Industry Trends and Policy Impact - The photovoltaic industry is facing supply-demand imbalances and profit pressures, prompting regulatory attention and potential policy reforms [3] - The government is expected to introduce supply-side reform policies to guide high-quality development in the photovoltaic sector [3] - Industry concentration is likely to increase after the current "reshuffle," benefiting stronger companies [3] - The State Council's 2024-2025 Energy Conservation and Carbon Reduction Action Plan proposes increasing new energy utilization rates to 90% in resource-rich areas [3] Market Performance and Projections - China's photovoltaic installations reached 60.11GW in the first four months of 2024, a 24.4% year-on-year increase [3] - Full-year photovoltaic installation growth in 2024 is expected to exceed 20% [3] - Domestic photovoltaic installations are projected to reach new highs in 2024, driven by centralized and distributed installations [3] Company Operations and Technology - Tongwei's semiconductor-grade polysilicon subsidiary has a 1000-ton capacity and has achieved overseas shipments [4] - The company plans to complete 38GW PERC capacity upgrades and add 41GW TNC battery capacity in 2024 [5] - Tongwei aims for 90GW solar cell shipments in 2024, with TNC batteries expected to exceed 70% [5] - The company's HJT 1GW pilot line equipment has been moved in, with ongoing development of silver-coated copper and copper interconnection technologies [4] Financial and Strategic Developments - Tongwei has repurchased 5,249,500 shares for 114.33 million yuan as of April 30, 2024 [5] - The controlling shareholder has increased holdings by 1,692,014 A shares, totaling 40.21 million yuan [5] - The company targets 50GW module shipments in 2024, aiming for increased overseas market share [6] Raw Material Market Dynamics - Polysilicon prices have fallen below cash costs for most producers, with May production expected to decrease by 5% [4] - Industry-wide maintenance and capacity control measures are expected to alleviate supply-demand imbalances [4]

证券代码：600438 证券简称：通威股份 公告编号：2024-044 重要内容提示： 通威股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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责任。 | 回购方案首次披露日 | 2024/4/30 | | --- | --- | | 回购方案实施期限 | 2024/4/28~2025/4/27 | | 预计回购金额 | 200,000 万元~400,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 20,082,326 | | 累计已回购股数占总股本比例 | 0.4461% | | 累计已回购金额 | 万元 44,510.03 | | 实际回购价格区间 | 21.53 元/股~22.94 元/股 | 一、 回购股份的基本情况 公司于 2024 年 4 月 28 日召开第八届董事会第十八次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的议案》。公司 ...

关于对外提供担保的进展公告 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责任。 重要内容提示： 被担保人名称： 2024 年 5 月 1 日—2024 年 5 月 31 日期间（以下简称"本次期间"）公司担保事项被 担保人均为非上市公司关联人。被担保人如下：公司下属多家全资子公司：内蒙古通威 硅能源有限公司、通威太阳能（香港）有限公司、前江通威有限责任公司等；公司下属 2 家控股子公司：越南天邦饲料有限公司、通威（海南）水产食品有限公司；公司 1 家 合营公司：通威拜欧玛（无锡）生物科技有限公司；公司 2 家联营公司：贵港史记生物 技术有限公司、湖北史记种猪畜牧有限公司；公司部分客户。 股票代码：600438 股票简称：通威股份 公告编号：2024-045 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 本次期间担保金额及已实际为其提供的担保余额： 本次期间，公司及下属子公司相互提供担保金额为 16.36 亿元；公司及子公司为合 营、联营公司提供担保金额为 0.13 亿元；公司子公司通威农业融资担保有限公司（以 ...

| 证券代码：600438 | 证券简称：通威股份 | 公告编号：2024-043 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 转债 | | 通威股份有限公司 实施 2023 年度权益分派时"通 22 转债"停止转股的提示性公告 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责任。 重要内容提示： 《通威股份有限公司关于 2023 年度利润分配方案的公告》（公告编号：2024-021）、 《通威股份有限公司 2023 年年度股东大会决议公告》（公告编号：2024-039）。 本次权益分派方案实施后，公司将依据《通威股份有限公司公开发行 A 股可 转换公司债券募集说明书》发行条款及相关规定对可转债当期转股价格进行调整。 证券停复牌情况：适用 因实施 2023 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- ...

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2024-041 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 转债 | | 通威股份有限公司 关于不向下修正"通 22 转债"转股价格的公告 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责任。 重要内容提示： 自 2024 年 5 月 8 日起至 2024 年 5 月 28 日，通威股份有限公司（以下简 称"公司"）股票收盘价在连续三十个交易日中有十五个交易日低于当期转股价 格的 85%（30.18 元/股），已触发"通 22 转债"的转股价格向下修正条款。经公 司第八届董事会第十九次会议审议通过，公司董事会决定本次不向下修正转股价 格，并在作出本次董事会决议后 6 个月内（即 2024 年 5 月 29 日至 2024 年 11 月 28 日）亦不提出转股价格向下修正方案。 自 2024 年 11 月 29 日起首个交易日重新开始计算，如"通 22 转债"未来 再次触发转股价格向下修正条款，公司董事会将再次召开会 ...

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 转债 | | 通威股份有限公司 2024 年度 第二期绿色超短期融资券（科创票据）发行结果公告 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责任。 本 期 超 短 期 融 资 券 发 行 情 况 的 有 关 文 件 已 在 中 国 货 币 网 （www.chinamoney.com.cn）和上海清算所网站（www.shclearing.com）上公告。 特此公告。 通威股份有限公司 董事会 2024 年 5 月 29 日 通威股份有限公司（以下简称"公司"）第八届董事会第十次会议及 2022 年 年度股东大会审议通过了《关于申请注册发行债务融资工具（DFI）的议案》，准 许公司根据公司实际资金需求情况，在中国银行间市场交易商协会注册有效期内 择机一次或分期发行规模不超过（含）人民币 100 亿元的债务融资工具（DFI）， 具体内容详见公司在上海证券交易所 ...

