证券代码：300274 证券简称：阳光电源 公告编号：2024－109 阳光电源股份有限公司 关于子公司与子公司互相担保的公告 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。 一、担保情况概述 阳光电源股份有限公司（以下简称"公司"）全资子公司 SUNGROW POWER (HONG KONG) CO., LIMITED（以下简称"香港阳光"）与全资孙公司 Sungrow Power Supply SpA（以下简称"智利阳光"）与 Estepa Solar SpA（以下简称"智利客 户"）签订储能设备供货协议（以下简称"供货协议"），香港阳光、智利阳光 分别负责为智利客户提供储能设备和安装调试，同时，智利阳光与智利客户签订 延保相关的长期服务协议（以下简称"服务协议"）。为促使上述供货协议和服 务协议的有效推进，香港阳光与智利阳光互相为对方就前述协议项下的义务和责 任提供连带责任保证，担保期限为自担保合同签署之日至服务协议开始之日（产 品交付给客户并通过测试后）起十七年，其中自担保合同签署之日至服务协议开 始之日起两年内担保金额为 117,448,111 美元，该 ...

证券代码：300274 证券简称：阳光电源 公告编号：2024-108 赎回情况： | 序 | 公告 | 签约银行 | 产品名称 | 本金 | 实际收益 | 实际年化 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 编号 | 名称 | | （万元） | （万元） | 收益率 | | 1 | 2024-088 | 中国银行 | 挂钩型结构性存款(机构客户) | 2,900.00 | 10.53 | 2.82% | | 2 | 2024-088 | 中国银行 | 挂钩型结构性存款(机构客户) | 3,100.00 | 4.20 | 1.10% | | --- | --- | --- | --- | --- | --- | --- | | 3 | 2024-094 | 中国银行 | 人民币结构性存款 | 11,800.00 | 9.25 | 1.10% | | 4 | 2024-094 | 中国银行 | 人民币结构性存款 | 11,200.00 | 21.21 | 2.88% | | 5 | 2024-094 | 中国银行 | 人民币结构性存款 | 10,20 ...

证券代码：300274 证券简称：阳光电源 公告编号：2024－107 阳光电源股份有限公司 | 负债总额 | 398,622.68 | 455,471.85 | | --- | --- | --- | | 净资产 | 18,773.17 | -719.05 | | 资产负债率 | 95.50% | 100.16% | | 科目 | 2023年度 | 2024年1-6月 | | 营业收入 | 729,234.99 | 249,784.62 | | 利润总额 | 7,388.86 | -18,092.89 | | 净利润 | 3,406.49 | -19,125.39 | 上述 2023 年度财务数据经审计。 关于子公司为子公司提供担保的公告 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。 一、担保情况概述 阳光电源股份有限公司（以下简称"公司"）全资子公司 SUNGROW DEUTSCHLAND GmbH（以下简称"德国阳光"）与 SOLARPARK SCHADEWOHL GMBH & CO.KG（以下简称"德国客户"）签订光伏设备供货协议，为促使德国阳 光与德国 ...

阳光电源股份有限公司（以下简称"公司"）于 2024 年 7 月 12 日召开第五届 董事会第八次会议，审议通过了《关于回购公司股份方案的议案》，同意公司回 购公司部分社会公众股股份，用于后期实施员工持股计划或股权激励计划。回购 价格不超过 97.00 元/股（含），回购总金额不低于人民币 5 亿元（含）且不超过 人民币 10 亿元（含），具体回购股份的数量以回购结束时实际回购的股份数量为 准（以下简称"本次回购"）。本次回购股份的实施期限自董事会审议通过之日起 12 个月内。具体内容详见公司 2024 年 7 月 15 日在巨潮资讯网披露的《关于回 购公司股份方案的公告》（公告编号 2024-067）。 二、股票回购方案进展情况 证券代码：300274 证券简称：阳光电源 公告编号：2024-106 阳光电源股份有限公司 关于取得金融机构股票回购增持贷款的公告 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。 一、股票回购方案简介 公司上述回购股份的资金来源于股票回购增持贷款或公司自有资金。公司后 续将根据市场情况在回购期限内择机实施本次回购计划，严格遵守贷款资金 ...

