Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown robust growth driven by the continuous expansion of downstream wind and solar storage, with a revenue increase of 23.5% year-on-year in the first three quarters of 2024 [3][4] - The company is increasing its production capacity significantly, with a total investment in the "Mingyang Modern Energy High-end Equipment Technology Park Project" rising from 220 million to 1 billion RMB [2][4] - The company is expanding its product matrix and enhancing its competitive advantage, with expectations of revenue growth of 30% in 2024 and net profit growth of 33% [4] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 4.09 billion RMB, a year-on-year increase of 23.5%, and a net profit of 440 million RMB, up 37.6% [2][3] - The third quarter alone saw revenues of 1.62 billion RMB, growing 14.9% year-on-year, and a net profit of 190 million RMB, increasing by 21.2% [2] Market Position - The company leads the market share in domestic box-type substations and has a presence in over 40 countries, including Southeast Asia, Europe, the Middle East, and North America [4] - The comprehensive gross margin for the first three quarters was 23.0%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin reached 10.7%, up 1 percentage point [4] Future Projections - Revenue projections for 2024-2026 are 6.42 billion, 8.27 billion, and 10.79 billion RMB, with expected growth rates of 30%, 29%, and 30% respectively [4] - Net profit forecasts for the same period are 660 million, 870 million, and 1.13 billion RMB, with growth rates of 33%, 31%, and 31% respectively [4]

Revenue and Profit Growth - Revenue for the third quarter reached 1,617,428,355.28 yuan, a year-on-year increase of 14.85%[2] - Net profit attributable to shareholders of the listed company was 189,337,456.51 yuan, up 22.13% compared to the same period last year[2] - Total operating revenue for the period reached 4,090,330,297.96 yuan, a 23.5% increase compared to the previous period's 3,311,372,538.31 yuan[19] - Net profit for the period was 435,670,810.83 yuan, a 37.6% increase from 316,715,395.52 yuan in the previous period[20] - Net profit attributable to the parent company's shareholders increased to RMB 1.13 billion from RMB 893.40 million, up by 26.4%[18] R&D and Sales Expenses - R&D expenses increased by 32.97% to 137,757,915.36 yuan, driven by increased investment in R&D projects and team expansion[5] - Sales expenses rose by 40.39% to 179,235,202.27 yuan, mainly due to increased bidding costs and sales personnel compensation[5] - R&D expenses increased to 137,757,915.36 yuan, a 33% rise from 103,601,048.41 yuan in the previous period[19] Assets and Liabilities - Total assets as of the end of the reporting period were 8,519,855,106.18 yuan, an increase of 8.46% compared to the end of the previous year[2] - Total assets increased to RMB 85.20 billion from RMB 78.55 billion, a growth of 8.5%[16][18] - Current assets totaled RMB 71.64 billion, up from RMB 68.10 billion, reflecting a 5.2% increase[16] - Total liabilities grew to RMB 40.75 billion from RMB 36.37 billion, a 12.0% increase[17][18] - Fixed assets slightly increased to RMB 495.36 million from RMB 490.36 million, a 1.0% growth[16] - Construction in progress significantly rose to RMB 77.87 million from RMB 2.00 million, a massive increase of 3787.5%[16] Cash Flow and Financial Activities - Operating cash flow for January-September 2024 was -170.73 million yuan, a decrease of 348.14% compared to the same period in 2023, mainly due to increased bill payments and higher inventory preparation[7] - Investment cash flow for