协鑫科技(3800) 公司研究/公司点评 证 盈利短期承压，成本优势未来可期 券 ——协鑫科技 2024Q1业绩点评 研 究 报 ◼ 核心观点 告 买入( 维持) 5 月 10 日，协鑫科技发布 2024 年一季度业绩公告，2024Q1 公司实现营 收约为 54.7 亿元，拥有人应占利润约为 3300 万元。2024Q1 颗粒硅产量 公 约为6.55万吨，出货量约为6.52万吨（其中内部销售约3300吨），一季 行业： 电力设备 司 度产销基本平衡，对外平均销售均价约为55元/kg（含税）。 日期： y 20x2z4q年da0te5m月a1r4k日 研 究 硅料与硅片价格处于下行通道是业绩同比下滑的主要原因。根据 PV 分析师： 开文明 Infolink数据，2024Q1硅料和硅片价格同比2023Q1以及环比2023Q4均 E-mail： kaiwenming@yongxin 有较大幅度的下滑，价格处于下降通道是公司2024Q1盈利下滑的主要原 gsec.com 因。另外由于一季度公司硅片业务亏损，拉低整体盈利水平。 SAC编号： S1760523070002 颗粒硅与棒状硅价差迅速缩小，一季度价差表现好于预 ...

港股公司报告 | 首次覆盖报告 协鑫科技（03800） 证券研究报告 2024年05月 08日 投资评级 十年磨一剑，聚焦颗粒硅跨越行业周期 行业 工业/工业工程 6个月评级 买入（首次评级） 十年磨一剑，聚焦颗粒硅业务 当前价格 1.25港元 公司成立于2006年，2007年11月在香港上市，是全球规模最大多晶硅生 目标价格 港元 产企业之一。公司主要有光伏材料及光伏电站两大业务，22 年出于集中加 基本数据 强资源发展多晶硅材料核心业务的战略，将电站业务对应的协鑫新能源公 司持股比例降至7.44%；23年公司全面退出棒状硅领域，聚焦颗粒硅。 港股总股本(百万股) 26,938.93 港股总市值(百万港元) 33,673.66 硅料过剩下颗粒硅基于低成本&高质量市占率提升趋势明显，25年有望实 每股净资产(港元) 1.75 现30% 资产负债率(%) 41.62 需求端-碳中和背景下全球光伏新增装机快速增长，按照光伏 2026 年装机 一 年内最高/最低(港元) 1.90/0.89 预期823GW来看，假设容配比1.3，硅耗有望降至1.8g/w，对应硅料需求 193万吨。供给端-光伏制造环节快速扩产，CAP ...

Financial Performance - Revenue from continuing operations decreased by 6.2% to RMB 33,700.48 million in 2023 compared to RMB 35,930.49 million in 2022[12] - Net profit attributable to owners of the company from continuing and discontinued operations dropped by 84.3% to RMB 2,510.08 million in 2023 from RMB 16,030.31 million in 2022[12] - Adjusted EBITDA from continuing operations declined by 39.9% to RMB 12,660 million in 2023 from RMB 21,057 million in 2022[12] - Basic earnings per share from continuing operations decreased by 84.6% to RMB 0.0947 in 2023 from RMB 0.6134 in 2022[12] - Revenue for 2022 reached 35.93 billion RMB, with net profit attributable to the parent company of 16.03 billion RMB, a year-on-year increase of 215.3%[17] - Revenue for the first half of 2023 was 20.946 billion RMB, a year-on-year increase of 41.8%, with a gross profit of 8.778 billion RMB, up 23.9% year-on-year[21] - Net profit attributable to the parent company for the first half of 2023 was 5.518 billion RMB[21] - The company's revenue from continuing operations in 2023 was approximately RMB 33.7 billion, a decrease of 6.2% compared to RMB 35.93 billion in 2022[42] - The gross profit from continuing operations in 2023 was approximately RMB 11.692 billion, a decrease of 33.2% compared to RMB 17.496 billion in 2022[42] - The company recorded a loss of approximately RMB 3.9 billion in 2023 due to the Xinjiang Gones transaction[42] - The company's attributable profit from continuing operations in 2023 was approximately RMB 2.51 billion, compared to RMB 16.394 billion in 2022[43] - The overall gross profit margin of the company decreased from 48.7% in 2022 to 34.7% in 2023[59] - Expected credit loss model reversal net amount was approximately RMB 137 million in 2023, compared to RMB 236 million in 2022[64] - Other expenses, income, and losses recorded a net loss of approximately RMB 5,859 million in 2023, up from RMB 2,344 million in 2022, primarily due to losses from the sale and impairment of an associate company[65] - Share of profits from associates was approximately RMB 203 million in 2023, mainly from Xinjiang Gones Energy Technology Co., Ltd. and losses from Xuzhou Fund[66] - Income tax expense decreased to RMB 975 million in 2023 from RMB 1,880 million in 2022, mainly due to reduced annual profit[67] - Profit attributable to owners of the company from continuing operations was approximately RMB 2,510 million in 2023, down from RMB 16,394 million in 2022[68] - Adjusted EBITDA for continuing operations was RMB 12,660 million in 2023, compared to RMB 21,057 million in 2022[71] Assets and Liabilities - Total assets decreased by 3.3% to RMB 82,768.17 million in 2023 from RMB 85,564.47 million in 2022[12] - Bank balances, cash, pledged and restricted bank and other deposits decreased by 12.0% to RMB 9,174.43 million in 2023 from RMB 10,430.19 million in 2022[12] - Total debt increased by 16.6% to RMB 15,939.07 million in 2023 from RMB 13,670.89 million in 2022[12] - The company's net debt to equity ratio increased significantly by 109.2% to 15.9% in 2023 from 7.6% in 2022[12] - Property, plant, and equipment increased from RMB 26,531 million in 2022 to RMB 34,784 million in 2023, primarily due to capital investments in granular silicon production bases, partially offset by impairment losses and depreciation[73] - Associates' equity decreased from RMB 15.0 billion in 2022 to RMB 5.8 billion in 2023, mainly due to the sale of equity in a joint venture (Xinjiang Gones) and impairment losses, partially offset by profits from associates[74] - Trade receivables and other receivables decreased from RMB 23,621 million in 2022 to RMB 17,901 million in 2023, primarily due to a reduction in trade-related bill balances in the photovoltaic materials business[75] - Trade payables and other payables decreased from RMB 19,581 million in 2022 to RMB 14,246 million in 2023, mainly due to a reduction in trade payables[76] - Receivables from related parties increased from RMB 789 million in 2022 to RMB 5,045 million in 2023, primarily due to increased dividends receivable from Xinjiang Gones[78] - Payables to related parties decreased from RMB 3,496 million in 2022 to RMB 1,361 million in 2023, mainly due to repayments to associates[78] - Total assets as of December 31, 2023, were approximately RMB 82.8 billion, with cash and bank balances totaling RMB 9.2 billion[79] - Net proceeds from the January 2021 placement were used to reduce debt (RMB 1.674 billion), develop granular silicon business (RMB 1.95 billion), and for general corporate purposes (RMB 524 million)[80] - Total debt increased from RMB 13,670 million in 2022 to RMB 15,938 million in 2023, with net debt rising from RMB 3,240 million to RMB 6,764 million[83] - Total bank and other borrowings increased to RMB 15,267 million in 2023 from RMB 13,225 million in 2022, with secured borrowings rising to RMB 10,795 million from RMB 8,605 million and unsecured borrowings decreasing to RMB 4,472 million from RMB 4,620 million[85] - The company's current ratio improved to 1.57 in 2023 from 1.09 in 2022, and the quick ratio increased to 1.44 from 1.02, indicating better liquidity[86] - Net debt to equity ratio rose significantly to 15.9% in 2023 from 7.6% in 2022, reflecting increased leverage[86] - Pledged assets decreased across all categories in 2023, with property, plant, and equipment pledged at RMB 14 billion (down from RMB 32 billion in 2022) and trade receivables pledged at RMB 36 billion (down from RMB 82 billion in 2022)[93] - Capital commitments for property, plant, and equipment purchases decreased to RMB 3,667 million in 2023 from RMB 10,225 million in 2022, while equity injection commitments increased to RMB 473 million from RMB 226 million[94] - The company provided guarantees totaling RMB 2,500 million for bank and other financing of a subsidiary of an associate company, with outstanding loans of RMB 846 million as of December 31, 2023[95] Production and Capacity - Sales of silicon wafers decreased by 17.1% to RMB 11,637.96 million in 2023 from RMB 14,045.58 million in 2022[12] - Processing fees revenue dropped by 50.3% to RMB 1,389.37 million in 2023 from RMB 2,793.28 million in 2022[12] - The Inner Mongolia XinHuan 100,000-ton granular silicon