2024年5月5日 公司研究 硅料&电池出货量维持行业第一，组件出货量进入全球前五 ——通威股份（600438.SH）2023 年年报&2024 年一季报点评 要点 买入（维持） 事件：公司发布2023年年报及2024年一季报，2023年实现营业收入1391.04 当 前价：21.70元 亿元，同比下降 2.33%，实现归母净利润 135.74 亿元，同比下降 47.24%，拟 每10股派发现金红利9.05元（含税）；2024Q1公司实现营业收入195.70亿 作者 元，同比下降41.13%，实现归母净利润-7.87亿元，同比下降109.15%。 分析师：殷中枢 2023年各产品销量保持行业领先，产业链价格快速走低影响2024Q1净利润。 执业证书编号：S0930518040004 （1）2023 年公司硅料销量同比增长 50.79%至 38.72 万吨，全球市占率超过 010-58452071 25%，单吨净利润超4.5万元，但受价格快速走低影响公司高纯晶硅及化工板块 yinzs@ebscn.com 营业收入同比下降 27.57%至 447.99 亿元，毛利率同比减少 21.87 个 pct 至 分析师：郝 ...

债券代码：110085 债券简称：通 22 转债 证券代码：600438 证券简称：通威股份 公告编号：2024-033 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： 2024 年 4 月 30 日，通威股份有限公司（以下简称"公司"）通过集中竞价交易方 式首次回购股份 5,249,500 股，占公司截至 2024 年 3 月 31 日已发行总股本 4,501,974,054 股的 0.1166%，首次回购股份的最高成交价为 21.89 元/股，最低成交价 为 21.53 元/股，成交总金额为 114,331,449.00 元（不含交易佣金等交易费用）。 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》。公司本次拟使用不低于人民币 20 亿 元（含）且不超过人民币 40 亿元（含）自有资金以集中竞价交易方式回购公司股 份，用于实施员工持股计划或股权激励。本次回购期限为自 2024 年 4 月 28 日起 12 ...

公 电力设备及新能源 司 2024年05月 05日 报 通威股份(600438.SH) 告 强化硅料和TOPCon产能布局，巩固龙头地位 推荐（维持） 事项： 公司发布2023年年报和2024年一季报，2023年实现营收1391.04亿元，同 股价：21.7 元 比减少 2.33%，归母净利润 135.74 亿元，同比减少 47.25%，扣非后净利润 136.19亿元，同比减少48.73%；EPS 3.02元，拟每10股派发现金红利9.05 公 主要数据 元（含税）；2024年一季度实现营收195.7亿元，同比减少41.13%，归母净利 司 润为-7.87亿元，由盈转亏。 行业 电力设备及新能源 年 公司网址 www.tongwei.com.cn 大股东/持股 通威集团有限公司/43.89% 平安观点： 报 实际控制人 刘汉元  多晶硅业务盈利水平下降及资产减值计提导致 2023 年业绩下滑。2023 点 总股本(百万股) 4,502 年公司多晶硅销量大幅增长，但销售价格明显下降，导致收入规模和毛利 流通A股(百万股) 4,502 评 流通B/H股(百万股) 率的下滑，2023年多晶硅相关业务收入448.0 ...

Investment Rating - The investment rating for the company is "Accumulate" [3][21]. Core Views - The company reported a revenue of 139.1 billion yuan in 2023, a decrease of 2.33% year-on-year, and a net profit attributable to shareholders of 13.57 billion yuan, down 47.25% year-on-year. In Q1 2024, revenue was 19.57 billion yuan, a decline of 41.13%, with a net loss of 0.79 billion yuan, down 109.15% year-on-year. The rapid decline in prices within the photovoltaic industry has pressured both revenue and profit, but the company maintains a leading position due to its cost efficiency and strong resilience at the industry bottom [1][2]. Summary by Sections Silicon Material - The company has a current production capacity of 450,000 tons of high-purity silicon, with an additional 400,000 tons under construction. The company achieved a sales volume of 387,200 tons in 2023, a year-on-year increase of 50.79%, capturing over 25% of the global market share. Although profitability may be under pressure for 3-4 quarters, the release of advanced production capacity is expected to enhance competitive advantages in the next 2-3 years [1]. Battery Cells - The company is a leader in the development of TOPCon PECVD technology, with its TNC battery achieving an average conversion efficiency of 26.26%. The company plans to complete the transformation of approximately 38 GW of PERC capacity by 2024 and add 16 GW and 25 GW of TNC battery capacity at its Meishan and Shuangliu bases, respectively. By the end of 2024, the TNC battery capacity is expected to exceed 100 GW [2]. Profit Forecast and Investment Advice - Due to the supply-demand imbalance in the photovoltaic industry, the company has adjusted its profit forecasts for 2024 and 2025, reducing the expected net profit from 13.38 billion yuan and 19.30 billion yuan to 2.46 billion yuan and 7.54 billion yuan, respectively. However, a significant profit increase to 15.49 billion yuan is anticipated in 2026, with corresponding P/E ratios of 39.7x, 13.0x, and 6.3x for the next three years. The recommendation remains "Accumulate" [2][6].