January-September 2024 was -996.22 million yuan, a decrease of 2,935.35% compared to the same period in 2023, primarily due to the company's purchase of financial products[7] - Financing cash flow for January-September 2024 was -219.71 million yuan, a decrease of 107.67% compared to the same period in 2023, mainly due to the receipt of funds from the company's initial public offering in the previous year[7] - Cash flow from operating activities was -170,733,627.81 yuan, a significant decrease from 68,805,584.91 yuan in the previous period[21] - Cash received from sales of goods and services was 3,212,770,495.57 yuan, a 34.6% increase from 2,386,329,432.75 yuan in the previous period[21] - Cash paid for goods and services was 2,727,789,906.80 yuan, up 48.2% from 1,840,635,095.59 yuan in the previous period[21] - Investment cash outflow totaled 1,053,997,506.91 RMB, with a net cash flow from investment activities of -996,221,899.74 RMB[22] - Financing cash inflow reached 194,413,174.74 RMB, while financing cash outflow was 414,126,221.26 RMB, resulting in a net cash flow from financing activities of -219,713,046.52 RMB[22] - The company received 2,795,531,734.82 RMB from absorbing investments, significantly contributing to the financing cash inflow[22] - Net increase in cash and cash equivalents was -1,386,668,574.07 RMB, with the ending balance of cash and cash equivalents at 1,602,441,310.26 RMB[22] - The company's initial cash and cash equivalents balance was 2,989,109,884.33 RMB, which decreased to 1,602,441,310.26 RMB by the end of the period[22] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 20,847, with no preferred shareholders[8] - Zhongshan Mingyang Electric Co., Ltd. holds 41.82% of the company's shares, totaling 130,574,010 shares, all of which are restricted shares[10] - Guo Xianqing holds 5.61% of the company's shares, totaling 17,512,320 shares, all of which are restricted shares[10] - Zhongshan Huizhong Enterprise Management Consulting Partnership holds 5.14% of the company's shares, totaling 16,053,030 shares, all of which are restricted shares[10] - Shenzhen Capital Group Co., Ltd. holds 5.02% of the company's shares, totaling 15,667,890 shares, with no restricted shares[10] - Zhongshan Huihui Enterprise Management Consulting Partnership holds 4.21% of the company's shares, totaling 13,134,240 shares, all of which are restricted shares[10] - Guangdong Liwan Venture Capital Management Co., Ltd. holds 2.27% of the company's shares, totaling 7,087,500 shares, with 185 restricted shares[10] Other Financial Metrics - Other income surged by 191.09% to 25,472,261.53 yuan, primarily due to government subsidies and VAT deductions[5] - The company's monetary funds decreased by 46.24% to 1,607,752,742.83 yuan, mainly due to increased bill payments and the purchase of financial products[6] - Accounts receivable increased by 173.29% to 305,667,089.15 yuan, reflecting growth in sales revenue[6] - Prepayments rose by 70.40% to 103,094,668.35 yuan, driven by increased inventory preparation due to business expansion[6] - Short-term loans increased by 191.31% to 37,000,000.00 yuan, mainly due to new bank loans[6] - Monetary funds decreased to RMB 1.61 billion from RMB 2.99 billion, a significant drop of 46.2%[15] - Accounts receivable rose to RMB 2.50 billion from RMB 2.15 billion, an increase of 16.3%[15] - Inventory increased to RMB 1.24 billion from RMB 995.29 million, up by 24.8%[16] - Short-term borrowings surged to RMB 37.00 million from RMB 12.70 million, a 191.3% rise[17] - Basic earnings per share (EPS) for the period was 1.40, compared to 1.22 in the previous period[20] - Credit impairment losses improved to -34,177,194.54 yuan, compared to -51,467,093.42 yuan in the previous period[20] - Cash outflow for the purchase of fixed assets, intangible assets, and other long-term assets was 135,497,506.91 yuan, a 313% increase from 32,820,614.55 yuan in the previous period[21] Audit and Reporting - The third quarter report was not audited[23]

