证券代码：002150 证券简称：通润装备 公告编号：2025-028 江苏通润装备科技股份有限公司 关于持股 5%以上股东及其一致行动人减持股份预披露公告 持股 5%以上股东珠海悦宁管理咨询合伙企业（有限合伙）及其一致行动人 珠海康东股权投资合伙企业（有限合伙）保证向公司提供的信息披露内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及全体董事会成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有江苏通润装备科技股份有限公司（以下简称"公司"）股份 18,170,174 股（占公司总股本比例 5.00%）的珠海悦宁管理咨询合伙企业（有限合伙）（以下 简称"珠海悦宁"）及持有公司股份 17,825,853 股（占公司总股本比例 4.91%） 的珠海悦宁的一致行动人珠海康东股权投资合伙企业（有限合伙）（以下简称"珠 海康东"）计划在本公告披露之日起 15 个交易日后的三个月内以集中竞价方式、 大宗交易方式合计减持公司股份不超过 7,264,690 股，即不超过公司当前总股本 的 2.00%。 公司于 2025 年 5 月 12 日收到持股 5%以上股东珠海悦宁及其一致行动人珠 海 ...

长江商报奔腾新闻记者徐佳 重金收购的子公司短期业绩不及预期，通润装备（002150）(002150.SZ)收到相应补偿。 5月7日晚间，通润装备公告称，公司于近日收到正泰电器（601877）、上海挚者管理咨询中心(有限合 伙)(以下简称"上海挚者")、上海绰峰管理咨询中心(有限合伙)(以下简称"上海绰峰")支付的全部现金补 偿款合计4495.65万元。 年报显示，2024年，通润装备实现营业收入33.71亿元，同比增长33.86%；净利润2.17亿元，同比增长 237.28%；扣非净利润1.7亿元，同比增长208.18%。 2024年，通润装备的两大主业中，金属制品业务实现营业收入13.34亿元，同比增长10.14%，占营业收 入的比例为39.58%；光伏储能设备及元器件制造业务实现营业收入20.18亿元，同比增长80.07%，占营 业收入的比例为59.88%，其中光储逆变器、储能产品的收入分别为18.22亿元、1.96亿元，同比增长 86.63%、35.81%，占营业收入的比例分别为54.05%、5.83%。 今年第一季度，通润装备则实现营业收入8.08亿元，同比增长18.01%；净利润和扣非净利润分别为 ...

证券代码：002150 证券简称：通润装备 公告编号：2025-027 江苏通润装备科技股份有限公司 关于收到重大资产购买之业绩补偿款的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏通润装备科技股份有限公司（以下简称"公司"）于近日收到浙江正泰 电器股份有限公司（以下简称"正泰电器"）、上海挚者管理咨询中心（有限合 伙）（以下简称"上海挚者"）、上海绰峰管理咨询中心（有限合伙）（以下简 称"上海绰峰"）（以上三个主体以下合称"交易对方"或"补偿义务主体"） 支付的全部现金补偿款合计人民币 4,495.65 万元。现将相关事项公告如下： 一、本次业绩补偿事项概况 2023 年，公司以支付现金方式购买交易对方合计持有的温州盎泰电源系统 有限公司（以下简称"盎泰电源"）100%股权（以下简称"标的资产"），本次 交易标的资产合计作价 84,030.47 万元。上述重大资产购买所涉及事项的交割已 完成。 1 2024 年度业绩承诺实现情况及业绩补偿方案的公告》（公告编号：2025-012）。 二、本次业绩补偿方案履行情况 2025 年 4 月 24 日，公 ...

通润装备（002150）公告，公司于近日收到浙江正泰电器（601877）股份有限公司、上海挚者管理咨询 中心(有限合伙)和上海绰峰管理咨询中心(有限合伙)支付的现金补偿款合计人民币4495.65万元。该补偿 款涉及公司2023年以支付现金方式购买的温州盎泰电源系统有限公司100%股权。根据业绩承诺，正泰 电器需补偿现金3909.95万元，上海绰峰需补偿现金139.45万元，上海挚者需补偿现金446.25万元。公司 已于2025年4月18日召开董事会和监事会，审议通过业绩补偿方案，并于4月24日通知补偿义务主体。截 至公告披露日，公司已收到全部补偿款。 ...