通威股份（600438.SH）2023年年报及2024年一季报点评 业绩阶段性承压，硅料成本优势显著 2024年04月30日 ➢ 事件：2024年4月29日，公司发布2023年年度报告及2024年一季报。 推荐 维持评级 2023 年公司实现收入 1391.04 亿元，同比-2.33%；实现归母净利 135.74 亿 当前价格： 21.70元 元，同比-47.25%；实现扣非净利136.13亿元，同比-48.73%。 23Q4公司实现收入276.84亿元，同比-31.37%；实现归母净利-27.28亿元， 同比-168.13%；实现扣非净利-20.28亿元，同比-144.42%。 [Table_Author] 24Q1 公司实现收入 195.70 亿元，同比-41.13%；实现归母净利-7.87 亿元， 同比-109.15%；实现扣非净利-7.90亿元，同比-109.29%。 ➢ 多晶硅：产品品质和成本优势显著。23 年公司高纯晶硅销售量 38.72 万 吨，同比增长 50.79%，全球市占率超过 25%。公司稳步推进多晶硅产能扩 张，目前在产产能 45 万吨，预计将于 24Q2 投产云南 20 万吨产能、2 ...

通威股份23年报及24一季报交流20240429 全文摘要 通威股份在年度业绩解读会上对其2023年及2024年一季度的 经营情况进行了介绍，受到产业景气度下滑和成本上升的影响 公司营收同比下降2.33%，净利润同比大幅下降47.25%。面对 挑战，公司采取了诸如资产减值和增加研发投入等措施以改善经 营状况，并对未来发展保持乐观。通威太阳能部分则展现出对行 业的信心，维持了大股东增持和上市公司回购计划以提振市场信 心，并采用稳健策略应对可能的价格竞争和市场调整。在技术方 面，公司专注于光伏材料研发和新型太阳能电池技术的研究，同 时考虑国际市场拓展，展现了推动清洁、高效能源革命的决心 其他讨论点包括成本控制、国合作、技术升级和资本战略，显 示公司通过一系列措施应对当前困难，同时积极布局未来，强调 厂技术进步和市场适应的重要性。总体上，会议内容体现了公 在复杂而场坏境中应对挑战、把握机遇的能力和决心 Q&A Q：在硅料价格大幅度波动的情况下，公司是否会采取更激进的 价格策略或参与价格战?公司之前执行一体化战略规划了硅片产 能，自前是否有变化?后续在配置和节奏方面有何考虑? A:公司在硅料价格波动时，会根据市场情况 ...

