电力设备 | 证券研究报告 — 调整盈利预测 2024年5月7日 601877.SH 正泰电器 买入 户用光伏持续高增长，低压电器经营稳健 原评级：买入 市场价格:人民币 20.55 公司发布2023年年报与2024年一季报，业绩分别同比下降8.27%/10.06%。 公司智慧电器业务经营稳健，户用光伏持续迅猛增长，持续提升品牌国际影 板块评级:强于大市 响力。维持买入评级。 支撑评级的要点 股价表现 ◼ 2023年公司业绩同比下降8.27%：公司发布2023年年报，实现收入572.51 亿元，同比增长24.53%；实现归母净利润36.86亿元，同比减少8.27%； 3% 实现扣非净利润38.29亿元，同比增长14.95%。 (5%) ◼ 2024Q1公司业绩同比下降10.06%：公司发布2024年一季报，实现归母 (12%) 净利润10.81亿元，同比减少10.06%，环比增长55.49%。 (20%) ◼ 低压电器板块营收持续增长，深化渠道布局：2023 年公司智慧电器板块 (28%) 实现营业收入201.39亿元，同比增长7.84%；毛利率同比增加1.85个百 (36%) ya 3M -2 n 3uJ ...

2024年5月3日 公司研究 户用光伏维持高增，逆变器储能业务实现突破 ——正泰电器（601877.SH）2023 年年报&2024 年一季报点评 要点 买入（维持） 事件：公司发布 2023 年年报及 2024 年一季报，2023 年实现营业收入 572.51 当 前价：20.65元 亿元，同比增长24.53%，实现归母净利润36.86亿元，同比下降8.38%，拟每 股派发现金红利0.55元（含税）；2024Q1公司实现营业收入159.17亿元，同 作者 比增长1.12%，实现归母净利润10.81亿元，同比下降10.06%。 分析师：殷中枢 户用光伏保持市占率行业领先，低压电器业务全球化布局稳步推进。 执业证书编号：S0930518040004 （1）光伏业务方面，2023年公司实现户用光伏新增并网超12GW，约占全国户 010-58452071 用光伏新增装机容量的29%，市占率保持行业第一，出售电站体量约8GW，截 yinzs@ebscn.com 至2023年末自持户用装机容量约14GW，带动光伏业务板块营业收入同比增长 分析师：郝骞 38.11%至366.05亿元，毛利率同比减少2.13个pct至18 ...

Investment Rating - The report maintains a "Recommend" rating for the company [1][2] Core Views - The company achieved revenue of 57.221 billion yuan in 2023, a year-on-year increase of 24.53%, while net profit attributable to the parent company was 3.686 billion yuan, a year-on-year decrease of 8.27% [1] - In Q1 2024, the company achieved revenue of 15.917 billion yuan, a year-on-year increase of 1.12%, and net profit attributable to the parent company was 1.081 billion yuan, a year-on-year decrease of 10.06% [1] - The company's gross profit margin and net profit margin in 2023 were 21.97% and 8.64%, respectively, down 1.15pcts and 1.63pcts year-on-year [1] - The company's R&D expenses increased by 3.77% year-on-year to 1.179 billion yuan in 2023, driven by the launch of new intelligent products [1] - The company's residential photovoltaic business added over 12GW of installed capacity in 2023, accounting for approximately 29% of the national market share [1] - The company has accelerated its overseas layout, with over 30 localized subsidiaries and a localization rate of 65%, covering more than 140 countries [1] Financial Forecasts - The company's revenue is expected to reach 65.604 billion yuan, 73.488 billion yuan, and 82.438 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.6%, 12.0%, and 12.2% [1][2] - Net profit attributable to the parent company is forecasted to be 4.469 billion yuan, 5.136 billion yuan, and 5.851 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.2%, 14.9%, and 13.9% [1][2] - The company's PE ratio is expected to be 10X, 8X, and 7X in 2024, 2025, and 2026, respectively [1][2] Business Highlights - The company's low-voltage electrical business achieved a gross profit margin of 28.04% in 2023, up 1.85pcts year-on-year, while the photovoltaic business had a gross profit margin of 18.43%, down 2.13pcts year-on-year [1] - The company has delivered over 1.2 million residential photovoltaic power stations, providing nearly 24 billion kWh of green electricity annually and reducing CO2 emissions by over 19 million tons [1] - The company has established partnerships with global leaders such as Saudi Electricity Company (SEC) and RWE, and has built 2 new overseas factories, 3 regional headquarters, and 4 regional logistics centers [1]