丨证券研究报告丨 公司研究丨点评报告丨通润装备（002150.SZ） [Table_Title] 光储业务多元发展，美国关税影响可控，欧洲、 亚非拉值得期待 报告要点 [Table_Summary] 通润装备发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 33.71 亿元，同比增长 34%；归母净利 2.17 亿元，同比增长 237%；其中，2024Q4 实现收入 9.3 亿元，同比增长 11%，环比增长 12%；归母净利 1.1 亿元，同比增长 406%，环比增长 261%。2025Q1 实现收 入 8.08 亿元，同比增长 18%；归母净利 0.18 亿元，同比增长 20%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通润装备（002150.SZ） cjzqdt11111 [Table_Title 光储业务多元发展，美国关税影响 ...

证券代码：002150 证券简称：通润装备 公告编号：2025-026 公司 2024 年度利润分配预案尚需提交公司 2024 年年度股东大会审议批准， 公司股东大会将采取现场表决和网络投票相结合的方式召开，为中小股东参与现 金分红决策提供便利，且对中小投资者的表决单独计票并披露。此外，公司将通 过投资者热线、互动易平台等多种渠道接受投资者尤其是中小股东的意见或建议， 并及时给予反馈，切实保障投资者权益。 一、现金分红水平低于当年净利润 30%的原因 公司主要从事光伏储能设备、元器件以及金属制品的研发、生产及销售业务， 为满足日常经营周转需要、增强抗风险能力，公司需要一定的安全资金保障，以 保障公司业务发展的需要和其他资金需求。公司业务发展稳定，具备持续盈利能 力，光伏储能设备、元器件业务正处于成长期，公司正在积极推进松江生产基地 建设，存在资本性支出。因此，基于公司实际情况并充分考虑维护股东利益，在 保证公司正常经营的前提下，提出了本次利润分配预案。 二、留存未分配利润的预计用途及使用计划 公司留存未分配利润结转至下一年度，主要用于满足公司日常经营和长期发 展资金需求，支持公司主营业务发展以及流动资金需求等 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in inverter sales in 2025, with accelerated overseas expansion in energy storage gradually ramping up [1] - The company reported a revenue of 3.37 billion yuan in 2024, a year-on-year increase of 34%, and a net profit of 217.17 million yuan, a year-on-year increase of 237% [8] - The inverter segment is projected to see a revenue increase of 20%+ in 2025, driven by inventory reserves in the U.S. to meet demand [8] Financial Projections - Total revenue is forecasted to grow from 2.52 billion yuan in 2023 to 6.61 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.62% [1] - The net profit attributable to the parent company is expected to rise from 64.39 million yuan in 2023 to 515.93 million yuan in 2027, reflecting a significant growth trajectory [1] - The earnings per share (EPS) is projected to increase from 0.18 yuan in 2023 to 1.42 yuan in 2027 [1] Market Performance - The company achieved a gross margin of 30% in 2024, with a slight increase in profitability due to a higher proportion of overseas sales [8] - The toolbox cabinet segment is expected to maintain steady growth, with revenue projected at 10.6 billion yuan in 2024, a year-on-year increase of 20% [8] - The company’s market capitalization is approximately 4.05 billion yuan, with a price-to-earnings (P/E) ratio of 18.67 based on the latest diluted EPS [6][9]

