北京市中伦（深圳）律师事务所 关于广东明阳电气股份有限公司 2024年第一次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦（深圳）律师事务所 关于广东明阳电气股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：广东明阳电气股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受广东明阳电气股份有 限公司（以下简称"公司"）委托，指派周雨翔律师、梁恒瑜律师出席并见证公司 2024 年第一次临时股东大会（以下简称"本次股东大会"），并依据《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》《上市公 司股东大会规则》（以下简称"《股东大会规则》"）以及《广东明阳电气股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、 召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等 事项出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员的资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股 东大会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对 会议审议的 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-050 广东明阳电气股份有限公司 关于高级管理人员辞职的公告 | 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"）董事会于近日收到高级管 理人员鲁小平先生提交的书面辞职报告，鲁小平先生辞去公司副总裁职务，辞职 后仍在公司担任其他职务。根据《公司法》《深圳证券交易所创业板股票上市规 则》等有关规定，鲁小平先生的辞职申请自送达董事会之日起生效，其所负责的 工作已平稳交接。 截至本公告披露日，鲁小平先生通过员工持股平台中山华慧企业管理咨询合 伙企业（有限合伙）间接持有公司股份 437.81 万股，占公司总股本的 1.40%。鲁 小平先生辞职后，其股份变动将严格遵守《公司法》《上市公司股东减持股份管 理暂行办法》《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》等法律法规的要求。 董事会 二〇二四年十一月十五日 公司及董事会对鲁小平先生在任职期间的勤勉工作及对公司发展所作出的 重要贡献表示衷心 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-049 广东明阳电气股份有限公司 2024 年第一次临时股东大会决议公告 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： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会没有涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议开始时间：2024 年 11 月 15 日（星期五）15:00 其中：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 11 月 15 日上午 09:15-09:25、09:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网系统投票的时间为 2024 年 11 月 15 日 09:15-15:00 期间的任意时间 2、会议地点：广东省中山市南朗镇横门兴业西路 6 号公司会议室 3、会议召开方式：本次股东大会采取现场表决与网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长张传卫先生由于工作及行程原因无法出席并主 持会议；经公司半数以上董 ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 明阳电气（301291）公司季报点评 2024 年 11 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 08 日收盘价（元） ] | 41.72 | | 52 周股价波动（元） | 22.80-45.98 | | 总股本 / 流通 A 股（百万股） | 312/128 | | 总市值 / 流通市值（百万元） | 13025/5343 | | 相关研究 | | | [Table_ReportInfo] 《明阳电气：向海外和海上拓展，开辟新空间》 | | | 2024.08.19 | | 市场表现 [Table_QuoteInfo] -18.85% -4.85% 9.15% 23.15% 37.15% 2023/11 2024/2 2024/5 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-048 广东明阳电气股份有限公司 关于股东减持后持股比例低于 5%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 特别提示： | | | 本次权益变动前持有 | | 本次权益变动后持有股 | | | --- | --- | --- | --- | --- | --- | | 股东 名称 | 股份性质 | 股份 | | 份 | | | | | 股数 | 占总股本 | 股数 | 占总股本 | | | | （股） | 比例 | （股） | 比例 | | 深创投 | 合计持有股份 其中：无限售条件股 | 15,667,890 | 5.0185426% | 15,609,990 | 4.9999968% | | | | 15,667,890 | 5.0185426% | 15,609,990 | 4.9999968% | | | 份 | | | | | 股东名称 减持方式 减持时间 减持价格 （元/股） 减持股数 （股） 减持比例 深创投 集中竞价 2024/11/6-2024/11/7 41. ...

股票简称：明阳电气 股票代码：301291 信息披露义务人：深圳市创新投资集团有限公司 住所及通讯地址：深圳市南山区粤海街道海珠社区海德三道 1066 号深创投广场 5201 股份变动性质：股份减持（持股比例降至 5%以下） 签署日期：二〇二四年十一月七日 广东明阳电气股份有限公司 简式权益变动报告书 上市公司名称：广东明阳电气股份有限公司 股票上市地点：深圳证券交易所 1 信息披露义务人声明 一、本报告书是根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则第 15 号》"）及相关法律、规范和规范性文件编写。 二、本信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购办法》的规定，本报告书已全面披露信息披露义务 人在广东明阳电气股份有限公司（以下简称"公司"或"明阳电气"）中拥有权益 的股份变动情况；截至本报告书签署之日，除本报告书披露的信息外，上述信息披 露义务人没有通过任何其他方式增加或减少其在明阳电气中拥有权益的股份。 四、本 ...

