通威股份(600438.SH) 买入(维持评级) 公司点评 证券研究报告 10 月 30 日公司披露 2024 年三季报，前三季度实现营收 683 亿元，同比-39%，实现归母净利润-39.7 亿元，同比转亏。其中 Q3 实现营收 245 亿元，同比-34%，实现归母净利润-8.44 亿元，环比 Q2(-23.43 亿)显著减亏。 丰水期电价推动多晶硅现金成本下降。三季度公司部分多晶 硅产区（四川、云南）水电进入丰水期电价，叠加工业硅价格下降， 测算公司多晶硅现金成本显著下降。测算公司 Q3 多晶硅出货 13- 14 万吨，环比 Q2 维持增长，在多晶硅价格全面跌破行业成本的背 景下，公司仍维持较高开工率，将现金成本的下降较大程度传导至 全成本下降，成本及盈利相对优势凸显。 盈利压力下多晶硅行业加速出清，低成本产能释放有望巩固 头部地位。据硅业分会，7-9 月国内多晶硅月产量 13-14 万吨，较 前期高点 19 万吨显著下降，行业新增产能投产放缓，部分老旧产 能逐步出清。公司云南 20 万吨多晶硅项目于 5 月顺利投产，包头 20 万吨下半年建成投产，年末多晶硅名义产能将提升至 85 万吨； 考虑到包头电价 ...

2024年10月31日 来源：公司年报、国金证券研究所 通威股份 (600438.SH) 买入(维持评级) 公司点评 证券研究报告 多晶硅成本下降，一体化稳步推进 业绩简评 10 月 30 日公司披露 2024年三季报,前三季度实现营收 683 亿元,同比-39%,实现归母净利润-39.7亿元,同比转亏。其中 Q3 实现营收 245 亿元,同比-34%,实现归母净利润-8.44 亿元,环比 02(-23. 43 亿)显著减亏。 经营分析 丰水期电价推动多晶硅现金成本下降。三季度公司部分多晶 硅产区(四川、云南)水电进入丰水期电价,叠加工业硅价格下降, 测算公司多晶硅现金成本显著下降。测算公司Q3多晶硅出货 13- 14 万吨,环比Q2 维持增长,在多晶硅价格全面跌破行业成本的背 景下,公司仍维持较高开工率,将现金成本的下降较大程度传导至 全成本下降,成本及盈利相对优势凸显。 盈利压力下多晶硅行业加速出清,低成本产能释放有望巩固 头部地位。据硅业分会,7-9月国内多晶硅月产量13-14 万吨,较 前期高点 19万吨显著下降,行业新增产能投产放缓,部分老旧产 能逐步出清。公司云南 20 万吨多晶硅项目于 5 月顺 ...

