Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18-41.37%. The forecasted net profit for Q4 2024 is estimated to be 164-264 million yuan, with a median growth of 19.78% year-on-year and 13.20% quarter-on-quarter [4] - The company's overseas and offshore wind business is anticipated to drive performance, with a focus on expanding direct sales channels in markets such as Europe, the Middle East, Southeast Asia, and North America. This is expected to support margin improvement [4] - The company has successfully secured significant contracts, including a major data center project with ByteDance, indicating strong product recognition and potential for new revenue streams [5] Financial Projections - Revenue projections for 2024-2026 are 65.24 billion yuan, 83.69 billion yuan, and 103.92 billion yuan respectively, with net profits of 669 million yuan, 858 million yuan, and 1.063 billion yuan respectively. The corresponding P/E ratios are 24.2, 18.9, and 15.2 times [6] - Key financial metrics for 2023A and projections for 2024E, 2025E, and 2026E include: - Revenue: 4948 million yuan (2023A), 6524 million yuan (2024E), 8369 million yuan (2025E), 10392 million yuan (2026E) - Net profit: 498 million yuan (2023A), 669 million yuan (2024E), 858 million yuan (2025E), 1063 million yuan (2026E) - Gross margin: 22.7% (2023A), 22.4% (2024E), 21.7% (2025E), 21.0% (2026E) [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1] - The company is projected to continue its growth trajectory in 2025, driven by increased orders and improved operational efficiency [2] - The company is focusing on expanding its presence in offshore markets and enhancing its product offerings in the renewable energy sector [2] Financial Performance Summary - Revenue projections for 2024-2026 are 6.89 billion, 8.60 billion, and 9.29 billion yuan, with year-on-year growth rates of 39%, 25%, and 8% respectively [3] - Expected net profits for the same period are 658 million, 876 million, and 1.08 billion yuan, with growth rates of 32%, 33%, and 24% respectively [3] - The company's P/E ratios for 2024-2026 are projected to be 23.1x, 17.4x, and 14.1x [3] Operational Highlights - The company has seen a significant increase in its order backlog and product delivery scale, which is expected to drive revenue and profit growth [2] - The company is implementing cost control measures and enhancing operational efficiency to improve overall profitability [2] - The company is poised to benefit from the growing demand in the offshore wind, data center, and renewable energy sectors [2][8]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock price of Mingyang Electric, which rose by 5.60% as of 10:07 AM, with a trading volume of 2.676 million shares and a transaction amount of 136 million yuan, indicating a turnover rate of 1.66% [1] - The company has released its latest earnings forecast, projecting a net profit of 600 million to 700 million yuan for 2024, representing a year-on-year growth of 21.18% to 41.37% [1] - In terms of market performance, Mingyang Electric has seen a net inflow of 3.6986 million yuan in the past five days, despite a net outflow of 2.3764 million yuan on the previous trading day [1] Group 2 - The margin trading data indicates that as of January 21, the total margin balance for the stock is 42.7481 million yuan, with a financing balance of 41.4215 million yuan, showing a decrease of 19.419 million yuan over the past five days, which is a decline of 31.92% [1] - Institutional ratings show that in the past month, three institutions have rated the stock as a buy, with the highest target price set at 53.60 yuan by Guosen Securities in a report published on December 29 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1]. - The company has seen an increase in orders and delivery scale, which has driven revenue and profit growth [1]. - The company plans to recognize impairment provisions of approximately 153 million yuan in 2024, which includes credit impairment and asset impairment [2]. - The company has made significant progress in multiple business areas, including offshore wind, overseas projects, and data centers [2]. Financial Forecasts - Revenue projections for 2024-2026 are 66.52 billion yuan, 82.00 billion yuan, and 95.66 billion yuan, with corresponding growth rates of 34%, 23%, and 17% [3][4]. - Net profit attributable to shareholders is forecasted to be 6.55 billion yuan, 8.68 billion yuan, and 10.59 billion yuan for the same period, with growth rates of 32%, 32%, and 22% [3][4]. - The report provides a PE ratio forecast of 23X, 18X, and 14X for 2024-2026 based on the closing price on January 21, 2025 [3].