Summary of Tongrun Equipment Conference Call Company Overview - **Company**: Tongrun Equipment - **Industry**: Renewable Energy, specifically focusing on photovoltaic (PV) and energy storage solutions Key Financial Performance - **2024 Revenue**: 18 billion CNY, a year-on-year increase of 80.07% - **2024 Net Profit**: 2.17 billion CNY, a year-on-year increase of 237.28%, primarily driven by growth in photovoltaic energy storage business [1][2] - **Q1 2025 Revenue**: 8.08 billion CNY, a year-on-year increase of 18.01% - **Q1 2025 Net Profit**: 18.31 million CNY, a year-on-year increase of 19.7% [1][2] Business Segments Renewable Energy - Focus on North America and South Korea markets, with leading positions in commercial PV inverters [1][4] - Expansion into emerging markets such as Europe, Latin America, and Pakistan, with full-scenario PV solutions launched in Europe [1][4] - In 2024, inverter shipments increased by approximately 20%, with significant growth in the US (20%-28%), Europe (over 20%), and South Korea (over 40%) [1][6] Metal Products - Revenue from metal products reached 1.334 billion CNY, a year-on-year increase of 10.14% [2] - Focus on expanding production capacity and developing new product lines such as workbenches and tool cabinets [1][4] Market Dynamics - **Supply Chain Management**: The company has optimized its supply chain and strengthened partnerships to mitigate the impact of US-China tariff disputes [3][7] - **Profit Margins**: North America maintains a gross margin of 40%-50%, while Europe exceeds 30%. The Chinese market is more competitive, with margins between 15%-25% [3][26] Product Development - Successful development of high-power string inverter products (330 kW and 350 kW) for European and North American markets [5] - New generation home and commercial energy storage solutions launched, aimed at global commercial energy storage systems [5] Future Outlook - **2025 Goals**: Anticipated growth in inverter-based energy storage, with significant projects in Japan and Australia [15][16] - **Market Expansion**: Expected overseas shipment growth of 20%-30% compared to the previous year, with a focus on high-margin markets [26] - **Challenges**: Anticipated decline in large-scale energy storage demand in the US due to high tariffs and supply chain issues [24] Additional Insights - **European Market**: Strong growth in commercial energy storage, with a focus on centralized grid-side storage projects [30][33] - **Order Backlog**: Approximately 160 million USD in orders in North America, with expectations for double-digit growth in revenue [34] - **Gross Margin Trends**: Margins are expected to stabilize in the US market due to sufficient inventory and potential price adjustments to counter tariff impacts [36] Conclusion Tongrun Equipment is positioned for significant growth in the renewable energy sector, particularly in photovoltaic and energy storage solutions, with a strong focus on international markets and product innovation. The company is actively managing challenges related to tariffs and competition while aiming to enhance its market share and profitability.

Financial Performance - In 2024, the company achieved operating revenue of CNY 3.371 billion, a year-on-year increase of 33.86% [2] - Revenue from photovoltaic energy storage equipment and components reached CNY 2.018 billion, growing by 80.07% [2] - The net profit attributable to shareholders was CNY 217 million, a significant increase of 237.28% [3] - In Q1 2025, operating revenue was CNY 808 million, reflecting a year-on-year growth of 18.01% [3] - The net profit attributable to shareholders in Q1 2025 was CNY 18.31 million, up by 19.70% [3] Business Operations New Energy Sector - The company focuses on key markets such as North America and South Korea, maintaining the top position in commercial photovoltaic inverter shipments in North America and market share in South Korea [3] - In 2024, the company launched a comprehensive solar storage solution for the European market, establishing subsidiaries and service centers in Poland and the Netherlands [3] - Successful delivery of large-scale energy storage projects in Japan and ongoing partnerships in emerging markets like Brazil and Pakistan [3] Metal Products Sector - The metal products business generated CNY 1.334 billion in revenue, a year-on-year increase of 10.14% [3] - The company is expanding production capacity and developing new growth areas, including data communication-related sheet metal business [3] Future Outlook - The company plans to strengthen its business capabilities across all sectors and actively expand in the new energy market, leveraging strategic resources from the parent group [4] - The company aims to enhance its performance and provide better returns to investors [4] Market Challenges and Strategies - The impact of tariff trade disputes is currently limited, with sufficient inventory in the U.S. market [5] - The company is monitoring tariff policies and may adjust product pricing and strategies accordingly [5] - In the overseas energy storage market, the focus will be on large-scale centralized storage project development in Europe, which can apply for EU subsidies [5]

江苏通润装备科技股份有限公司 2024 年度董事会工作报告 2024 年，江苏通润装备科技股份有限公司（以下简称"公司"）董事会严格 按照《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》及《江苏通润装备科技股份有限公司章程》（以下简称"《公司章程》"）、 公司《董事会议事规则》等有关规定规范运作，本着恪尽职守、勤勉尽责的工作 态度，依法独立行使职权，全力保障股东权益、公司利益和员工的合法权益不受 侵犯。切实履行股东大会赋予的董事会职责，严格执行股东大会各项决议，积极 推进董事会各项决议的实施，不断规范公司法人治理结构，确保董事会科学决策 和规范运作。现将董事会 2024 年度的工作情况报告如下： 一、2024 年度公司经营情况回顾 报告期内，公司继续光储逆变器、储能系统业务和金属制品业务的双主业运 行的格局，充分把握优质资产注入所带来的快速发展机遇，在客户资源、营销渠 道、内部协作、管理与运作经验互惠、技术与产业信息共享等方面加强协同发展。 2024 年，面对复杂的经营环境，公司保持战略定力，加快新产品研 ...