证券时报e公司讯，双良节能(600481)12月18日晚间公告，公司近日与宁夏电投永利能源有限公司签订 《宁夏电投永利2×66万千瓦煤电项目工程表凝式自然通风间接空冷系统设备采购合同》，供货范围为 表凝式自然通风间接空冷系统设备，用于宁夏电投永利2×66万千瓦煤电项目的建设，合同金额约1.16亿 元，占公司2023年度营业收入比重为0.5%。 交货进度以合同签订生效为基础排定，预计满足最后一台机组于2026年12月通过168小时试运行。 ...

证券时报e公司讯，双良节能(600481)11月20日晚间公告，于近日收到招标代理机构中煤招标有限责任 公司通知，确认公司中标中煤伊犁2×66万千瓦热电联产工程间冷设备采购项目，据预测，项目建成后 每年可发电约66亿千瓦时，提供约1100万吉焦的清洁高效热源。 中标金额1.14亿元，占公司2023年度经审计营业收入比重为0.49%。 ...

Investment Rating - The report maintains a "Buy" rating for Shuangliang Energy (600481 SH) [4] Core Views - Shuangliang Energy's Q3 2024 revenue was 3 367 billion yuan, down 49 44% YoY but up 23 26% QoQ The net profit attributable to the parent company was -82 million yuan, showing a significant improvement from the previous quarter [4] - Despite industry-wide pressure on silicon wafer profitability, the company optimized its cost structure and raw material management, leading to a substantial reduction in losses [4] - The equipment segment, particularly in energy-saving and water-saving sectors, contributed stable profits during the peak delivery season in H2 2024 [4] - The company's expense control improved, with the Q3 2024 period expense ratio dropping to 9 64%, a decrease of 3 51 percentage points QoQ [4] - Operating cash inflow in Q3 2024 was 205 million yuan, indicating an improvement in the company's financial position [4] Financial Performance - For the first three quarters of 2024, Shuangliang Energy reported revenue of 10 347 billion yuan, a 44 93% YoY decline, and a net loss attributable to the parent company of 1 339 billion yuan [4] - The company's silicon wafer business saw a reduction in unit losses despite lower shipment volumes, exceeding expectations [4] - The equipment segment, particularly in energy-saving and water-saving sectors, contributed stable profits during the peak delivery season in H2 2024 [4] Future Outlook - The silicon wafer industry is expected to see improved pricing and profitability as leading companies reduce production capacity, with Shuangliang Energy likely to benefit from its cost advantages [5] - The equipment segment is expected to maintain stable profit contributions, with overseas and hydrogen energy businesses expanding steadily, potentially becoming new growth drivers [5] - In September 2024, Shuangliang Energy began delivering equipment for a 100 000-ton high-purity silicon-based material project in Oman, marking a significant step in expanding its international presence in the new energy market [5] Financial Data - As of November 6, 2024, the company's stock price was 7 20 yuan, with a total market capitalization of 1 87068 billion shares [6] - The company's net asset per share was 2 86 yuan, with the stock price ranging between 9 87 yuan and 3 46 yuan over the past 12 months [6]

汉中和的愿景驱动着发展方式的变革在产能端阳光凝聚了新的动力开辟出民叛的全新路径新的能源变革已经到来深耕节能环保产业四十一年双粮根植大国重器高端制造 服务于五十多个行业三百多个细分领域四万多家客户两度问鼎中国工业大奖多项产品荣英中国制造业三项冠军被国家工信部认定为首批服务型制造世代企业 也优势双梁在数字化区域的全生命周期和综合解决方案服务商的全新定位下锚定双核目标发明清洁能源海盗聚焦光伏新能源产业以光伏假日清为利器打造光伏新土地计划直面时代议题为人类可持续发展助力多晶硅还原炉 多金龟是光伏产业发展的重要基石处在光伏产业链的最前端决定着整个行业的供给和发展而还原系统则是多金龟生产的核心设备作为国家底端性特性小巨人企业 双梁是国内主要多晶硅核心设备系统集成商之一拥有电子级多晶硅还原炉和大间距炉等核心技术产品实现了从12对8到72对8系列化 自主研发的还原集成系统电耗可降至每公斤42度以下引领行业节能化、大型化、集成化、聚能化技术方向市场占有率长期保持在65%以上协同国内超过80%的客户扩大产能实现功利提升丹精硅材料 向阳而生不辜负每一缕阳光立足光辅装备领域的顶线优势双梁以高起点高标准规划设计 在包头打造了单晶硅数质 ...

