证券代码：301291 证券简称：明阳电气 公告编号：2025-032 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、本次权益变动为广东明阳电气股份有限公司（以下简称"公司"）持股 5%以上股东中山慧众企业管理咨询合伙企业（有限合伙）（以下简称"慧众咨询"） 实施股份减持，不触及要约收购。 2、本次权益变动后，慧众咨询持有公司股份比例为 4.99998%，该股东在公 司的持股比例下降至 5%以下，并触及 1%的整数倍。 3、本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公 司治理结构及持续经营产生重大影响。 公司于 2025 年 5 月 21 日在巨潮资讯网披露了《关于持股 5%以上股东、董 事及高级管理人员减持股份的预披露公告》（公告编号：2025-028）。 近日，公司收到股东慧众咨询出具的《股份交易进展告知函》及《简式权益 变动报告书》，获悉该股东于 2025 年 6 月 13 日-2025 年 6 月 20 日期间，通过 集中竞价交易方式减持了部分公司股票。本次权益变动后，慧众咨询持有公司股 份 15,609,930 股，占公司总股本的比例下降至 ...

关于持股 5%以上股东、董事减持股份到 5%以下并触及 1%整 数倍暨权益变动的提示性公告 信息披露义务人郭献清先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、本次权益变动为广东明阳电气股份有限公司（以下简称"公司"）持股 5%以上股东、董事郭献清先生实施股份减持，不触及要约收购。 证券代码：301291 证券简称：明阳电气 公告编号：2025-031 广东明阳电气股份有限公司 2、本次权益变动后，郭献清先生持有公司股份比例为 4.99997%，该股东在 公司的持股比例下降至 5%以下，并触及 1%的整数倍。 3、本次权益变动不会导致公司控股股东及实际控制人发生变化，不会对公 司治理结构及持续经营产生重大影响。 公司于 2025 年 5 月 21 日在巨潮资讯网披露了《关于持股 5%以上股东、董 事及高级管理人员减持股份的预披露公告》（公告编号：2025-028）。 近日，公司收到股东郭献清先生出具的《股份交易进展告知函》及《简式权 益变动报告书》，获悉该股东于 2025 年 6 月 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4]. Core Insights - The inverter export value has shown continuous improvement, with a year-on-year increase of 9.25% in the first five months of 2025, reaching 24 billion RMB [3][21]. - The total electricity consumption in May 2025 was 809.6 billion kWh, reflecting a year-on-year growth of 4.4%, with significant increases in the first and third industries [4][34]. - The report highlights the ongoing decline in silicon material prices, which is expected to impact the photovoltaic industry positively [22][26]. Summary by Sections New Energy Vehicles - Leap Motor launched the 2026 C16 SUV, featuring a spacious interior and advanced safety and intelligent driving systems [2][8]. - The vehicle incorporates high-strength materials and a comprehensive safety structure, achieving a top safety rating [9]. Photovoltaics - Inverter exports reached 24 billion RMB in the first five months of 2025, with May exports at 5.975 billion RMB, marking a 7.96% year-on-year increase [21]. - The domestic component export value was 79.559 billion RMB, down 24.07% year-on-year, but May saw a 7.18% increase compared to the previous month [21]. - Silicon prices have decreased, with multi-crystalline silicon prices dropping by 6.27% [22]. Electric Power Equipment - The total electricity consumption for the first five months of 2025 was 39,665 billion kWh, up 3.4% year-on-year, with significant growth in the agricultural and residential sectors [34][35]. - The report emphasizes the trend of electric power equipment companies expanding overseas, leveraging China's complete manufacturing supply chain [45]. - Key recommendations include companies involved in transformers and smart grid investments, indicating a shift towards digitalization in the power sector [45].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company has achieved rapid growth in revenue and profit, with a projected revenue of 6.444 billion yuan in 2024, representing a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.80% year-on-year [8][3] - The company is focusing on product upgrades, including the successful development of key technologies such as the 110kV offshore wind transformer and the 252kV environmentally friendly GIS [2][18] - The data center business has made significant progress, enhancing the company's competitiveness in the smart grid market [2][19] - The company is actively expanding its overseas market presence, with products certified by various international standards and exported to over 60 countries [19][2] Financial Performance Summary - In 2024, the company reported a revenue of 6.444 billion yuan, a 29.62% increase year-on-year, and a net profit of 663 million yuan, a 33.80% increase year-on-year [8][4] - The first quarter of 2025 saw a revenue of 1.306 billion yuan, a 26.21% increase year-on-year, and a net profit of 112 million yuan, a 25.01% increase year-on-year [13][17] - The company's gross margin for 2024 was 22.29%, a slight decrease of 0.40 percentage points year-on-year, while the net margin was 10.28%, an increase of 0.22 percentage points year-on-year [8][4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been raised, with projected net profits of 865 million yuan, 1.064 billion yuan, and 1.314 billion yuan respectively [3][19] - The current stock price corresponds to a price-to-earnings (PE) ratio of 15 for 2025, 12 for 2026, and 10 for 2027 [3][19] - The company is expected to maintain a strong return on equity (ROE) of 14.9% in 2024, increasing to 20.3% by 2027 [4][22]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has achieved rapid growth in revenue and profit, with a projected revenue of 6.444 billion yuan in 2024, representing a year-on-year increase of 29.62%, and a net profit of 663 million yuan, up 33.80% year-on-year [8][3]. - The company is focusing on product upgrades, with significant advancements in offshore wind power transformers and environmental GIS technology, which have filled domestic industry gaps [2][18]. - The data center business is making important progress, enhancing the company's competitiveness in the smart grid market [2][19]. - The company is actively expanding its overseas market presence, with products certified by various international standards and exported to over 60 countries [19][2]. Financial Performance - In Q1 2025, the company reported a revenue of 1.306 billion yuan, a year-on-year increase of 26.21%, and a net profit of 112 million yuan, up 25.01% year-on-year [13][17]. - The gross profit margin for Q1 2025 was 21.78%, slightly down by 1.29 percentage points year-on-year, attributed to the increased delivery of data center products [17][13]. - The company expects to achieve net profits of 865 million yuan, 1.064 billion yuan, and 1.314 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15, 12, and 10 [3][19]. Financial Projections - The company forecasts revenues of 8.464 billion yuan in 2025, 9.870 billion yuan in 2026, and 11.568 billion yuan in 2027, with growth rates of 31.4%, 16.6%, and 17.2% respectively [4][22]. - The net profit is projected to grow at rates of 30.5%, 23.1%, and 23.4% for the years 2025, 2026, and 2027 [4][22]. - The company's return on equity (ROE) is expected to be 17.3% in 2025, 18.8% in 2026, and 20.3% in 2027 [4][22].

