股票代码：600438 股票简称：通威股份 公告编号：2025-056 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 第九届董事会第一次会议决议公告 （一）本次董事会会议由董事长刘舒琪女士主持，会议的召开符合《公司法》《公 司章程》及其它相关法律、法规及规章的规定。 （二）经全体董事一致同意，本次会议召开豁免提前发出会议通知时限要求。 （三）本次会议以通讯表决的方式于 2025 年 5 月 20 日召开。会议应出席董事 9 人，实际出席董事 9 人。 （四）本次会议共 3 项议案，均获全票通过。 二、董事会会议审议情况： （一）本次董事会会议独立董事专门会议及董事会专门委员会审议情况说明 本次会议议案中，《关于聘任公司经营管理层的议案》中人员名单已经董事会提名 委员会事前审议并获得全体委员一致通过；其中提请聘任周斌先生为公司财务总监同时 经董事会审计委员会事前审议并获得全体委员一致通过。 （二）议案审议情况说明 1、审议通过了《关于选举公司董事长及副董事长的议案》 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律 ...

北京金杜（成都）律师事务所 关于通威股份有限公司 2024 年年度股东大会之 法律意见书 致：通威股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受通威股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则（2025 年修订）》（以下简称《股 东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目 的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有 效的法律、行政法规、规章、规范性文件和现行有效的公司章程有关规定，指派 律师出席了公司于 2025 年 5 月 20 日召开的 2024 年年度股东大会（以下简称本 次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年年度股东大会审议通过的《通威股份有限公司章程》（以 下简称《公司章程》）； 2. 公司 2025 年 4 月 30 日刊登于上海证券交易所网站等中国证监会指 ...

Core Viewpoint - On May 19, 39 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kun Pharmaceutical Group, Yongxi Electronics, and Taotao Vehicle, reflecting significant growth potential in the traditional Chinese medicine, semiconductor, and motorcycle industries respectively [1][2]. Group 1: Target Price Increases - Kun Pharmaceutical Group saw a target price increase of 55.14%, with a latest rating of "Buy" from Huatai Financial Holdings (Hong Kong) [2]. - Yongxi Electronics experienced a target price increase of 47.45%, rated "Buy" by CITIC Securities [2]. - Taotao Vehicle's target price rose by 46.25%, also rated "Buy" by Huatai Financial Holdings (Hong Kong) [2]. Group 2: Brokerage Recommendations - A total of 86 listed companies received brokerage recommendations on May 19, with Tongwei Co. receiving recommendations from 4 brokerages, and Huasheng Group and Kunlun Wanwei each receiving 2 recommendations [2]. - The highest number of recommendations indicates strong interest and confidence in these companies within their respective sectors [2]. Group 3: Rating Adjustments - On May 19, there was one upgrade in ratings, with Huachuang Securities raising the rating for Tianwei Food from "Recommended" to "Strongly Recommended" [3]. - There were two downgrades, including Huachuang Securities lowering the rating for BioShares from "Strongly Recommended" to "Recommended," and Huatai Securities downgrading Tongwei Co. from "Buy" to "Increase" [3]. Group 4: First-Time Coverage - On May 19, 12 companies received first-time coverage, including Semir Apparel and Bright Dairy, which were rated "Increase" by Industrial Securities [4]. - Other companies like Wens Foodstuffs received a "Buy" rating, indicating a positive outlook for these newly covered firms [4].

