Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading player in the domestic offshore wind market, with a market share of 40.9% in offshore wind installations, ranking first in the country [8][21] - The company faced short-term performance pressure, with a revenue decline of 9% year-on-year in 2023, resulting in a significant drop in net profit by 89% [8][15] - The European offshore wind market is expected to see significant growth, with average annual installations projected to reach 8GW+ from 2026 to 2027 [21][24] - The company has secured several key contracts in Europe, indicating a rapid increase in orders since 2024 [24] Summary by Sections 1. Domestic Offshore Wind Leadership and Short-term Performance Pressure - The company achieved 10.18GW of new wind installations in 2023, with a total revenue of 27.9 billion yuan, down 9% year-on-year, and a net profit of 372 million yuan, down 89% [8][15] - In the first three quarters of 2024, the company reported a revenue of 202.4 billion yuan, a year-on-year decrease of 4.1%, and a net profit of 8.1 billion yuan, down 34.6% [15] 2. European Offshore Wind Installation Potential and Order Growth - The report highlights the potential for explosive growth in the European offshore wind market, with cumulative installations expected to exceed 150GW by 2030 [21][22] - The company has signed key agreements with developers in Germany and Italy for offshore wind projects, indicating a strong order pipeline [24] 3. Increased Expense Ratios and Short-term Cash Flow Pressure - The company's expenses increased by 32.8% year-on-year in the first three quarters of 2024, leading to a higher expense ratio of 14.9% [25] - Operating cash flow was negative at -46.4 billion yuan, reflecting short-term cash flow challenges [25] 4. Profit Forecast and Investment Rating - The report adjusts the net profit forecast for 2024 and 2025 down to 10.3 billion yuan and 28.5 billion yuan, respectively, while increasing the 2026 forecast to 34.3 billion yuan [30] - The company is expected to benefit from its leading position in the wind turbine market and the recovery of offshore wind shipments, justifying the "Buy" rating [30]

北京市天元律师事务所 关于明阳智慧能源集团股份公司 2019年限制性股票激励计划首次授予部分第四期及预留部 分第三期解除限售条件成就、回购注销部分激励对象已获授 但尚未解除限售的限制性股票的法律意见 京天股字（2020）第 173-13 号 致：明阳智慧能源集团股份公司 根据北京市天元律师事务所（以下简称"本所"）与明阳智慧能源集团股份公 司（以下简称"公司"或"明阳智能"）签订的《专项法律顾问协议》，本所担任公 司本次实行 2019 年限制性股票激励计划（以下简称"本次股权激励计划"或"本计 划"）的专项法律顾问，就公司 2019 年限制性股票激励计划首次授予部分第四期 及预留部分第三期解除限售条件成就（以下简称"本次解除限售"）及回购注销部 分激励对象已获授但尚未解除限售的限制性股票（以下简称"本次回购注销"） 事项出具法律意见。 本所及经办律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）、《律师事务所从事证券法 律业务管理办法》、《律师事务所证券法律业务执业规则（试行）》、《上市公司股 权激励管理办法》（以下简称"《管理办法》"）等规定及本 ...

本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | --- | --- | --- | --- | --- | | 97,500 | 97,500 | 2025 年 1 月 | 16 | 日 | 证券代码：601615 证券简称：明阳智能 公告编号：2025-001 明阳智慧能源集团股份公司 关于部分股权激励限制性股票回购注销的实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 回购注销原因：因明阳智慧能源集团股份公司（以下简称"公司"或"明 阳智能"）2019 年限制性股票激励计划部分被激励对象因个人原因离职或考核不 合格而不具备激励对象资格，根据公司激励计划的相关规定，公司对前述已获授 但尚未解除限售的 97,500 股限制性股票进行回购注销。 三、回购注销限制性股票后公司股份结构变动情况 一、本次限制性股票回购注销的决策与信息披露 根据公司 2019 年年度股东大会的授权，公司于 2024 年 10 月 21 日召开第三 届董事会第十四次会议及第三 ...