project entered a critical equipment installation phase[18] - GCL Technology's granular silicon production capacity in Inner Mongolia reached 100,000 tons, meeting N-type product quality requirements[22] - GCL Technology's granular silicon production capacity across four bases reached 420,000 tons, saving 18.6 billion kWh of electricity annually and reducing CO2 emissions by 10.59 million tons[28] - The production cost of granular silicon decreased by 27% in 2023, with single-module capacity increasing from 20,000 tons to 60,000 tons[28] - GCL Technology's granular silicon 901A product, suitable for N-type applications, accounted for over 90% of production, with 100% coverage among top-tier customers[28] - The company's investment in granular silicon production units is 30% lower than traditional processes, with a further 30% reduction expected[28] - GCL Technology's granular silicon production process reduced electricity consumption to 13.8 kWh per kilogram, a significant improvement from previous methods[27] - The company's polysilicon nominal capacity reached 420,000 metric tons by the end of 2023, with effective capacity at 340,000 metric tons, an increase of 200,000 metric tons from the beginning of the year[47] - The company produced 232,256 metric tons of polysilicon in 2023, a 122% increase from 104,723 metric tons in 2022[47] - The company's granular silicon production reached 203,561 metric tons in 2023, a 346% increase from 45,599 metric tons in 2022[47] - Annual production capacity of monocrystalline crystal pulling reached 12 GW, and silicon wafer production capacity reached 58.5 GW as of December 31, 2023[48] - Total silicon wafer production in 2023 was 51,077 MW (including 22,294 MW of OEM silicon wafers), a 9.5% increase compared to 2022[48] - Polysilicon shipments in 2023 were 226,123 metric tons (including 18,450 metric tons for internal sales), a 141% increase compared to 2022[49] - Silicon wafer sales in 2023 were 51,891 MW (including 23,224 MW of OEM silicon wafers), a 12% increase compared to 2022[49] - External revenue from photovoltaic materials business in 2023 was RMB 33,486 million, a 6.2% decrease compared to 2022[49] - The average external sales price of granular silicon in 2023 was RMB 76.8 per kg (equivalent to USD 10.9)[49] - The top five customers accounted for 76% of total granular silicon shipments in 2023[50] - The proportion of granular silicon products with total metal impurities ≤1ppbw increased from 23% in Q2 2023 to 43% in Q4 2023[51] - The average manufacturing cost of granular silicon decreased by 27% in 2023 compared to the end of 2022[53] Corporate Governance and Leadership - The company's brand value was recognized at 21.1 billion RMB, ranking 50th on the 2023 China Listed Companies Brand Value Vitality Top 100 list[19] - The company's 5G+ silicon wafer intelligent manufacturing industrial internet project was selected as one of the top ten benchmark application cases in Jiangsu Province[19] - The company's granular silicon production achieved a milestone of 10,000 tons, attracting widespread attention for its low cost, high quality, and low carbon footprint[20] - The company released a new national standard for fluidized bed granular silicon, set to replace the 2017 version and take effect on March 1, 2024[21] - The company's FBR granular silicon technology was highlighted in a front-page feature by Science and Technology Daily, emphasizing its decade-long innovation journey[21] - The company's 5G fully connected factory project in Suzhou was listed among the 300 selected projects in the 2023 5G Factory Directory[23] - GCL Technology's research