月内有效，在前述额度及决议有效期内，可循环滚动使用； 授权公司管理层在上述投资额度及期限内行使投资决策权并签署相关法律文件， 并由财务部负责具体实施事宜。具体内容详见公司在巨潮资讯网披露的相关公告。 现将公司近期使用闲置募集资金进行现金管理的相关事项公告如下： 证券代码：301291 ...

Investment Rating - The report assigns a "Buy" rating, indicating an expected relative return of over 20% within six months compared to the performance of the CSI 300 index [50]. Core Insights - The company has achieved significant advancements in core technologies, holding 24 invention patents and participating in drafting multiple national and group standards, showcasing its strong innovation capabilities [2][4]. - The company is positioned favorably in the renewable energy sector, with 15% of its new installations in 2021 coming from the wind and solar energy fields, indicating a leading position in the industry [4]. - The report highlights the increasing demand for transformers in the renewable energy sector, driven by government policies promoting clean energy and the transition to a low-carbon economy [42]. Summary by Sections Technology and Product Advantages - The company has developed advanced offshore dry-type transformers with innovative cooling systems that reduce temperature rise by 20-30K and lower no-load and load losses by 3-5% compared to competitors [3][4]. - The offshore wind power transformer technology has reached international advanced levels, with unique features such as real-time monitoring and protection systems [4][9]. Market Position and Orders - The company has secured significant orders in the renewable energy sector, with 11.2GW and 15.7GW of new energy orders in 2020 and 2021, respectively, capturing 9.3% and 15.3% of the national new energy installation capacity [4]. - The company is the only box-type substation manufacturer to win bids from major groups like Huaneng, Huadian, and Datang, indicating strong market competitiveness [4]. Financial Projections - Revenue is projected to grow from 62 billion to 93 billion CNY from 2024 to 2026, with net profit expected to increase from 6 billion to 9.9 billion CNY during the same period [20]. - The company anticipates a revenue growth rate of 30% for complete switchgear equipment in 2024 and 2025, driven by the gradual release of offshore wind power projects [20]. Competitive Landscape - The report compares the company's products favorably against competitors like ABB and Siemens, noting that the company's offshore transformers outperform many imported products [9][10]. - The company is positioned to benefit from the ongoing trend of domestic substitution in the supply of electrical equipment, which is expected to lower procurement costs [8]. Global Expansion Strategy - The company is actively pursuing international markets and has established a dual-driven strategy of indirect overseas expansion and global layout, enhancing its capabilities in marketing, quality control, and product design [38].

证券代码：301291 证券简称：明阳电气 公告编号：2024-032 广东明阳电气股份有限公司 2023 年度利润分配方案实施公告 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、股东大会审议通过利润分配及资本公积金转增股本方案情况 1、广东明阳电气股份有限公司（以下简称"公司"）2023 年度利润分配方 案已经公司于 2024 年 5 月 23 日召开的 2023 年年度股东大会审议通过，具体内 容为：以公司现有总股本 31,220 万股为基数，向全体股东每 10 股派发现金红利 6.4 元（含税），合计派发现金红利人民币 19,980.80 万元（含税）。本次利润分配 不进行资本公积转增股本，不送红股，剩余未分配利润结转以后年度。若公司利 润分配方案公布后至实施权益分派股权登记日期间，因回购股份、重大资产重组 股份回购注销等致使公司的总股本发生变动，将维持每股分配比例不变，相应调 整分配总额。 上述事项相关公告已于 2024 年 4 月 25 日在中国证监会指定的创业板信息披 露网站巨潮资讯网上披露。 2、自利润分配方案披露至实施期间，参与分配的公司 ...