证券研究报告·公司深度研究·光伏设备 上能电气（300827） 国内逆变业务压舱，海外光储厚积薄发 2024 年 11 月 19 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2339 | 4933 | 7289 | 10389 | 13965 | | 同比（ % ） | 114.08 | 110.93 | 47.78 | 42.53 | 34.42 | | 归母净利润（百万元） | 81.57 | 285.87 | 515.28 | 935.15 | 1,283.79 | | 同比（ % ） | 38.46 | 250.48 | 80.25 | 81.48 | 37.28 | | EPS- 最新摊薄（元 / 股） | 0.23 | 0.80 | 1 ...

上能电气（300827.SZ） 光伏设备 证券研究报告/公司点评报告 2024 年 11 月 16 日 Q3 盈利能力提升明显，出海景气向上 上能电气 24 三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's profit performance is strong, with significant improvements in profitability [3] - The company is accelerating its global expansion, with notable progress in overseas markets, particularly in the US, Europe, India, and the Middle East [2] - The company's overseas revenue in H1 2024 increased by 115.46% YoY, with significant growth in the Indian and Middle Eastern markets [2] - The company successfully delivered 1.016GW of high-efficiency centralized inverter-booster integrated machines to the Al Kahfah solar power station project in Saudi Arabia [2] - The company's first US energy storage project, a 140.8MW energy storage station in Texas, was successfully shipped in September 2024 [2] Financial Performance - In Q3 2024, the company's revenue was RMB 1.14 billion, a 1% YoY increase, while net profit attributable to the parent company was RMB 140 million, a 93% YoY increase [3] - The company's gross profit margin in Q3 2024 was 29.3%, up 5.6 percentage points YoY, and the net profit margin was 12.3%, up 5.9 percentage points YoY [3] - The company's operating cash flow in Q3 2024 was RMB 120 million, a 119% YoY increase [3] - The company's construction-in-progress at the end of Q3 2024 was RMB 170 million, an 841% increase compared to the beginning of the year [3] Future Projections - The company is expected to achieve revenues of RMB 6.9 billion, RMB 9.23 billion, and RMB 11.15 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 40%, 34%, and 21% [5] - Net profit attributable to the parent company is projected to be RMB 550 million, RMB 830 million, and RMB 1.02 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 92%, 52%, and 22% [5] - The company's EPS is expected to be RMB 1.5, RMB 2.3, and RMB 2.8 in 2024, 2025, and 2026, respectively [5] Market Performance - The company's stock price has shown strong performance, with a 24.9% increase over the past month, a 73.8% increase over the past three months, and a 78.5% increase over the past year [3] - The company's current market capitalization is RMB 18.66 billion, with a circulating market capitalization of RMB 13.49 billion [3]