institute in Xuzhou aims to upgrade granular silicon technology and improve product quality, focusing on silicon-based material innovation[24] - The company's perovskite tandem module production base in Kunshan marked the beginning of gigawatt-scale commercial operations[24] - GCL Technology's granular silicon production process reduced electricity consumption from 170 kWh to 55 kWh per kilogram, contributing to cost reduction in the photovoltaic industry[27] - GCL Tech plans to increase granular silicon production capacity to 500,000 tons by the end of 2024, and expand silane production capacity from 500,000 tons to 600,000 tons annually[29] - Global photovoltaic power generation is projected to grow over 20 times from 20 trillion kWh in 2024 to nearly 400 trillion kWh by 2040, accounting for about 70% of total power generation[29] - GCL Tech's R&D costs in 2023 reached 1.873 billion yuan, an 11.10% year-on-year increase, with 219 new patent applications filed and 110 patents authorized[32] - The company achieved a conversion efficiency of 19.04% for 1mx2m perovskite single-junction modules and 26.34% for 0.2㎡ perovskite tandem modules, the largest commercial size globally[31] - GCL Tech's granular silicon carbon footprint is certified at 37 kg CO2 equivalent, helping reduce carbon emissions across the photovoltaic industry chain by 28%[32] - The company's CCz technology achieved N-type crystal rod minority carrier lifetime and oxygen content close to RCz levels, reducing non-silicon costs in crystal pulling[31] - GCL Tech's Middle East polysilicon project is expected to commence construction in 2024, focusing on low-carbon, low-cost, high-quality granular silicon technology[34] - The company implemented a digital transformation strategy in 2023, developing a comprehensive digital blueprint and cultivating a team of digital talents[34] - GCL Tech led the development of 78 standards, including 4 SEMI international standards and 15 national standards, with the new "Fluidized Bed Granular Silicon" national standard taking effect on March 1, 2024[30] - The company established a carbon data model with downstream partners, using blockchain technology to ensure accurate and tamper-proof carbon footprint data[33] - The company's MSCI ESG rating was upgraded to B, and its DJSI CSA rating improved to the top 35% in the industry[36] - The company's cash dividend in 2023 was RMB 1.44 billion, and it repurchased and canceled 138.5 million shares[38] - The company plans to repurchase and cancel shares worth no less than RMB 680 million by December 31, 2024, and between 2024 and 2026, the total repurchase and cancellation or dividend payout will not exceed 60% of the total net profit attributable to the company's owners from 2023 to 2025 and no less than RMB 2.5 billion[38] - The company's total number of employees increased to 12,446 as of December 31, 2023, up from 11,527 in the previous year[99] - The company organized 50 investor research activities across various production bases, participated in 129 small-scale exchange meetings with over 50 securities research institutions, and conducted 28 one-on-one meetings, 54 conference calls, and online exchanges, totaling 5,424 interactions[100] - The company successfully reduced the average manufacturing cost of granular silicon produced by the silane fluidized bed method by 27% compared to the end of 2022, achieving a global record low in carbon emissions per kilogram of granular silicon[103] - The company established a Sustainable Development Management Committee and a Sustainable Development Center in 2023 to enhance ESG management and integrate ESG concepts