证券研究报告 | 2024年04月10日 新特能源（01799.HK） 增持 硅料降本持续推进，电站运营建设提速 核心观点 公司研究·财报点评 2023年公司实现归母净利润43.5亿元，同比下滑68%。2023年公司实现营 电力设备·光伏设备 业收入307.5亿元，同比下滑18%，归母净利润43.5亿元，同比下滑68%。 证券分析师：王蔚祺 证券分析师：陈抒扬 对应23Q4实现归母净利润-7.4亿元，同比下滑120%，环比下滑347%。2023 010-88005313 0755-81982965 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn 年公司计提资产减值15.3亿元，其中多晶硅板块计提12.9亿元，主要为多 S0980520080003 S0980523010001 晶硅产线的设备固定资产减值及硅料存货跌价减值。 基础数据 光伏产业链价格下行，多晶硅及电站建设业务收入下滑。分业务来看，多晶 投资评级 增持(维持) 硅业务收入195亿元，同比下滑24%，毛利率36%，同比下滑35pcts；电站 合理估值 收盘价 10.04港元 建设业务收入63亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 12.80, indicating a potential upside of 24.0% from the current price of HKD 10.32 [1][2][8]. Core Insights - The company's performance slightly exceeded expectations after excluding impairment impacts, with a net profit of RMB 4.35 billion for the last year, down 67% year-on-year, aligning with the earnings forecast [1][2]. - The production cost of polysilicon has significantly decreased, reaching RMB 54,000 per ton in Q4, with expectations for further reductions as production ramps up [1][2]. - Demand for polysilicon is expected to exceed forecasts, potentially stabilizing prices at a higher bottom level, with an anticipated average selling price of around RMB 60,000 per ton from 2024 to 2026 [2][9]. Financial Performance Summary - The company reported a revenue of RMB 30.75 billion in 2023, a decline of 18.1% year-on-year, with a projected revenue of RMB 27.68 billion for 2024 [4][9]. - The net profit for 2023 is expected to be RMB 4.35 billion, a significant drop of 67.6% compared to the previous year, with forecasts of RMB 1.88 billion, RMB 2.25 billion, and RMB 2.79 billion for 2024, 2025, and 2026 respectively [4][9]. - The company plans to increase its polysilicon production capacity to 280,000 to 300,000 tons in 2024, with no new capacity additions planned for the near term [1][2]. Production and Sales Metrics - The company achieved a polysilicon production and sales volume of 191,000 tons and 203,000 tons respectively in the previous year, marking a year-on-year increase of 52% and 90% [1][2]. - The company aims to enhance the proportion of N-type materials in its production to 85% this year, up from 65-70% currently, which is expected to improve its competitive edge [1][2]. Market Outlook - The report anticipates a global solar installation growth rate of nearly 30% this year, significantly higher than the previous estimate of 20%, driven by strong demand [2][9]. - The company is expected to resume dividend payments following the completion of its A-share IPO, which is currently underway [1][2].

