证券代码：688390 证券简称：固德威 公告编号：2024-072 固德威技术股份有限公司 第三届董事会第二十九次会议决议公告 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、准确性和完整性依法承担法律责任。 固德威技术股份有限公司（以下简称"公司"）第三届董事会第二十九次会 议于 2024 年 11 月 12 日，在公司会议室以现场与通讯表决相结合的方式召开， 会议通知于 2024 年 11 月 2 日以通讯方式送达公司全体董事。会议应到董事 6 名，实到董事 6 名，符合《公司法》和《公司章程》的有关规定，会议由董事长 黄敏先生主持。 二、董事会会议审议情况 （一）审议通过《关于调整 2022 年限制性股票激励计划授予价格和数量的 议案》。 公司于 2023 年 5 月 30 日披露了《2022 年年度权益分派实施公告》，以方案 实施前的公司总股本 123,200,000 股为基数，每股派发现金红利 1.6 元（含税）， 以资本公积金向全体股东每股转增 0.4 股。公司于 2024 年 6 月 5 日披露了《2023 年年度权益分派实施公告》，以方案 ...

Business Strategy and Market Expansion - The company has a long-term strategy to expand overseas markets, with a focus on both domestic and international markets [2] - The company has established long-term stable relationships with high-quality customers in multiple countries including Germany, Italy, Australia, and the US [2] - The company is actively expanding into new markets, especially emerging markets, and deepening its global strategic deployment [3] R&D and Product Development - The company follows a "produce one generation, develop one generation, reserve one generation, and pre-research one generation" R&D strategy [2] - R&D focuses on energy conversion, power electronics, energy storage, and energy internet core technologies [2] - The company collaborates with customers to develop new products that meet market demands [2] Financial Performance - In the first three quarters, the company's revenue decreased by 12.51% year-on-year due to a significant drop in overseas sales of inverters and batteries [2] - The gross profit margin for Q3 was 23.41%, a decrease of 7.78 percentage points year-on-year but an increase of 3.26 percentage points quarter-on-quarter [3] - The decrease in gross margin was mainly due to a significant decline in overseas sales of higher-margin inverters and batteries, despite a large increase in domestic sales of residential photovoltaic systems [3] Operational and Market Challenges - The company's inventory levels are reasonable, and European inventory destocking has bottomed out [3] - The company is actively responding to various adverse effects, including increased R&D investment and technological innovation [3] - The company is closely monitoring the impact of the new US administration on its business [3] New Business and Future Outlook - The company's subsidiary, Goode Thermal Technology, focuses on the development, manufacturing, and sales of heat pump products, primarily in the Guangdong region [2] - The company is optimistic about the future, with business gradually recovering and new markets showing initial success [2] - Specific details on orders, capacity, and revenue expectations will be disclosed in future reports [3]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 11 月 7 日 688390.SH 增持 原评级：增持 市场价格:人民币 53.33 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (52%) (38%) (25%) (12%) 2% 15% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Oct-24Nov-24 固德威 上证综指 至今 个月 个月 个月 绝对 (57.8) (12.4) (15.9) (55.3) 相对上证综指 (72.0) (13.8) (33.9) (66.0) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 242.59 | | 流通股 ( 百万 ) | | 242.59 | | 总市值 ( 人民币 百万 ) | | 12,937.13 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 439.46 | | 主要股东 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company's profitability is under short-term pressure, but with the deepening of its global layout and accelerated inventory destocking of overseas inverters, the report is optimistic about the company's ability to restore profitability in the future [4]. - For the first three quarters of 2024, the company achieved operating revenue of 4.943 billion yuan, a year-on-year decrease of 12.51%, and a net profit attributable to the parent company of 8.6521 million yuan, down 93.03% year-on-year [2][3]. - The report highlights that the decline in profit is mainly due to a decrease in sales revenue from high-margin overseas inverters and batteries, coupled with an increase in sales of lower-margin domestic photovoltaic systems [2][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 1.796 billion yuan, a year-on-year decrease of 2.20% and a quarter-on-quarter decrease of 11.17%. The net profit attributable to the parent company was 32.4827 million yuan, down 78.64% year-on-year but up 550.84% quarter-on-quarter [2][3]. - The company's inverter sales volume in H1 2024 was approximately 278,500 units, with grid-connected inverters accounting for about 91.89% of total sales [3]. Industry Trends - The report notes that the industry is experiencing accelerated inventory destocking, which is expected to improve profitability. The overseas sales of inverters accounted for 55.71% of total sales, indicating a shift in sales structure [3]. Future Projections - The report forecasts the company's revenue for 2024, 2025, and 2026 to be 7.447 billion yuan, 10.810 billion yuan, and 12.497 billion yuan, respectively, with net profits of 155 million yuan, 595 million yuan, and 821 million yuan [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 2024 performance shows an increase in the proportion of energy storage shipments, with profitability gradually recovering [3] - The company experienced a revenue of 4.94 billion yuan in Q1-Q3 2024, a year-on-year decrease of 12.5%, and a net profit attributable to shareholders of 0.1 billion yuan, down 99% year-on-year [2] - The report anticipates a recovery in shipments and profitability due to ongoing expansion into emerging markets and potential demand recovery in Europe following interest rate cuts [4] Financial Performance Summary - For Q3 2024, the company sold approximately 160,000 grid-connected inverters, contributing about 5-6 billion yuan in revenue, with a gross margin of 25% [3] - Energy storage inverter sales reached around 20,000 units, contributing about 2 billion yuan in revenue, with a gross margin of approximately 45% [3] - The company expects to ship 600,000-650,000 grid-connected inverters and 70,000-80,000 energy storage inverters in 2024, representing year-on-year growth of 18% and a decline of 52%, respectively [3] - The company’s total revenue is projected to be 7.39 billion yuan in 2024, with a slight increase from 7.35 billion yuan in 2023 [1][10] Cost and Expense Management - The company reported a total expense of 1.04 billion yuan in Q1-Q3 2024, a year-on-year increase of 31.9%, with an expense ratio of 21% [4] - In Q3 2024, total expenses were 350 million yuan, with a slight increase of 3.4% quarter-on-quarter [4] Profitability Forecast - The report revises the profit forecast for 2024-2026, estimating net profits of 190 million yuan, 610 million yuan, and 870 million yuan, respectively, reflecting a year-on-year decrease of 78% in 2024 [4] - The expected earnings per share (EPS) for 2024 is 0.79 yuan, significantly lower than 3.51 yuan in 2023 [1][10]