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses the wind power industry, focusing on a specific company, likely a leading player in the offshore and onshore wind turbine market, referred to as "绵羊智能" (Mianyang Intelligent). Core Points and Arguments 1. **Market Dynamics and Profitability** The profitability of offshore wind turbines is significantly higher than that of onshore turbines in China, with European markets showing even greater potential for profit. This shift is expected to enhance pricing power and market dynamics for wind turbine manufacturers [2][3][4]. 2. **Historical Context and Future Outlook** The discussion draws parallels between the current state of the wind power industry and the lithium battery sector from 20 years ago, suggesting that the wind power industry is on the verge of a similar transformation, with companies like Mianyang Intelligent positioned to lead this change [2][3]. 3. **Order Fulfillment and Revenue Growth** The company anticipates a surge in overseas orders, particularly from the UK, Italy, and other European countries, which are expected to be fulfilled post-Chinese New Year. This influx of orders is projected to significantly boost revenue and profitability [2][4][5]. 4. **Valuation Metrics** Current valuation metrics for the wind power sector are noted, with a price-to-book (PB) ratio around 1 and a price-to-earnings (PE) ratio slightly above 10. These metrics are expected to improve as profitability and market conditions stabilize [4][5]. 5. **Supply Chain and Component Management** The company has demonstrated strong capabilities in supply chain management and component production, with expectations of achieving a 100% self-supply rate for blades by 2026. This is seen as a critical factor in maintaining competitive advantage and profitability [6][16]. 6. **Regulatory Changes and Market Conditions** Improvements in bidding rules and regulatory frameworks are anticipated to enhance market conditions, allowing for better pricing strategies and reducing the pressure from low-cost competitors. This is expected to lead to a more sustainable pricing environment in the wind power sector [4][8]. 7. **Long-term Market Potential** The company is exploring long-term market opportunities in Southeast Asia, Australia, and Europe, with significant projects already in negotiation stages. The expected profitability from these markets is projected to be higher than domestic margins [9][10][11]. 8. **Financial Performance and Projections** The company is expected to turn profitable with projected revenues from offshore wind projects reaching approximately 30 billion yuan. The anticipated gross margins for offshore projects could range from 25% to 30% [10][12]. Other Important but Possibly Overlooked Content 1. **Impact of Global Trends** The call highlights the importance of global trends in renewable energy and how they are influencing local market dynamics, particularly in the context of international competition and regulatory support for green energy initiatives [2][3]. 2. **Cost Management Strategies** The company aims to manage costs not by pressuring suppliers but by increasing the self-supply ratio of components, which is expected to lead to better quality and lower costs in the long run [16]. 3. **Future Capacity and Growth Plans** The company plans to expand its production capacity significantly, with expectations of reaching 100 GW of installed capacity by 2025, indicating a robust growth trajectory in the coming years [14][15]. 4. **Market Sentiment and Investor Confidence** The overall sentiment expressed in the call suggests a strong confidence in the company's ability to navigate market challenges and capitalize on emerging opportunities, which could positively influence investor sentiment [4][5].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.07 CNY per share based on a 15x PE valuation for 2025 [35][59]. Core Insights - The company has achieved significant growth in offshore wind power, with a shipment volume of 2.48 GW in 2023, representing a 203% year-on-year increase and capturing a 25.7% market share, making it the second-largest offshore wind turbine manufacturer in China [1]. - The company is recognized for its early adoption of semi-direct drive technology, which has led to a competitive advantage in the offshore wind market [3]. - The company has successfully developed floating wind turbine technology, with the MySE16.6(T) platform being the largest floating wind power platform globally, capable of generating approximately 54 million kWh annually [5][7]. - The company is actively expanding its domestic and international market presence, with a focus on government collaborations and establishing production bases in various provinces [8][9]. Summary by Sections Offshore Wind Power Market - The company has a strong position in the offshore wind market, with a gross margin of 7.92% for its 6MW and above offshore models, significantly higher than the overall wind turbine sales margin of 6.35% [1]. - The company ranked third in bidding capacity with 400 MW in the first three quarters of 2024, indicating a robust pipeline despite potential declines in offshore wind business due to high delivery volumes in 2023 [1]. Technological Advancements - The company has developed a comprehensive product line of semi-direct drive offshore wind turbines ranging from 5 to 25 MW, showcasing its technological leadership [3]. - The MySE18.X-20MW model won a gold award in the "Best Drive System" category at the Windpower Monthly awards, highlighting the company's innovation in offshore wind technology [5]. Domestic and International Expansion - The company is leveraging its geographical advantages in Guangdong, where it has established significant production capacity and enjoys favorable policies for offshore wind projects [7]. - The company has signed agreements with local governments in multiple provinces to enhance its order acquisition capabilities and has established over 20 production bases nationwide [8]. Financial Performance and Projections - The company is projected to achieve revenues of 30.9 billion CNY in 2024, with a growth rate of 10.9%, and expects to reach 45.1 billion CNY by 2026 [35][59]. - The forecasted net profit for 2024 is 1.416 billion CNY, with significant growth anticipated in subsequent years [35][59].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that Mingyang Smart Energy, as a leading domestic wind turbine manufacturer, is experiencing positive changes in its fundamentals, with a focus on short, medium, and long-term growth logic [7][11]. - The company is expected to benefit from the stabilization of wind turbine prices and cost reduction initiatives, which will aid in profit recovery [8][11]. - The report emphasizes the significant growth potential in the offshore wind sector, particularly in Guangdong, where the company has a strong market share [10][11]. Short-term Summary - In the short term, the company is actively promoting cost reduction and efficiency improvements, which are expected to enhance profitability. The average installation capacity of offshore and onshore wind turbines has increased, indicating a trend towards larger turbines [8][63][65]. - The company anticipates delivering 1.5-2GW of offshore wind turbines in 2024, with a significant portion expected in the second half of the year [71][73]. Medium-term Summary - For the medium term, the report forecasts a high increase in offshore wind installations in 2025, with a projected capacity of 15GW, particularly in Guangdong [10][77]. - The company is expected to deliver around 4GW of offshore wind turbines in 2025, benefiting from its historical market share in Guangdong [11][86]. - The report notes that the recent stabilization of onshore wind turbine prices and the potential for price increases will contribute to the company's earnings flexibility [11][88]. Long-term Summary - In the long term, the company is focusing on expanding its overseas offshore wind market, with significant growth opportunities anticipated due to the slow progress of product large-scale production by foreign competitors [10][111]. - The report outlines that various countries have set ambitious offshore wind installation targets, which will create a favorable environment for the company's international expansion [111][114].

