Group 1 - The core viewpoint of the news is that Shihang New Energy's stock has experienced a decline of 5.09%, with a current price of 34.85 CNY per share and a total market capitalization of 14.371 billion CNY [1] - Shihang New Energy, established on June 7, 2013, is located in Bao'an District, Shenzhen, Guangdong Province, and focuses on the research, production, sales, and service of new energy power equipment [1] - The company's main business revenue composition includes: grid-connected inverters (57.98%), energy storage batteries (23.11%), energy storage inverters (13.72%), accessories and others (4.85%), and other supplementary sources (0.34%) [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Fund has a significant position in Shihang New Energy, specifically the Guotai Jinfu three-month regular open mixed fund (010446), which holds 4,369 shares, accounting for 0.04% of the fund's net value [2] - The latest scale of the Guotai Jinfu three-month regular open mixed fund is 118 million CNY, with a year-to-date return of 13.64% and a one-year return of 25.46% [2] - The fund's performance ranking is 846 out of 8,247 in the year-to-date category and 760 out of 7,907 in the one-year category, while it has experienced a loss of 18.1% since its inception on January 7, 2021 [2]

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月均取得银行对账单 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 1次 | | （2）列席公司董事会次数 | 0次，均事前或事后审阅会议议案 | | （3）列席公司监事会次数 | 0次，均事前或事后审阅会议议案 | | 5.现场检查情况 | | | （1）现场检查次数 | 0次 | | （2）现场检 ...

Group 1 - The stock of Shihang New Energy increased by 8.23% today, with a turnover rate of 45.95% and a trading volume of 683 million yuan, showing a fluctuation of 19.01% [2] - Institutional investors net sold 5.25 million yuan, while the Shenzhen Stock Connect saw a net purchase of 3.73 million yuan [2] - The top five trading departments accounted for a total transaction of 120 million yuan, with a net purchase of 23.60 million yuan [2][3] Group 2 - Over the past six months, the stock has appeared on the Dragon and Tiger list nine times, with an average price increase of 1.78% the day after being listed and an average decline of 7.79% in the following five days [3] - Today's main capital inflow for the stock was 35.27 million yuan, with a significant single net inflow of 39.97 million yuan, while large single funds saw a net outflow of 4.69 million yuan [3] - The top buying and selling departments included the Shenzhen Stock Connect, which was both the largest buyer and seller, with a buying amount of 25.18 million yuan and a selling amount of 21.45 million yuan [3]

Market Performance - The ChiNext Index rose by 6.55%, closing at 2958.18 points, with a total trading volume of 676.08 billion yuan, a decrease of 40.23 billion yuan from the previous trading day [1] - Among the tradable ChiNext stocks, 1337 stocks closed higher, with 42 stocks rising over 10%, including Jin Yinhe, Tianhua New Energy, and Xian Dao Intelligent, which hit the daily limit [1] - The average turnover rate for the ChiNext today was 4.64%, with 35 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - In the high turnover stocks, 34 stocks increased in price, with Hengbo Co., Ltd., Sudavige, and Haoen Electric rising by 20.00%, 19.99%, and 16.86% respectively [2] - The electric power equipment sector had the most stocks with a turnover rate exceeding 20%, totaling 15 stocks, followed by the machinery and electronics sectors with 4 and 3 stocks respectively [2] Institutional Activity - Five high turnover ChiNext stocks appeared on the Dragon and Tiger list, with institutional participation noted in several stocks [3] - Su Davi Ge saw a net institutional buy of 37.97 million yuan, while Haoen Electric had a net buy of 9.57 million yuan from two institutional seats [3] - The stocks with the highest net buying from brokerage firms were Su Davi Ge, Shouhang New Energy, and Haoen Electric, with net buying amounts of 54.03 million yuan, 25.12 million yuan, and 24.94 million yuan respectively [3] Capital Flow - Among the high turnover stocks, 25 stocks experienced net inflows of main funds, with the highest inflows seen in Nandu Power, Sudavige, and Hanwei Technology, amounting to 370 million yuan, 335 million yuan, and 188 million yuan respectively [4] - The stocks with the largest net outflows included Yian Technology, Shangneng Electric, and Zhengye Technology, with outflows of 164 million yuan, 103 million yuan, and 59.95 million yuan respectively [4]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][5]. Core Views - The company is expected to benefit from the growth in household storage in Australia and the increasing demand for industrial and commercial storage solutions. The report highlights that the company's profits are at a low point but are expected to rebound due to favorable market conditions [5]. - The company specializes in photovoltaic inverters and energy storage products, holding significant market shares globally. The report anticipates growth driven by global demand, expansion into emerging markets, and the introduction of high-power products [5][20]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 3,743 million - 2024: 2,711 million - 2025E: 2,897 million - 2026E: 3,456 million - 2027E: 4,320 million - The expected growth rates for total revenue are -16.0% in 2023, -27.6% in 2024, followed by a recovery with 6.9% in 2025, 19.3% in 2026, and 25.0% in 2027 [4][26]. - The projected net profit attributable to the parent company is: - 2023: 341 million - 2024: 259 million - 2025E: 271 million - 2026E: 386 million - 2027E: 503 million - The net profit growth rates are -59.8% in 2023, -24.1% in 2024, with a recovery to 4.9% in 2025, 42.1% in 2026, and 30.6% in 2027 [4][26]. Industry and Company Situation - The company is positioned as a leader in the differentiated niche market of household energy storage in Europe, with significant growth expected in the energy storage sector due to global carbon neutrality efforts [5]. - The report emphasizes that while the European household storage market is stabilizing, the demand for industrial and commercial storage is rapidly increasing, which the company is well-positioned to capitalize on [5][20]. - The Australian household storage market is projected to grow significantly following government subsidies, with the company already establishing a local subsidiary to enhance service delivery [5][20]. Key Assumptions - The report assumes steady growth in global photovoltaic demand and a recovery in the European household storage market, with expected revenue growth rates for the company's grid-connected inverter business of 5% in 2025, 18% in 2026, and 25% in 2027 [5]. - For energy storage inverters and batteries, the anticipated revenue growth rates are 8% in 2025, 20% in 2026, and 25% in 2027 [5].