Financial Projections - The estimated net profit for 2024 is projected to be between 600 million and 700 million CNY, representing a year-on-year growth of 21.18% to 41.37% compared to 497.87 million CNY in the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 590 million and 690 million CNY, indicating a growth of 21.10% to 41.63% from 489.92 million CNY in the previous year[3]. - The estimated impact of non-recurring gains and losses on net profit for 2024 is approximately 10 million CNY, mainly from financial product returns and government subsidies[6]. - The financial data in the performance forecast is preliminary and has not been audited by the annual audit accounting firm[4]. - The specific financial data for the 2024 annual performance will be detailed in the company's annual report[7]. Factors Influencing Profitability - The increase in net profit is primarily driven by a rise in orders on hand and an increase in actual product delivery scale, which boosted revenue and profitability[6]. - The company has implemented cost reduction and efficiency enhancement measures, improving overall profitability[6]. - The performance forecast considers factors such as impairment provisions[7]. Corporate Actions and Investor Guidance - The company completed the acquisition of 100% equity in Guangdong Borui Tiancheng Energy Technology Co., Ltd. in January 2024, leading to retrospective adjustments in the previous year's data[3]. - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[7].

| 保荐人名称：申万宏源证券承销保荐有限责任公司 | 被保荐公司简称：明阳电气 | | | --- | --- | --- | | 保荐代表人姓名：孙奥 联系电话：0755-23996949 | | | | 保荐代表人姓名：孙吉 联系电话：0755-23996949 | | | | 现场检查人员姓名：孙奥 | | | | 现场检查对应期间：2024年1月至2024年12月 | | | | 现场检查时间：2024年12月30日 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 是 否 | | 不适用 | | 现场检查手段：1.查阅公司章程和公司治理相关制度；2.查阅三会文件及相关决议， | | | | 核查其执行情况；3.核查董监高人员变动及相关决策文件；4.核查控股股东、实际控 | | | | 制人的变动情况及其对外投资情况 | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | 2.公司章程和三会规则是否得到有效执行 √ | | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内 √ | | | | 容等要件是否齐备，会议资料是否保存完整 | ...

申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保荐人"） 作为广东明阳电气股份有限公司（以下简称"明阳电气"、"公司"）首次公开发行股票 并在创业板上市的保荐人，根据《深圳证券交易所上市公司自律监管指引第13号—— 保荐业务》的相关规定，于2024年12月30日对明阳电气董事、监事、高级管理人员及 其他相关人员进行了培训，具体情况如下： 一、培训情况 申万宏源证券承销保荐有限责任公司 关于广东明阳电气股份有限公司 2024年度持续督导培训情况报告 （一）培训时间与地点 1.培训时间：2024年12月30日 2.培训地点：明阳电气会议室 3.培训方式：现场会议 保荐人为本次培训指定了专门的培训人员，并通过现场讲解方式与培训对象进行 交流，培训效果良好。全体参加培训的人员均认真学习，通过学习更加深刻地理解和 掌握了中国证监会和深圳证券交易所对上市公司在规范运作方面的要求和规定，达到 了预期效果。 （本页无正文，为《申万宏源证券承销保荐有限责任公司关于广东明阳电气股份有限 公司2024年度持续督导培训情况报告》之签章页） 保荐代表人：____________________ __________ ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7][9]. Core Views - The company has achieved leading positions in multiple downstream sectors such as transformers and switches, leveraging its advantages in products, technology, cost, service, and customer relationships. It has experienced explosive growth by focusing on the domestic renewable energy sector and is actively expanding into new fields and markets, which is expected to drive future growth [2][4][7]. Current Situation - The company is recognized as a leader in land-based wind and solar energy storage transformers, with sustained high growth in operations. From 2020 to 2023, the company's revenue and net profit attributable to shareholders grew at a compound annual growth rate (CAGR) of over 40%, reaching approximately 41 billion yuan in 2023 [4][21][24]. Short-term Outlook - The company’s revenue is primarily driven by the renewable energy sector, with significant contributions from photovoltaic, land wind, and energy storage businesses. By 2025, the domestic installed capacity for land wind is expected to grow rapidly to 90-100 GW, providing strong support for the company’s growth. Additionally, the company has made significant inroads into the domestic offshore wind and overseas transformer markets, which are anticipated to contribute to its revenue [5][28][37][40]. Medium to Long-term Outlook - The company is well-positioned to maintain a strong market presence in the electrical equipment sector due to its competitive advantages in technology, cost, customer service, and product offerings. It has made proactive investments in new fields such as marine renewable energy, data centers, and international markets, which are expected to drive sustained rapid growth in the future [6][49][51]. Investment Recommendations - The report forecasts net profits attributable to shareholders of 630 million yuan and 850 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings (PE) ratios of 24 and 18 times [7].

