登录新浪财经APP 搜索【信披】查看更多考评等级 近日，上能电气（300827）发布了《关于上能电气股份有限公司申请向特定对象发行股票的第二轮审核 问询函的回复（修订稿）》，就深圳证券交易所于2025年7月29日出具的问询函进行了详细答复，涉及 项目备案、发行方案变更、分布式光伏逆变器扩产以及存货跌价准备与销售费用等多个关键问题。 年产25GW组串式光伏逆变器项目相关问题 上能电气原首轮问询回复称年产25GW组串式光伏逆变器产业化建设项目备案、环评、能评将于2025年 8月到期，但实际情况与表述存在差异。公司解释，因项目备案2年期限将满且未开工，基于谨慎性将备 案到期日视同相关批复整体到期日。同时，因距备案到期不足1月且未完成延期申请，存在备案失效风 险，而环评、能评近期失效风险主要由备案失效导致，故风险提示未涉及环评、能评。 关于未按计划开工原因，公司表示主要是土地取得时间晚，且需统筹资源推进年产15GW储能变流器产 业化建设项目。不过，公司已完成项目延期开工申请，计划开工时间调整至2026年，项目可继续推进实 施。 发行方案变更情况 2023年7月，发行人变更发行方案增加发行对象，实际控制人吴强拟参与认购 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [12] Core Views - The company has a strong layout in wind-solar-storage grid-type products and is experiencing continuous breakthroughs in overseas markets, embracing AIDC to establish a second growth curve [3][12] - The company is expected to achieve total revenue of 3.8 billion in 2023, with a projected increase to 6.6 billion by 2027, reflecting a compound annual growth rate (CAGR) of 20.4% [5][12] - Net profit attributable to the parent company is forecasted to grow from 500 million in 2023 to 900 million in 2027, with a significant increase of 88.2% in 2023 [5][12] Financial Summary - Total revenue projections: 3.8 billion in 2023, 3.7 billion in 2024, 4.8 billion in 2025, 5.5 billion in 2026, and 6.6 billion in 2027 [5] - Net profit (attributable to the parent) is expected to be 500 million in 2023, 400 million in 2024, 600 million in 2025, 800 million in 2026, and 900 million in 2027 [5] - Earnings per share (EPS) forecast: 1.10 in 2023, 0.97 in 2024, 1.38 in 2025, 1.66 in 2026, and 1.95 in 2027 [5] - Return on equity (ROE) is projected to improve from 12.8% in 2023 to 14.1% in 2027 [5] Market Data - The company's market capitalization is approximately 13.946 billion [6] - The stock price has ranged from 11.16 to 35.14 over the past 52 weeks [6] - The current stock price is 30.68, with a target price set at 37.81 [12] Business Growth - The engineering transmission business is expected to generate 560 million in revenue in 2024, with a year-on-year growth of 16.7% and a gross margin of 44.5% [12] - Overseas revenue is projected to reach 259 million in 2024, reflecting a year-on-year increase of 122.7% with a gross margin of 54.2% [12] - The company has established over 30 service bases in various countries, including the Netherlands, Brazil, and India, to support its overseas expansion [12] Product Development - The company has invested six years in developing wind-solar-storage grid-type products, which are expected to significantly enhance the safety and stability of power systems [12] - The company has launched various products, including a 1.5-20MW doubly-fed converter for wind power and a 320-350kW string inverter for photovoltaic applications, both designed to support high overload capabilities [12]

Core Viewpoint - The company plans to raise up to 1.649 billion yuan through a private placement to fund two major industrial projects and supplement working capital [1] Group 1: Fundraising and Shareholding Structure - The company intends to issue shares to no more than 35 specific investors, including controlling shareholder Wu Qiang, who will subscribe for 50 million yuan worth of shares [1] - After the issuance, Wu Qiang and Wu Chao will control a combined 22.69% of the company's shares, maintaining Wu Qiang as the controlling shareholder [1] - The company has a history of frequent fundraising activities, including an IPO in March 2020 that raised nearly 400 million yuan and a convertible bond issuance in 2021 that raised 420 million yuan [2] Group 2: Concerns and Market Reactions - The participation of the controlling shareholder in the private placement may raise concerns about potential conflicts of interest and profit transfer, as similar cases in the market have led to significant gains for controlling shareholders at the expense of other investors [1] - Company executives, including Li Jianfei, sold 1.7 million shares from January to April this year, cashing out over 51 million yuan [2] - The progress of previously planned projects, such as the 5GW energy storage converter project, has been slow, with only 10% completion reported as of mid-2023 [2]

Core Viewpoint - The company plans to issue shares to specific investors to raise funds for expanding its production capacity in the photovoltaic inverter and energy storage sectors, capitalizing on the growing demand for renewable energy solutions driven by global carbon neutrality goals [12][20][22]. Group 1: Issuance Details - The company intends to issue shares to no more than 35 specific investors, including institutional and individual investors, with a total fundraising target of up to 1.6486 billion RMB [2][23]. - The issuance price will be set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [3][26]. - The total number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, amounting to approximately 150,685,898 shares [4][28]. Group 2: Fund Utilization - The net proceeds from the issuance will be used entirely for the construction of a 25GW photovoltaic inverter production project, with a total investment of approximately 2.3409 billion RMB, of which 1.6486 billion RMB will be raised through this issuance [5][30]. - The company may use self-raised funds to initiate project implementation before the proceeds are available, with plans to replace these funds once the issuance is completed [30]. Group 3: Market Context - The global photovoltaic market is expected to grow significantly, with new installations projected to reach 530GW by 2024, reflecting a compound annual growth rate of approximately 28.55% [13][22]. - The energy storage market is also experiencing rapid growth, with new installations in China expected to reach 43.7GW in 2024, representing a year-on-year increase of 103% [16][22]. - The company has established itself as a key player in the photovoltaic inverter and energy storage sectors, ranking fourth globally in inverter shipments and maintaining a strong market presence in China [18][20].