Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is expected to achieve a net profit of 635 million yuan in 2024, representing a year-on-year increase of 84.04%, with a significant growth in revenue driven by expansion in emerging markets such as the Middle East and Latin America [1][4]. - The company has a strong order backlog of approximately 4.65 billion yuan, which includes several large overseas projects, ensuring sustained growth in shipment volumes [2][4]. - The Middle East market presents substantial growth opportunities, with the company having secured over 17 GW of orders in the region, positioning itself well to capitalize on the expected increase in solar capacity [3][4]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 8.635 billion yuan, 11.337 billion yuan, and 13.859 billion yuan, respectively, with corresponding net profits of 635 million yuan, 913 million yuan, and 1.142 billion yuan [5][11]. - The company is expected to maintain a strong growth trajectory, with net profit growth rates of 84.1% in 2024 and 43.8% in 2025 [5][12]. - The price-to-earnings (PE) ratios are projected to decrease from 25x in 2024 to 14x in 2026, indicating improving valuation as earnings grow [4][5].

Financial Performance - The company expects a net profit attributable to shareholders of approximately 635 million yuan for 2024, an increase of about 289.96 million yuan, representing a year-on-year growth of approximately 84.04%[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around 610 million yuan, an increase of about 303.67 million yuan, reflecting a year-on-year increase of approximately 99.13%[3]. - The growth in revenue and net profit is attributed to the strong demand in the global photovoltaic market, particularly in emerging markets such as the Middle East and Latin America[6]. Order Backlog - As of December 31, 2024, the company has a total order backlog of approximately 4.65 billion yuan, with tracking systems accounting for about 3.5 billion yuan and other orders approximately 1.15 billion yuan[7]. Strategic Measures - The company has implemented strategic measures for vertical and horizontal integration around photovoltaic bracket systems, which have begun to show results in this reporting period[6]. Government Subsidies - The government subsidies recognized in the current period have decreased, leading to a decline in non-operating gains compared to the same period last year[8]. Performance Forecast - The performance forecast is based on preliminary calculations by the company's finance department and has not yet been audited by registered accountants[4]. - The company has not identified any significant uncertainties that could affect the accuracy of this performance forecast[9]. - The data provided is preliminary and the final audited financial data will be disclosed in the official annual report for 2024[10]. - Investors are advised to pay attention to investment risks associated with the preliminary nature of the forecast data[10].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the solar energy industry, specifically focusing on companies involved in photovoltaic (PV) mounting systems, including 中信国 (Zhongxin Guo), 德业股份 (Deye), and 军达 (Junda) [2][3]. Core Points and Arguments 1. **Market Demand and Growth** - The demand for mid-range products, especially in overseas markets, is expected to be stable and promising, with companies like 德业股份, 军达, and 中信国 identified as key players [2]. - The penetration rate of tracking mounts in the market is projected to reach 40% by 2025, indicating significant growth potential [2]. 2. **Market Share and Competitive Landscape** - 中信国's market share has increased from 4% in 2021 to 9% in 2023, showcasing its competitive growth against established players [3][7]. - The overall market is dominated by foreign companies, but domestic manufacturers are gradually increasing their market share [7]. 3. **Performance and Financial Outlook** - The company has shown high growth in performance, with a projected profit of approximately 650 million in 2023, representing an over 80% year-on-year increase [4]. - The company’s order backlog in the Middle East has exceeded 17 GW, with new orders in 2024 surpassing 8 GW [8]. 4. **Cost Structure and Competitive Advantages** - Steel constitutes 60-70% of the raw material costs for tracking mounts, with 中信国 achieving a cost advantage of about 2% compared to competitors [6]. - The company’s core competencies include cost efficiency and technological advantages, supported by a global expansion strategy [3]. 5. **Geographical Expansion and Local Production** - The company has established local production capabilities in key markets such as Brazil, India, and Saudi Arabia, enhancing its ability to meet local demand [8]. - The focus on local supply chains is expected to improve delivery capabilities and order fulfillment [8]. 6. **Future Market Projections** - The solar energy market in India is projected to grow significantly, with expectations of reaching a cumulative installed capacity of 170 GW by 2030 [9]. - The company anticipates that the overall solar market will reach a trillion-level scale by 2025, driven by increased penetration of tracking mounts [7]. Other Important but Possibly Overlooked Content 1. **Product Differentiation** - The distinction between fixed and tracking mounts is highlighted, with tracking mounts offering higher efficiency but at a higher initial investment cost [5]. 2. **Impact of External Events** - The company faced delivery delays due to maritime incidents in Q2, but overall performance remains strong [4]. 3. **Long-term Industry Trends** - The overall trend in the solar industry indicates a shift towards higher efficiency solutions, with tracking mounts expected to outperform fixed mounts in growth rates [7]. 4. **EPC and Procurement Dynamics** - The company’s products are primarily procured directly by end-users or through EPC contracts, which insulates them from supply-demand fluctuations in the broader market [12].

