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 | | | | ...

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 9 月 1 日—2024 年 9 月 30 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 8 家全资子公司：通威太阳 能（盐城）有限公司、通威太阳能香港有限公司、通威太阳能（眉山）有限公司、通威 太阳能（成都）有限公司、通威太阳能（彭山）有限公司、前江通威有限责任公司、越 南通威有限责任公司、和平通威有限责任公司；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。 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 28.72 亿元；公司及子公司为合 营、联营公司提供担保金额为 0.26 亿元；公司子公司通威农业融资担保有限公司（以 提供担保为主营业务的持有金融牌照的 ...

关于可转换公司债券转股结果暨股份变动的公告 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： 累计转股情况：自"通 22 转债"2022 年 9 月 2 日进入转股期截至 2024 年 9 月 30 日，累计有 164,670 张"通 22 转债"转为通威股份有限公司（以下简称"公司"、 "本公司"）A 股股票，累计转股金额 16,467,000.00 元，累计转股股数 430,045 股， 累计转股股数占"通 22 转债"转股前公司已发行股份总额 4,501,548,184 股的 0.00955%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的"通 22 转债"金额 为人民币 11,983,533,000.00 元，占"通 22 转债"发行总额的比例为 99.86278%。 证券代码：600438 证券简称：通威股份 公告编号：2024-079 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 自 2024 年 7 月 1 日至 2024 年 9 月 30 日期间，合计有 ...

证券代码：600438 证券简称：通威股份 公告编号：2024-078 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。 重要内容提示： | 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 101,300,312 | | 累计已回购股数占总股本比例 | 2.2501% | | 累计已回购金额 | 万元 199,968.01 | | 实际回购价格区间 | 17.43 元/股~22.94 元/股 | 一、 回购股份的基本情况 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 ...

股票代码：600438 股票简称：通威股份 公告编号：2024-077 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 关于控股股东增持计划进展暨权益变动达到 1%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： 本次权益变动属于股份增持，不触及要约收购，不会导致通威股份有限公司 （以下简称"公司"）控股股东、实际控制人发生变化。 公司于 2024 年 2 月 1 日披露《通威股份有限公司关于公司控股股东增持公 司股份计划的公告》（公告编号：2024-006），公司控股股东通威集团有限公司（以 下简称"通威集团"）计划于 2024 年 2 月 1 日起至 2025 年 1 月 31 日期间，通过上 海证券交易所交易系统允许的方式增持公司股份，拟增持金额不低于人民币 10 亿 元，不超过人民币 20 亿元。 2024 年 2 月 1 日至 2024 年 10 月 8 日期间，通威集团已通过上海证券交易所 交易系统以集中竞价方式在二级市场累计增持公司股份 47,924,372 股，占 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's strategic execution capabilities, technological and cost advantages are driving a new round of growth [3] - The company's leading position in the polysilicon and battery sectors is expected to strengthen, with significant advancements in new battery technologies [3][4] - The company's integrated strategy in the module business is opening new growth opportunities, with overseas market share steadily increasing [4] Polysilicon Sector - The polysilicon industry is in a consolidation phase, with the company leveraging its cost and customer advantages to strengthen its position [3] - The company's unit cost remains industry-leading, with comprehensive power consumption dropping below 50 kWh/kg and silicon consumption below 1.04 kg/kg-Si [3] - Polysilicon sales in H1 2024 reached 228,900 tons, a year-on-year increase of 28.82% [3] - The company's new capacity using the 8th generation "Yongxiang Method" is expected to further reduce costs, with unit investment costs projected to drop to around 500 million RMB per 10,000 tons [29] Battery Sector - The company is accelerating the development and mass production of new battery technologies, with the first batch of GW-level copper interconnection pilot technology batteries successfully produced [3] - The company's 1GW pilot line has achieved an average power output of 735W, with an A-grade rate exceeding 97% and a breakage rate below 0.5% [3] - The company plans to launch its proprietary HJT+copper interconnection solution by the end of 2024 [3] - The company is also making progress in XBC, perovskite/silicon tandem, and other new battery technologies [3] Module Sector - The company's module shipments reached 31.11GW in 2023, ranking 5th globally [4] - In H1 2024, module sales reached 18.67GW, a year-on-year increase of 108.36% [4] - The company has obtained over 20 international market certifications and is steadily increasing its overseas market share [4] Financial Projections - The company's EPS for 2024-2026 is projected to be -1.02, 0.90, and 1.73 RMB, respectively [5] - The PB ratio for 2024-2026 is expected to be 1.56, 1.45, and 1.28, respectively [4] - The company's revenue for 2024-2026 is projected to be 117.563 billion, 150.147 billion, and 181.063 billion RMB, respectively [5] - Net profit for 2024-2026 is projected to be -4.57 billion, 4.064 billion, and 7.789 billion RMB, respectively [5] Industry Overview - The polysilicon industry is capital and technology-intensive, with a long construction cycle and high capital requirements [15] - The industry is undergoing a supply clearing phase, with prices nearing the bottom [21][22] - The company's cost advantages and strategic customer relationships are expected to maintain its market share [37] Technological Advancements - N-type batteries are becoming the mainstream trend, with TOPCon and HJT technologies showing significant efficiency improvements [39][42] - The company's TNC technology is expected to dominate the market, with a projected market share of over 70% by 2024 [47] - The company is also making strides in HJT, XBC, and perovskite/silicon tandem technologies [48][49] Market Position - The company has been the global leader in battery shipments for seven consecutive years, with 2023 shipments reaching 80.66GW [45] - The company's TNC technology has demonstrated superior performance, with a maximum output power of 743.2W and a conversion efficiency of 23.93% [46] - The company's module business has rapidly expanded, with 2023 shipments reaching 31.11GW, ranking 5th globally [54] Overseas Expansion - The company has obtained over 20 international market certifications and is steadily increasing its overseas market share [4] - The company's overseas market shipments are expected to increase in 2024, with a target of 50GW module shipments, aiming for a higher proportion of overseas sales [59]