申万宏源证券承销保荐有限责任公司 明书》（以下简称"《招股说明书》"）及 2023 年第三次临时股东大会决议，2023 年 10 月，公司使用超募资金 11,990.00 万元对"明阳电气股份智能化输配电设备 研发和制造中心项目"的其一子项目"大容量变压器及箱式变电站生产线建设项 目"追加投资。截至 2024 年 9 月 30 日，公司首次公开发行股票募投项目、募集 资金使用计划（调整后）及使用情况如下： 关于广东明阳电气股份有限公司 变更部分募投项目并使用超募资金投资建设的 核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"、"申万宏源承 销保荐"）作为广东明阳电气股份有限公司（以下简称"明阳电气"或"公司"） 首次公开发行股票并在创业板上市项目的保荐人，根据《证券发行上市保荐业务 管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关 规定，对明阳电气变更部分募投项目并使用超募资金投资建设的事项进行了核查， 具体情况如下： ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-046 广东明阳电气股份有限公司 关于变更部分募投项目并使用超募资金投资建设的公告 一、募集资金基本情况 （一）募集资金及募投项目基本情况 根据中国证券监督管理委员会于 2023 年 5 月 18 日签发的证监许可〔2023〕 1109号文《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》， 公司首次公开发行人民币普通股（A 股）7,805 万股，每股发行价格为 38.13 元， 本次发行募集资金总额为人民币 297,604.65 万元，扣除不含增值税发行费用人 民币 20,928.37 万元，实际募集资金净额为人民币 276,676.28 万元（其中包含 募投项目计划投入资金 118,750.00 万元、超募资金 157,926.28 万元）。上述募 集资金已于 2023 年 6 月 27 日到账，致同会计师事务所（特殊普通合伙）于 2023 年 6 月 28 日对募集资金到位情况进行了审验，并出具了致同验字（2023）第 441C000300 号《验资报告》。 公司对募集资金采取专户存储管理，设立相关专项账户。公司与保荐机构、 存 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-047 广东明阳电气股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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"）第二届董事会第九次会议 决定于 2024 年 11 月 15 日 15:00 召开公司 2024 年第一次临时股东大会，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。根据相关规定，现将有关 事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会。 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九次会议审议通过了《关 于提请召开 2024 年第一次临时股东大会的议案》，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 11 月 15 日 15:00； （2）网络投票日期与时间：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 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-045 广东明阳电气股份有限公司 关于续聘会计师事务所的公告 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 2024 年 10 月 28 日召开 第二届董事会第九次会议，审议通过《关于续聘会计师事务所的议案》，同意继 续聘请致同会计师事务所（特殊普通合伙）（以下简称"致同所"）为公司 2024 年 度审计机构，该事项尚需提交公司股东大会审议。具体情况如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：2011 年 12 月 22 日（有限责任转为特殊普通合伙） 组织形式：特殊普通合伙 注册地址：北京市朝阳区建国门外大街 22 号赛特广场 5 层 致同会计师事务所近三年因执业行为受到刑事处罚 0 次、行政处罚 0 次、监 督管理措施 10 次、自律监管措施 4 次和纪律处分 1 次。30 名从业人员近三年因 执业行为受到刑事处罚 0 次、行政处罚 0 次、监督管理措施 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-043 广东明阳电气股份有限公司 （一）审议通过《关于<2024 年第三季度报告>的议案》 公司董事会认为：公司将 2024 年第三季度总体经营状况全面、客观、真实 地反映在了已经编制完成的《2024 年第三季度报告》，不存在任何虚假记载、误 导性陈述或者重大遗漏。 表决结果：7 票同意，0 票反对，0 票弃权，0 票回避。 第二届董事会第九次会议决议公告 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。 一、 董事会会议召开情况 广东明阳电气股份有限公司（以下简称"公司"）第二届董事会第九次会议 于 2024 年 10 月 28 日在公司会议室以现场结合通讯的方式召开。本次会议通知 已于 2024 年 10 月 18 日送达各位董事。会议应到董事 7 名，实到董事 7 名，会 议召集及召开程序符合《中华人民共和国公司法》和公司章程的规定。本次会议 由公司董事长张传卫主持，公司监事、高级管理人员列席会议。 本次董事会会议的召集、召开和表决程序符合国家有关法律、行政法规、部 门规章、规范性文件和《公司 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-044 本公司及监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、监事会会议召开情况 广东明阳电气股份有限公司（以下简称"公司"）第二届监事会第九次会议 于 2024 年 10 月 28 日在公司会议室召开。本次会议通知已于 2024 年 10 月 18 日 送达各位监事。会议应出席监事 3 人，实际出席监事 3 人。本次会议由监事会主 席沈军先生主持，董事会秘书列席。 本次会议的召集、召开和表决程序符合国家有关法律、行政法规、部门规章、 规范性文件及《公司章程》的规定，会议形成的决议合法有效。 二、监事会会议审议情况 经与会监事审议表决，审议通过了以下议案： （一）审议通过《关于<2024 年第三季度报告>的议案》 公司监事会认为：公司编制的《2024 年第三季度报告》及摘要全面、客观、 真实地反映了公司 2024 年第三季度报告总体经营状况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 广东明阳电气股份有限公司 第二届监事会第九次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权，0 票回 ...