Financial Performance - For the year ended December 31, 2023, the group's operating revenue was RMB 30,751.80 million, a decrease of 16.51% compared to the same period last year[2]. - The total profit for the year ended December 31, 2023, was RMB 6,104.68 million, down 63.70% year-on-year[2]. - The net profit attributable to shareholders for the year ended December 31, 2023, was RMB 4,345.03 million, a decline of 67.37% compared to the previous year[2]. - Basic earnings per share for the year ended December 31, 2023, were RMB 3.04, down from RMB 6.27 in the previous year[2]. - The board of directors recommended not to declare a final dividend for the year ended December 31, 2023[2]. - Total revenue for 2023 was approximately ¥30.75 billion, a decrease of 16.5% compared to ¥36.83 billion in 2022[9]. - Net profit for 2023 was approximately ¥5.12 billion, down 64.3% from ¥14.32 billion in 2022[10]. - The company's gross profit for the year was RMB 10,286.48 million, a decrease of RMB 10,078.65 million or 49.49% from RMB 20,365.13 million, with a gross margin of 33.45%, down 21.84 percentage points year-on-year[65]. Assets and Liabilities - As of December 31, 2023, total current assets amounted to RMB 31,520.39 million, an increase from RMB 27,368.75 million in the previous year[4]. - Total non-current assets as of December 31, 2023, were RMB 54,409.06 million, compared to RMB 51,785.84 million in the previous year[5]. - Total assets as of December 31, 2023, reached RMB 85,929.46 million, up from RMB 79,154.59 million in the previous year[5]. - Total liabilities as of December 31, 2023, were RMB 44,697.60 million, compared to RMB 43,117.35 million in the previous year[7]. - The company reported a significant decrease in cash and cash equivalents, which were RMB 13,501.47 million, compared to RMB 5,195.45 million in the previous year[4]. - The total accounts payable at year-end was RMB 9,869,801,942.81, down from RMB 10,399,018,417.81 at the beginning of the year, representing a decrease of about 5.1%[43]. - The total borrowings at year-end reached RMB 22,187,235,184.64, an increase of 4.0% compared to RMB 21,335,680,031.62 at the beginning of the year[39]. Operational Highlights - The company reported a total operating revenue of approximately ¥30.75 billion for the year 2023, with significant contributions from polysilicon, wind energy, and photovoltaic power station construction and operation segments[22]. - The company's polysilicon production reached 191,300 tons, an increase of 52.01% year-on-year, while sales volume increased by 90.16% to 202,900 tons[54]. - The wind and photovoltaic power station operation segment achieved revenue of RMB 2,213.00 million, an increase of RMB 884.40 million or 66.57% year-on-year, due to an increase in project scale and corresponding power generation[63]. - The company completed and confirmed the installation of 2.19GW of photovoltaic and wind power projects, generating revenue of RMB 6,268.05 million, a decrease of 18.47% year-on-year, and a gross profit of RMB 1,206.09 million, down 19.96%[56]. Market and Competitive Landscape - The company recognizes the risk of intensified market competition as more players enter the renewable energy sector and plans to optimize its business structure to maintain its industry position[98]. - The company plans to enhance its operational capabilities and promote high-quality development through continuous cost reduction and quality improvement measures in the polysilicon production sector[89]. - The company aims to accelerate the development and construction of wind and solar resources, focusing on large-scale traditional resource development in the Shage desert area and exploring new business models such as energy storage and hydrogen production[90]. Research and Development - The company obtained 80 authorized patents in 2023, bringing the total to 820 domestic patents and 7 international patents by the end of the year[59]. - The company plans to increase R&D investment in new technologies and business models, particularly in areas like large-capacity inverters and energy storage systems, to enhance operational efficiency and market competitiveness[92]. Corporate Governance and Compliance - The company has adopted high standards of corporate governance to protect shareholder rights and enhance corporate value[107]. - The company continues to engage in self-inspection regarding renewable energy subsidies, ensuring compliance with regulatory requirements[18]. - The company has implemented measures to mitigate credit risk by reviewing customer credit limits and monitoring overdue receivables[81].