Investment Rating - The report maintains a "Buy" rating for Tongwei Co., Ltd. (600438) [1] Core Views - The company, originally focused on agriculture, has deeply engaged in the photovoltaic industry since 2008, with a diversified business model integrating aquaculture and solar energy [2][10] - In 2023, the company reported a revenue of 139.1 billion yuan, a decrease of 2.33% year-on-year, and a net profit attributable to shareholders of 13.574 billion yuan, down 47.25% year-on-year [2][12] - The report highlights that the silicon material market is stabilizing, with a significant increase in sales volume and a focus on cost and quality competition [2][20] - The battery segment is under pressure, with a shift towards N-type battery production, while the company aims to enhance its production capacity significantly [2][21][22] - Component shipments have surged, with a strategic push for overseas market expansion, targeting a 15-20% share of international sales [2][23] - The report revises profit forecasts downward for 2024-2025 but introduces a new forecast for 2026, projecting net profits of 3.1 billion, 4.5 billion, and 8 billion yuan for 2024, 2025, and 2026 respectively [2][24] Summary by Sections 1. Company Background - Founded in 1995, Tongwei initially focused on feed processing before entering the photovoltaic sector in 2008 [10] - The company operates in both agriculture (aquaculture and livestock feed) and renewable energy (high-purity silicon, solar cells, and modules) [11] 2. Silicon Material Market - In 2023, the company sold approximately 387,000 tons of silicon material, a 51% increase year-on-year, with production capacity expected to reach 850,000 tons by the end of 2024 [20] 3. Battery Segment - The company sold around 81 GW of batteries in 2023, a 68% increase, with plans to enhance production efficiency and capacity for N-type batteries [21][22] 4. Component Shipments - In 2023, component sales reached approximately 31 GW, a 292% increase, with a goal of exporting 15-20% of total shipments in 2024 [23] 5. Profit Forecasts - The report adjusts profit forecasts due to increased competition and price pressures, projecting significant declines in net profit for 2024 and 2025, followed by a recovery in 2026 [24]

Investment Rating - The report maintains a rating of "Buy" for the company [1][6]. Core Views - The company has announced its 2023 annual report and 2024 Q1 report, which showed performance below previous expectations. However, the company is viewed positively as a leading player in silicon materials and battery production, with a clear competitive advantage and steady capacity expansion [6]. - The target price has been adjusted to 26.60, down from the previous forecast of 52.50, reflecting a revised EPS forecast for 2024-2025 [6]. Summary by Sections Financial Performance - The company reported a revenue of 139,104 million in 2023, a decrease of 2% from 2022. The expected revenue for 2024 is 121,500 million, indicating a projected decline of 13% [7]. - The net profit attributable to shareholders for 2023 was 13,574 million, down 47% from 2022, with an expected net profit of 2,530 million for 2024, representing an 81% decline [7]. - The EPS for 2023 was 3.02, with a forecast of 0.56 for 2024 and 1.33 for 2025 [7]. Market Position and Production Capacity - The company achieved a sales volume of 387,200 tons of high-purity silicon in 2023, a year-on-year increase of 50.79%, capturing over 25% of the global market share. The current production capacity is 450,000 tons, with an additional 400,000 tons under construction [6]. - In the battery segment, the company sold 80.66 GW in 2023, a growth of 68.11% year-on-year, with an annual production capacity of 95 GW expected to exceed 100 GW by the end of 2024 [6]. Strategic Developments - The company is actively expanding its module business, achieving a module sales volume of 31.11 GW in 2023, placing it among the top five globally. It is also enhancing its presence in both domestic and international markets [6]. - The report highlights the stabilization and recovery of silicon prices, a decrease in non-silicon costs, and the production of new battery technologies as catalysts for future growth [6].

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2024-040 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 转债 | | 通威股份有限公司关于 "通 22 转债"预计满足转股价格修正条件的提示性公告 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责任。 一、"通 22 转债"发行上市概况 经中国证券监督管理委员会证监许可[2021]4028 号文核准，公司于 2022 年 2 月 24 日公开发行了 12,000 万张可转换公司债券，每张面值 100 元，共计 120 亿 元。本次可转债期限 6 年，自 2022 年 2 月 24 日起至 2028 年 2 月 23 日止，票面 利率为第一年 0.20%、第二年 0.40%、第三年 0.60%、第四年 1.50%、第五年 1.80%、 第六年 2.00%。 经上海证券交易所自律监管决定书[2022]61 号文同意，公司本次发行的 1,200,000.00 万元可转换公司债券于 2022 年 3 月 18 日起在上 ...

证券代码：600438 证券简称：通威股份 公告编号：2024-039 通威股份有限公司 2023 年年度股东大会决议公告 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责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (1)股东大会召开的时间：2024 年 5 月 20 日 (2)股东大会召开的地点：成都市高新区天府大道中段 588 号"通威国际中心" (3)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 135 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,345,936,161 | | 3、出席会议的股东所持有表决权股份数占公司有表决 | | | 权股份总数的比例（%） | 52.2901 | (4)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，副董事长严虎先生主持，采取现场记名投票和网络 投票相结合的表决方式。会议的召集和召开符合《公司法》《上市公司股东大 ...