证券代码：688348 证券简称：昱能科技 公告编号：2025-001 昱能科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，昱能科技股份有限公司(以下简称"公司")股东嘉兴 汇英投资管理合伙企业（有限合伙）（以下简称"嘉兴汇英"）持有公司无限售流 通股份 3,328,326 股，占公司总股本的 2.13%，股东嘉兴汇能投资管理合伙企业 注 2：本次减持计划仅嘉兴汇英进行减持，不涉及其一致行动人嘉兴汇能持股部分减持。 | | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | 第一组 | 嘉兴汇能 | 5,558,035 | 3.56% | 同一执行事务合伙人 | | | 嘉兴汇英 | 3,328,326 | 2.13% | 同一执行事务合伙人 | | | 合计 | 8,886,361 | 5.69% | — | （有限合伙）（以 ...

证券代码：688348 证券简称：昱能科技 昱能科技股份有限公司投资者关系活动记录表 （2024 年第三季度业绩说明会） 编号：20241118 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（请文字说明其他活动内容） 形式 现场 网上 电话会议 参与单位名称 及人员姓名 参与公司 2024 年第三季度业绩说明会的投资者 时间 2024 年 11 月 18 日 15:30-16:30 地点 价值在线（https://www.ir-online.cn）网络互动 上市公司接待 人员姓名 董事长 凌志敏 董事会秘书 邱志华 财务总监 张家武 独立董事 顾建汝 投资者关系活动 主要内容介绍 介绍环节： 简单介绍公司第三季度及前三季度经营情况： 一、公司 2024 年 1-9 月经营业绩情况 （一）第三季度及 2024 年 1-9 月经营业绩 1、2024 年第三季度业绩 2024 年第三季度实现营收 6.34 亿元，环比增长 34.61 %，同比增长 104.33%。2024 年第三季度实现归母净利润 6, 164.50 万元，环比增长 28.74%，同比增 ...

Summary of YN Technology Conference Call Company Overview - YN Technology reported a revenue of 634 million yuan in Q3 2024, representing a year-on-year growth of 104.33% and a quarter-on-quarter increase of 34.61% [2][3] - The net profit attributable to shareholders for Q3 2024 was 61.645 million yuan, up 33.47% year-on-year [2][3] - For the first nine months of 2024, the company achieved a revenue of 1.533 billion yuan, a year-on-year increase of 58.31%, but the net profit decreased by 17.14% due to increased upfront investments [2][3] Product Performance - Sales of the energy distribution devices reached 1.3 billion yuan, while self-control observers generated 133 million yuan in sales, both showing significant growth with gross margins exceeding 40% [2][4] - The company sold 858,000 energy distribution devices and 804,000 self-control observers in the first nine months of 2024, with respective revenue growth of 11.75% and 13.68% [4] Inventory and Supply Chain - As of September 30, 2024, total inventory was 1.271 billion yuan, down 245 million yuan from June 30, 2024, with an inventory turnover rate of 0.73, nearly doubling from the previous year [2][5] - The inventory structure is optimized, with approximately 40% as raw materials and processing materials, and 50% as finished goods [5][31] Market Expansion and Strategy - YN Technology is actively expanding into overseas markets, with Europe accounting for over 60% of sales and the US for 20-30% [2][11] - The company plans to enter Southeast Asia and other emerging markets to adapt to potential market changes and policy adjustments [2][9][12] - The company is optimistic about the micro-profitability prospects in the commercial solar market and has launched relevant solutions for small-scale projects [2][8] Research and Development - The fifth-generation energy distribution product is currently in the pre-production stage, focusing on design optimization and cost reduction through large-scale production [6] - The company collaborates with electronic manufacturers to enhance product integration efficiency and market competitiveness [6][14] Future Outlook - YN Technology anticipates significant growth in emerging markets and overseas commercial markets over the next 3-5 years, driven by the increasing demand for stable electricity supply in low-income areas [29][32] - The company expects a 20% overall growth in shipments for the next year, with potential explosive growth in emerging markets [32][33] - The company has approximately 500 million yuan in hand orders, equivalent to about 500 MWh, expected to be completed next year [33] Competitive Landscape - The micro-profit sector is shifting towards micro-storage, with intensified competition in online channels [14] - The company does not currently plan to collaborate directly with large online sales platforms but supports downstream customers in online sales [10] Conclusion - YN Technology is positioned for strong growth with a focus on overseas expansion, product innovation, and market adaptability, despite facing challenges such as fluctuating net profits and competitive pressures in the solar energy sector [2][19][28]

Group 1 - Zhejiang Yuling Technology Co., Ltd. has been established with a registered capital of 25.5 million yuan [1] - The legal representative of the company is Luo Yuhao [1] - The business scope includes manufacturing of photovoltaic equipment and components, battery manufacturing, solar power generation technology services, and energy storage technology services [1] Group 2 - The company is jointly held by Yuneng Technology and Zhejiang Boying New Energy Co., Ltd. [1]

证券代码：688348 证券简称：昱能科技 公告编号：2024-069 昱能科技股份有限公司 关于召开2024年第三季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2024 年 11 月 18 日 12:00 前访问网址： https://eseb.cn/1jb8Yr8GOuA 或扫描下方二维码在报名时进行会前提问，公 司将通过本次业绩说明会上，在信息披露允许范围内就投资者普遍关注的问题 进行回答。 昱能科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划 2024 年 11 月 18 日下午 15:30-16:30 举 会议召开时间：2024 年 11 月 18 日（星期一）15:30-16:30 会议召开方式：网络及电话会议方式 会议召开地点：价值在线 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨昱能科技（688348.SH） [Table_Title] 微逆业务保持平稳，工商储确收大幅增长 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 昱能科技发布 2024 年三季报， 2024 前三季度实现收入 15.33 亿元，同比增长 58.31% ；归母 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 请阅读最后评级说明和重要声明 昱能科技（688348.SH） cjzqdt11111 相关研究 [Table_Title2] 微逆业务保持平稳，工商储确收大幅增长公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table ...

