北京金杜（成都）律师事务所 关于通威股份有限公司 2023 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（2019 修订）》（以下简称《证券 法》）、《中华人民共和国公司法（2018 修正）》（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）《上市公司股东大会规则（2022 年修订）》 （以下简称《股东大会规则》）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，不包括中华人民共和国香港特别行政区、中华人民共和国澳门 特别行政区和中华人民共和国台湾地区）现行有效的法律、行政法规、规章和规范 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 2024 年 5 月 20 日召开的 2023 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. 公司 2021 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 2 ...

Group 1: Industry Outlook - The photovoltaic (PV) industry has significant long-term development potential, driven by global energy transition and technological advancements [2] - By 2050, the global cumulative installed capacity of PV is expected to reach 18,200 GW, indicating over tenfold growth potential from current levels [2] - The Chinese renewable energy sector is positioned as a key player in global supply, alleviating inflation and contributing to climate change mitigation [2] Group 2: Company Strategy - Tongwei's strategic focus is on enhancing its competitive edge in high-purity silicon and efficient solar panels, aiming for differentiated advantages in both cost and product quality [2] - The company is also developing an integrated layout from industrial silicon to components, ensuring strategic supply across the entire industry chain [2] - Tongwei plans to maintain its production expansion pace while dynamically assessing capacity structures based on market conditions [2] Group 3: Financial Performance - For 2024, Tongwei's capital expenditure is projected to be around CNY 30 billion, with sufficient cash reserves of CNY 35 billion to cover this expenditure [6] - The company has a robust credit line exceeding CNY 120 billion, ensuring financial stability [6] - As of Q1 2024, the asset-liability ratio stands at approximately 60%, with the actual ratio for the photovoltaic manufacturing segment around 50%, providing room for future financing [6] Group 4: Market Dynamics - Recent declines in silicon material prices are attributed to supply-demand imbalances and increased inventory levels [6] - The company anticipates that the global demand for photovoltaic products will continue to grow, with the potential for new installations to reach the TeraWatt era sooner than expected [6] - Tongwei will adopt a flexible pricing strategy in response to market conditions while maintaining reasonable inventory levels [6] Group 5: Shareholder Returns - Since its listing in 2004, Tongwei has distributed over CNY 21.1 billion in dividends, with a proposed cash dividend of CNY 9.05 per 10 shares for 2024, amounting to over CNY 4 billion [6] - The company aims to distribute at least 30% of its average distributable profits in cash over the next three years (2024-2026) [6] - A share buyback plan of CNY 2-4 billion is in place to enhance market confidence and align interests between shareholders and employees [6]

Investment Rating - The investment rating for Tongwei Co., Ltd. is "Buy" and is maintained [5]. Core Views - Tongwei Co., Ltd. reported a revenue of 139.1 billion yuan in 2023, a year-on-year decrease of 2.33%. The net profit attributable to shareholders was 13.57 billion yuan, down 47.25% year-on-year. In Q4 2023, the revenue was 27.68 billion yuan, a decline of 31.37% year-on-year and 25.89% quarter-on-quarter, with a net loss of 2.73 billion yuan primarily due to impairment impacts. For Q1 2024, the revenue was 19.57 billion yuan, down 41.13% year-on-year, with a net loss of 787 million yuan [5][6]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a sales volume of 387,200 tons in the silicon material business, an increase of 50.79%, with a global market share exceeding 25%. Despite a significant price drop, the company maintained a net profit of over 45,000 yuan per ton [5]. - The solar cell business continued to lead globally with a sales volume of 80.66 GW, up 68.11% year-on-year. The module business achieved a sales volume of 31.11 GW, a remarkable increase of 292.08% [5]. - The company plans to distribute a cash dividend of 9.05 yuan per 10 shares (including tax), totaling 4.074 billion yuan, which accounts for 30.02% of the 2023 net profit [5]. Future Outlook - For 2024, the company expects to achieve a net profit attributable to shareholders of 3.5 billion yuan. The silicon material business is projected to reach a total shipment of 550,000 tons, with production costs expected to decrease further [6]. - The company plans to gradually complete the transformation of approximately 38 GW of PERC capacity in 2024 and expand TOPCon battery capacity to over 100 GW, with expected shipments around 90 GW [6]. - The module business is anticipated to exceed 50 GW in shipments for 2024, supporting the company's integrated expansion strategy [6].