伴随着西部A股上市公司披露了2024年年报，高管的薪酬情况随之曝光。 黄桷树财经整理了西部A股上市公司的10位"打工皇帝"。 第一位是创维数字（000810.SZ）副总经理张恩利。 张恩利，男，1979年出生，空军工程大学电力电子与电力传动专业硕士研究生学历，高级工程师，深圳市高层次后备级人才。 2024年，张恩利从创维数字获得的税前报酬总额为890.53万元。截至2024年末，张恩利持有2.5万股创维数字。 值得一提的是，张恩利虽然位列榜首，但他惨遭大幅降薪，2023年他的税前报酬是1482.2万元，2024年的税前报酬实际上降幅为40%。 第二位是重庆啤酒（600132.SH）总裁Lee Chee Kong（中文名：李志刚）。 Lee Chee Kong，男，53岁，马来西亚国籍，毕业于马来西亚北方大学工商管理专业。 在任职于嘉士伯前，Lee Chee Kong曾担任希丁安亚洲区总裁并兼任中国区董事总经理。更早前，他曾担任亨氏中国董事总经理职位，并且在高露洁棕榄 中国及亚太地区长时间从事管理工作。 2024年，龚晖从隆鑫通用获得税前报酬总额为639.91万元。截至2024年末，龚晖持有142.925万股隆 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 25.37 CNY [6][13]. Core Views - The company has a solid industry position, and as the industry stabilizes, its performance is expected to improve. The first quarter losses have narrowed, and both the battery and polysilicon businesses are enhancing quality and efficiency [3][13]. - The company achieved a revenue of 91.994 billion CNY in 2024, a year-on-year decrease of 33.9%, with a net profit attributable to the parent company of -7.039 billion CNY [5][13]. - The company is the top seller of battery cells, with a sales volume of 87.68 GW in 2024, an increase of 8.7% year-on-year, and has maintained its position as the global leader in shipment volume for eight consecutive years [13]. Financial Summary - Revenue is projected to recover to 97.675 billion CNY in 2025, with a growth rate of 6.2% [5][14]. - The net profit attributable to the parent company is expected to improve to -2.745 billion CNY in 2025, with a significant recovery forecasted in subsequent years [5][14]. - The company's cash cost of production for polysilicon has decreased to 27,000 CNY per ton (excluding tax) [13]. Operational Highlights - The company has successfully integrated key equipment and technologies, leading to a reduction in comprehensive electricity consumption and silicon consumption [13]. - The company is advancing its technology roadmap, with plans to enhance the efficiency of its products and maintain a multi-technology development strategy [13].

事项： 公司发布2024 年报及2025 年一季报。2024 年公司实现营收919.94 亿元，同比-33.87%；归母净利 润-70.39 亿元，同比由盈转亏；毛利率6.39%，同比-20.05pct；归母净利率-7.65%，同比-17.41pct。其中 2024Q4 公司实现营收237.22亿元，同比-14.31%，环比-3.08%；归母净利润-30.66 亿元，同比增亏，环 比增亏；毛利率2.45%，同比-12.38pct，环比-6.46pct；归母净利率-12.92%，同比-3.07pct，环 比-9.48pct。 2025Q1 公司实现营收159.33 亿元，同比-18.58%，环比-32.83%；归母净利润-25.93 亿元，同比增亏， 环比减亏；毛利率-2.88%，同比-12.08pct，环比-5.32pct；归母净利率-16.27%，同比-12.25pct，环 比-3.35pct。 评论： 硅料龙头地位稳固，持续推进降本增效。2024 年公司实现高纯晶硅销量46.76万吨，同比增长21%，市 占率位居全球第一。公司顺应行业需求趋势，全年N型产出占比超90%；同时持续深入攻克降耗难关， 综合电耗 ...

64只个股今日获机构买入型评级，天味食品最新评级被调高，10股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布66条买入型评级记录，共涉及64只个股。雷赛智能、 通威股份等关注度最高，均有2次机构买入型评级记录。 今日获机构买入型评级个股中，共有15条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有7股上涨空间超20%，通威股份上涨空间最高，5月19日国泰海通预 计公司目标价为25.37元，上涨空间达49.41%，上涨空间较高的个股还有九安医疗、天味食品等，上涨 空间分别为42.89%、36.40%。 从机构评级变动看，今日机构买入型评级记录中，有10条评级记录为机构首次关注，涉及爱旭股份、汇 纳科技等10只个股。 | 000829 | 天音控股 | 1 | 1.71 | | 商贸零售 | | --- | --- | --- | --- | --- | --- | | 000830 | 鲁西化工 | 1 | -0.09 | 12.55 | 基础化工 | | 002080 | 中材科技 | 1 | 3.81 | 18.95 | 建筑材料 | | 002202 ...