证券代码：301291 证券简称：明阳电气 公告编号：2025-030 广东明阳电气股份有限公司 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、股东会审议通过利润分配及资本公积金转增股本方案情况 公司 2024 年度利润分配方案为：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 7.2 元（含税；扣税后，QFII、RQFII 以及持有首 发前限售股的个人和证券投资基金每 10 股派 6.48 元；持有首发后限售股、股权 激励限售股及无限售流通股的个人股息红利税实行差别化税率征收，公司暂不扣 缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持有 首发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税，对 香港投资者持有基金份额部分按 10%征收，对内地投资者持有基金份额部分实行 差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 三、股权登记日与除权除息日 案已经公司于 2025 年 5 月 16 日召开的 2024 年年度股东会审议通过，具体内容 为：以公 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-030 广东明阳电气股份有限公司 2024 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"）2024 年度利润分配方 案已经公司于 2025 年 5 月 16 日召开的 2024 年年度股东会审议通过，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 7.2 元（含税），合计派发现金红利人民币 22,478.40 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。若在分配方 案实施前公司总股本由于可转债转股、股份回购、股权激励行权、再融资新增股 份上市等原因而发生变化的，分配方案则按"分配总额不变，调整分配比例"的 原则实施。 上述事项相关公告已于 2025 年 4 月 24 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，参与分配的公司股本 ...

Core Insights - The report highlights a significant increase in capital expenditure for artificial intelligence in China, projected to reach 600-700 billion RMB by 2025, driven by government policies and investments from major telecom and internet companies [8][2]. - The International Energy Agency (IEA) forecasts global data center capital expenditure to rise from 500 billion USD in 2024 to 800 billion USD by 2030, indicating a robust growth trajectory for the sector [8][2]. Group 1: AI Capital Expenditure and Market Growth - From 2024 to 2030, the compound annual growth rate (CAGR) for copper and power equipment in China is expected to reach 18% [2]. - The power demand from data centers and chip manufacturing is projected to grow by 75% from 2023 to 2028, reaching approximately 8.70 terawatt-hours, which will account for 2.8% of global power demand by 2028 [2]. - By 2030, China's data centers are expected to consume 277 terawatt-hours of electricity, representing 2.2% of total power demand [2][9]. Group 2: Key Recommendations and Stock Picks - Recommended stocks include Zijin Mining (copper and gold), Huaming Equipment, and Sanyuan Electric (power equipment) [3][11]. - The report anticipates a 57% CAGR for liquid cooling systems in data centers from 2024 to 2030, as liquid cooling is significantly more efficient than air cooling [15]. - The market for diesel generators is expected to grow by 50% in 2025, with a market size of 11 billion RMB [17]. Group 3: AI Applications and Market Projections - Humanoid robots are projected to see global sales reach 1 million units by 2030, with a CAGR of 171% from 2024 to 2030 [18]. - The autonomous driving market, particularly for LiDAR technology, is expected to grow to 80 billion RMB by 2030, with a CAGR of 52% from 2024 to 2030 [20]. - The smart home market in China is projected to grow at an 11% CAGR from 2024 to 2030, driven by advancements in IoT and AI technologies [22].

Group 1: Company Overview - Mingyang Electric primarily engages in the research, production, and sales of power distribution and control equipment for renewable energy and new infrastructure sectors [1] - The company achieved a revenue of 6.444 billion in 2024, representing a year-on-year growth of 29.62%, and a net profit of 663 million, with a year-on-year increase of 33.80% [1] - In the first quarter of 2025, Mingyang Electric reported a revenue of 1.306 billion, showing a year-on-year growth of 26.21% [1] Group 2: Competitive Advantages - Mingyang Electric has competitive advantages in wind energy, photovoltaics, and energy storage, particularly excelling in offshore wind power booster systems and prefabricated low-energy consumption power modules for data centers [1] - The company is implementing a strategy of "indirect overseas expansion + global layout," focusing on markets in Europe, North America, and Southeast Asia, and has established connections with leading wind turbine manufacturers in Europe [1] Group 3: Market Outlook - The order expectations for Mingyang Electric are positive, especially in the renewable energy, grid, and industrial automation sectors, indicating a favorable development outlook [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].