Investment Rating - The report assigns a "Buy" rating to the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][11]. Core Views - The company has shown improved profitability, with a significant increase in net profit and gross margin, driven by cost reduction and optimized shipment structure [3][5]. - The company is accelerating its international expansion, successfully entering the U.S. market and supplying products to major projects in Saudi Arabia [4][5]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 3.069 billion, a year-over-year decrease of 7.3%, while net profit reached 301 million, up 44.8% year-over-year [2]. - In Q3 2024, revenue was 1.143 billion, showing a slight year-over-year increase of 0.8% but a quarter-over-quarter decrease of 5.9%. Net profit for Q3 was 141 million, up 92.6% year-over-year and 28.8% quarter-over-quarter [2]. Profitability Metrics - The gross margin and net margin for the first three quarters of 2024 were 25.3% and 9.8%, respectively, reflecting increases of 5.8 and 3.5 percentage points year-over-year. In Q3 2024, these margins improved to 29.3% and 12.3%, with year-over-year increases of 5.62 and 5.85 percentage points [3]. Product Development and Market Expansion - The company launched a 400KW string inverter in September 2024, aiming to capture the North American market. The first batch of 22 units was successfully shipped to the U.S. [4]. - The company has also supplied 1.016GW of efficient centralized inverters to a solar power project in Saudi Arabia, marking a significant step in its international strategy [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 6.071 billion, 8.092 billion, and 10.233 billion for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 23.1%, 33.3%, and 26.5% [5]. - Net profit forecasts for the same period are 569 million, 836 million, and 1.041 billion, with growth rates of 99.1%, 46.9%, and 24.5% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability has significantly improved, with a focus on upward performance elasticity in Q4 [1] - In Q3 2024, the company achieved a net profit of 1.41 billion yuan, a year-on-year increase of 92.6% and a quarter-on-quarter increase of 28.8% [2][3] - The company is a leading player in the centralized photovoltaic storage market, advancing towards a high ROE market [2] Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 3.07 billion yuan, a year-on-year decrease of 7.3%, primarily due to product structure adjustments [2] - The net profit attributable to the parent company for Q3 2024 was 1.41 billion yuan, with a gross profit margin of 29.26%, reflecting a year-on-year increase of 5.62 percentage points [2][3] - The company expects net profits of 5.68 billion, 7.93 billion, and 10.07 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 28, 20, and 16 [2][3] Market Demand and Product Strategy - The demand for photovoltaic inverters is steadily growing both domestically and internationally, with the company benefiting from this demand while optimizing its product structure [2] - The company has opened a North American service center and is accelerating its local operations, with a focus on high-margin orders in the U.S. [2] - The company anticipates that the Indian and Middle Eastern markets will begin large-scale tenders for energy storage, which could enhance its market share [2] Financial Projections - The company forecasts operating revenues of 4.93 billion, 6.84 billion, 9.16 billion, and 11.13 billion yuan for 2023, 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 110.9%, 38.6%, 33.9%, and 21.6% [3][4] - The gross profit margin is projected to improve from 19.2% in 2023 to 23.5% in 2026 [3][4] - The return on equity (ROE) is expected to rise from 16.3% in 2023 to 25.9% in 2026 [3][4]

证券研究报告 经营预测指标与估值 上能电气 (300827 CH) 海内外双轮驱动,盈利能力显著环增 | --- | --- | |---------------------------------|------------------| | 年春研究 | 李报点评 | | 2024 年 10 月 31 日 \| 中国内地 | 电力设备与新能源 | 24Q3 收入 11.43 亿元,同/环比+0.83%/-5.88%,归母 1.41 亿元,同/环比 +92.59%/+28.83%,扣非 1.43 亿元,同/环比+104.70%/+29.54%,归母基 本符合我们此前 1.40 亿的预期。24Q3 毛利率/净利率达 29.26%/12.32%, 环比+6.62/+3.32pct,盈利能力显著提升,主要系组串占比提升及海外占比 提升。24Q3 期间费用率达 16.82%,环比+5.37pct,主要系营收基数减少 所致,其中销售/管理/研发/财务分别+2.09/+0.77/+0.90/+1.61pct。公司国 内外业务双轮驱动,光伏储能均有望高速增长,我们维持"买入"评级。 光伏逆变器:国内中标规模领先,海外渠道持 ...

上能电气股份有限公司 投资者关系的活动记录表 股票简称：上能电气 证券代码：300827 编号：2024-005 | --- | --- | --- | |----------------------------|------------------------------|----------------------------------------| | | | | | | | ■特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □电话会议 □现场参观 | | | 参与人员姓名及单位名称 | 等一百多位投资者 | 天风证券、东吴证券、长江证券、中泰证券 | | 时间 | 2024 年 10 月 30 | 日 10:00 | | | | | | 地点 | 公司会议室 | | | | 董事长：吴强 | | | 公司接待人员姓名 | 董事会秘书、财务总监：陈运萍 | | | | 解决方案中心总经理：王跃林 | | | 投资者关系活动主要内容介绍 | 详见会议纪要 | | | 日期 | 2024 年 10 月 30 | ...

证券研究报告 非金融公司|公司点评|上能电气（300827） 海外光储市场持续开拓，盈利能力明显 提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 公司发布 2024 年三季报，2024 前三季度实现营收 30.69 亿元，同比-7.30%；实现归母净利润 3.02 亿元，同比+44.82%。Q3 单季度，公司实现营收 11.43 亿元，同比+0.83%，环比-5.88%； 实现归母净利润 1.41 亿元，同比+92.59%，环比+28.83%。公司对海外光储市场的大力开拓取 得积极成果，盈利能力明显提升，维持"买入"评级。 |分析师及联系人 贺朝晖 梁丰铄 SAC：S0590521100002 SAC：S0590523040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月29日 上能电气(300827) 海外光储市场持续开拓，盈利能力明显提升 | --- | --- | |----------------------------|-------------------| | | ...

