Financial Data and Key Metrics Changes - The company reported a revenue increase of 30% year-over-year and 35% quarter-over-quarter, reaching 518.07 million [2][13] - Net profit for the quarter was 117.58 million, reflecting a 42% year-over-year increase and a 17.5% quarter-over-quarter increase [2][13] - Gross margin improved from 34.76% in Q1 to 36.53% in Q2, driven by inventory optimization and cost management [11][27] Business Line Data and Key Metrics Changes - Sales of SDT MOS products were strong, expanding into high-end applications [3] - IGBT products adapted to market changes, broadening their application range and improving gross margins [3] - The company effectively reduced inventory levels and managed high-cost products, which is expected to enhance gross margins further [4][11] Market Data and Key Metrics Changes - Demand across all downstream sectors remained stable, particularly in the industrial sector due to strong growth in electric tools and industrial power supplies [8] - The consumer sector showed signs of recovery, aided by a gradual economic rebound and improved export markets [8] - The photovoltaic and energy storage markets exhibited rapid growth in specific regions, such as Africa [8] Company Strategy and Development Direction - The company is focusing on innovation and expanding into high-value areas, particularly in automotive and AI sectors [2][3] - Strategic adjustments in inventory management and product offerings are aimed at enhancing competitiveness in the semiconductor industry [4][10] - The company is leveraging its technical strengths and market sensitivity to adapt quickly to market changes and seize growth opportunities in renewable energy and photovoltaic sectors [7][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from global economic slowdowns and intensified competition but emphasized the company's ability to respond flexibly to market demands [2][15] - There is optimism regarding the growth potential in the automotive and AI computing markets, with expectations for better performance in the second half of the year [4][9] - The company plans to maintain a proactive approach to inventory management and pricing strategies to sustain profitability [11][27] Other Important Information - The company’s subsidiaries are performing well, with Telecom Integration focusing on advanced packaging technology and achieving profitability [5][20] - The management team has been rejuvenated with younger talent, enhancing the company's competitive edge in international markets [6][22] Q&A Session Summary Question: What were the specific performance growth figures for Q2? - The company achieved a revenue of 518.07 million, a 35.01% increase from Q1, and a net profit of 117.58 million, also reflecting a 17.5% increase [13] Question: How did the company perform in the first half of 2024? - In the first half of 2024, the company reported a revenue of 873.49 million, a 15.16% year-over-year increase, and a net profit of 217.65 million, up 47.45% from the previous year [14] Question: How does the company view the current market environment and its strategies? - Despite challenges from economic slowdowns and competition, the company has adjusted production capacity and responded to customer demand, leading to steady performance [15] Question: How are the main product platforms performing? - SDT MOS products saw significant sales growth, becoming the largest sales platform; full-time MOS products also showed improvement due to diverse applications [15] Question: What is the current inventory situation and future outlook? - The company has reduced inventory levels for three consecutive quarters and is optimizing inventory structure to alleviate pressure from high-cost products [15] Question: Will gross margins rise in Q3? - There is an expectation for gross margins to increase in Q3 due to the clearance of high-cost inventory and strong demand for mid-to-low voltage products [16] Question: What is the long-term outlook for gross margins? - The company is optimistic about further gross margin growth due to ongoing structural optimization and increasing market demand [17] Question: How does the company assess the pricing cycle in the MOS and electronic fields? - Different product categories are experiencing varied pricing cycles, with expectations for strong demand in automotive and AI computing sectors [18] Question: What is the status of the upstream wafer supplier pricing? - There have been no significant price changes from upstream wafer suppliers, and the company is well-positioned to absorb potential price increases [19] Question: Can you provide an overview of the three subsidiaries? - The subsidiaries are focused on advanced packaging, module packaging, and integrated circuit R&D, all showing promising growth and profitability [20] Question: How has the number of product SKUs changed recently? - The number of SKUs has significantly increased, particularly in the MOS and IGBT categories, with plans for further expansion [21] Question: What are the reasons for recent management changes? - The management team has been refreshed with younger talent to enhance operational efficiency and market responsiveness [22] Question: How has technology upgrading impacted actual performance? - The company has achieved significant success in various sectors through continuous technology upgrades and product iterations [23] Question: What is the outlook for downstream market demand in the second half of the year? - The company expects strong performance across various sectors, including industrial, consumer electronics, and AI computing [25] Question: How does the company view competition in the automotive sector? - The company remains competitive in the automotive sector, leveraging cost optimization and product quality to maintain an edge over international competitors [26]