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 人民币 54.07 人民币 57.10 +5.6% 新能源 2024 年 10 月 30 日 固德威 (688390 CH) 3 季度业绩低于预期；下调至中性评级 3 季度业绩低于预期：公司 3 季度收入/归母净利润 17.95 亿/3250 万元（人 民币，下同），同比下降2.2%/78.6%，环比下降11.2%/增长550.8%，低于 我们预期，主要是由于高毛利率的欧洲户储出货恢复仍较慢，同时，内地 户用新增装机放缓，对公司户用系统和内地户用并网逆变器销售产生一定 影响。3 季度毛利率为 23.4%，同比/环比分别下降 7.8/上升 3.3 个百分点， 主 要 是 由 于 收 入 结 构 变 化 。 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 7.5%/4.3%/7.1%/0.6%，同比+0.8/+0.6/+0.2/-0.6 个百分点，净利率 2.9%， 同比/环比分别下降 5.9/增长 1.7 个百分点。 逆变器对欧出口短期反复，但长期增长趋势不改，业绩逐季修复仍可期： 在环比持续回升后，9 月中国对欧洲逆变器出口金额同比/环比分 ...

Financial Performance - The company's revenue for Q3 2024 was approximately ¥1.80 billion, a decrease of 2.20% compared to the same period last year[2]. - Net profit attributable to shareholders was approximately ¥32.48 million, down 78.64% year-on-year[2]. - The net profit excluding non-recurring items was approximately ¥23.23 million, a decline of 83.68% compared to the previous year[3]. - The diluted earnings per share for the reporting period was ¥0.13, a decrease of 79.03% year-on-year[3]. - The weighted average return on equity was 1.13%, down 4.07 percentage points from the previous year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 4,943,394,265.80, a decrease of 12.5% compared to CNY 5,650,348,075.44 in the same period of 2023[18]. - The company reported a net profit of CNY 44,065,067.13 for the third quarter, a significant decrease from CNY 1,029,499,740.55 in the same quarter of the previous year[19]. - The net profit for Q3 2024 was CNY 57,016,453.40, compared to CNY 898,651,327.17 for the same period last year[20]. - The total profit for Q3 2024 was CNY 39,974,685.92, compared to CNY 1,028,123,898.32 in the same quarter last year[20]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥7.70 billion, an increase of 8.34% from the end of the previous year[3]. - The company's total assets reached CNY 7,704,592,876.00, compared to CNY 7,111,232,868.50 at the end of the previous year, indicating an increase of 8.3%[17]. - Total liabilities increased to CNY 4,660,701,982.16 from CNY 4,051,101,993.17, representing a growth of 15.1%[17]. - The total equity attributable to shareholders was CNY 2,890,208,803.38, a decrease from CNY 2,982,827,693.90, reflecting a decline of 3.1%[17]. Cash Flow - The cash flow from operating activities showed a net outflow of approximately ¥1.02 billion, a decrease of 198.05% compared to the previous year[3]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY -1,024,176,630.40, a significant decrease from CNY 1,044,533,915.66 in the previous year[22]. - The company's cash and cash equivalents as of September 30, 2024, amount to approximately RMB 842.66 million, a decrease from RMB 1.84 billion at the end of 2023[15]. - The cash and cash equivalents at the end of Q3 2024 were CNY 680,543,299.58, a decrease from CNY 1,811,941,526.64 at the end of the previous year[24]. - The total cash inflow from financing activities in Q3 2024 was CNY 970,439,415.46, compared to CNY 121,448,466.34 in the same period last year[24]. - The total cash outflow from investing activities in Q3 2024 was CNY 454,521,001.69, down from CNY 930,351,348.33 in the previous year[24]. - The net cash flow from investing