Investment Rating - The investment rating for the company is "Accumulate" with a revised outlook [5]. Core Insights - The company reported a significant increase in revenue, achieving 1.533 billion yuan in the first three quarters of 2024, a year-on-year growth of 58.31%. However, the net profit attributable to the parent company decreased by 17.14% to 149 million yuan [1][2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of approximately 620 million yuan, an increase of 1.552 billion yuan year-on-year [1][2]. - The revenue for Q3 2024 reached 634 million yuan, representing a year-on-year increase of 104.33% and a quarter-on-quarter increase of 34.61% [1]. Summary by Sections Revenue Growth - The high revenue growth is primarily attributed to the rapid increase in revenue from industrial and commercial energy storage systems and the gradual recovery of the overseas micro-inverter market [2]. Profitability - The net profit attributable to the parent company for Q3 2024 was 62 million yuan, a year-on-year increase of 33.47% and a quarter-on-quarter increase of 28.74% [1][2]. Financial Forecasts - Revenue forecasts for 2024 and 2025 have been adjusted to 1.964 billion yuan and 2.341 billion yuan, respectively. The net profit forecasts for the same years are adjusted to 251 million yuan and 350 million yuan [3][4]. - The company is expected to achieve a revenue of 2.809 billion yuan and a net profit of 418 million yuan by 2026 [3][4]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 36, 25, and 21 times for the years 2024, 2025, and 2026, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 24Q3 revenue reached 630 million yuan, a year-on-year increase of 104% and a quarter-on-quarter increase of 35% [2] - Net profit attributable to the parent company in 24Q3 was 62 million yuan, up 33% year-on-year and 29% quarter-on-quarter [2] - The gross profit margin in 24Q3 was 28.3%, down 11.7 percentage points year-on-year and 7.1 percentage points quarter-on-quarter, mainly due to the increased proportion of low-margin commercial and industrial storage [2] - Microinverter shipments in 24Q3 were approximately 260,000 units, flat quarter-on-quarter, with stable gross margins [2] - Commercial and industrial storage projects contributed approximately 260 million yuan in revenue in 24Q3, a quarter-on-quarter increase of over 150%, with a gross margin of around 15% [2] - The company's operating cash flow in 24Q3 was 380 million yuan, an increase of 550 million yuan compared to the same period last year [3] Financial Forecasts - The company's revenue is expected to grow from 1,420 million yuan in 2023 to 3,426 million yuan in 2026, with a compound annual growth rate (CAGR) of 29.83% [1] - Net profit attributable to the parent company is forecasted to increase from 220.22 million yuan in 2023 to 393.63 million yuan in 2026, with a CAGR of 30.94% [1] - EPS is projected to rise from 1.41 yuan in 2023 to 2.52 yuan in 2026 [1] - The P/E ratio is expected to decrease from 40.25 in 2023 to 22.52 in 2026 [1] Operational Highlights - The company's inventory at the end of 24Q3 was 1.27 billion yuan, a 19% decrease from the beginning of 2024 [3] - Contract liabilities at the end of 24Q3 were 55 million yuan, a 214% increase from the beginning of 2024 [3] - The company's operating expense ratio in 24Q3 was 10.9%, down 13.7 percentage points year-on-year and 8.3 percentage points quarter-on-quarter [3] Market Performance - The company's stock price has shown significant volatility, with a year-low of 37.75 yuan and a year-high of 136.70 yuan [5] - The current market capitalization is 9,503.23 million yuan, with a P/B ratio of 2.59 [5] Financial Ratios - The company's ROIC is expected to increase from 1.97% in 2023 to 9.53% in 2026 [10] - ROE is projected to rise from 5.99% in 2023 to 8.22% in 2026 [10] - The debt-to-asset ratio is forecasted to increase from 22.04% in 2023 to 23.23% in 2026 [10]

昱能科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：688348 证券简称：昱能科技 昱能科技股份有限公司 2024 年第三季度报告 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、准确性和完整性依法承担法律责任。 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。 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。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|-----------------------|--------------------------------------|------------------------|--------- ...

东方证券股份有限公司 根据公司《首次公开发行股票并在科创板上市招股说明书》，公司实际募集 资金在扣除发行费用后将用于如下项目： 单位：万元 | | | 关于昱能科技股份有限公司 部分超募资金项目增加实施地点的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公 司（以下简称"公司"、"昱能科技"）首次公开发行股票并在科创板上市及持续 督导的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》和《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》等有关规定，对昱能科技部分超募资金项目增加实施地点的事项进 行了审慎核查，发表核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 4 月 1 日出具的《关于同意昱能科 技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕681 号），公 司获准向社会公众公开发行人民币普通股 2,000.00 万股，每股发行价为人民币 163.00 元，共计募集资金 326,000.00 万元，扣除发行费用后，实际募集资金净额 为 303,699.49 万元，上述募集资金已经 ...