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-021 浙江正泰电器股份有限公司 关于 2024 年第一季度光伏电站经营数据的公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露 第九号—光伏》 的要求，现将浙江正泰电器股份有限公司（以下简称"公司"）2024 年第一季度光伏电站 经营数据（未经审计）披露如下： 公司积极践行双碳目标，在智慧电力能效和新能源产业不断深耕，新能源业务保持稳健 发展态势。截至 2024 年 3 月 31 日，公司持有光伏电站装机容量 16,733 兆瓦，其中户用光 伏电站装机容量 14,446 兆瓦，比去年同期有较大增长。 | | 装机容量 | 发电量（万 | 上网电量 | 结算电量（万千 | 上网电价 | 电费收入（万 | | --- | --- | --- | --- | --- | --- | --- | | 区域 | （MW） | 千瓦时） | （万千瓦 | 瓦时） | （元/千 | 元） | | | | ...

公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 2024 年第一季度报告 证券代码：601877 证券简称：正泰电器 浙江正泰电器股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期增减 变动幅度(%) | | --- | --- | --- | | 营业收入 | 15,916,617,791.63 | 1.12 | | 归属于上市公司股东的净利润 | 1,080,597,222.13 | -10.06 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 1,032,409,836.58 | -4.98 | ...

Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5.5 CNY per 10 shares to all shareholders, pending approval at the 2023 annual general meeting[4]. - The cash dividend amount (including tax) for the year is CNY 1,181,932,936.80, which represents 32.06% of the net profit attributable to ordinary shareholders in the consolidated financial statements[164]. - The company did not propose a cash profit distribution plan despite having a positive profit available for distribution to shareholders[163]. Financial Performance - The company's operating revenue for 2023 reached CNY 57.25 billion, an increase of 24.53% compared to CNY 45.97 billion in 2022[20]. - Net profit attributable to shareholders was CNY 3.69 billion, a decrease of 8.27% from CNY 4.02 billion in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 3.83 billion, reflecting a 14.95% increase from CNY 3.33 billion in 2022[20]. - The company's total assets increased by 15.78% to CNY 120.80 billion, up from CNY 104.34 billion in 2022[20]. - The net cash flow from operating activities was CNY 4.14 billion, down 18.76% from CNY 5.10 billion in the previous year[20]. - Basic earnings per share decreased by 8.47% to CNY 1.73, compared to CNY 1.89 in 2022[21]. - The weighted average return on equity was 9.76%, a decrease of 2.19 percentage points from 11.95% in 2022[21]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[3]. - The financial report is signed and sealed by the company's responsible persons and the accounting firm, ensuring its authenticity[8]. - The company has not violated any decision-making procedures regarding external guarantees[6]. - The company emphasizes transparency in information disclosure, adhering to legal requirements and ensuring equal access to information for all shareholders[135]. - The audit committee held three meetings during the reporting period, reviewing key financial reports and internal control evaluations[153]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring governance and decision-making integrity[3]. - The company held 6 shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements, and maintaining open communication channels with shareholders[132]. - The board convened 14 meetings, with independent directors ensuring compliance and oversight, and three specialized committees effectively supporting decision-making processes[133]. - The supervisory board held 12 meetings, fulfilling its responsibilities to monitor the legality and compliance of the actions of directors and senior management[133]. Market and Industry Insights - The company has outlined potential industry and market risks in the report, emphasizing the need for investors to be aware of these risks[6]. - The company’s international business strategy focuses on localizing operations to strengthen brand influence globally[29]. - The company aims to optimize its asset structure through ongoing development of large-scale photovoltaic base projects[29]. - The domestic low-voltage electrical market size is expected to reach RMB 82.99 billion in 2023, indicating room for market share growth for leading companies[54]. - The inverter and energy storage markets are rapidly expanding, driven by the increasing demand for renewable energy solutions, with significant growth potential[57]. Research and Development - The company invested 1.179 billion yuan in R&D, with a total of over 8,000 patent applications and 6,000 authorized patents, reinforcing its position as an industry leader[41]. - The company launched over 1,330 domestic patent applications during the reporting period, including 369 invention patent applications[41]. - The company is focusing on enhancing its product offerings in photovoltaic materials and system components, although specific financial metrics were not provided[97]. Environmental and Social Responsibility - The company has established an environmental protection mechanism and invested CNY 3.73 million in environmental protection funds during the reporting period[167]. - The company has reduced carbon emissions by 13,491,829 tons through various carbon reduction measures, including the development of photovoltaic green power business, which generated approximately 1,621,614.05 million kWh in 2023[175]. - The company invested a total of 1,266.06 million yuan in social responsibility and public welfare projects during the reporting period[180]. Strategic Initiatives - The company is actively pursuing new strategies for market expansion and technological innovation in the renewable energy sector[98]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[95]. - The company is committed to building a regional smart energy ecosystem and providing comprehensive energy solutions to local governments and end-users[124]. Subsidiary and Investment Activities - The company completed the acquisition of a 24.99% stake in Tongrun Equipment for RMB 850 million, becoming its controlling shareholder[200]. - The company plans to increase its indirect stake in Zhengtai Energy to 64.13% through the acquisition of partnership shares for RMB 504 million[199]. - The company established 820 new subsidiaries and disposed of 114 project companies during the reporting period[74]. Risk Management - The company faces risks from market competition, raw material price fluctuations, and international market uncertainties, which may impact its operational performance[129]. - Rising labor costs and tight supply have pressured the company's cost control and supply capabilities, prompting a push towards smart manufacturing and digital recruitment and training initiatives[130]. Employee and Management Information - The total number of employees at the end of the reporting period was 36,505, including 23,528 production staff and 5,448 technical personnel[157]. - The company has a performance-based compensation policy aimed at attracting and retaining talent aligned with its strategic goals[158]. - The total remuneration for directors and senior management during the reporting period amounted to 3,388.36 million CNY[140].