Core Insights - On September 4, 2023, a total of 23 stocks appeared on the Longhu list with the presence of Shenzhen Stock Connect special seats [1] - Among the 48 stocks listed, net purchases were made in stocks such as Xinyi Technology, Tianfu Communication, and Huagong Technology, with net buying amounts of 401.02 million yuan, 282.00 million yuan, and 193.34 million yuan respectively [1][2] - Conversely, net sales were observed in stocks like Yanshan Technology, Hudian Co., and Tongfu Microelectronics, with net selling amounts of 537.98 million yuan, 145.08 million yuan, and 97.98 million yuan respectively [1][2] Summary by Category Net Purchases - Xinyi Technology: 40102.46 million yuan, with a decline of 15.58% and a turnover rate of 11.77% [2] - Tianfu Communication: 28200.48 million yuan, with a decline of 15.42% and a turnover rate of 8.45% [2] - Huagong Technology: 19333.51 million yuan, with a decline of 10.00% and a turnover rate of 10.97% [2] - Other notable net purchases include: - Shanzigaoke: 7838.79 million yuan, -7.06% [2] - Jinlongyu: 7502.04 million yuan, +10.01% [2] - Fuzjing Technology: 6204.47 million yuan, -10.00% [2] Net Sales - Yanshan Technology: -53798.40 million yuan, with a decline of 9.98% and a turnover rate of 24.25% [2] - Hudian Co.: -14507.65 million yuan, with a decline of 10.00% and a turnover rate of 4.52% [2] - Tongfu Microelectronics: -9797.54 million yuan, with a decline of 10.01% and a turnover rate of 13.52% [2] - Other notable net sales include: - Lio Co.: -5161.36 million yuan, -10.00% [2] - Huisheng Ecology: -2614.93 million yuan, -9.83% [2] - Han Zhong Precision: -3801.46 million yuan, -9.95% [2]

Core Viewpoint - The stock of Shihang New Energy experienced a slight increase of 0.84% today, with a significant turnover rate of 35.72% and a total transaction amount of 504 million yuan, indicating active trading and interest from investors [2]. Trading Activity - The stock was listed on the Dragon and Tiger list due to its turnover rate reaching 35.72%, with institutional investors net selling 16.32 million yuan and the Shenzhen Stock Connect net selling 4.75 million yuan [2]. - The top five trading departments accounted for a total transaction of 114 million yuan, with a buying amount of 50.58 million yuan and a selling amount of 63.17 million yuan, resulting in a net sell of 12.59 million yuan [2]. - Among the trading departments, five institutional special seats were involved, with a total buying amount of 14.06 million yuan and a selling amount of 30.38 million yuan, leading to a net sell of 16.32 million yuan [2]. Fund Flow - The stock saw a net inflow of 890,200 yuan from major funds today, with large orders contributing a net inflow of 355,000 yuan and a net inflow of 535,100 yuan from larger transactions [3]. - Over the past five days, the net inflow of major funds amounted to 39.62 million yuan [3].

Group 1 - The board of directors of Shenzhen Shouhang New Energy Co., Ltd. held its 14th meeting on September 3, 2025, with all 9 directors present, including some participating via remote voting [1][2] - The meeting approved the appointment of Liu Lixin as the deputy general manager and Yuan Fang as the financial director, effective immediately [1][2] - The nomination committee reviewed the qualifications of the candidates, and the audit committee approved the change in financial director [2]

Group 1 - The company appointed Liu Lixin as the new Vice General Manager and Yuan Fang as the new Chief Financial Officer, effective from September 3, 2025 [1] - Liu Lixin previously served as the Chief Financial Officer and will now take on the role of Vice General Manager [1] - Yuan Fang, who joined the company in August 2021, has been appointed as the Chief Financial Officer [3] Group 2 - The resignation of Vice General Manager Yu Feng was accepted due to personal reasons, and he will no longer hold any position within the company [1] - Yu Feng held 700,000 shares indirectly through an investment partnership and has committed to comply with relevant regulations post-resignation [2] - The board expressed gratitude for Yu Feng's contributions during his tenure [2]

Group 1 - The company, Shouhang New Energy (301658), announced the appointment of Liu Lixin as the Vice General Manager and Yuan Fang as the Financial Director during the second meeting of the second board of directors held on September 3, 2025 [1] - The term for the newly appointed executives will last until the end of the current board's term [1]