证券代码：301291 证券简称：明阳电气 公告编号：2024-025 广东明阳电气股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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"）第二届董事会第七次会议 决定于 2024 年 5 月 23 日 15:00 召开公司 2023 年年度股东大会，本次股东大会 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 2024 年 4 月 25 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、股东大会届次：2023 年年度股东大会。 2、股东大会召集人：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七次会议审议通过了《关 于提请召开公司 2023 年年度股东大会的议案》，本次股东大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：2024 年 5 月 23 日 15:00； （2）网络投票日期与时间：通过深圳 ...

广东明阳电气股份有限公司 关于媒体报道相关情况说明的公告 证券代码：301291 证券简称：明阳电气 公告编号：2024-024 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。 3、公司与国网湖北省电力有限公司、国家电网的整体业务规模占公司业务 比例较小，被采取"熔断机制"和被列入"黑名单"，不会对公司正常生产经营以及 当期经营业绩和未来经营业绩造成重大不利影响。 广东明阳电气股份有限公司（以下简称"公司"）于近日关注到有部分媒体 发布了有关公司与国家电网有限公司（以下简称"国家电网"）之间的业务情况 及相关事项报道。公司及董事会对此高度关注，为避免对投资者构成误导，现将 相关情况公告如下： 一、基本情况 2024 年 2 月 27 日，公司收到国家电网电子商务平台邮件通知，自 2024 年 2 月 18 日起对公司全部采购品类启动招标采购"熔断机制"。 2024 年 5 月 7 日，国网湖北省电力有限公司在电子商务平台发布了通报， 自 2024 年 2 月 23 日至 2027 年 2 月 22 日期间，公司所有品类被国网湖北省电 力有限公司在湖北省集中规模 ...

