感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后大家好欢迎参加阳光电源2024年三级报业绩交流会目前所有参会者居住于精英状态下面开始播报声明本次会议仅服务于邀请参与的广大投资者 会因评及文字记录的内容仅供参会者内部使用不得公开发布阳光电源未授权任何媒体转发本次会相关内容未经允许和授权的转载转发均属侵权阳光电源将保留追究其法律责任的权利阳光电源不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 在会开始前我们提示各位投资者在主讲嘉宾发言结束后将留提问时间下面会议正式开始各位尊敬的投资者朋友晚上好我是正代康茂磊感谢大家的宝贵时间因为公司GDR项目工作量比较大所以延后了三级报披露时间感谢大家的耐心等待同时也表示抱歉董事长曹总因为有日程冲突没法参加今晚的会议也希望大家能够理解 公司今天参会的 ...

证券研究报告·公司点评报告·光伏设备 阳光电源（300274） 2024 三季报点评： Q3 储能出货大幅增长， 欧美+新兴市场将全面开花 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|-------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 40257 | 72251 | 83825 | 101778 | 120637 | | 同比（ % ） | 66.79 | 79.47 | 16.02 | 21.42 | 18.53 | | 归母净利润（百万元） | 3593 | 9440 | 11021 | 14012 | 16877 | | 同比（ % ） | 127.04 | 162.69 | 16.75 | 27.14 | 20.45 | | EPS- 最新摊薄（元 / 股） | 1. ...

Investment Rating - The report maintains a "Recommend" rating for Sungrow Power (300274 SZ) [1][3] Core Views - Sungrow Power achieved revenue of RMB 49 946 billion in the first three quarters of 2024, a YoY increase of 7 61% Net profit attributable to the parent company was RMB 7 6 billion, up 5 21% YoY [1] - In Q3 2024, revenue reached RMB 18 926 billion, a YoY increase of 6 37%, but net profit attributable to the parent company declined by 7 96% YoY to RMB 2 64 billion [1] - The company's profitability slightly decreased due to delayed revenue recognition and changes in shipment structure, with domestic market revenue share increasing and intensified competition in the energy storage market [1] - The company plans to issue GDRs overseas to expand global production capacity, including 15GWh of energy storage products and 50GW of inverter equipment [1] - Revenue for 2024-2026 is forecasted to be RMB 81 803 billion, RMB 98 540 billion, and RMB 119 186 billion, with YoY growth rates of 13 2%, 20 5%, and 21 0% respectively [1][4] Financial Performance - Q3 2024 gross margin was 29 52%, stable QoQ, while net profit margin decreased by 1 81pct QoQ to 14 16% [1] - Inventory at the end of Q3 2024 was RMB 32 151 billion, an increase of RMB 4 014 billion QoQ, mainly due to increased projects under development and preparation for overseas energy storage orders [1] - Operating cash flow in Q3 2024 was RMB 3 408 billion, a QoQ increase of 55 24% [1] - The company's 2024-2026 net profit attributable to the parent company is expected to be RMB 10 9 billion, RMB 13 082 billion, and RMB 15 969 billion, with YoY growth rates of 15 5%, 20 0%, and 22 1% respectively [1][4] Valuation and Forecast - The company's 2024-2026 PE ratios are 17X, 14X, and 11X based on the closing price on November 1, 2024 [1][4] - EPS for 2024-2026 is forecasted to be RMB 5 26, RMB 6 31, and RMB 7 70 respectively [4] - PB ratios for 2024-2026 are 4 8X, 3 6X, and 2 7X [4] Global Expansion - The company plans to build overseas production capacity for 15GWh of energy storage products and 50GW of inverter equipment, which is expected to enhance its global competitiveness [1]