activities for Q3 2024 was CNY -390,137,011.88, compared to CNY -386,452,661.18 in the previous year[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 10, with the largest shareholder, Huang Min, holding 74,774,000 shares, representing 30.82% of the total shares[10]. - The company reported a total of 10 major shareholders, with the top 10 shareholders holding a combined 50.56% of the shares[11]. - Huang Min, the largest shareholder, also controls an additional 5,426,260 shares through a partnership, bringing the total control to 33.14%[11]. - The company has not reported any changes in the major shareholders due to margin trading or securities lending activities[13]. Research and Development - Research and development expenses totaled approximately ¥128.37 million, accounting for 7.15% of revenue, which is an increase of 1.22% year-on-year[3]. - Research and development expenses for the first three quarters of 2024 amounted to CNY 393,313,518.62, up from CNY 340,852,923.31 in the same period of 2023, reflecting a growth of 15.4%[19]. Operational Insights - The company experienced a significant decline in overseas sales of inverters and batteries, impacting overall revenue despite increased domestic sales of household photovoltaic systems[6]. - The company received government subsidies amounting to approximately ¥22.30 million during the reporting period[4]. - The company has not disclosed any new strategies or significant developments in product or technology during the reporting period[14]. - There are no significant reminders or alerts for investors regarding the company's operational status during the reporting period[14].

重要内容提示： 会议召开时间：2024 年 11 月 07 日(星期四)下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：688390 证券简称：固德威 公告编号：2024-068 固德威技术股份有限公司 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、准确性和完整性承担法律责任。 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 06 日(星期三)16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏目或通过公司邮箱 ir@goodwe.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 固德威技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 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 ...

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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 固德威技术股份有限公司（以下简称"公司"）第三届监事会第二十二次会议 于 2024 年 10 月 29 日在公司会议室以现场与通讯表决相结合的方式召开，会议 通知于 2024 年 10 月 19 日以通讯方式送达至公司全体监事。本次会议应到监事 3 人，实到监事 3 人，会议由监事会主席鲍迎娣女士召集并主持。会议的召集和 召开程序符合《中华人民共和国公司法》和《公司章程》等相关规定，会议形成 的决议合法、有效。 二、监事会会议审议情况 与会监事对本次会议各项议案进行了审议，并表决通过了以下事项： 证券代码：688390 证券简称：固德威 公告编号：2024-067 固德威技术股份有限公司 第三届监事会第二十二次会议决议公告 具体内容详见本公司于同日在上海证券交易所网站(www.sse.com.cn)披露的 《固德威技术股份有限公司 2024 年第三季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 固德威技术股份有限公司 监 ...

关于固德威技术股份有限公司 2024 年第五次临时股东大会的法律意见 北京市天元律师事务所 京天股字（2024）第 556 号 致：固德威技术股份有限公司 固德威技术股份有限公司（以下简称"公司"）2024 年第五次临时股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年 10 月 15 日在固德威智慧能源大厦二楼会议室召开。北京市天元律师事务所（以 下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议，并根据 《中华人民共和国公司法》、《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《固德威技术股 份有限公司章程》（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。 为出具本法律意见，本所律师审查了《固德威技术股份有限公司第三届董事会 第二十六次会议决议公告》《固德威技术股份有限公司关于召开 2024 年第五次临 时股东大会的通知》（以下简称"《召开股东大会通知》"）以及本所律师认 ...