throughout the business value chain[102] - The company conducted greenhouse gas inventory work for Scope 1, 2, and 3 emissions, in line with the TCFD framework, to address climate change risks[103] - Zhu Gongshan, aged 66, is the founder and Chairman of the company, serving since July 2006. He is also a member of the Strategy and Investment Committee and holds multiple directorships in affiliated companies listed on the Shenzhen and Hong Kong stock exchanges[106] - Zhu Yufeng, aged 42, has been an Executive Director since September 2009 and was appointed Vice Chairman in September 2022. He is responsible for human resources, administration, and engineering bidding within the company[107] - Zhu Zhanjun, aged 54, has been an Executive Director and Executive President since January 2015, and was appointed Vice Chairman and Co-CEO in February 2022. He has extensive experience in polysilicon and wafer businesses[108] - Lan Tianshi, aged 43, has been an Executive Director and Co-CEO since February 2022. He joined the group in July 2007 and has held various technical and managerial positions within the company's subsidiaries[109] - Sun Wei, aged 52, has been an Executive Director since September 2016 and is responsible for the group's financial financing, financial strategy, and management. She holds a Doctorate in Business Administration and has over 25 years of experience in financial management[110] - Yang Wenzhong, aged 56, has been an Executive Director since September 2014 and serves as the Chief Financial Officer and Company Secretary. He has over 30 years of experience in accounting, auditing, and financial management[111] - The company's independent non-executive director, Dr. Ho Chung-tai, has over 60 years of experience in civil, structural, energy, environmental, and geotechnical engineering, including managing projects worth HKD 3 billion in the 1970s and 1980s[112] - The company's independent non-executive director, Mr. Yip Tai-him, is a certified public accountant with over 25 years of experience in accounting, auditing, and financial management[113] - The company's independent non-executive director, Dr. Shen Wenzhong, is a professor and doctoral supervisor at Shanghai Jiao Tong University and has been involved in numerous domestic scientific and technological research projects[114] - The company's senior management team includes executive directors Zhu Gongshan, Zhu Yufeng, Zhu Zhanjun, Lan Tianshi, Sun Wei, and Yang Wenzhong[115] - The company is committed to maintaining high standards of corporate governance and has organized internal director training on corporate governance in 2023[116] - The company is focused on clean technology opportunities and aims to create a "Zero Carbon Xin World" for a better human life[117] - The company's board of directors consists of nine members, including six executive directors and three independent non-executive directors, with diverse backgrounds and expertise[118] - The company has appropriate insurance coverage for its directors and senior officers, which is renewed annually[119] - The Board of Directors held a total of 4 regular meetings and

协鑫科技(3800.HK) 公司研究/公司深度 证 颗粒硅、CCZ、钙钛矿三重奏， 券 奏响绿色能源新篇章 研 究 ——协鑫科技首次覆盖报告 报 ◼ 核心观点 告 颗粒硅：前瞻布局，持续突破，扩产迅速，精益求精 买入( 首次) 穿越本轮周期的核心竞争力——品质与成本的平衡。通过复盘多晶硅历 公 史周期，我们发现之前被迫停产、减产、退出市场的多晶硅产能大多为高 行业： 电力设备 司 成本老旧产能，所以下行周期中低成本是企业的生存保障。而在本轮周期 研 中，N型占比的迅速提高对硅料品质提出更高的要求，受限于上游高品质 日期： y 20x2z4q年da0te4m月a1r4k日 硅料供给有限，当前整体产能供给过剩但是局部供需矛盾依然存在。因此 究 我们认为拥有兼具高品质与低成本的产品才是多晶硅企业穿越周期的核 分析师： 开文明 心竞争力。 E-mail： kaiwenming@yongxin gsec.com 协鑫颗粒硅已经实现低成本与高品质的平衡，并且可以推动产业链降碳。 SAC编号： S1760523070002 当前颗粒硅成本已低于棒状硅近 10%，未来仍有降本空间。颗粒硅生产 分析师： 刘清馨 成本已经降低至 ...