证券代码：300274 证券简称：阳光电源 公告编号：2024－105 阳光电源股份有限公司 关于控股子公司收购合肥泰禾智能科技集团股份有限公司 控制权暨签订相关协议的公告 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。 风险提示： 1、本次交易尚需取得上海证券交易所就本次协议转让出具的股份转让申请 确认书，并向中国证券登记结算有限责任公司上海分公司申请办理股份过户登记， 上述事项存在一定不确定性。公司将根据相关事项的进展情况，依法履行信息披 露义务，敬请广大投资者注意投资风险。 2、本次交易完成后，公司将面临过渡期整合及持续经营管理等方面的风险。 公司将高度关注及把控本次交易进展，积极采取有效措施，妥善应对和化解风险。 此外，本次交易完成后将形成一定金额的商誉。根据《企业会计准则》，本次交 易形成的商誉将在每年进行减值测试。如果未来由于行业不景气或标的公司自身 因素导致其未来经营状况未达预期，则公司存在商誉减值风险。 3、根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司重大资产重组 管 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company plans to issue Global Depositary Receipts (GDR) overseas and list them on the Frankfurt Stock Exchange, representing up to 10% of its total share capital [5] - The funds raised, estimated to be no more than RMB 4.88 billion, will be allocated to various projects including advanced energy storage equipment manufacturing, expansion of overseas inverter equipment and storage products, digital enhancement projects, and the construction of a research and development center in Nanjing [5] - The energy storage market is expected to grow significantly, with the company's energy storage system revenue increasing from 13.0% of total revenue in 2021 to 25.2% in the first half of 2024, indicating a strong growth driver for the company's performance [5][6] - The company aims to enhance its production capacity and global presence while investing in digital upgrades and R&D to strengthen its core competitiveness [6] - Profit forecasts for 2024 and 2025 are projected at RMB 11.36 billion and RMB 13.63 billion respectively, with a PE valuation of 20-22 times for 2024, leading to a reasonable value range of RMB 109.60-120.56 [6][7] Financial Summary - The company's revenue is expected to grow from RMB 72.25 billion in 2023 to RMB 129.90 billion by 2026, with a year-on-year growth rate of 79.5% in 2023 and 19.1% in 2024 [7][9] - Net profit is projected to increase from RMB 9.44 billion in 2023 to RMB 15.77 billion by 2026, with a significant year-on-year growth of 162.7% in 2023 [7][9] - The gross margin is expected to stabilize around 30.4% in 2023 and slightly decrease to 28.9% by 2026 [9][10] Market Position - The company has established a significant first-mover advantage in the energy storage sector since 2015, positioning itself as a leader in the industry [5][6] - The company’s existing energy storage system capacity is nearing saturation, and the new projects funded by the GDR issuance will significantly enhance its delivery capabilities [5][6] - The company’s strategy reflects confidence in scaling growth and reinforcing its brand barriers, solidifying its position as an industry leader [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is issuing Global Depositary Receipts (GDR) to raise funds for overseas capacity expansion, enhancing its global brand influence [2] - The company plans to raise up to RMB 4.879 billion through the issuance of GDRs, which will be allocated to various projects including advanced energy storage equipment manufacturing and overseas inverter equipment expansion [2] - The company maintains its profit forecast, expecting net profits of RMB 11.984 billion, RMB 14.328 billion, and RMB 17.197 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 5.78, RMB 6.91, and RMB 8.30 [2] Financial Summary - The company's revenue is projected to grow from RMB 72.251 billion in 2023 to RMB 116.033 billion in 2026, with a year-on-year growth rate of 19.3% in 2026 [6] - The net profit is expected to increase significantly from RMB 9.440 billion in 2023 to RMB 17.197 billion in 2026, reflecting a growth rate of 20.0% in 2026 [6] - The gross margin is projected to be 31.3% in 2024, slightly decreasing to 28.5% by 2026 [6] - The company’s P/E ratio is expected to decrease from 21.2 in 2023 to 11.7 in 2026, indicating an attractive valuation [6] Overseas Expansion Strategy - The company plans to invest RMB 1.927 billion in overseas production capacity, targeting an annual output of 50GW for inverter equipment and 15GWh for energy storage products [5] - The overseas production will help mitigate geopolitical risks and enhance supply chain stability for international clients [5] - The company’s overseas revenue reached RMB 13.476 billion in the first half of 2024, accounting for 43.44% of total revenue, indicating a strong international presence [5]