证 券 研 究 报 告 双良节能（600481）2024 年三季报点评 推荐（维持） 硅片盈利能力修复，业绩环比大幅减亏 目标价：9.17 元 当前价：8.00 元 事项： ❖ 公司发布 2024 年三季报。2024Q1-3 公司实现营收 103.47 亿元，同比-44.93%； 归母净利润-13.39 亿元，同比-195.47%；毛利率-0.39%，同比-16.51pct；归母 净利率-12.95%，同比-20.41pct。其中 2024Q3 公司实现营收 33.67 亿元，同比 -49.44%，环比+23.26%；归母净利润-0.82 亿元，同比-110.46%，环比+91.47%； 毛利率 11.30%，同比-9.14pct，环比+28.61pct；归母净利率-2.44%，同比 -14.23pct，环比+32.80pct。 评论： ❖ 降本增效持续推进，三季度硅片盈利能力环比修复。今年以来，由于光伏行 业市场供需错配，竞争加剧导致价格持续下行，硅片业务毛利率承压，叠加存 货跌价损失影响业绩。公司全线配备 1600 大尺寸炉型，具备拉制 M10、G12 以及定制化矩形硅片对应尺寸硅棒的能力。随着数智化工厂 ...

证券时报网讯，双良节能盘中涨停，已连收6个涨停板，截至9:26，该股报7.93元，换手率0.12%，成交 量217.44万股，成交金额1724.30万元，涨停板封单金额为3.73亿元。 连续涨停期间，该股累计上涨77.40%，累计换手率为27.19%。 最新A股总市值达148.35亿元。 证券时报•数据宝统计，两融数据来看，该股最新（10月31日）两融余额为5.17亿元，其中，融资余额 5.13亿元，较前一个交易日增加1583.70万元，环比增长3.18%，近6日累计增加1.41亿元，环比增长 38.01%。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日振幅值达15%上榜龙虎榜2 次，买卖居前营业部中，机构净买入1.11亿元，沪股通累计净卖出2846.25万元，营业部席位合计净卖出 2188.15万元。 ...

Financial Performance - Revenue for the third quarter was RMB 3.37 billion, a decrease of 49.44% year-over-year[2] - Net profit attributable to shareholders was a loss of RMB 82.13 million, down 110.46% year-over-year[2] - Basic earnings per share for the quarter were RMB -0.0439, a decrease of 110.39% year-over-year[3] - Weighted average return on equity was -1.65%, a decrease of 12.02 percentage points year-over-year[3] - Revenue for the current reporting period decreased by 49.44% due to reduced sales of photovoltaic products affected by the industry[7] - Net profit attributable to shareholders of the listed company for the current reporting period decreased by 110.46% due to the impact of declining photovoltaic product prices[7] - Net profit attributable to shareholders of the listed company from the beginning of the year to the reporting period decreased by 195.47% due to the impact of declining photovoltaic product prices[7] - Total operating revenue for the first three quarters of 2024 was RMB 10.35 billion, a decrease of 44.9% compared to RMB 18.79 billion in the same period of 2023[19] - Net profit for the first three quarters of 2024 was a loss of RMB 1.34 billion, compared to a profit of RMB 1.51 billion in the same period of 2023[20] - Basic earnings per share for the first three quarters of 2024 was a loss of RMB 0.7160, compared to a profit of RMB 0.7541 in the same period of 2023[21] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 31.10 billion, an increase of 3.36% compared to the end of the previous year[3] - Equity attributable to shareholders decreased by 21.95% to RMB 5.52 billion compared to the end of the previous year[3] - Accounts receivable increased by 60.22% due to increased sales invoicing during the period[6] - Other receivables surged by 392.13% primarily due to an increase in subsidy receivables[6] - Non-current assets due within one year increased by 30.74% due to payment of lease deposits[6] - The company's monetary funds decreased from 8,534,840,398.28 yuan to 7,653,121,795.32 yuan[15] - Accounts receivable increased from 1,429,397,115.27 yuan to 2,290,243,366.31 yuan[15] - Inventory increased from 1,851,115,529.70 yuan to 2,246,017,940.89 yuan[16] - Total assets increased from 30,090,661,476.28 yuan to 31,100,929,162.46 yuan[16] - Short-term borrowings increased from 4,860,221,221.83 yuan to 8,404,760,495.80 yuan[17] - Total liabilities increased from 23,003,543,830.95 yuan to 25,571,902,493.00 yuan[17] - Shareholders' equity decreased from 7,087,117,645.33 yuan to 5,529,026,669.46 yuan[18] Cash Flow - Net cash flow from operating activities from the beginning of the year to the reporting period decreased by 365.76% due to losses[7] - Net cash flow from investing activities from the beginning of the year to the reporting period increased by 97.26% due to reduced payments for fixed assets and intangible assets[9] - Net cash flow from financing activities from the beginning of the year to the reporting period decreased by 103.28% due to the receipt of convertible bond funds last year[9] - Cash received from sales of goods and services for the first three quarters of 2024 was RMB 7.83 billion, a decrease of 8.3% compared to RMB 8.53 billion in the same period of 2023[22] - Cash received from investments for the first three quarters of 2024 was RMB 1.26 billion, a decrease of 6.6% compared to RMB 1.35 billion in the same period of 2023[23] - Cash paid for the purchase of fixed assets, intangible assets, and other long-term assets for the first three quarters of 2024 was RMB 196.80 million, a decrease of 91.2% compared to RMB 2.25 billion in the same period of 2023[23] - Cash received from financing activities for the first three quarters of 2024 was RMB 9.75 billion, an increase of 32.0% compared to RMB 7.38 billion in the same period of 2023[23] - Cash paid for debt repayment for the first three quarters of 2024 was RMB 4.63 billion, an increase of 130.1% compared to RMB 2.01 billion in the same period of 2023[23] - Operating cash flow for the current period was -1,075,489,435.54, a decrease of 844,576,968.18 compared to the previous period[24] - Total operating cash inflow was 8,203,445,609.04, a decrease of 1,362,277,387.19 compared to the previous period[24] - Total operating cash outflow was 9,278,935,044.58, a decrease of 517,700,419.01 compared to the previous period[24] - Cash paid for goods and services was 7,665,757,419.38, a decrease of 321,770,846.07 compared to the previous period[24] - Cash paid to employees was 916,972,259.46, an increase of 81,153,767.32 compared to the previous period[24] - Net cash flow from financing activities was -105,175,343.47, a decrease of 3,308,864,580.04 compared to the previous period[25] - Total cash outflow from financing activities was 9,851,955,910.36, an increase of 5,670,696,998.27 compared to the previous period[25] - Net increase in cash and cash equivalents was -1,245,929,819.67, a decrease of 1,740,605,893.90 compared to the previous period[25] - Ending cash and cash equivalents balance was 723,505,756.53, a decrease of 1,287,657,137.31 compared to the previous period[25] R&D and Other Income - R&D expenses decreased by 36.49% due to reduced investment in photovoltaic industry R&D[7] - Other income increased by 262.08% due to increased government subsidies and VAT deductions[7] - R&D expenses for the first three quarters of 2024 were RMB 224.52 million, a decrease of 36.5% compared to RMB 353.49 million in the same period of 2023[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 86,859[11] - China Bank Limited - Huatai-PineBridge China holds 12,053,994 shares, accounting for 0.64% of total shares[13] - Agricultural Bank of China - CSI 500 ETF holds 6,210,700 shares, accounting for 0.33% of total shares[14] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were RMB 10.39 billion, a decrease of 34.1% compared to RMB 15.76 billion in the same period of 2023[19] - Asset impairment losses increased by 213.11% due to inventory write-downs for photovoltaic products[7]