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。 浙江正泰电器股份有限公司（以下简称"公司"）于 2024 年 2 月 26 日、2024 年 3 月 14 日召开了公司第九届董事会第二十三次会议及 2024 年第一次临时股东大会，审议通过了《关 于浙江正泰电器股份有限公司 2024 年员工持股计划（草案）及摘要的议案》（以下简称"2024 年员工持股计划"）等相关议案，具体内容详见上海证券交易所网站 www.sse.com.cn 相关公 告。 证券代码：601877 证券简称：正泰电器 公告编号：临 2024-007 浙江正泰电器股份有限公司 关于 2024 年员工持股计划股票完成过户的公告 特此公告。 浙江正泰电器股份有限公司董事会 2024 年 4 月 24 日 1 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》的要求，现将公司 2024 年员工持股计划的实施进展情况公告如下： 2024 年 4 月 22 日，公司收到中国证券登记结算有限责任公司出具的《过户登记确认书》， 公司回购专用证券账户所持有的 2,1 ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-009 浙江正泰电器股份有限公司 关于对外担保进展的公告 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。 重要内容提示： ●被担保人：浙江正泰电器股份有限公司（以下简称"公司"或"正泰电器"）控股子 公司浙江正泰新能源开发有限公司（以下简称"正泰新能源"）下属全资子公司阿克塞哈萨 克族自治县银泰新能源开发有限公司（以下简称"银泰新能源"）、公司控股子公司正泰安 能数字能源（浙江）股份有限公司（以下简称"正泰安能"）的 15 家下属全资子公司。 ●特别风险提示：截至本公告披露日，公司及子公司对外担保总额超过公司最近一期经 审计净资产的 50%，主要为对公司全资或控股子公司及其下属企业的担保，均在经公司股东 大会审议通过的授权担保额度范围内，敬请投资者注意相关风险。 一、担保情况概述 因公司新能源业务迅速发展，公司控股子公司正泰安能、正泰新能源为公司合并报表范 围内的子公司新增担保如下表所示： | 担保方 | 被担保方 | 合作金融机构 | 担保金额 （万元） | ...

证券代码：601877 证券简称：正泰电器 公告编号：临 2024-008 浙江正泰电器股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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。 1 （1）负责召集持有人会议； （2）代表全体持有人监督员工持股计划的日常管理； （3）代表全体持有人行使股东权利； 浙江正泰电器股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日以现场和通讯相 结合的方式召开了 2024 年员工持股计划第一次持有人会议，共计 82 名员工持股计划份额持 有人出席会议，代表员工持股计划份额 29,613.2550 万份，占公司员工持股计划总份额的 100.00%。会议由董事长南存辉先生召集主持，本次会议的召集、召开及表决程序符合《浙 江正泰电器股份有限公司 2024 年员工持股计划（草案）》、《浙江正泰电器股份有限公司 2024 年员工持股计划管理办法》的规定，本次会议审议通过了以下议案： 一、《关于设立员工持股计划管理委员会的议案》 参加表决的持有人以 29,613.2550 万 ...

(二)股东大会召开的地点：上海市松江区思贤路 3655 号正泰启迪智电港 A3 栋一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601877 证券简称：正泰电器 公告编号：临 2024-006 浙江正泰电器股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 3 月 14 日 | 1、出席会议的股东和代理人人数 | 76 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,289,960,126 | | 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（%） | 60.6280 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，经公司半数以上董事共同推举，董事朱信敏先生主持会 议。本次股东大会采用现场投票和网络投票相结 ...