证券研究报告 ＃industryId＃ 新能源行业 ＃investSuggestion＃ ＃03800.HK ＃协dy鑫Com科pa技ny＃ 增持 （维持） ＃title＃ 发展前景可期，宣布股权回购 ＃ ＃createTime1＃ 2024年3月 22 日 ＃ 市场ma数rk据etData＃ 投资要点 日期 2024/3/21 ＃su我mm们a的ry＃观点：协鑫科技锚定颗粒硅技术路线，逐步剥离新疆资产，促进出海战略，利于充分发挥颗粒 收盘价（港元） 1.38 硅的碳排放、ESG优势；颗粒硅单位电耗低、成本优势突出，助力公司穿越周期；产品质量逐步提升， 随着后续浊度问题解决，有望缩小与棒状硅N型产品的价差。作为颗粒硅生产的中间品，公司硅烷气 总股本（亿股） 269.4 成本优势领先，受益于下游需求景气，带来利润增量。公司钙钛矿技术领先，建设GW级产线，拓展 流通股本（亿股） 269.4 长期空间。此外，公司宣布2024-2026年股份回购注销或分红计划，回馈投资者。我们预计公司2024-2026 年归母净利润分别为28.56、37.24、48.62亿元（人民币，下同），分别同比+13.8%、+30.4%、+ ...

协鑫科技（3800.HK）动态报告 颗粒硅渗透率加速提升，钙钛矿产业化持续突破 2024年04月09日 ➢ 全球领先光伏材料智造商，颗粒硅技术驱动者。公司成立于2006年，2007 推荐 首次评级 年 11 月在港交所上市。自公司成立以来，在多晶硅产品上一直保持技术驱动者 当前价格： 1.22港元 地位，公司在国内最先研发的改良西门子法（GCL法）超大规模多晶硅生产工艺， 荣获国家专利奖；公司拥有硅烷流化床法（FBR）技术自主知识产权，并荣获中 国、法国光伏原材料领域的首张碳足迹证书，创下国内外最低的硅料碳足迹纪录。 公司主营业务涵盖多晶硅和硅片的制造与销售，以及光伏电站的开发、建设、运 [T able_Author] 营和管理，公司旗下子公司协鑫光电正在积极布局钙钛矿电池业务，效率持续取 得突破，GW级产线落地在即。 ➢ 受行业影响业绩有所下滑，费用管控能力良好。2023 年全年公司实现营收 337.0 亿元，同比-8.3%，实现归母净利润 25.10 亿元，同比-84.34%。总体来 看，公司营业收入较2022年有一定下滑，主要系报告期内多晶硅与硅片价格下 降，行业整体面临下行压力所致。公司归母净利润下滑 ...

证券研究报告 | 首次覆盖报告 2024年04月08日 协鑫科技（03800.HK） 科创驱动，颗粒硅、CCZ、钙钛矿是光伏行业需要的破坏式创新 协鑫科技正面临光伏周期考验中，破坏式创新技术是穿越周期的关键。降本增效 买入（首次） 是光伏行业的第一性原理。公司的核心科技FBR颗粒硅技术、CCZ连续直拉单晶 股票信息 技术、钙钛矿技术均具备降本增效特性，且降幅/增幅显著，属于行业需要的破 坏式创新技术。因此，即使在光伏周期向下见底阶段并且股价承压，但从长期看 行业 新能源物料 公司储备的多项技术均有望取得研发进展，形成独特的光伏生产体系，从而缓和 4月3日收盘价（港元） 1.23 供需矛盾日益突出的光伏行业，实现超额收益，获得独立的估值水平。 总市值（百万港元） 33,134.89 总股本（百万股） 26,938.93 投资要点一：颗粒硅作为新一代低碳低耗的光伏原材料，在品质和成本端均已体 其中自由流通股（%） 100.00 现显著优势。公司于2019年实现了颗粒硅技术瓶颈的突破后，于2021年开始实 现稳定量产，并于实现产能快速放量。成本端，颗粒硅优势进一步扩大。1）成 30 日日均成交量（百万 174.70 ...