证券时报网讯，证券时报•数据宝统计，两融数据来看，该股最新（10月29日）两融余额为4.51亿元， 其中，融资余额4.48亿元，较前一个交易日增加3810.94万元，环比增长9.30%，近4日累计增加7605.27 万元，环比增长20.44%。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%上榜龙虎榜1次，买卖居前营业部 中，机构净买入2545.35万元，沪股通累计净卖出2561.91万元，营业部席位合计净卖出881.23万元。 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨双良节能（600481.SH） [Table_Title] 还原炉市占保持领先，存货跌价拖累业绩 | --- | --- | |------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 双良节能发布 2024 年半年报， 2024H1 公司实现收入 69.79 亿元，同比下降 42.45% | | | 利 -12.57 亿元，同比下降 303.47% ；其中， 2024Q2 实现收入 27.32 亿元，同比下降 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 请阅读最后评级说明和重要声明 双良节能（600481.SH） cjzqdt11111 2024-09-10 相关研究 10-25 [T ...

证券研究报告 非金融公司|公司点评|双良节能（600481） 2024 半年报点评： 光伏领域阶段性承压，节能装备稳健发 展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司 2024H1 实现营业收入 69.8 亿元，同比减少 42.5%，实现归母净利润-12.6 亿元，同比由 正转负，实现销售毛利率-6.0%，同比下降 19.8pct。节能节水装备业务稳健发展，其涵盖装 备类型较多，下游均涉及高能耗工业领域，原材料及制造工艺具备相似性，可实现业务协同。 公司光伏产品业务主要包括单晶硅棒硅片以及光伏组件等，受行业竞争加剧影响，2024H1 产 品价格大幅下降，对公司盈利空间造成挤压。公司硅片设备技术优势领先，节能节水装备业务 有望对业绩形成支撑，建议关注。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 双良节能(600481) 2024 半年报点评： 光伏领域阶段性承压，节能装备稳健发展 | --- | --- ...