华福证券 硅料硅片 2024年05月18日 公 司 通威股份（ ） 600438.SH 买入（维持评级） 研 究 硅料成本优势凸显，短期承压不改长期成长 当前价格： 21.90元  业绩点评： 基本数据 公司发布2023年&24Q1业绩公告，2023年全年实现营收1391亿 总股本/流通股本(百万股) 4,501.97/4,501.97 元，同比-2.3%，归母净利135.7亿元，同比-47.2%；扣非归母净利136.1 流通A股市值(百万元) 98,593.23 亿元，同比-48.7%；24Q1实现营收195.7亿元，同比-41.1%，归母净 每股净资产(元) 13.06 利-7.86亿元，扣非归母净利-7.90亿元。同时公司发布拟以自有资金 资产负债率(%) 59.27 一年内最高/最低价(元) 39.18/21.09 20-40亿元回购公司股份用于员工持股计划或股权激励，彰显公司的长 期经营信心。 一年内股价相对走势  硅料品质成本双优势凸显，先进产能进一步扩张 公 公司23年多晶硅出货38.72万吨（同比+50.79%），全球市占率超 司 过25%，平均生产成本降至4.2万元/吨以下（单吨净利超4 ...

尊敬的各位股东投资人广大关注关心和支持通微股份的朋友们大家下午好欢迎大家参加通微股份2023年度即2024年第一季度业绩说明会那么也非常感谢上交所上升路远中心那么为公司搭建这样一个便捷高效的投资者交易平台能够让公司与全体投资者一起分享通微股份在过去一年中取得的经营成绩以及对于未来的发展展望 那么我是本次业绩说明会的主持人通微股份董事会秘书严柯那么下面我为大家介绍现场出席本次会议的公司管理层他们分别是通微股份董事长CEO刘淑琪女士通微股份光复首席技术官通微太阳能有限公司国家级技术中心主任秦国强先生通微股份财务总监朱斌先生 那么以及我本人同为股份董事会秘书严柯那么本次业绩说明会共分为公司管理层支持2023年及2024年一季度公司经营成果与主要业务发展汇报现场投资者互动交流网络文字互动交流一共四项议程那么总时长大概90分钟 那么各位投资者如果有提问或者对公司的建议可以在互动交流环节现场或者通过网络方式提出那么公司将本着诚信认真负责任的态度进行解答与研究那么我们希望通过此次交流能够向投资者全面客观的传达公司的发展情况和投资价值进一步增进各位投资者对公司的了解与信心 好的下面那么我们正式进入本次业绩说明会的第一个环节有 ...

Summary of the Conference Call Company Overview - The conference call is regarding Tongwei Co., Ltd. and its performance in the past year as well as future development prospects [1] Key Points and Arguments - The company expressed gratitude to shareholders, investors, and the Shanghai Stock Exchange for providing a platform for communication [1] - The call aims to share the operational achievements of Tongwei Co., Ltd. over the past year and discuss future growth strategies [1] Other Important Content - The conference highlights the importance of investor engagement and transparency in sharing company performance [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a significant decline in revenue and net profit in 2023, with a revenue of 139.10 billion yuan, down 2.33% year-on-year, and a net profit of 13.57 billion yuan, down 47.25% year-on-year [2][5] - The company maintains a strong position in the silicon material and battery sectors, with a focus on cost reduction and efficiency improvement [3][4] - The company is expected to recover in the coming years, with projected net profits of 2.68 billion yuan in 2024, 6.45 billion yuan in 2025, and 9.01 billion yuan in 2026, corresponding to PE ratios of 37.92X, 15.77X, and 11.29X respectively [5][7] Summary by Sections Market Performance - The company's stock has underperformed compared to the market, with a relative drop of 9.75% over one month and 20.50% over two months [2] Financial Performance - In 2023, the company achieved a total revenue of 139.10 billion yuan and a net profit of 13.57 billion yuan, with a significant decrease in profitability metrics [6] - The gross margin for 2023 was 26.4%, a decline from previous years, and the net profit margin was 13.1% [7] Business Segments - The silicon material segment saw a sales volume of 387,200 tons, a 50.79% increase year-on-year, but revenue decreased by 27.57% due to falling prices [3] - The battery segment achieved sales of 80.66 GW, a 68.11% increase year-on-year, with revenue from battery components reaching 693.72 billion yuan, up 29.60% [3][4] Future Outlook - The company is expected to enhance its production capacity, particularly in TNC batteries, with a projected capacity exceeding 100 GW by the end of 2024 [3] - The company is investing in new technologies and has made significant advancements in battery efficiency, with the latest products achieving conversion efficiencies above 26% [4]