证券研究报告 | 公司点评报告 2024 年 08 月 13 日 基础数据 总股本（百万股） 415 已上市流通股（百万股） 415 总市值（十亿元） 12.6 流通市值（十亿元） 12.6 每股净资产（MRQ） 9.0 ROE（TTM） 10.5 资产负债率 9.8% 主要股东 朱袁正 主要股东持股比例 21.84% 股价表现 新洁能（605111.SH） Q2 单季营收创历史新高，毛利率水平环比持续提升 TMT 及中小盘/电子 当前股价：30.29 元 新洁能是国内 MOS 品类最齐全的公司，拓展 IGBT 产品，并布局第三代半导体 和功率 IC 领域，下游应用中向 AI 算力等领域国际头部客户厂商供货。新洁能 发布 2024 年半年报，结合公告信息，点评如下： ❑ 公司 24H1 营收同比实现增长，单季毛利率环比实现连续四个季度增长。 24H1：营收 8.73 亿元，同比+15.16%，归母净利润 2.18 亿元，同比+47.45%， 毛利率 35.78%，同比+5.24pcts，净利率 24.72%，同比+5.56pcts。24Q2： 营收 5.02 亿元，同比+30.4%/环比+35.01%，主要受 ...

任正宣的分析师任正宣今天跟我同事张浩然一块组织我们的那个新节能的电话会今天也是有幸请到了新节能的萧总于总跟大家做一个周报的解读以及未来掌握了那个刚刚也是公司发布的那个二级报那个那个数据还是非常亮眼的一份财报我们看到Q2的话营收同比增长了30 环比增长了35% 金利润的话达到单单季度金额达到1.18亿同比正在马克思12环民正在17.5同时的话关于二季度库存进一步下降毛利率水平的话维持持续提升气氛非常亮丽采购公司也是作为我们的重点公司啊也是墨国内的墨索龙头我们看到近期的话在无人汽车或者AI领域的话都有一些新的突破 这块我待会我们请我们的工商的公司给我们详细的进行展开所以的话我们觉得就说新节能作为MOS的核心标的啊行业受益于产品价格的编辑改善同时的话自己通过持续研发投入在新产品品类的话持续扩张呃包括呃 料号的话 逐步丰富特别是在高付价的领域里面的话细节拓展所以的话是值得大家高度重视重点关注的所以今天的话也是请我们的萧总余总跟大家去进行一个深度的交流下面要为余总您先跟大家去交流一下我们谈报的一些具体情况那待会萧总跟大家进行相关的一些提问和回答谢谢 好的 谢谢郑总那也感谢您刚刚对我们公司的一个简单介绍那非常感谢各位投资 ...

来源：公司年报、国金证券研究所 新洁能 (605111.SH) 2Q24 扣非归母净利润同环比高增， 业绩简评 2024 年 8 月 12 日公司披露 2024 年半年报，1H24 公司实现营收 8.73 亿元，较去年同期增长 15.16%；1H24 实现归母净利润 2.18 亿元，同比增长 47.45%；实现归属于上市公司股东的扣除非经常 性损益的净利润 2.14 亿元，同比增长 55.21%。 经营分析 公司积极响应客户需求变化，提前加大排产推动收入和业绩同步 成长。2Q24 公司单季度营收 5.01 亿元，环比+35.01%；2Q24 实 现归母净利润 1.18 亿元，同比+42.25%，环比+17.50%，实现扣 非后归母净利润 1.31 亿元，同比+75.96%，环比+56.33%。1H24 公司 IGBT 实现收入 1.41 亿元，同比-22.64%，销售占比降至 16.20%。公司预计下半年光伏随着新品大电流 IGBT 单管上量， 销售将进一步回暖。1H24 公司 SGT-MOS 实现收入 3.60 亿元， 销售占比从去年同期 33.95%增长到 41.44%。根据公司公告， SGT-MOS 产 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [6]. Core Insights - The company has shown significant revenue and profit growth in Q2 2024, with a revenue of 5.0 billion yuan, a year-on-year increase of 30.4%, and a net profit of 1.2 billion yuan, up 42.3% year-on-year [1][2]. - The gross margin has improved to 36.5% in Q2 2024, reflecting a 6.9 percentage points increase year-on-year [1]. - The demand from downstream markets is gradually recovering, leading to accelerated inventory digestion and some products experiencing supply shortages [1]. - The company is actively responding to customer needs by introducing mid-to-high-end products in emerging application scenarios such as new energy vehicles, energy storage, and data centers, which is expected to further optimize the product structure [1][2]. Financial Performance - For the first half of 2024, the company achieved a revenue of 870 million yuan, a year-on-year increase of 15.2%, and a net profit of 220 million yuan, up 47.5% year-on-year [1]. - The revenue forecast for the company is projected to be 19.2 billion yuan in 2024, 24.0 billion yuan in 2025, and 30.3 billion yuan in 2026, with year-on-year growth rates of 30.03%, 25.00%, and 26.29% respectively [2][3]. - The net profit is expected to reach 4.5 billion yuan in 2024, 5.4 billion yuan in 2025, and 7.0 billion yuan in 2026, with year-on-year growth rates of 39.22%, 19.66%, and 30.05% respectively [2][3]. Product and Market Dynamics - The SGT-MOSFET product line is experiencing high demand, with revenue growth of 40.3% year-on-year, accounting for 41.4% of total revenue [1]. - The company has made significant progress in automotive electronics, with a partnership with BYD expected to enhance product supply by over 50% in the first half of 2024 [1]. - The AI computing server applications are also seeing substantial growth, with multiple products from the SGT series being utilized, indicating a strong sales outlook for the second half of the year [1].