Financial Performance - For the nine months ended September 30, 2023, the group achieved a revenue of RMB 23,225.94 million[1] - The operating costs for the same period were RMB 14,041.13 million[1] - The net profit attributable to shareholders for the nine months was RMB 5,078.80 million[1] Assets - As of September 30, 2023, the total assets of the group amounted to RMB 89,127.14 million[1]

Financial Performance - Xinte Energy reported a revenue of RMB 1.5 billion for the first half of 2023, representing a year-on-year increase of 25%[1]. - The company achieved a net profit of RMB 300 million, up 15% compared to the same period last year[1]. - In the first half of 2023, the company's operating revenue reached RMB 17,586.90 million, an increase of 19.51% year-on-year[52]. - The net profit for the same period was RMB 5,396.36 million, with a decrease of 10.51% compared to the previous year[52]. - The net profit attributable to shareholders was RMB 4,758.97 million, down 15.28% year-on-year[52]. - The company achieved a total revenue of RMB 17,402.25 million for the first half of 2023, an increase of RMB 2,868.87 million or 19.74% compared to the same period last year[64]. - The wind and solar power construction segment reported revenue of RMB 2,734.43 million, reflecting an 11.22% increase year-on-year due to expanded market development efforts[64]. - The wind and solar power operation segment's revenue decreased by 6.15% to RMB 1,138.74 million, impacted by risks related to electricity price subsidies and the transfer of three operational projects totaling 180MW[64]. - The company reported a total profit of RMB 6.44 billion, down 9.2% from RMB 7.09 billion year-over-year[138]. - The total comprehensive income for the first half of 2023 was RMB 5.40 billion, down from RMB 6.03 billion in the same period of 2022[138]. Production and Capacity - Total installed capacity reached 5 GW, with a 20% increase in solar power generation compared to the previous year[1]. - The company's polysilicon production increased significantly to 76,100 tons, a growth of 64.72% year-on-year, while sales volume reached 86,100 tons, up 80.50%[55]. - The company is expected to achieve production capacity for the first phase of its 200,000-ton polysilicon project by the end of 2023, further enhancing production and quality[55]. - The company aims to increase the proportion of N-type materials in its production, achieving a sixfold increase in N-type material output compared to the same period last year[55]. - The company's polysilicon segment generated operating revenue of RMB 12,618.45 million, an increase of 21.79% year-on-year, despite a decline in gross profit margin[55]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[1]. - A strategic partnership with a leading technology firm was announced to enhance product offerings and market reach[1]. - The company is exploring potential acquisitions to bolster its renewable energy portfolio, with a focus on companies in the battery storage sector[1]. - The company aims to stabilize and maximize its production capacity of 300,000 tons of polysilicon by enhancing production process control and optimizing management practices[85]. - The company plans to reduce production costs through improved resource recovery and energy management, targeting a decrease in energy consumption and material costs[85]. Research and Development - Xinte Energy is investing RMB 200 million in R&D for new photovoltaic technologies, aiming to enhance efficiency by 15%[1]. - Research and development expenses for the six months ended June 30, 2023, were RMB 93.70 million, a decrease of RMB 31.60 million or 25.22% year-on-year[68]. - The company is focusing on new business models and technologies, including flexible photovoltaic support designs and high-power inverters to enhance market competitiveness[60]. - The company acknowledges the risk of technological disruption in the photovoltaic industry and will enhance its R&D capabilities to maintain its competitive edge[93]. Financial Position and Assets - The group's cash and cash equivalents at the end of June 30, 2023, amounted to RMB 10,667.96 million, compared to RMB 3,409.76 million at the end of December 31, 2022[73]. - The capital debt ratio as of June 30, 2023, was 23.25%, a significant decrease from 45.51% at the end of December 31, 2022[73]. - The group's total assets increased to RMB 84,325,124,334.61 from RMB 79,154,586,907.44, representing a growth of approximately 6.8%[131]. - Total current assets increased to RMB 7,918,336,986.23 as of June 30, 2023, up from RMB 5,419,052,030.06 on December 31, 2022, representing