业绩简评 4月 29 日公司披露2023 年报及2024 年一季报，2023年实现 营收 1391.04 亿元，同比-2.3%，实现归母净利 135.74 亿元，同 比-47.2%。23Q4/24Q1 分别实现营收 276.84、195.70 亿元，同比 -31.4%/-41.1%，环比-25.9%/-29.3%，实现归母净利-27.28、-7.87 亿元，同比-168.3%/-109.1%、环比-190.0%/-71.2%。 公司同时公告拟以自有资金回购公司股份 20-40 亿元用于员 工持股计划或股权激励，彰显对公司长期经营信心。 经营分析 多晶硅规模、成本、品质全面领先，龙头地位稳固。2023年 公司实现高纯晶硅销量38.72 万吨，同比+50.79%，全球市占率超 过 25%，连续多年居行业前列。随公司云南、内蒙40万吨高纯晶 硅项目陆续于二三季度投产，公司高纯晶硅产能将提升至85万吨， 人民币(元) 成交金额(百万元) 持续巩固规模优势。目前公司 N型产品月度产出占比已超过90%， 39.00 3,500 2023 年平均生产成本已降至4.2 万元/吨以内，大幅领先行业平均 36.00 3,000 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥139.10 billion, a decrease of 2.33% compared to the previous year[17]. - The net profit attributable to shareholders for 2023 was approximately ¥13.57 billion, representing a significant decline of 47.25% year-over-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥13.61 billion, down 48.73% from the previous year[17]. - The net cash flow from operating activities for 2023 was approximately ¥30.68 billion, a decrease of 29.98% compared to 2022[17]. - The total assets at the end of 2023 were approximately ¥164.36 billion, an increase of 12.91% from the previous year[17]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥61.53 billion, reflecting a growth of 1.21% year-over-year[17]. - The company's gross profit margin was impacted by significant price declines in the photovoltaic industry due to increased supply[23]. - The company's financing activities resulted in a net cash outflow of approximately ¥6.47 billion, a decrease of 169.92% compared to the previous year[49]. - The cost of goods sold increased by 16.20% to approximately ¥102.33 billion, primarily due to the expansion of the photovoltaic sector[49]. - The gross profit margin for the overall business decreased by 11.88 percentage points, indicating challenges in maintaining profitability amidst rising costs[52]. Dividend Distribution - The company plans to distribute a cash dividend of 9.05 CNY per 10 shares, totaling approximately 4.07 billion CNY (including tax) based on a total share capital of 4,501,973,746 shares as of December 31, 2023[4]. - The proposed cash dividend for 2023 is ¥9.05 per 10 shares, amounting to an estimated total of ¥4,074,286,240.13, which represents 30.02% of the net profit attributable to shareholders for the year[102]. - The company distributed a total cash dividend of ¥12,866,616,618.77 to all shareholders on May 31, 2023, reflecting a commitment to shareholder returns[102]. Audit and Compliance - The company has received a standard unqualified audit report from Sichuan Huaxin (Group) Accounting Firm[3]. - The company emphasizes the importance of the accuracy and completeness of the annual report, with all board members present at the meeting[2]. - The company is committed to ensuring the authenticity of the financial report, as stated by the responsible personnel[3]. - The company has established a complete internal management system, ensuring independent decision-making and operations[104]. - The company has established a robust governance structure, ensuring compliance with relevant laws and regulations, and maintaining independent operations[101]. Strategic Development - The company is focusing on the development of HJT and perovskite-silicon tandem solar cells to enhance photovoltaic efficiency[10]. - The company is committed to continuous improvement in technology and product offerings to maintain competitive advantage in the renewable energy sector[10]. - The company plans to enhance the economic viability of the "fishing-light integration" model through efficient components, advanced design, and automated construction[30]. - The company aims to achieve over 100 GW of N-type battery production capacity by the end of 2024, enhancing its cost competitiveness through scale effects[45]. - The company is actively exploring international expansion, with plans for new photovoltaic production capacities in the US, Middle East, and Vietnam[39]. Environmental Compliance - The total COD emissions for 2023 were 16.84 tons, significantly below the annual limit of 43.96 tons[139]. - The total nitrogen oxide emissions for 2023 were 5.232 tons, well within the annual limit of 55.017 tons[139]. - The company has implemented zero wastewater discharge practices at its Inner Mongolia facility, enhancing its environmental sustainability[139]. - The company has established a comprehensive environmental management system, achieving multiple international certifications including ISO14001 and ISO50001[168]. - The company has reported a total of 58 emission outlets for various pollutants, ensuring compliance with the relevant environmental standards[140]. Research and Development - The company has invested a total of 10.419 billion yuan in R&D over the past three years, resulting in numerous scientific achievements that have been applied to the market[43]. - The company has established a national-level technology center to drive innovation in the photovoltaic sector[111]. - The company achieved significant technological advancements, with 12 authorized invention patents and 14 utility model patents[111]. - The company has participated in 16 key national and provincial scientific research projects, resulting in multiple prestigious awards, including the National Science and Technology Progress Second Prize[111]. - The company has a strong focus on research and development, with 18 published papers, including 12 in SCI journals[111]. Market Position and Competition - The company maintained its position as the global leader in high-purity silicon and solar cell shipments, with module shipments ranking in the top five globally[23]. - The company is committed to enhancing its high-purity crystalline silicon and solar cell business from 2024 to 2026, focusing on technology research and development[27]. - The photovoltaic industry is expected to continue high growth due to global energy transition and increasing emphasis on renewable energy[87]. - The company is focusing on technological transformation and marketing strategies to enhance product quality and operational efficiency[24]. - The company is developing a "fishing and solar integration" model to enhance ecological aquaculture and green energy, aiming for professional and intelligent development of this model[41]. Employee and Management - The total pre-tax compensation for executives during the reporting period amounted to 2,912,863,000 CNY, with an average of 264.89 million CNY per executive[108]. - The company has maintained a stable shareholding structure, with no changes in the number of shares held by key executives during the reporting period[108]. - The company has established a competitive salary incentive mechanism to align employee performance with corporate goals, enhancing overall operational efficiency[126]. - The company emphasizes talent development through a comprehensive training system, aiming to attract and retain skilled personnel for sustainable growth[127]. - The company has a total of 56,406 employees, with 33,747 in production, 3,903 in sales, and 12,586 in technical roles[124].