Financial Performance - Revenue for the third quarter was RMB 24.48 billion, a decrease of 34.47% year-over-year[2] - Net profit attributable to shareholders was a loss of RMB 843.81 million, down 127.84% year-over-year[2] - Revenue for the first three quarters of 2024 was RMB 68.27 billion, a decrease of 38.7% compared to RMB 111.42 billion in the same period of 2023[15] - Operating costs for the first three quarters of 2024 were RMB 70.79 billion, a decrease of 17.1% compared to RMB 85.37 billion in the same period of 2023[15] - Net profit for the first three quarters of 2024 was a loss of RMB 4.77 billion, compared to a profit of RMB 20.93 billion in the same period of 2023[16] - Sales revenue from goods and services for the first three quarters of 2024 was RMB 66.93 billion, a decrease of 40.2% compared to RMB 111.86 billion in the same period of 2023[17] - Cash received from customers for goods and services in the first three quarters of 2024 was RMB 66.93 billion, a decrease of 40.2% compared to RMB 111.86 billion in the same period of 2023[17] - Cash paid for goods and services in the first three quarters of 2024 was RMB 54.46 billion, a decrease of 25.4% compared to RMB 73.03 billion in the same period of 2023[17] Asset and Liability Changes - Total assets increased by 20.41% to RMB 197.91 billion compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, were 197,907,612,928.95 RMB, an increase from 164,363,161,459.66 RMB at the end of 2023[14] - The company's total liabilities as of September 30, 2024, were 136,634,322,423.48 RMB, an increase from 90,533,776,973.25 RMB at the end of 2023[14] - The company's total equity as of September 30, 2024, was 61,273,290,505.47 RMB, a decrease from 73,829,384,486.41 RMB at the end of 2023[14] - The company's fixed assets as of September 30, 2024, were 84,711,280,202.85 RMB, an increase from 68,269,964,227.96 RMB at the end of 2023[13] - The company's long-term loans as of September 30, 2024, were 46,162,142,570.31 RMB, an increase from 28,755,180,069.46 RMB at the end of 2023[14] - The company's inventory as of September 30, 2024, was 12,280,013,564.68 RMB, an increase from 7,788,385,427.12 RMB at the end of 2023[12] Financing and Debt - Long-term loans increased by 60.54% to RMB 46.16 billion due to expanded financing needs[5] - Short-term borrowings surged by 776.46% to RMB 1.88 billion due to expanded business operations[5] - The company received 36.68 billion CNY from borrowing, a substantial increase from 15.12 billion CNY in the previous period[18] - The company repaid 8.23 billion CNY of debt, up from 4.01 billion CNY in the previous period[18] - The company issued 12 million convertible corporate bonds with a total value of 12 billion RMB, each with a face value of 100 RMB and a maturity of 6 years[11] - As of September 30, 2024, 16,467,000 RMB of "Tong 22 Convertible Bonds" had been converted into A-shares, with a cumulative conversion of 430,045 shares[11] - The unconverted amount of "Tong 22 Convertible Bonds" is 11,983,533,000 RMB, accounting for 99.86278% of the total issuance[11] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB 2.99 billion, a decrease of 85.8% compared to RMB 21.02 billion in the same period of 2023[17] - Cash received from investment activities in the first three quarters of 2024 was RMB 40.53 billion, an increase of 143.5% compared to RMB 16.64 billion in the same period of 2023[17] - Cash received from the disposal of fixed assets, intangible assets, and other long-term assets in the first three quarters of 2024 was RMB 202.98 million, an increase of 1728.5% compared to RMB 11.10 million in the same period of 2023[17] - Cash received from other investment-related activities in the first three quarters of 2024 was RMB 581.99 million, a decrease of 15.0% compared to RMB 684.49 million in the same period of 2023[17] - Investment activities cash outflow totaled 62.87 billion CNY, a significant increase from 44.61 billion CNY in the previous period[18] - Net cash flow from investment activities was -22.34 billion CNY, compared to -27.97 billion CNY in the previous period[18] - Net cash flow from financing activities was 19.84 billion CNY, a significant improvement from -7.77 billion CNY in the previous period[18] - Cash and cash equivalents at the end of the period were 14.83 billion CNY, compared to 20.47 billion CNY in the previous period[18] - The company's cash and cash equivalents increased by 457.41 million CNY, compared to a decrease of 14.73 billion CNY in the previous period[18] Shareholder Information - Tongwei Group holds 2,017,803,687 shares, accounting for 44.82% of the total shares[6] - Hong Kong Securities Clearing Company holds 250,181,763 shares, representing 5.56% of the total shares[6] - ICBC - SSE 50 ETF holds 54,605,145 shares, accounting for 1.21% of the total shares[6] - China Life Asset Management - BOC - China Life Asset - Advantage Selection 2108 holds 52,099,840 shares, representing 1.16% of the total shares[6] - ICBC - Huatai-PineBridge CSI 300 ETF holds 51,888,617 shares, accounting for 1.15% of the total shares[6] - CCB - E Fund CSI 300 ETF holds 34,255,531 shares, representing 0.76% of the total shares[6] - Yang Lin holds 31,800,000 shares, accounting for 0.71% of the total shares[6] - BOC - Huatai-PineBridge CSI Photovoltaic Industry ETF holds 25,319,995 shares, representing 0.56% of the total shares[6] - China Life Asset Management - CIB - China Life Asset - Advantage Selection 2110 holds 24,400,000 shares, accounting for 0.54% of the total shares[6] - China Pacific Life Insurance - Traditional - General Insurance Product holds 23,097,464 shares, representing 0.51% of the total shares[6] Expenses and Impairments - Financial expenses surged by 254.31% to RMB 1.32 billion due to increased financing scale[5] - Asset impairment losses increased by 65.23% to RMB 3.33 billion, mainly due to inventory write-downs[5] - Government subsidies decreased by 47.68% to RMB 477.49 million[5] - Dividend, profit, and interest payments totaled 7.50 billion CNY, a decrease from 19.40 billion CNY in the previous period[18] Business Expansion and Investments - Inventory increased by 57.67% to RMB 12.28 billion due to expanded business operations[5] - Construction in progress increased by 51.78% to RMB 22.49 billion, driven by high-purity silicon and battery cell projects[5] - The company's monetary funds as of September 30, 2024, were 16,464,679,018.87 RMB, a decrease from 19,418,437,782.89 RMB at the end of 2023[12]

（原标题：通威股份回应光伏板块大涨：可能受近期传闻影响，关于限制能耗传闻我们也在了解）证券 时报e公司讯，今日光伏板块大涨，通威股份、隆基绿能均涨停。 近期多个有关光伏市场的"小作文"开始流传并发酵，包括但不限于光伏行业传下个月出工信部限制能耗 的政策。 对此，记者以投资人身份联系了通威股份、隆基绿能投资者关系部门。 对于今日光伏板块大涨，通威股份相关人士称，现在市场上传闻比较多，可能是受这些信息影响，并 称"有很多种传闻，也没有得到官方确认"。 对于限制能耗的消息，该人士表示，我们也在了解。 隆基绿能相关人士对于该传闻则回应称，不清楚。 ...