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 ...

证券研究报告 | 公司动态点评 2024 年 09 月 12 日 通威股份（600438.SH） Q2 硅价下降业绩承压，一体化布局持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|---------|---------|---------|------------------------------------------|------------------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 142,423 | 139,104 | 116,152 | 151,776 | 182,207 | 股票信息 | | | 增长率 yoy （ % ） | 119.7 | -2.3 | -16.5 | 30 ...

Investment Rating - The report maintains a "Buy" rating for Tongwei Co., Ltd. [4] Core Views - The photovoltaic industry is experiencing an imbalance between supply and demand, leading to a decline in the company's performance. In H1 2024, the company reported revenue of 43.797 billion yuan, a year-on-year decrease of 40.87%, and a net profit attributable to shareholders of -3.129 billion yuan, marking a shift from profit to loss [2][3] - Despite the downturn, the company continues to expand its shipment scale and maintain its competitive advantage. In H1 2024, the sales volume of high-purity silicon reached 228,900 tons, a year-on-year increase of 28.82%. The company has successfully launched its 200,000-ton polysilicon project in Yunnan and is progressing with its 200,000-ton high-purity silicon project in Baotou, expected to be operational by the end of 2024 [2] - The aquaculture segment is showing improved profitability, with the feed industry experiencing growth despite a challenging market. The company has enhanced its production capabilities and expanded its product offerings, resulting in a 7.63% increase in food business sales volume and a 13.16% increase in sales revenue [2] Financial Summary - For 2024E, the company is projected to have a revenue of 121.542 billion yuan, a decrease of 12.63% from the previous year. The net profit attributable to shareholders is forecasted to be -4.005 billion yuan, with an EPS of -0.89 yuan [3][8] - The company’s return on equity (ROE) is expected to be -5.63% in 2024E, improving to 5.31% in 2025E and 7.09% in 2026E [3][8] - The projected P/E ratios for 2025 and 2026 are 23 and 16, respectively [3][8]