国投证券股份有限公司 关于江苏中信博新能源科技股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为江苏中信 博新能源科技股份有限公司（以下简称"中信博"或"公司"）持续督导工作的保荐 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《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等 有关法律、法规的规定，对公司 2024 年度（以下简称"本持续督导期间"）的规 范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 国投证券股份有限公司 （二）保荐代表人 徐长浩、郑旭 （三）现场检查时间 2024 年 12 月 30 日 （四）现场检查人员 徐长浩、郑旭、毛凌馨 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、公司与控股股东、实际控制人及 其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、重大对外 投资、公司经营状况等。 （六）现场检查手段 1、查阅本持续督导期间公司召开的历次三会文件； 1 3、查看上市公司主要 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company, 中信博, has been deeply involved in the tracking bracket market for over a decade and is positioned to benefit from the growing demand for solar energy solutions, particularly in the BIPV (Building-Integrated Photovoltaics) sector [4][6] - 中信博 has achieved a global market share of 9% in the tracking bracket system, ranking fifth globally and is the only Chinese company among the top five [4] - The company is expected to see significant revenue growth driven by both its tracking brackets and BIPV products, with projected revenues of 90.35 billion, 116.24 billion, and 139.66 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Company Overview - 中信博 was established in 2009 and entered the photovoltaic market in 2012, focusing on tracking brackets since 2013. The company has expanded its global presence with 17 branches and is set to establish production bases in Brazil and Saudi Arabia [21][22] - The company’s revenue for the first half of 2024 reached 33.76 billion yuan, with 96.8% coming from its bracket business, primarily from overseas projects [22] Tracking Brackets - The global demand for tracking brackets is on the rise, with a projected installation volume exceeding 660GW from 2022 to 2030. In 2023, the global shipment of photovoltaic tracking brackets grew by 28% year-on-year [5] - 中信博's tracking brackets are designed to enhance energy efficiency and reduce costs, with a focus on customization to meet specific project requirements [36][41] - The company has established a competitive advantage through reliable certifications and brand recognition, which are critical in the high-stakes photovoltaic market [55][56] Financial Forecast and Valuation - The company is expected to achieve significant revenue growth with a forecasted revenue increase of 41.4%, 28.7%, and 20.1% for 2024, 2025, and 2026 respectively, alongside net profit growth of 96.4%, 43.5%, and 26.0% [7][59] - The projected P/E ratios for the upcoming years are 23, 16, and 13, indicating a favorable valuation compared to peers in the industry [7][60]

证券代码：688408 证券简称：中信博 公告编号：2024-062 江苏中信博新能源科技股份有限公司 关于使用募集资金置换预先投入的自筹资金的公告 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： ● 江苏中信博新能源科技股份有限公司（以下简称"公司"或"中信 博"）拟使用募集资金人民币206,432,797.75元置换预先投入的自筹资金。本 次募集资金的置换事项符合关于募集资金到账后6个月内以募集资金置换自筹资 金等相关法律法规、规范性文件的规定。 一、募集资金的基本情况 | 序 | 项目名称 | 项目投资总额 | 调整前拟投入募集 | 调整后拟投入募集 | | --- | --- | --- | --- | --- | | 号 | | （元） | 资金金额（元） | 资金金额（元） | | 1 | 光伏跟踪系统平行驱 动器产能扩建项目 | 304,145,000.00 | 257,585,000.00 | 257,585,000.00 | | 2 | 宿松中信博新能源科 技有限公司光伏配套 | 308, ...