证券代码：301291 证券简称：明阳电气 公告编号：2025-001 广东明阳电气股份有限公司 关于 2024 年股票期权激励计划授予登记完成的公告 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。 重要内容提示： 1、股票期权简称：明阳 JLC1 根据中国证券监督管理委员会《上市公司股权激励管理办法》、深圳证券交易 所、中国证券登记结算有限责任公司深圳分公司等有关规则的规定，经深圳证券交 易所、中国证券登记结算有限责任公司深圳分公司审核确认，广东明阳电气股份有 限公司（以下简称"公司"）完成了 2024 年股票期权激励计划（以下简称"本激 励计划"）授予股票期权的登记工作，现将有关事项公告如下： 一、本激励计划已履行的相关审批程序 （一）2024 年 12 月 10 日，公司召开第二届董事会第十次会议和第二届监事 会第十次会议，审议并通过了《关于<2024 年股票期权激励计划（草案）>及其摘 要的议案》《关于<2024 年股票期权激励计划实施考核管理办法>的议案》《关于 提请股东大会授权董事会办理 2024 年股票期权激励计划相关事宜的议案》。 （二）202 ...

Investment Rating and Valuation - The report assigns an "Outperform" rating to the company, with a target price range of 50.66-56.28 RMB, representing a 20%-27% premium over the current stock price [2] - The company's net profit attributable to shareholders is forecasted to be 655/838/984 million RMB for 2024-2026, with EPS of 2.10/2.68/3.15 RMB, representing year-on-year growth rates of 31.5%/28.0%/17.4% [2] Financial Performance and Projections - Revenue is projected to grow from 6.18 billion RMB in 2024E to 8.64 billion RMB in 2026E, with year-on-year growth rates of 24.9%/24.9%/12.0% [10] - Net profit is expected to increase from 655 million RMB in 2024E to 984 million RMB in 2026E, with year-on-year growth rates of 31.5%/28.0%/17.4% [10] - The company's EBIT margin is forecasted to remain stable at around 12.0%-12.7% from 2024E to 2026E [10] Industry and Market Opportunities - The global offshore wind power development plan exceeds 450GW, with significant growth potential in international markets [57] - The domestic offshore wind power market is expected to see a compound annual growth rate of 31% from 2024 to 2027, with new installations reaching 8/14/16/18GW in those years [68] - The global data center transformer market is projected to grow at a CAGR of 6.9% from 2023 to 2032, reaching 16.8 billion USD by 2032 [153] Company Strengths and Competitive Advantages - The company has established a dual-drive strategy of "indirect export + global layout" and its products have obtained international certifications such as UL, CE, and DNV-GL [19] - The company has a complete product portfolio in the photovoltaic sector, including box-type substations, inverter-boost integrated devices, and complete switchgear equipment [131] - The company has developed key technologies for offshore wind power, such as 66/110kV voltage level step-up transformers and gas-insulated switchgear [98] Product and Technology Development - The company has launched a stock option incentive plan for 2024, covering 126 core employees and setting revenue targets of 8 billion RMB and 9 billion RMB for 2025 and 2026, respectively [27] - The company has developed a 66kV voltage level step-up transformer and gas-insulated switchgear for offshore wind power, and is actively researching 110kV voltage level GIS equipment [98] - The company has introduced an inverter-boost integrated device for photovoltaic applications, which has won awards such as the Guangdong Province Mechanical Industry Science and Technology Award [133] Market Expansion and Strategic Initiatives - The company has established a presence in over 40 countries and regions, including Southeast Asia, Europe, and North America [19] - The company has secured a contract for the 1000MW Guohua HG14 offshore photovoltaic project, marking its entry into the GW-level offshore photovoltaic market [161] - The company is actively promoting the development of floating offshore wind power products and has supplied emergency power cabins for China's first deep-sea floating wind power platform [115]