财联社财经通讯社打开APP11:27:28【通威股份回应光伏板块大涨：可能受近期传闻影响 关于限制能耗 传闻我们也在了解】财联社10月25日电，今日光伏板块大涨，通威股份、隆基绿能均涨停。 近期多个有关光伏市场的"小作文"开始流传并发酵，包括但不限于光伏行业传下个月出工信部限制能耗 的政策。 对此，记者以投资人身份联系了通威股份、隆基绿能投资者关系部门。 对于今日光伏板块大涨，通威股份相关人士称，现在市场上传闻比较多，可能是受这些信息影响，并 称"有很多种传闻，也没有得到官方确认"。 对于限制能耗的消息，该人士表示，我们也在了解。 隆基绿能相关人士对于该传闻则回应称，不清楚。 通威股份+10.02%隆基绿能+10.00%光伏财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-25 11:27:2829818 阅读商务合作发送 ...

财联社财经通讯社打开APP13:05:56【光伏概念股午后异动 通威股份、福莱特快速拉升涨停】财联社10 月23日电，通威股份、福莱特快速拉升涨停，大全能源涨超10%，TCL中环、德业股份、欧普泰、禾望 电气、爱旭股份、锦浪科技等涨超5%。 消息面上，近日中国光伏行业协会通过官微发布通告——《光伏组件当前成本分析：低于成本投标中标 涉嫌违法》，同时公布测算2024年10月份的光伏组件最低含税成本：0.68元/W。 A股盘面直播光伏财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-23 13:05:56132125 阅读商务合作发送 ...

最新主持徐代桥今天由我跟我们主吴志鹏共同为大家汇报一下通微股份这个公司的一个情况那么通微股份呢就众所周知它是光伏领域的一个龙头企业那么它的龙头优势呢其实我觉得有可以体现为几个方面吧首先呢我觉得单就刘汉元主席的思路与战略来说非常有大局观非常清晰 比如说呢他一直还是比较 重视行业分工比较重视这个专业化的这个能力而且呢他在这个产业合作这个方面非常有诚意比如说像硅料的股份硅料的公司子公司的这个股份会对外开放那么这都表明了这个刘主席本人是一个这个很有格局的一个人另外呢主席对于这个整个光图市场的 原景和他的一些发展的一些本质看着也比较透彻所以呢领导是非常优秀的刘主席也是我们国内不光是光谱行业整个民营企业领域也是非常优秀的一位企业家 另外呢公司的一些执行力方面也非常的优秀那么他进入光谱行业以来从最开始的大家多少带点观望的情绪想看看你这个跨界过来的 它可以说是跨界替光符的一个先驱了就是你这位跨界替光符的人最后能把产业做成什么样多少从这样带点观望然后到逐渐的相信到认可他的这个成为领袖那么这个过程也是通微它超强执行力的一个表现打个简单的比方通微过去两年的工业链的 这个产能利用率持续超过100%甚至都是在120%左右这对于它的降本 ...

证券代码：600438 证券简称：通威股份 编号：2024-07 通威股份股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☑特定对象调研 | ☑ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活 动类别 | □新闻发布会 | ☑ 路演活动 | | | ☑现场参观 | | | | ☑ 其他 线上会议 | | | | ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 25 日收盘价（元） ] | 18.34 | | 52 周股价波动（元） | 15.79-32.38 | | 总股本 / 流通 A 股（百万股） | 4502/4502 | | 总市值 / 流通市值（百万元） 相关研究 | 82566/82566 | | [Table_ReportInfo] 《技术与成本优势持续保持，多晶硅及电池龙 | | | 头地位稳固》 2023.10.31 | | 市场表现 [Table_QuoteInfo] -46.89% -37.89% -28.89% -19.89% -10.89% -1.89% 2023/9 2023/12 2024/3 2024/6 通威股份 海通综指 | --- | --- | --- | --- | |------------------ ...

联系电话:010-59219558 - 传真:010-59562637 2024年09月13日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------------------| | | | | | 通威股份（600438） | 投资评级 | 增持 | | 深远布局一体化产能, 逆势扩张龙头地位稳固 | 2024年 09 月 13 日 | | | 公告：2024 上半年，公司实现总营收 437.97 亿元、同比-40.87%，归母净利润-31.29 | 收盘价(元): | 18.60 | | 亿元、同比-123.58%,扣非后净利润-31.78亿元、同比-125.19%,毛利率 7 ...