| 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2024-038 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 | 转债 | | 通威股份有限公司 关于与隆基绿能科技股份有限公司签订高纯晶硅销售合同的公告 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。 合同生效条件及履行期限：本合同自各方签字盖章之日起生效，履行期限 至 2026 年 12 月 31 日止 本次事项不属于关联交易，根据《上海证券交易所股票上市规则》《通威 股份有限公司章程》等相关规定，公司已履行了签署本合同的内部审批程序，无需 提交公司董事会或股东大会审批 对上市公司当期业绩的影响：本合同为长单销售合同，有助于公司高纯晶 硅产品的稳定销售，对公司业绩有积极影响。本合同的履行不会对公司业绩的独立 性构成影响，不会因履行本合同而对上述交易对方形成依赖 特别风险提示： 1、本合同条款中对定价原则、供货量、违约责任、产品标准等作出了明确约 定，但在履行过程中如遇政策及市场环境等的重大变 ...

证券研究报告 公 2024年05月09日 司 报 告 通威股份(600438) │ 行 业： 电力设备/光伏设备 公 投资评级： 增持（维持） 司 当前价格： 22.79元 竞争加剧影响业绩，硅料竞争优势稳固 年 目标价格： 25.65元 报 点 事件： 评 基本数据 2024年4月29日，公司发布2023年报及2024年一季报，2023年公司实 总股本/流通股本(百万股) 4,501.97/4,501.97 现营业收入1391.04亿元，同比减少2.33%，实现归母净利润135.74亿元, 流通A股市值(百万元) 102,599.99 同比减少47.25%，实现经营活动现金净流量306.79亿元，同比减少29.98%， 每股净资产(元) 13.06 实现销售毛利率26.44%，同比下降11.73pct，报告期内，受供需关系变化 资产负债率(%) 59.27 影响，硅料价格大幅下降，是影响公司业绩的主要原因。 一年内最高/最低(元) 39.65/21.09 2024Q1 公司实现营业收入195.70 亿元，同比减少41.13%，实现归母净利 润-7.87亿元，同比减少109.15%,实现经营活动现金净流量-1 ...

2023 年年度股东大会会议资料 通威股份有限公司 2023 年年度股东大会会议资料 资料汇编 二〇二四年五月 | 2023 年年度股东大会会议议程 | 3 | | --- | --- | | 2023 年度董事会工作报告 | 5 | | 年度监事会工作报告 2023 | 11 | | 2023 年年度报告及年度报告摘要 | 15 | | 2023 年度财务决算报告 | 16 | | 年度的利润分配预案 2023 | 19 | | 关于董事、监事 2023 年度薪酬与考核的议案 | 20 | | 未来三年（2024-2026 年）股东分红回报规划 | 22 | | 关于续聘会计师事务所的议案 | 25 | | 关于 2024 年度公司及下属子公司相互提供担保的议案 | 28 | | 关于 2024 年度为公司客户提供担保的议案 | 43 | | 关于 2024 年申请综合授信的议案 | 45 | | 关于 2024 年开展票据池业务的议案 | 46 | | 关于修订公司章程及其附件的议案 | 49 | 2023 年年度股东大会会议资料 通威股份有限公司 2023 年年度股东大会会议议程 会议时间：2024 年 ...