Investment Rating - The report maintains a "Recommendation" rating for Tongwei Co., Ltd. with a target price of 20.50 CNY [1][7]. Core Views - The company is focusing on cost reduction and efficiency improvement while successfully expanding into overseas markets [7]. - The company holds a leading position in the silicon material and battery sectors, with significant growth in its component business, particularly in international markets [7]. Financial Summary - **Revenue Forecast**: The total revenue for 2024 is projected at 91,994 million CNY, with a year-on-year decline of 33.9%. Revenue is expected to grow to 109,645 million CNY in 2025, representing a 19.2% increase [3][8]. - **Net Profit**: The company is expected to report a net loss of 7,039 million CNY in 2024, improving to a loss of 4,314 million CNY in 2025, before turning profitable in 2026 with a net profit of 3,076 million CNY [3][8]. - **Earnings Per Share (EPS)**: EPS is forecasted to be -1.56 CNY in 2024, improving to -0.96 CNY in 2025, and reaching 0.68 CNY in 2026 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be -11 in 2024, -18 in 2025, and 25 in 2026, with a price-to-book (P/B) ratio of 1.6 in 2024 [3][8]. Business Performance - **Silicon Sales**: In 2024, the company achieved high-purity silicon sales of 467,600 tons, a year-on-year increase of 21%, maintaining the highest market share globally [7]. - **Battery Production**: The company sold 87.68 GW of batteries in 2024, a 9% increase year-on-year, securing a 14% global market share [7]. - **Component Sales Growth**: The company’s component sales reached 45.71 GW in 2024, a 47% increase year-on-year, with overseas sales growing by 99% [7]. Market Position - The company is recognized as a dual leader in silicon materials and battery cells, with successful overseas market penetration and a strong focus on technological innovation [7].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company is expected to maintain its cost leadership position while facing significant operational pressure due to declining prices across the photovoltaic industry [4][6] - The company has achieved a high-purity silicon annual production capacity of over 900,000 tons and solar cell production capacity exceeding 150 GW in 2024 [4] - The company is focusing on cost reduction and efficiency improvement, with significant advancements in technology expected to enhance production capabilities [6] Financial Performance Summary - In 2024, the company reported a revenue of 919.94 billion yuan, a year-on-year decrease of 34%, and a net loss attributable to shareholders of 70.39 billion yuan [8][9] - The forecast for 2025 indicates a revenue of 666 billion yuan, with a projected net loss of 34.7 billion yuan, followed by a gradual recovery in subsequent years [7][9] - The gross margin for 2024 is expected to be 6.4%, with a significant drop in profitability reflected in the negative net profit margins for 2025 [9][10] Market Position and Production Capacity - The company holds a market share of approximately 30% in the silicon material segment, leading globally with a sales volume of 467,600 tons in 2024, representing a year-on-year growth of 20.76% [4][5] - In the battery segment, the company expects to sell 87.68 GW in 2024, achieving a global market share of about 14% [4] - The company’s module sales are projected to reach 45.71 GW in 2024, marking a year-on-year increase of 46.93% [5] Cost Management and Technological Advancements - The company has successfully reduced its comprehensive electricity consumption and silicon consumption to 46 kWh and 1.04 kg respectively, with cash costs for silicon production dropping to below 27,000 yuan per ton [6] - The company is advancing its TNC technology to enhance efficiency and reduce costs, with expectations for mainstream power levels to increase by over 25W by 2025 [6] - The company’s HJT pilot line is set to commence production in June 2024, with the highest module power reaching 790.8W [6]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company's performance in 2024 meets expectations, maintaining a cost leadership position in the industry [1] - The photovoltaic industry is facing significant operational pressure due to a decline in prices across all segments, with polysilicon, silicon wafers, batteries, and modules experiencing price drops of 39%, 50%, 40%, and 29% respectively [4][6] - The company has established a high-purity polysilicon production capacity exceeding 900,000 tons and solar cell production capacity exceeding 150 GW in 2024 [4] - The company continues to reduce costs and improve efficiency, maintaining its industry-leading cost advantage [6] Financial Performance Summary - In 2024, the company achieved a revenue of 919.94 billion yuan, a year-on-year decrease of 34%, with a net profit attributable to the parent company of -70.39 billion yuan [8][9] - The forecasted revenues for 2025, 2026, and 2027 are 666 billion yuan, 738 billion yuan, and 797 billion yuan respectively, with year-on-year changes of -27.6%, +10.2%, and +8.6% [7][9] - The net profit attributable to the parent company is projected to be -34.7 billion yuan in 2025, -3.5 billion yuan in 2026, and 21.4 billion yuan in 2027, reflecting significant recovery in profitability by 2027 [7][9] - The gross margin is expected to be 6.4% in 2024, dropping to 1.5% in 2025, and gradually recovering to 8.9% by 2027 [9] Production and Market Position - The company is expected to sell 467,600 tons of polysilicon in 2024, a year-on-year increase of 20.76%, capturing approximately 30% of the national market share [4] - The sales volume of solar cells is projected to be 87.68 GW in 2024, with a year-on-year growth of 8.70%, achieving a global market share of about 14% [4] - The sales volume of modules is expected to reach 45.71 GW in 2024, marking a year-on-year increase of 46.93% [5]