2024 年半年度报告 公司代码：605111 公司简称：新洁能 无锡新洁能股份有限公司 2024 年半年度报告 1 / 178 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱袁正、主管会计工作负责人陆虹及会计机构负责人（会计主管人员）邱莹莹声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以截至2024年8月12日的总股本扣除回购专户中的股份数量后的股本数414,278,987股 为基数，向全体股东每10股派发现金红利0.53元（含税），预计派发现金21,956,786.31元（含税 ），剩余未分配利润结转以后年度分配。如在本半年度利润分配预案披露之日起至实施权益分派 股权登记日期间，公司总股本发生变动的，拟维持分配总额不变，相应调整每股分配金额，并另 行公告具体调整情况。 六、 前瞻性陈述的风险声明 ...

无锡新洁能股份有限公司 章 程 | | | | 第一章 总 则 - 3 - | | --- | | 第二章 经营宗旨和范围 - 4 - | | 第三章 股 份 - 4 - | | 第一节 股份发行 - 4 - | | 第二节 股份增减和回购 - 5 - | | 第三节 股份转让 - 6 - | | 第四章 股东和股东大会 - 7 - | | 第一节 股 东 - 7 - | | 第二节 股东大会 - 9 - | | 第三节股东大会的召集 - 13 - | | 第四节股东大会的提案与通知 - 14 - | | 第五节股东大会的召开 - 16 - | | 第六节 股东大会表决和决议 - 19 - | | 第五章 董事会 - 24 - | | 第一节 董事 - 24 - | | 第二节 董事会 - 27 - | | 第六章 经理及其他高级管理人员 - 32 - | | 第七章 监事会 - 34 - | | 第一节 监事 - 34 - | | 第二节 监事会 - 34 - | | 第八章 财务会计制度、利润分配和审计 - 36 - | | 第一节 财务会计制度 - 36 - | | 第二节 内部审计 - 39 - | ...

证券代码：605111 证券简称：新洁能 公告编号：2024-044 无锡新洁能股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 股东大会召开日期：2024年8月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第一次临时股东大会 （二） 股东大会召集人：董事会 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 8 月 28 日 10 点 00 分 召开地点：江苏省无锡市新吴区电腾路 6 号新洁能公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 28 日至 2024 年 8 月 28 日 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-041 无锡新洁能股份有限公司 2024 年半年度利润分配预案的公告 本次利润分配预案尚需公司股东大会审议通过后方可实施。 一、利润分配预案内容 根据公司 2024 年半年度财务报告（未经审计），公司 2024 年 1-6 月实现归 属于上市公司普通股股东的净利润为 217,648,539.88 元；截至 2024 年 6 月 30 日， 母公司报表期末可供分配的利润为 1,413,555,100.42 元。经公司第四届董事会第 十七次会议和第四届监事会第十五次会议审议通过，公司 2024 年半年度拟以实 施权益分派股权登记日登记的总股本（扣除回购专户中的股份数量）为基数分配 利润。本次利润分配预案如下： 公司拟向全体股东每 10 股派发现金红利 0.53 元（含税）。截至 2024 年 8 月 12 日，公司总股本为 415,332,567 股，以扣除回购专户中的股份数量 1,053,580 股后的股本数 414,278,987 股为基数，以此计算派发现金 21,956,786.31 元（含税）， 重要内容提示： 每股分配比例：每 10 股派发现 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-037 无锡新洁能股份有限公司 第四届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 无锡新洁能股份有限公司（以下简称"公司"）第四届监事会第十五次会议通 知于 2024 年 8 月 2 日以邮件或通讯的形式发出，会议于 2024 年 8 月 12 日以通 讯方式召开。本次会议由监事会主席陈玲莉主持，应参加会议监事 3 人，实际参 加会议监事 3 人。本次监事会的召集、召开程序符合《中华人民共和国公司法》 和《无锡新洁能股份有限公司章程》的有关规定，会议形成的决议合法有效。 二、监事会会议审议情况 1、审议通过《公司 2024 年半年度报告及摘要的议案》 监事会认为：（1）公司 2024 年半年度报告及摘要的编制和审议程序符合法 律、法规、公司章程和公司内部管理制度的各项规定；（2）公司 2024 年半年度 报告及摘要的内容和格式符合中国证券监督管理委员会和证券交易所的各项规 定，所包含的信息从各个方面真实地反映出 ...