a growth of 46.2%[132]. - The company's retained earnings rose to RMB 24,960,405,271.50, up from RMB 20,201,436,523.42, indicating an increase of about 23.5%[131]. Compliance and Governance - The company has maintained compliance with the corporate governance code and has adopted the standard code for securities transactions by directors and supervisors, confirming no violations during the reporting period[99]. - The company has established an audit committee consisting of three independent non-executive directors and two non-executive directors to oversee financial reporting and internal controls[103]. - The company emphasizes the importance of board diversity in achieving strategic goals and sustainable development[101]. - The company has committed to enhancing its compliance system in response to international trade disputes and political factors affecting the photovoltaic industry[97]. Employee and Talent Management - The company has established partnerships with universities to enhance talent development and has implemented a comprehensive talent retention mechanism[62]. - The employee stock ownership plan was approved on May 5, 2022, granting 29.94 million shares to 500 participants, including directors and key personnel[110]. - The employee stock ownership plan aims to enhance governance, attract talent, and align the interests of shareholders and employees[111]. - The company emphasizes employee training and has established a comprehensive training course system covering all employees[126]. Risks and Challenges - The company acknowledges the risk of policy changes affecting the renewable energy sector and will closely monitor new policies to mitigate potential impacts[91]. - The company anticipates a downward trend in polysilicon prices due to increased supply and will leverage its production bases to enhance competitiveness and profitability[92]. - The company is aware of intensified market competition in the renewable energy sector and will optimize its business structure to strengthen its market position[94].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 XINTE ENERGY CO., LTD. 新特能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 截至2023年6月30日止六個月之中期業績公告之 補充公告 茲提述新特能源股份有限公司（「本公司」）日期為2023年8月15日內容有關本公 司截至2023年6月30日止六個月之中期業績之公告（「中期業績公告」）。除非文 義另有規定，否則本公告所用詞彙與中期業績公告所界定者具有相同涵義。 本公司旨在就過往年度調整提供補充資料且本公告應與中期業績公告一併閱讀。 有關過往年度調整的資料 1. 2022年電價補貼核查的背景 於2022年3月及9月，中國國家發展和改革委員會（「國家發改委」）、國家財 政部、國家能源局（下文統稱「主管當局」）聯合印發《關於開展可再生能源 發電補貼自查工作的通知》（「第一份補貼核查通知」）及《關於明確可再生 能源發電補貼核查認定有關政策解釋的通知》（ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 XINTE ENERGY CO., LTD. 新特能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1799） 截 至2023年6月30日止六個月之中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | ‧ | 截至 2023 年 6 月 30 日止六個月，本集團營業收入為人民幣 17,586.90 百萬元， 較上年同期增長 19.51% 。 | | ‧ | 截至 2023 年 6 月 30 日止六個月，本集團利潤總額為人民幣 6,442.25 百萬元， 較上年同期下降 9.18% 。 | | ‧ | ...

Financial Performance - Xinte Energy reported a significant increase in revenue, achieving a total of CNY 5.2 billion in 2022, representing a year-over-year growth of 25%[1]. - The company reported a total revenue of RMB 1.5 billion for the fiscal year ending December 31, 2022, representing a year-over-year increase of 15%[12]. - The company achieved a total revenue of RMB 37,541.11 million in 2022, representing a 66.68% increase from RMB 22,523.04 million in 2021[27]. - The net profit attributable to shareholders reached RMB 13,395.47 million, up from RMB 4,955.26 million in 2021, marking a significant growth[29]. - The company’s basic earnings per share increased to RMB 9.37 in 2022, compared to RMB 3.92 in 2021[29]. - The net profit for 2022 was RMB 14,426.25 million, representing a significant growth of 167.95% compared to the previous year[36]. - The company reported a gross margin of 30%, which is an improvement from 28% in the previous year[12]. - The company reported a gross profit of RMB 21,074.85 million, a 126.81% increase from RMB 9,291.70 million in the previous year, with a gross margin of 56.14%, up 14.88 percentage points[46]. Production Capacity and Expansion - The company successfully expanded its production capacity with the completion of the 100,000-ton polysilicon project in Inner Mongolia and the 200,000-ton project in Xinjiang, contributing to a 30% increase in overall output[9]. - The total production capacity of polysilicon increased to 200,000 tons per year, with plans to reach 300,000 tons per year by mid-2023[31]. - The company produced 125,900 tons of polysilicon in 2022, an increase of approximately 61.03% year-on-year[37]. - The polysilicon sales volume reached 106,700 tons, marking