各位领导大家早上好我是海通电信组的研究员我叫徐大牛那么今天晚上呢我们跟各位领导主要汇报一下阳光电源的一个基本观点首先来讲逆变器这个行业今年以来一直是我们甚至基本上绝大部分的券商的光伏研究员最推荐的一个 一个标的和板块吧那么在1.7当中毫无疑问阳光电源呢是这个龙头中的龙头而且它的估值一直相对来说也是处在一个比较低水平的一个位置所以呢这个标的呢一直是我们今年以来的所有的这个报告周报然后各种的这个公开发表观点里排位第一的一个 标例所以我们这个光复的公司的深度解读第一个首先就以阳光电源为主那么在目前的这个市场环境下首先我们认为阳光它是一个总体来讲它是一个竞客最合手的一个标例最核心的还是它有强有力的业绩支撑 那这个应急支撑呢首先就来自于它行业的一个特点那么对于现在的主材行业来说这个当前的一个形势肯定是不是很理想但是主材方面以硅为代表的硅料硅链的组件大家众所周知今年经历了一波 持续的价格下跌而且这个价格下跌不光是今年已经接近两年的这个时间了22年10月份这个行业的价格见顶然后回落一直回落到现在这24年10月份已经回落了足足这个两年正好整整两年的时间而这个阶段呢柴练里 无论是主材的上下游还是年代的主材比如说组建的主材玻璃胶 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue GDRs on the Frankfurt Stock Exchange to accelerate its overseas capacity expansion and enhance its global brand presence, aiming to raise approximately 4.88 billion yuan [3] - The funds will be allocated to increase domestic energy storage capacity and expand overseas production, which is expected to improve supply chain stability and global delivery capabilities [3] - The company is experiencing strong demand in overseas markets, particularly in the U.S., Europe, and the Middle East, with significant growth in energy storage shipments anticipated [3] - The report forecasts a steady increase in revenue and net profit for the company, projecting net profits of 11 billion, 14 billion, and 17 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Forecasts and Valuation - Total revenue is expected to grow from 72.25 billion yuan in 2023 to 120.64 billion yuan in 2026, with a compound annual growth rate of approximately 18.53% [2][3] - The net profit attributable to shareholders is projected to increase significantly, with a year-on-year growth of 17% in 2024, 27% in 2025, and 20% in 2026 [3] - The report assigns a target price of 135 yuan for the stock based on a 20x PE ratio for 2025 [3] Market Data - The current closing price of the stock is 96.75 yuan, with a market capitalization of approximately 200.58 billion yuan [6] - The stock has a price-to-earnings ratio of 21.25 for 2023, which is expected to decrease to 11.89 by 2026 [10]

阳光电源股份有限公司 Sungrow Power Supply Co.,Ltd. （安徽省合肥市高新区习友路 1699 号） 境外发行全球存托凭证 新增境内基础 A 股股份 募集资金使用的可行性分析报告 二〇二四年十月 一、本次募集资金的使用计划 公司本次发行 GDR 的募集资金为美元，募集资金总额（含发行费用）按照 定价基准日的人民币对美元汇率中间价折算后不超过人民币 487,785.49 万元（含 本数）。本次募集资金总额在扣除发行费用后的净额拟全部用于以下项目： 在本次发行募集资金到位前，公司将根据募集资金投资项目的实际情况，以 自筹资金先行投入，并在募集资金到位后按照相关规定的程序予以置换。募集资 金到位后，若扣除发行费用后的实际募集资金净额少于拟投入募集资金总额，在 本次发行募集资金投资项目范围内，公司将根据实际募集资金数额，按照项目的 轻重缓急等情况，调整并最终决定募集资金的具体投资项目、优先顺序及各项目 的具体投资额，募集资金不足部分由公司自筹解决。 若本次募集资金总额因监管政策变化或发行注册及备案文件的要求予以调 整的，则届时将相应调整。 二、募集资金投资项目的具体情况及可行性分析 证券代码： ...