明阳电气 [Table_IndNameRptType] (301291) 公司研究/公司点评 需求超预期增长，公司业绩未来可期 | --- | --- | |---------------------------------|--------------| | | | | 评级： [Table_IndRank] | 买入（首次） | | 报告日期： | 2024-05-16 | | 收盘价（元） | 42.38 | | 近 12 个月最高 / 最低（元） | 43.88/24.36 | | 总股本（百万股） | 312.20 | | 流通股本（百万股） | 71.76 | | 流通股比例（ % ） | 22.98% | | 总市值（亿元） | 132.3 | | 流通市值（亿元） | 30.41 | [公司股价与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 5/23 8/23 11/23 2/24 明阳电气 沪深300 [分析师：张志邦 Table_Author] 执业证书号：S0010523120004 邮箱：zhang ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][14]. Core Views - The company achieved a revenue of 4.95 billion yuan in 2023, representing a year-on-year growth of 53%, with a net profit of 500 million yuan, up 88% year-on-year [14]. - For Q1 2024, the company reported a revenue of 1.03 billion yuan, a 46% increase year-on-year, and a net profit of 90 million yuan, which is a 104% increase year-on-year [14]. - The company is focusing on enhancing its core competitiveness in offshore renewable energy and advancing domestic production efforts [14]. - The company is actively participating in international markets and has established a dual-driven strategy for globalization [14]. Financial Forecasts - Revenue forecasts for 2024, 2025, and 2026 are 6.3 billion yuan, 7.96 billion yuan, and 9.78 billion yuan, respectively, with corresponding EPS of 2.12 yuan, 2.83 yuan, and 3.50 yuan [2][18]. - The projected P/E ratios for the next three years are 19, 14, and 11 times, respectively [2]. - The company’s gross margin for 2023 was 22.69%, an increase of 1.52 percentage points year-on-year, while the net margin reached 10.06%, up 1.86 percentage points year-on-year [14].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 37.26 CNY, indicating an expected return exceeding 15% over the next six months compared to the CSI 300 index [12]. Core Views - The company has achieved significant growth in the renewable energy sector, with a focus on intelligent distribution equipment. It has successfully transitioned from traditional energy to renewable markets, enhancing its market share and competitive advantage in offshore renewable energy [13]. - The acquisition of Borui Tianceng Energy Technology Co., Ltd. has facilitated the formation of a new business model and accelerated the development of the new energy booster station business, which is expected to become a second growth driver for the company [2]. Financial Performance Summary - For the fiscal year 2023, the company reported revenue of 4.948 billion CNY, a year-on-year increase of 52.9%, and a net profit attributable to shareholders of 498 million CNY, up 87.7% year-on-year [12]. - The company forecasts revenues of 6.486 billion CNY, 8.206 billion CNY, and 10.354 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 651 million CNY, 804 million CNY, and 1.041 billion CNY [4][12]. - The gross margin for 2023 is projected at 22.7%, with a net margin of 10.1% [4][12]. Product and Market Insights - The company has seen a doubling in revenue from the new energy sector, with significant contributions from products such as box-type substations, complete switchgear, and transformers. The box-type substations accounted for 69.9% of total revenue in 2023, generating 3.458 billion CNY [12]. - The solar energy segment achieved revenue of 2.074 billion CNY, a year-on-year increase of 83%, while the energy storage segment saw a remarkable growth of 237% [12]. Research and Development - The company has increased its R&D expenditure to 161 million CNY in 2023, a rise of 53.81% year-on-year, focusing on high-voltage and large-capacity products [12]. - New products developed include a 66kV prefabricated intelligent offshore booster system and a 72.5kV environmentally friendly gas-insulated switchgear, which are designed to meet the rising capacity of wind turbines [12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.00 CNY [13][14]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 4.948 billion CNY, up 52.91% year-on-year, and net profit attributable to shareholders at 498 million CNY, up 87.67% year-on-year [2][4]. - The company is expanding its presence in the international market through partnerships with leading domestic renewable energy firms and is focusing on enhancing its overseas marketing and service capabilities [3]. - The company is advancing its product offerings in high-voltage and large-capacity equipment, with new products in the offshore wind sector expected to drive future growth [3][4]. Financial Performance Summary - For 2023, the company achieved revenue of 4.948 billion CNY, with a year-on-year growth rate of 52.91% [14]. - The company’s gross margin in the renewable energy sector improved to 22.73%, an increase of 1.52% compared to the previous year [2]. - The forecasted revenues for 2024, 2025, and 2026 are 6.720 billion CNY, 8.826 billion CNY, and 10.743 billion CNY, respectively, with corresponding growth rates of 35.80%, 31.35%, and 21.72% [4][14]. Segment Performance - In 2023, the photovoltaic segment generated revenue of 2.074 billion CNY, up 83% year-on-year, while the energy storage segment saw a remarkable increase of 237%, reaching 668 million CNY [2]. - The share of revenue from the photovoltaic segment increased from 35% in 2022 to 42% in 2023, and the energy storage segment's share rose from 6% to 13% [2]. Valuation Metrics - The company is projected to have an EPS of 2.09 CNY for 2024, with a three-year CAGR of 30.20% [4]. - The estimated P/E ratio for 2024 is 21 times, indicating a favorable valuation compared to peers [4].

Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market over the next six months [31]. Core Insights - The company has experienced rapid growth, with revenue increasing from 390 million in 2019 to 4.95 billion in 2023, representing a CAGR of 88.7% from 2020 to 2023. The net profit attributable to shareholders rose from -80 million in 2019 to 500 million in 2023, with a year-on-year growth of 87.9% in 2023 [13][21]. - The company's revenue structure is primarily driven by box-type substations, which accounted for 69.9% of total revenue in 2023, with a year-on-year growth of 75.3%. Transformers also showed significant growth, with a 54.6% increase in revenue [21][26]. - The company benefits from a strong technical platform and is well-positioned to capitalize on the increasing demand for offshore wind installations and international market expansion, particularly in countries along the Belt and Road Initiative [21][31]. Summary by Sections Financial Performance - The company achieved a gross margin of 22.7% in 2023, up 1.5 percentage points year-on-year, and a net profit margin of 10.1%, an increase of 1.9 percentage points [19]. - Revenue from box-type substations reached 3.46 billion in 2023, while transformers generated 690 million, reflecting strong demand in the renewable energy sector [21][26]. Revenue Forecast - The report forecasts that revenue from box-type substations will grow at rates of approximately 32%, 26%, and 20% from 2024 to 2026, respectively. For transformers, expected growth rates are 45%, 46%, and 20% over the same period [26]. Valuation - The report compares the company to leading firms in the transformer industry, suggesting a reasonable valuation based on a PE ratio of 25 times for comparable companies in 2024 [31]. Shareholding Structure - The company has a concentrated shareholding structure, with the largest shareholder holding 44.02% of the shares, indicating a strong control by the founding members [21].