Investment Rating - The report maintains a "Recommend" rating for Sungrow Power (300274 SZ) [1] Core Views - The company's revenue growth remains steady, with a lag in revenue recognition that is expected to be released in subsequent periods [4] - Profitability remains strong, with a gross margin of 31 3% for the first three quarters, up 2 9 percentage points year-on-year [4] - The company plans to issue GDRs to expand global production capacity and consolidate its competitive advantage, with a total fundraising amount not exceeding RMB 4 9 billion [7] - The company's global competitiveness in the PV inverter and energy storage markets is strong, with a robust order book and excellent profitability expected to continue [8] Financial Performance - In the first three quarters of 2024, the company achieved revenue of RMB 49 946 billion, a year-on-year increase of 7 6%, and net profit attributable to the parent company of RMB 7 6 billion, a year-on-year increase of 5 2% [3] - In the third quarter, revenue was RMB 18 926 billion, up 6 4% year-on-year and 2 8% quarter-on-quarter, while net profit attributable to the parent company was RMB 2 64 billion, down 8 0% year-on-year and 7 8% quarter-on-quarter [3] - The company's gross margin for the first three quarters was 31 3%, with quarterly gross margins of 36 7%, 29 5%, and 29 5% respectively [4] - The company's operating cash flow improved significantly in the third quarter, with a net cash flow from operating activities of RMB 3 41 billion, a quarter-on-quarter increase of RMB 5 5 billion [6] Future Outlook - The company's energy storage business is progressing smoothly, with revenue recognition expected to be delayed until the fourth quarter or 2025 due to the project-based nature of its large-scale storage business [4] - The company's global market competitiveness is expected to remain strong, with a projected net profit attributable to the parent company of RMB 11 891 billion, RMB 14 559 billion, and RMB 16 195 billion for 2024, 2025, and 2026 respectively [8] - The company's revenue is expected to grow to RMB 89 206 billion, RMB 112 875 billion, and RMB 131 070 billion for 2024, 2025, and 2026 respectively, with corresponding net profit growth rates of 26 0%, 22 4%, and 11 2% [5] Industry and Market Position - Sungrow Power operates in the power equipment and new energy industry, with a strong position in the global PV inverter and energy storage markets [1] - The company's market capitalization is RMB 182 9 billion, with a circulating market capitalization of RMB 16 48 billion [1] - The company's total share capital is 2 073 billion shares, with 1 59 billion A-shares in circulation [1]

| --- | --- | --- | --- | --- | |-----------------------|-------------------------|---------------------------|-----------------|------------------------------| | 交银国际研究 公司更新 | | | | | | | | | | | | 新能源 | 收盘价 人民币 90.62 | 目标价 人民币 104.80↑ | 潜在涨幅 +15.6% | 2024 年 11 月 1 日 | | 阳光电源 | (300274 CH) | | | | 滞后确认的储能收入有望在 4 季度兌现， 发行 GDR 加速海外产能布局 储能收入确认滞后导致收入增长较慢和盈利下降：公司3季度收入/归母净 利189/26.4亿元（人民币，下同），同比+6.4%/-8.0%，环比+2.8%/-7.8% 。 收入增长较慢主要是由于储能系统收入确认滞后于发货，发货量大增尚未 反映在收入。盈利同比下降主要是由于毛利率下降和销售、研发费用大 增。期內毛利率 29.5%，同/环比小幅下降 1.2 ...

阳光电源股份有限公司（以下简称"公司"）近日收到公司控股股东、实际控制 人曹仁贤先生的通知，曹仁贤先生将其持有本公司的部分股份办理了解除质押业 务。现将有关情况公告如下： 二、股东股份累计被质押的情况 质押股份不存在负担重大资产重组等业绩补偿义务，限售类型为高管锁定股。 证券代码：300274 证券简称：阳光电源 公告编号：2024－116 阳光电源股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 阳光电源股份有限公司董事会 一、股东股份本次解除质押的基本情况 股东名称 是否为第 一大股东 及一致行 动人 本次解除 质押数量 （万股） 占其所持股 份比例 占公司总 股本比例 起始日 解除日期 质权人 曹仁贤 是 588.00 0.93% 0.28% 2021/12/15 2024/10/31 银河证券 2024 年 11 月 1 日 截至公告披露之日，上述股东及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 （万股） 持股 比例 本次解 除质押 后质押 股份数 量（万 股） 占其 所持 股份 比例 占公 司 ...

干源证券 电力设备/光伏设备 公 司 研 究 阳光电源（300274.SZ） 2024 年 11 月 01 日 销售费用投入加大，Q3 业绩略不及预期 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 90.62 | | 一年最高最低 ( 元 ) | 119.19/56.38 | | 总市值 ( 亿元 ) | 1,878.74 | | 流通市值 ( 亿元 ) | 1,440.86 | | 总股本 ( 亿股 ) | 20.73 | | 流通股本 ( 亿股 ) | 15.90 | | 近 3 个月换手率 (%) | 112.9 | 股价走势图 -40% 0% 40% 80% 120% 2023-11 2024-03 2024-07 阳光电源 沪深300 数据来源：聚源 相关研究报告 《发行 GDR 募投海外产能，全球化布 局再进一步—公司信息更新报告》 -2024.10.15 《光储龙头地位稳固，业绩稳定增长 —公司信息更新报告》-20 ...