证券代码：301291 证券简称：明阳电气 公告编号：2024-041 广东明阳电气股份有限公司 关于持股 5%以上股东减持股份的预披露公告 （一）减持股东名称：深圳市创新投资集团有限公司； （二）股东持股情况：截至本公告日，深创投持有公司股份数量为15,667,890 股，占公司总股本比例为 5.02%。 二、本次减持计划的主要内容 （一）减持计划 1、拟减持的原因：股东自身资金需求； 2、股份来源：公司首次公开发行前股份； 3、减持方式：集中竞价和大宗交易方式； 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： 深圳市创新投资集团有限公司（以下简称"深创投"）持有广东明阳电气股 份有限公司（以下简称"公司"）股份 15,667,890 股（占公司总股本比例 5.02%）， 现深创投计划于本公告披露之日起 15 个交易日后的 3 个月内以集中竞价、大宗 交易的方式减持公司股份不超过 9,366,000 股（占公司总股本比例不超过 3.00%）, 其中：通过集中竞价方式减持公司股份不超过 3,122,000 股（占公司总股本比例 不超过 1.00%） ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 2.473 billion yuan in H1 2024, a YoY increase of 29.94%, with net profit attributable to shareholders of 246 million yuan, a YoY increase of 52.36%, exceeding expectations [1] - Multiple business lines showed rapid growth, with photovoltaic sector up 32%, wind power sector up 25%, and energy storage sector up 62% YoY [2] - Transformer products revenue reached 474 million yuan in H1 2024, more than doubling YoY [2] - Q2 2024 gross margin improved to 23.40%, up 0.33 percentage points QoQ despite rising copper prices [2] - Q2 2024 net margin reached 10.88%, up 2.20 percentage points QoQ [2] - The company has obtained international certifications (IEEE, IEC, CQC, UL, CE, DNV-GL), laying foundation for overseas expansion [2] - Forecasted net profit for 2024-2026 is 652/840/1039 million yuan, with PE ratios of 15.0/11.6/9.4x based on Sep 12, 2024 closing price [2] Financial Performance - 2024E revenue is projected at 6.421 billion yuan, with 28.1% YoY growth [3] - 2024E net profit is forecasted at 652 million yuan, with 31.0% YoY growth [3] - 2024E gross margin is expected to remain stable at 22.9% [3] - 2024E ROE is projected to improve to 14.0% [3] - 2024E EPS is estimated at 2.09 yuan [3] - 2024E operating cash flow is expected to be -589 million yuan [4] - 2024E total assets are projected to reach 8.577 billion yuan [4] - 2024E liabilities are forecasted at 3.918 billion yuan, with a debt-to-asset ratio of 45.7% [4] Business Development - The company has strengthened cost control and secured some material supplies in advance [2] - Indirect export business with higher margins contributed to profitability improvement [2] - The company is accelerating direct sales channel layout overseas [2] - Overseas business is expected to become a new growth driver [2]