二、推荐逻辑一：风光储下游持续扩容，新增需求打造新增长极....................................... 11 2.1.3 储能：新能源配储政策要求提高，预计 2024 装机达到 41.4GW/95.2GWh........................ 15 相较于陆地光伏多年发展的丰富建设经验而言,我国海上光伏起步较晚,目前还处于初期 阶段,但我国沿海地区占据丰富的太阳能资源,年均总辐射量处于 4800~5500MJ/m2,海洋 水面订阔,少遮挡,在相同日照下,海面日照时间长,加之海面反射的太阳光,海上光伏 电站发电量将比陆地光伏电站发电量高出 5-10%。在国家层面,2021年11月自然资源部 发布了《关于规范构筑物用海审批有关事项的通知》;在地方层面,近3年来,山东、江 苏、辽宁、浙江等沿海省市都已出台或酝酿出台海上光伏的相关政策和规划。 4.2 国内网内：24-25 年电网投资有望维持高位，顶层建设指导配网高质量发展...................... 24 六、风险提示............................................. ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 51.20 CNY per share based on a 24x PE for 2024 [27][28]. Core Insights - The company has experienced rapid revenue and profit growth due to the booming downstream renewable energy and new infrastructure sectors, achieving a revenue of 4.95 billion CNY in 2023, up 66% year-on-year, and a net profit of 500 million CNY, up 89% year-on-year [8][28]. - The company is well-positioned to benefit from the expansion of wind and solar energy capacity, with significant growth expected in offshore wind and energy storage sectors [11][28]. - The company has established long-term partnerships with major clients in the energy sector, enhancing its market share and product offerings [28][64]. Summary by Sections Basic Overview - The company focuses on the renewable energy and new infrastructure sectors, offering products such as box transformers, complete equipment, and transformers, with 83% of its revenue coming from the renewable energy sector in 2023 [28][89]. Downstream - Renewable Energy - The company anticipates continued expansion in wind and solar energy capacity, with 83% of its 2023 revenue derived from renewable sources, including 42% from solar, 28% from wind, and 14% from energy storage [28][64]. - The offshore wind market is expected to see a compound annual growth rate (CAGR) of 78% from 2024 to 2025, driven by substantial project reserves [11][115]. Product Development - The company is expanding its product range to include high-voltage equipment, with successful bids for significant offshore wind projects, including the world's first large-capacity offshore solar project [28][80]. - The company has developed integrated solutions for offshore wind and solar applications, enhancing its competitive edge in the market [28][82]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 6.41 billion CNY, 8.38 billion CNY, and 10.95 billion CNY, respectively, with net profits expected to grow to 660 million CNY, 880 million CNY, and 1.15 billion CNY [29][28]. - The company’s gross margin has stabilized and improved, reaching 22.7% in 2023, indicating strong operational efficiency [100][101].

投资者朋友大家好,首先呢,我代表公司感谢各位投资者对民用电器的支持与帮助。2023年,在能源变革和创产目标的黑影下,中国清洁、低碳转型的步伐进一步加快,作为新能源电器装备的领域企业之一,民用电器也进入更加多元化的发展阶段,各项业务都更领导,并收获亮眼的成绩。 民航电器持续以新技术服务新机遇,2023年公司成功研发了海上陆上二次增压所需的114千伏及以上的主编按器,以及第二次高压开关设备海上光伏66千伏增压系统,其对18-20兆瓦海上供电机组的占用量上至有点多项华为领先的产品,并在海上增压站、能替据方案、海上光伏等多条业务线实现里程碑式的突破,为公司提供新的更早驱动点。 与此同时,我们继续以客户为中心,以质量为本,突出从本优势和应用创新的创新,不断深化与五大六小发电集团、两大电网、两大ETC站位、三大运营商等大型企业的长期业务合作关系,市场份额进一步提升 2023年,公司积极推进全球化业务布局,增强与核心客户在海外市场的协同教育,并组建海外区域业务团队,加强海外渠道与品牌建设,持续推进全球化市场布局。展望2024,我们将继续以产品和技术为着手,以市场和客户为中心,以专业的制造能力,快速地采用机制为宝藏,驱动公司 ...