Revenue and Profit Performance - Revenue for Q1 2024 was RMB 19.57 billion, a decrease of 41.13% year-over-year[3] - Operating revenue for Q1 2024 was 19.57 billion CNY, a decrease from 33.24 billion CNY in Q1 2023[16] - Net profit for Q1 2024 was -647.10 million CNY, compared to 10.94 billion CNY in Q1 2023[16] - Net profit attributable to shareholders was a loss of RMB 786.74 million, down 109.15% year-over-year[3] - Net profit attributable to parent company shareholders was -786.74 million yuan, compared to 8.60 billion yuan in the same period last year[17] - Comprehensive income totaled -638.91 million yuan, compared to 10.93 billion yuan in the same period last year[17] - Basic earnings per share were -0.1748 yuan, compared to 1.9108 yuan in the same period last year[17] Cash Flow and Financial Position - Operating cash flow was negative RMB 1.39 billion, a decrease of 162.08% year-over-year[3] - Net cash flow from operating activities was -1.39 billion yuan, compared to 2.25 billion yuan in the same period last year[19] - Cash received from sales of goods and services was 20.37 billion yuan, down from 32.48 billion yuan in the same period last year[18] - Cash received from investments was 7.50 billion yuan, up from 3.10 billion yuan in the same period last year[19] - Net cash flow from investing activities was -10.03 billion yuan, compared to -17.51 billion yuan in the same period last year[19] - Cash received from financing activities was 18.22 billion yuan, up from 6.75 billion yuan in the same period last year[19] - Net cash flow from financing activities was 15.73 billion yuan, compared to 6.06 billion yuan in the same period last year[20] - Net increase in cash and cash equivalents was 4.31 billion yuan, compared to -9.20 billion yuan in the same period last year[20] - The company's monetary funds increased to RMB 28.29 billion as of March 31, 2024, compared to RMB 19.42 billion at the end of 2023[12] Assets and Liabilities - Total assets increased by 9.35% to RMB 164.36 billion compared to the end of the previous year[3] - Total assets increased to 179.72 billion CNY from 164.36 billion CNY in the previous quarter[13][14] - Total liabilities increased to 106.53 billion CNY from 90.53 billion CNY in the previous quarter[14] - Fixed assets stood at 66.96 billion CNY, slightly down from 68.27 billion CNY in the previous quarter[13] - Long-term loans increased to 41.62 billion CNY from 28.76 billion CNY in the previous quarter[14] - Total equity attributable to owners of the parent company was 60.77 billion CNY, down from 61.53 billion CNY in the previous quarter[14] - The company's total current assets reached RMB 70.96 billion as of March 31, 2024, up from RMB 63.24 billion at the end of 2023[12] - Trade receivables decreased to RMB 5.16 billion as of March 31, 2024, from RMB 6.99 billion at the end of 2023[12] - Inventory increased significantly to RMB 11.27 billion as of March 31, 2024, compared to RMB 7.79 billion at the end of 2023[12] Expenses and Investments - Sales expenses rose by 67.16% due to expanded component sales[6] - Sales expenses increased to 464.44 million CNY from 277.85 million CNY in Q1 2023[16] - Financial expenses increased by 96.21% due to expanded borrowing[6] - Financial expenses rose to 277.02 million CNY from 141.19 million CNY in Q1 2023[16] - Research and development expenses were 263.77 million CNY, down from 285.53 million CNY in Q1 2023[16] - Long-term investments surged by 443.88% due to investment in Shiji Biotechnology[6] - Inventory increased by 44.72% due to business expansion[6] Shareholder and Share Repurchase Information - The company's total number of ordinary shareholders at the end of the reporting period was 353,475[8] - The controlling shareholder, Tongwei Group, plans to increase its shareholding by RMB 1-2 billion between February 1, 2024, and January 31, 2025[11] - As of the report date, Tongwei Group has already increased its shareholding by 1,692,014 A shares, with a total investment of approximately RMB 402.14 million[11] - The company plans to repurchase RMB 2-4 billion worth of A shares between April 29, 2024, and April 28, 2025, at a price not exceeding RMB 36 per share[11] - The repurchased shares are intended for employee stock ownership plans or equity incentives, and if not used, will be canceled[11] - The China Industrial and Commercial Bank-Huatai-PineBridge CSI 300 ETF held 29.14 million shares, representing 0.65% of the total shares[10] - The China Bank-Huatai-PineBridge CSI Photovoltaic Industry ETF held 27.30 million shares, representing 0.61% of the total shares[10] Other Income and Government Subsidies - Other income increased by 225.76% due to higher government subsidies[8]

| 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2024-015 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 | 22 转债 | | 通威股份有限公司 2024 年度第三期绿色中期票据（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。 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网站（www.sse.com.cn）披露的相关公告。 2023 年 8 月 16 日，公司收到中国银行间市场交易商协会（以下简称"交易 商协会"）下发的《接受注册通知书》（中市协注[2023]DFI42 号）。《接受注册 通知书》中明确：交易商协会决定接受公司债务 ...