ZHONG LUN 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦(深圳)律师事务所 关于明阳智慧能源集团股份公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年十二月 北京市中伦(深圳)律师事务所 关于明阳智慧能源集团股份公司 2024 年第二次临时股东大会的 法律意见书 致:明阳智慧能源集团股份公司 北京市中伦(深圳)律师事务所(以下简称"本所")受明阳智慧能源集团 股份公司(以下简称"公司")委托,指派程彬律师、周雨翔律师出席并见证公 司 2024 年第二次临时股东大会（以下简称"本次股东大会"),并依据《中华人 民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以 下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会 规则》"）以及《明阳智慧能源集团股份公司章程》(以下简称"《公司章程》") 等有关规定,就本次股东大会的召集、召开程序、出席现场会议人员的资格、召 集人资格、会议表决程序及表决结果等事项出具本法律意见书。 为出具本法律意见书,本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 证券代码：601615 证券简称：明阳智能 公告编号：2024-107 | 1、出席会议的股东和代理人人数 | 1,075 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 673,907,919 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 31.3376 | 明阳智慧能源集团股份公司 2024 年第二次临时股东大会决议公告 注：上表中"公司有表决权股份总数"已剔除无表决权的明阳智慧能源集团股份公司回购专 用证券账户股数。 一、 会议召开和出席情况 1、公司在任董事 11 人，现场及通讯出席 5 人；董事长张传卫先生、董事张启应 先生、董事王金发先生、董事张瑞先生、董事樊元峰先生、独立董事刘瑛女 士因公务未出席； 2、公司在任监事 3 人，现场及通讯出席 3 人； 3、公司董事会秘书王成奎先生出席了本次股东大会；能源服务业务线总裁刘连 玉先生、首 ...

证券代码：601615 证券简称：明阳智能 公告编号：2024-106 明阳智慧能源集团股份公司 关于境外公司债券完成本息兑付的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 明阳智慧能源集团股份公司（以下简称"公司"）分别于 2021 年 7 月 12 日和 2021 年 7 月 28 日召开第二届董事会第二十三次会议和 2021 年第三次临时 股东大会，审议并通过了《关于拟发行境外公司债券的议案》。公司境外全资子 公司明阳智能（BVI）有限公司作为境外公司债券的发行主体，于 2021 年 12 月 14 日完成了 2 亿美元公司债券的发行（以下简称"本次美元债券"）。具体内 容详见公司在指定信息披露媒体上披露的《关于发行境外公司债券的结果公告》 （公告编号：2021-153）。 本次美元债券票面利率 1.60%，每半年付息一次，债券期限 3 年，债券到期 日为 2024 年 12 月 16 日（原本息兑付日为 2024 年 12 月 14 日，因休息日顺延至 2024 年 12 月 16 日）。 截至 2024 年 ...

明阳智慧能源集团股份公司 2024 年第二次临时股东大会材料 召开时间：2024 年 12 月 18 日 | 2024 年第二次临时股东大会会议须知 | 2 | | --- | --- | | 2024 年第二次临时股东大会会议议程 | 5 | | 议案一：关于续聘会计师事务所的议案 | 7 | 2024 年第二次临时股东大会会议须知 一、为保证股东大会的严肃性和正常秩序，切实维护股东的合法权益，请出席 本次股东大会的相关人员准时到会场签到并参加会议，参会资格未得到确认的人员 不得进入会场。与会股东应自觉遵守大会纪律，维护会场秩序。 二、股东大会在公司董事会办公室设立接待处，具体负责大会有关程序方面的 事宜。 三、出席现场会议的股东可于 2024 年 12 月 12 日上午 9：30－11：30，下午 1:30 －5:00 到公司董事会办公室办理登记手续。异地股东可用信函或传真登记，信函或 传真登记时间：2024 年 12 月 12 日 9:00 至 16:00（信函登记以当地邮戳为准）。登 记地点：广东省中山市火炬开发区火炬路 22 号，邮编：528437。 四、登记手续 1、自然人股东应持（1）本人身份证 ...