a year-on-year growth of about 42.92%[37]. - The company plans to launch a 100,000-ton polysilicon project in 2023, with the first phase expected to be operational in the first half of the year[37]. - The company is accelerating the construction of a 200,000-ton polysilicon project, with the first phase of 100,000 tons expected to be operational in the first half of 2023[65]. Research and Development - The company is investing heavily in R&D, allocating CNY 300 million towards the development of new technologies in solar energy and energy storage systems[1]. - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing energy efficiency[12]. - Research and development expenses were RMB 325.35 million, a slight decrease of 3.53% from RMB 337.25 million in the previous year[48]. - The company is committed to technological innovation, increasing R&D investment, and enhancing collaboration with leading domestic and international institutions[69]. Market Strategy and Acquisitions - Market expansion efforts include entering new international markets, with plans to establish partnerships in Europe and North America by the end of 2023[1]. - The company is exploring strategic acquisitions to enhance its market position, targeting companies in the renewable energy sector with complementary technologies[1]. - The company is considering strategic acquisitions to enhance its product offerings and market presence, with a budget of up to RMB 500 million allocated for potential deals[12]. - The company is actively engaging with government authorities to address potential adverse impacts from subsidy audits on its performance[76]. Sustainability and Environmental Commitment - The board of directors emphasized a commitment to sustainable practices, aiming for a 50% reduction in carbon emissions by 2025 as part of its long-term strategy[1]. - The company is focusing on the "dual carbon" goals, enhancing its layout in silicon-based new materials and renewable energy projects[31]. - The company has established an environmental management system (ISO14001) and has taken measures to control pollution during operations[144]. - No significant environmental incidents or penalties were reported in 2022, indicating strong compliance with environmental laws[144]. Employee Engagement and Governance - A new employee stock ownership plan was implemented, aimed at increasing employee engagement and retention, with an allocation of CNY 100 million for the program[1]. - The company implemented an employee stock ownership plan, granting 29.94 million shares to 500 employees, aligning long-term interests[20]. - The employee stock ownership plan aims to enhance governance and retain talent, involving 500 participants including directors and key personnel[112]. - The company has a diverse board of directors and management team, with members holding various prestigious titles and extensive experience in their respective fields[82][83][84]. Financial Management and Compliance - The company’s total assets as of December 31, 2022, amounted to RMB 79,261.04 million, an increase from RMB 58,198.87 million in 2021[29]. - The company’s total liabilities stood at RMB 43,117.35 million, reflecting an increase from RMB 34,810.23 million in 2021[29]. - The company’s liquidity ratio as of December 31, 2022, was 114.30%, down from 123.91% in the previous year[56]. - The company has established a comprehensive internal control system aimed at risk management, covering 97.09% of total assets and 96.17% of total revenue in the consolidated financial statements[189]. Strategic Goals and Future Outlook - Xinte Energy provided a positive outlook for 2023, projecting a revenue growth of 20% driven by increased production and market demand for renewable energy[1]. - The company aims to reduce production costs by 10% through improved operational efficiencies and supply chain optimization in 2023[1]. - The company plans to achieve a polysilicon production capacity of 230,000 to 240,000 tons in 2023, with confirmed revenue from wind and photovoltaic power station development and construction of 2 to 3 GW[63]. - By the end of 2023, the company aims to have a grid-connected capacity of 3.5 to 4 GW from wind and photovoltaic operating stations[63].

Financial Performance - For the three months ended March 31, 2023, the company achieved a revenue of RMB 10,087.28 million[1] - The operating cost for the same period was RMB 5,007.16 million[1] - The net profit attributable to shareholders for the three months was RMB 3,466.64 million[1] Assets - As of March 31, 2023, the total assets of the group amounted to RMB 83,731.44 million[1]