证券研究报告 | 2024年03月24日 协鑫科技（03800.HK） 增持 产能扩张持续推进，颗粒硅渗透率有望提升 核心观点 公司研究·财报点评 2023年公司实现归母净利润25.1亿元，同比-84%。2023年公司实现营收 电力设备·光伏设备 342.1亿元，同比-7%；实现归母净利润25.1亿元，同比-84%。对应2023H2 证券分析师：王蔚祺 证券分析师：陈抒扬 公司实现营收129.3亿元，同比-38%，环比-39%；实现归母净利润-30.1亿 010-88005313 0755-81982965 元，同比-133%，环比-155%。归母净利润大幅下滑主要系因2023年公司出 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn S0980520080003 S0980523010001 售联营棒状硅公司新疆戈恩斯股权，交易确认亏损约39亿元；及物业、厂 基础数据 房及设备减值约11亿元，合计约50亿元。 投资评级 增持(维持) 颗粒硅出货占比大幅增长，产能扩张持续推进。2023年公司硅料产量23.2 合理估值 万吨，其中颗粒硅20.4万吨，同比+346 ...

Table_BaseInfo 2024 年 3 月 20 日 公司动态分析 协鑫科技（3800.HK） 证券研究报告 品质+成本，颗粒硅独具竞争优势 公用事业 投资评级： 未有 事件：协鑫科技公布 2023 年业绩，基本符合市场预期。行业处于不利周期，收入 利润出现倒退。2024年由于多晶硅料环节仍有供过于求，预期价格仍维持低位。颗 目标价格： 未有 粒硅低电耗低成本在竞争优势更明显，同时颗粒硅品质快速提升中，满足N型料需 求。颗粒硅产能快速扩张中，预期2024年底国内颗粒硅产能达50万吨。钙钛矿、 现价 (2024-3-19)： 1.45港元 CCz等新技术取得突破。彭博一致预期，公司2024年盈利46.6亿人民币，目前股 价对应2024年PE7.6倍，我们认为估值具备上行空间。 报告摘要 总市值(百万港元) 39,061.45 流通市值(百万港元) 39,061.45 业绩表现受制于行业周期。协鑫科技业绩表现基本符合市场预期，2023年收入同比 总股本(百万股) 26,938.93 减少 6%至 337 亿元 RMB，净利润同比减少 85%至 25 亿元 RMB。业绩倒退一方 流通股本(百万股) 26,9 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年3月18日 港元1.38 港元1.67↑ +21.0% 协鑫科技 (3800 HK) 颗粒硅品质持续提升，成本优势领先行业，维持买入  出售棒状硅资产亏损影响业绩：公司去年实现归母净利25.1 亿元人民币 个股评级 （下同），略高于业绩预告中值24.5亿元，其中下半年亏损30.1亿元，剔 买入 除出售棒状硅资产戈恩斯股权确认亏损39亿元的影响后，下半年净利约 9亿元，环比下降84%，主要是由于多晶硅及硅片价格大跌。公司去年多 晶硅产量、出货量23.2、22.6万吨，低于我们预期4%/3%，主要是由于电 1年股价表现 力、洁净材料供应不足导致爬产慢于预期。去年多晶硅销售均价8.4万元/ 吨，其中下半年5.35万元（98%为颗粒硅），高于我们预期1%，环比下 3800 HK 恒生指数 10% 跌57%。下半年光伏材料收入127亿元，环比下降39%，毛利率22.6%， 0% 高于我们预期1个百分点，环比下降19.3个百分点。 -10% -20%  颗粒硅品质、产能持续提升：公司颗粒硅品质进一步提高，可对标N型致 -30% 密料的产品比例由2 季 ...