上能电气（ [Table_StockNameRptType] 300827） 首次覆盖 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for Q3 2024 was ¥1,143,114,680.73, representing a 0.83% increase year-over-year, while the year-to-date revenue decreased by 7.30% to ¥3,069,056,752.97[2] - Net profit attributable to shareholders for Q3 2024 was ¥141,186,516.34, a significant increase of 92.59% compared to the same period last year, and a year-to-date increase of 44.82% to ¥301,870,420.17[2] - The basic earnings per share for Q3 2024 was ¥0.39, an increase of 85.71% year-over-year, with a year-to-date figure of ¥0.84, up 40.00%[2] - Total revenue for Q3 2024 was CNY 3,069,056,752.97, a decrease of 7.3% compared to CNY 3,310,647,595.13 in Q3 2023[17] - The net profit for Q3 2024 was CNY 300,840,629.53, a 44.3% increase from CNY 208,451,976.88 in the same period last year[18] - The total comprehensive income attributable to the parent company was CNY 301,988,355.44, compared to CNY 208,017,928.80 in Q3 2023, reflecting a growth of 45.0%[19] - The total profit for the period was CNY 308,407,339.20, compared to CNY 211,543,883.19 in the same quarter last year, reflecting a growth of 45.7%[18] Assets and Liabilities - Total assets as of September 30, 2024, reached ¥7,431,619,875.51, reflecting a 7.08% increase from the end of the previous year[2] - Non-current assets totaled CNY 974,971,227.30, up from CNY 809,694,722.48 year-over-year, highlighting growth in long-term investments[16] - The total liabilities amounted to CNY 5,386,584,365.43, up from CNY 5,177,630,904.69, reflecting a rise in financial obligations[16] - The company's equity attributable to shareholders increased by 16.11% year-over-year to ¥2,039,381,191.73[2] - The equity attributable to shareholders increased to CNY 2,039,381,191.73, compared to CNY 1,756,433,093.81 in the previous year, showing improved shareholder value[16] Cash Flow - The cash flow from operating activities showed a net outflow of ¥649,099,650.37 year-to-date, which is an improvement of 18.72% compared to the previous year[2] - Cash received from sales increased by 47.50% to approximately ¥2.93 billion compared to the previous period[10] - Cash inflow from operating activities reached CNY 3,672,620,707.93, up from CNY 2,622,399,017.60, representing a 40.0% increase[20] - Cash obtained from loans increased by 80.99% to approximately ¥1.58 billion, reflecting a rise in borrowings[11] - Net cash flow from financing activities was CNY 722,342,047.49, compared to CNY 506,380,572.36 in Q3 2023, indicating a 42.5% increase[21] Expenses - Management expenses for Q3 2024 increased by 57.61% to ¥75,846,007.44, primarily due to higher operational costs[9] - Total operating costs for Q3 2024 were CNY 2,748,205,387.76, down from CNY 3,055,492,174.01 in the same period last year, reflecting a cost reduction strategy[17] - Research and development expenses increased to CNY 170,904,671.08 in Q3 2024, compared to CNY 156,304,576.77 in Q3 2023, indicating a focus on innovation[17] Shareholder Information - The number of common shareholders at the end of the reporting period was 30,447[12] - The largest shareholder, Wu Qiang, holds 20.24% of the shares, totaling approximately 72.48 million shares[12] Other Financial Metrics - The company reported a significant decrease of 91.17% in cash received from investment income, down to approximately ¥222,521.37[11] - Tax refunds received surged by 465.54% to approximately ¥20.33 million, primarily due to an increase in tax refunds[11] - Cash paid for purchasing goods and services rose by 34.08% to approximately ¥2.89 billion, attributed to higher cash payments for purchases[11] - Cash paid for debt repayment increased by 116.50% to approximately ¥798.58 million, mainly due to higher repayments of due loans[11] - The company experienced a decrease in credit impairment losses, reporting CNY -27,540,927.80 compared to CNY -46,387,085.68 in the previous year[18] - Other comprehensive income after tax was CNY 117,935.27, a recovery from CNY -434,048.08 in Q3 2023[18] Future Outlook - Future outlook includes continued investment in data resources and technology development to enhance competitive advantage[16]