2024年11月01日 来源：公司年报、国金证券研究所 阳光电源 (300274.SZ) 买入 (维持评级) 公司点评 证券研究报告 费用管控成效初现，年末确收有望加 渡 业绩简评 2024 年 10 月 31 日,公司发布三季报,2024 年前三季度实现营收 499 亿元,同比增长 7.6%;归母净利润 76 亿元,同比增长 5.2%。 其中 3Q24 实现营收 189 亿元,同比增长 6.4%,环比增长 2.8%;归 母净利润 26.4 亿元，同比下降 8.0%，环比下降 7.8%。 经营分析 存货环比高增,年末确收加快公司高增有望兑现:截至 202403 末 存货 322 亿元,环比 Q2 末增加 40 亿元,预计新增存货规模主要 以储能及电站项目为主,进入年末交付旺季,储能及电站项目确收 加速有望支持公司业务兑现高增长。 业务拓展拉高短期费率,Q3 费控初有成效:公司前三季度销售/管 理 / 研 发 费 用 率 分 别 为 5.56%/1.63%/4.76%， 同 比 +1.28pct/+0.37pct/+1.00pct,主要系公司上半年加大业务拓展 力度,人员薪酬等成本上升影响。三季度公司加强费用管 ...

Industry Overview - The global renewable energy sector continues to grow, driven by low-carbon goals and improved economic viability of new energy sources [1] - In the first three quarters of 2024, global photovoltaic installations reached approximately 288 GW, a year-on-year increase of 20% [1] - The energy storage market saw installations exceed 100 GWh, with a significant year-on-year growth of 57% [2] - Domestic wind power capacity increased from 33 GW in the same period last year to 39 GW, reflecting a 19% growth [2] Company Performance - For the first three quarters of 2024, the company achieved revenue of 49.9 billion yuan, a year-on-year increase of 7.6% [2] - Net profit attributable to shareholders reached 7.6 billion yuan, up 5% from the previous year [2] - Research and development expenses amounted to 2.38 billion yuan, representing a 36% increase year-on-year [3] Financial Metrics - Accounts receivable increased to 25.3 billion yuan, up 4.2 billion yuan from the beginning of the year, primarily due to revenue growth [4] - Inventory balance rose to 32.2 billion yuan, an increase of 10.7 billion yuan, driven by ongoing construction projects and inventory for overseas orders [4] - Operating cash flow decreased to 800 million yuan, down 3.8 billion yuan year-on-year, mainly due to increased inventory and accounts receivable [4] Market Outlook - The renewable energy sector is expected to see significant growth, with the share of renewable energy in global primary energy consumption projected to rise from 5.4% in 2023 to 21% by 2030 [3] - The company anticipates that the global photovoltaic market will grow by 15-20% in the coming year, aligning with industry growth rates [5] - The storage market's profitability varies significantly across regions, with higher returns expected in Europe and North America compared to the domestic market [5]

证券代码：300274 证券简称：阳光电源 公告编号：2024-112 阳光电源股份有限公司 关于为子公司提供担保额度预计的进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、担保额度预计情况概述 阳光电源股份有限公司（以下简称"公司"）2024 年 4 月 22 日召开第五届董 事会第七次会议审议通过了《关于为子公司提供 2024 年度担保额度预计及为子 公司担保的议案》，同意为十四家子公司向业务相关方（包括但不限于银行、金 融机构及其他业务合作方）申请银行综合授信（包括但不限于办理流动资金贷款、 项目贷款、承兑汇票、信用证、保函、票据贴现、保理、出口押汇、外汇远期结 售汇以及衍生产品等相关业务）及日常经营需要（包括但不限于履约担保、产品 质量担保）时提供担保，担保额度预计不超过人民币 1,350,000 万元，其中，同 意为 SUNGROW IBERICA SA（以下简称"西班牙阳光"）提供担保额度为 110,000 万元，同意为 Sungrow Deutschland GmbH（以下简称"德国阳光"）提供担保额 度为 30,000 万元。在上述额度 ...