国投证券股份有限公司 使用募集资金置换预先投入的自筹资金的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为江苏中信 博新能源科技股份有限公司（以下简称"中信博"或"公司"）2022年度向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管 指引第2号——上市公司募集资金管理和使用的监管要求》《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，对中信博拟使用募 集资金置换预先投入的自筹资金事项进行了核查，具体情况如下： 一、募集资金的基本情况 关于江苏中信博新能源科技股份有限公司 根据中国证券监督管理委员会于 2024 年 9 月 2 日出具的《关于同意江苏中 信博新能源科技股份有限公司向特定对象发行股票注册的批复》（证监许可 〔2024〕1236 号），公司本次向特定对象发行 A 股股票 16,053,790 股，发行价格 为每股人民币 68.60 元，募集资金总额为人民币 1,101,289,994.00 元，扣除各项 发行费用后募集资金净额为人民币 1,083,226,696.74 元。立信会计师事务所（特 殊普通合伙）对公司本次 ...

江苏中信博新能源科技股份有限公司市值管理制度 江苏中信博新能源科技股份有限公司 市值管理制度 第一章 总则 江苏中信博新能源科技股份有限公司 市值管理制度 二零二四年十二月 江苏中信博新能源科技股份有限公司市值管理制度 第一条 为切实推动江苏中信博新能源科技股份有限公司（ 以下简称（ 公司"） 提升投资价值，增强投资者回报，维护公司、投资者及其他利益相关方的合法权 益，根据（ 中华人民共和国公司法》 中华人民共和国证券法》 国务院关于加强 监管防范风险推动资本市场高质量发展的若干意见》 上市公司信息披露管理办 法》 上市公司监管指引第 10 号——市值管理》 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》等法律法规、规范性文件及 公司章程》 的规定，制定 江苏中信博新能源科技股份有限公司市值管理制度》 以下简称 本制度"）。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公 司投资价值和股东回报能力而实施的战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小 投资者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的培育 和运用，推动 ...

鉴证报告 江苏中信博新能源科技股份有限公司 RSM 容诚 以自筹资金预先投入募集资金投资项目的 容诚专字[2024]230Z2534 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.nof.gov.cn）"进行查验 "进行查"或进入"注册会计师行业统一监管平台（http://acn.of.gov.cn） "进行查验 " | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 以自筹资金预先投入募集资金投资项目鉴证报告 | 1-3 | | 2 | 以自筹资金预先投入募集资金投资项目专项说明 | 4-6 | 目 录 关于江苏中信博新能源科技股份有限公司 以自筹资金预先投入募集资金投资项目的鉴证报告 容诚专字[2024]230Z2534 号 江苏中信博新能源科技股份有限公司全体股东: 我们审核了后附的江苏中信博新能源科技股份有限公司(以下简称中信博)管 理层编制的《关于以自筹资金预先投入募集资金投资项目的专项说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供中信博为用募集资金置换预先已投入募集资金 ...

海润天睿律师事务所 HAI RUN LAW FIRM 北京海润天睿律师事务所 关于江苏中信博新能源科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 中国・北京 朝阳区建外大街甲 14 号广播大厦 5 层、9 层、10 层、13 层、17 层 邮政编码：100022 电话(Tel): 86-10-65219696 传真(Fax): 86-10-88381869 二〇二四年十二月 见证意见 !"#$%&'()*+ ,-./0123456789:;<= 2024 >?@ABC8DEFGH'IJK ()*+,-./0123456789 根据《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》）和中国证券监督管理委员会《上市公司股东大 会规则》（以下简称《股东大会规则》）的规定，北京海润天睿律师事务所接受 江苏中信博新能源科技股份有限公司（以下简称公司）的委托，指派律师出席并 见证公司于 2024 年 12 月 13 日召开的 2024 年第二次临时股东大会。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》 ...