Investment Rating - The report initiates coverage on Mingyang Electric (301291 SZ) with a "Buy" rating [3] Core Views - Mingyang Electric is a leading player in the new energy and new infrastructure power transformation sector, with a three-step growth strategy: stabilizing and expanding its market share in new energy power generation, increasing high-margin revenue from offshore wind projects, and expanding into overseas markets and domestic grid channels [1][2] - The company has a strong market position in the wind and solar sectors, with a 27 25% market share in wind power and 15 20% in solar power in 2022 [2] - Offshore wind is a key growth driver, with the company breaking the monopoly of foreign brands in offshore wind transformers and securing bulk orders [2] - The company is strategically expanding into overseas markets and domestic grid channels, which are expected to be the next growth drivers [3] Financial Performance - Revenue is expected to grow from 6 334 billion yuan in 2024 to 10 102 billion yuan in 2026, with a CAGR of 28% from 2024 to 2026 [3] - Net profit attributable to shareholders is projected to increase from 648 million yuan in 2024 to 1 067 billion yuan in 2026, with a CAGR of 30% [3] - The company's PE ratio is expected to decline from 18 6x in 2024 to 11 3x in 2026, indicating improving valuation metrics [3] Market Position and Competitive Advantages - Mingyang Electric has a strong foothold in the new energy sector, with its products widely used in wind, solar, and energy storage projects [1][2] - The company has a high customer concentration, with the top five customers accounting for 53% of sales in the new energy sector in 2022 [2] - In offshore wind, the company has achieved technological breakthroughs, with its offshore wind transformers and switchgear reaching international advanced levels [2] - The company is well-positioned to benefit from the global trend of increasing grid investments, particularly in North America and Europe [3] Growth Drivers - Offshore wind is expected to be a major growth driver, with the company's offshore wind products gradually replacing imports [2][47] - The company is expanding into overseas markets, particularly in regions with high demand for power equipment, such as North America and Europe [3][61] - Domestic grid upgrades and new energy construction are expected to drive demand for the company's high-voltage products [3][68] Industry Trends - The global transformer market is expected to grow at a CAGR of 4 8% from 2023 to 2028, driven by new energy construction, electric vehicle adoption, and grid upgrades [61] - Offshore wind is expected to grow at a CAGR of 28% from 2024 to 2028, with Mingyang Electric well-positioned to capture this growth [38][47] - Domestic grid investment is accelerating, with a 23% year-on-year increase in the first eight months of 2024, providing a strong tailwind for the company's grid-related products [66][68]

Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with total revenue reaching 4.09 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 440 million yuan, up 37.6% year-on-year [1]. - The company is expanding its overseas market presence, collaborating with well-known domestic and international renewable energy companies, and has successfully entered over 40 countries and regions [1]. - The company is investing in new facilities to increase production capacity, with a total investment of 1 billion yuan aimed at enhancing its manufacturing capabilities [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.09 billion yuan, a 23.5% increase year-on-year, and a net profit of 440 million yuan, a 37.6% increase year-on-year. The third quarter alone saw revenues of 1.62 billion yuan, up 14.9% year-on-year, and a net profit of 190 million yuan, up 22.1% year-on-year [1]. - The gross margin and net margin remained stable, with gross margins at 23% and net margins at 10.7% for the first three quarters of 2024 [1]. Cost and Expenses - Sales expenses increased by 40.4% year-on-year to 180 million yuan, primarily due to business scale growth and increased costs related to bidding and sales personnel [1]. - Research and development expenses rose by 33% year-on-year to 140 million yuan, reflecting the company's commitment to enhancing its R&D capabilities [1]. Capacity Expansion - The company is transitioning its existing production project to the "Mingyang Modern Energy High-end Equipment Technology Park Project," with a total investment of 1 billion yuan. This project aims to produce 10,000 sets of complete switchgear, 2,000 dry-type transformers, and 1,000 box-type substations annually, expected to be completed by the end of 2026 [1]. Market Expansion - The company is actively expanding its overseas market presence, with products now covering Southeast Asia, Europe, and North America. It has developed competitive technological solutions for various applications, enhancing its industry position [1]. Profit Forecast - Revenue projections for 2024-2026 are 6.42 billion yuan, 8.08 billion yuan, and 9.83 billion yuan, respectively, with net profit growth rates of 28.4%, 30.3%, and 29.3% [2].

[Table_StockNameRptType] 明阳电气（ 301291） 公 司深 度 业绩稳健增长持续兑现，25 年海外直销+海风双轮驱动 公司点评 正 泰电器 （6018 77） 公司 研究/公司 ⚫[Table_Summary] 业绩 公司发布 2024 年三季度报告，2024 年前三季度，实现营收 40.9 亿 元，同比增长 23.5%，实现归母净利 4.36 亿元，同比增长 37.6%，扣 非归母净利 4.31 亿元，同比增长 38.6%；24 年前三季度毛利率 23.05%，同比提升 0.09pct。分季度看，2024Q3 实现营收 16.2 亿元， 同比增长 14.85%，实现归母净利润 1.89 亿元，同比增长 22.13%，实 现扣非归母净利润 1.87 亿元，同比增长 21.24%；2024Q3 毛利率 22.73%，环比下降 0.67pct。业绩符合预期。 ⚫ 海外直销有望实现突破、海风进展有望落地，双轮驱动业绩增长 公司海外业务以间接出海为主，公司积极布局直销渠道，瞄准欧洲、中 东、东南亚、北美等市场，有望实现"1-10"的快速发展，支撑毛利率 提升。海风方面，公司是国内唯一有一次 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company demonstrated robust operational stability and significant growth, with a revenue of 4.09 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 23.52%. The net profit attributable to shareholders reached 436 million yuan, up 37.56% year-on-year [2]. - The company has increased its research and development (R&D) investment, with R&D expenses amounting to 138 million yuan for the first three quarters of 2024, a growth of 32.97% compared to the previous year [3]. - The company achieved positive cash flow in Q3 2024, with a net cash flow from operating activities of 280 million yuan, a significant improvement from the negative cash flow in the same period last year [3]. - The forecast for revenue from 2024 to 2026 is projected to be 6.55 billion, 8.08 billion, and 9.42 billion yuan, respectively, with corresponding growth rates of 32%, 23%, and 17% [3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.617 billion yuan, a year-on-year increase of 14.85% and a quarter-on-quarter increase of 12.44%. The net profit for the same quarter was 189 million yuan, up 22.13% year-on-year and 20.96% quarter-on-quarter [2]. - The gross margin for the first three quarters of 2024 was 23.05%, showing a slight increase, while the net margin was 10.65%, reflecting a year-on-year increase of 1 percentage point [2]. - The company’s financial metrics indicate a stable growth trajectory, with projected net profits of 640 million, 820 million, and 1.01 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 28%, 29%, and 23% [3][7].