Investment Rating - The report maintains a "Recommend" rating for the company [12][29]. Core Views - The company achieved a revenue of 231.49 billion yuan in 2023, representing a year-on-year increase of 59.91%. The net profit attributable to shareholders was 15.02 billion yuan, up 57.06% year-on-year [13]. - The company's silicon wafer business is expanding rapidly, with a projected shipment of 65GW in 2024. The overall revenue from photovoltaic products reached 172.73 billion yuan in 2023, a year-on-year increase of 100.41% [30]. - The company is expected to see a recovery in profitability, with net profits projected at 8.09 billion yuan, 11.80 billion yuan, and 14.36 billion yuan for 2024, 2025, and 2026 respectively [30]. Financial Summary - Total revenue (million yuan): - 2023A: 23,149 - 2024E: 25,041 - 2025E: 31,302 - 2026E: 38,632 - Year-on-year growth rates (%): - 2023: 59.9% - 2024: 8.2% - 2025: 25.0% - 2026: 23.4% [3][30] - Net profit attributable to shareholders (million yuan): - 2023A: 1,502 - 2024E: 809 - 2025E: 1,180 - 2026E: 1,436 - Year-on-year growth rates (%): - 2023: 57.1% - 2024: -46.1% - 2025: 45.8% - 2026: 21.7% [3][30] - Earnings per share (yuan): - 2023A: 0.80 - 2024E: 0.43 - 2025E: 0.63 - 2026E: 0.77 [3][30] Market Position and Future Outlook - The company maintains a leading market share in the reduction furnace equipment sector, with over 65% market share. The electrolyzer equipment is expected to contribute to new growth due to the rapid development of the hydrogen production market [30]. - The company has a strong order backlog in energy-saving and water-saving equipment, with total revenue from this segment reaching 29.62 billion yuan in 2023, a year-on-year increase of 8.21% [30].

硅片盈利阶段性承压，行业底部逆势扩张 行业低谷保持正现金流入、逆势扩产锚定行业前三。2023 年、2024Q1 公司经 营活动产生的现金流量净额分别为 13.30、2.33 亿元。虽然 2024Q1 硅片行业 几乎全行业亏损，但公司仍保持正现金流入，行业低谷期体现较强抗风险能力。 2023 年上半年，公司单晶硅二期产能完成爬坡，同时目前公司单晶硅三期产能 已进入产能爬坡阶段，预计全部产能达产后公司产能将进入行业前三位。 盈利预测与投资建议。2024Q1硅片几乎全行业亏损，公司盈利阶段性承压同时， 保持正现金流入。公司在行业底部逆势扩张产能，若后续硅片行情回暖，公司 业绩弹性较大。预计公司 2024~2026年归母净利润分别为 10.21、13.94、19.33 亿元，对应 PE 分别为 12、9、6倍。参考同行业可比公司，给予 24年 14倍估 值，目标价 7.70 元，维持"买入"评级。 | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|---------- ...

2023 年年度股东大会会议资料 双良节能系统股份有限公司 2023 年年度股东大会 会议文件 二〇二四年五月 1 2023 年年度股东大会会议资料 目 录 | 目 录 | ----------------------------------------------------------------------- | 2 | | --- | --- | --- | | 双良节能系统股份有限公司 | 2023 年年度股东大会会议须知-------------------------- | 3 | | 双良节能系统股份有限公司 | 2023 年年度股东大会会议议程-------------------------- | 5 | | 议案一：2023 | 年度董事会工作报告 ---------------------------------------------- | 6 | | 议案二：2023 | 年度监事会工作报告 --------------------------------------------- | 23 | | 议案三：2023 | 年度财务决算报告 --------------------- ...

中国国际金融股份有限公司 关于双良节能系统股份有限公司 2022 年度非公开发行股票之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准双良节能系统 股份有限公司非公开发行股票的批复》（证监许可〔2022〕122 号）核准，双良节能系 统股份有限公司（以下简称"双良节能"、"公司"或"上市公司"）于 2022 年非公开 发行 243,405,443 股人民币普通股（A 股）（以下简称"2022 年度非公开发行股票"）， 募集资金总额为人民币 3,487,999,998.19 元，扣除发行费用后的募集资金净额为人民币 3,460,953,771.78 元。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为双良节 能 2022 年度非公开发行股票的保荐机构，履行持续督导职责期间截至 2023 年 12 月 31 日，持续督导期限已满。根据《证券发行上市保荐业务管理办法》《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，出具 本持续督导保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和 ...

| 证券代码：600481 | 证券简称：双良节能 公告编号：2024-031 | | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | 双良节能系统股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 05 月 16 日(星期四)上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（请登录网站地址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 09 日(星期四)至 05 月 15 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600481@shuangliang.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 （一）会议召开时间：2024 年 05 月 16 日上午 11:00-12:00 （二 ...

丨证券研究报告丨 [Table_Title] 设备盈利能力提升明显，硅片盈利修复可期 分析师及联系人 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 双良节能（600481.SH） cjzqdt11111 2024-05-05 08-29 [Table_Summary2] 事件描述 事件评论 ⚫ 2024Q1，公司现金流维持良好，经营活动产生的现金流量净额在 2.33 亿元。公司主要受 减值计提影响较大，资产减值损失 2.37 亿元，信用减值损失 0.42 亿元。 ⚫ 我们预计公司 2024 年归母净利润为 8 亿元，对应 PE 为 15 倍。 | --- | --- | |-------------------------------------------------|------------| | | | | 公司基础数据 | | | [Table_BaseData] 当前股价 ( 元 ) | 6.35 | | 总股本 ( 万股 ) | 187,067 | | 流通 A 股 /B 股 ( 万股 ) | 187,067/0 | | 每股净资产 ( 元 ) ...

双良节能2023年年报暨2024年一季报的业绩说明会纪要 会议时间：2024年4月26日 会议主题：双良节能2023年年报暨2024年一季报的业绩说明会 【会议摘要】 【财通电新】双良节能2023年年报暨2024年一季报的业绩说明会 1、 整体业绩 （1）2023年公司实现营业收入231.49亿元，同比增长59.91%，实现归母净利润实现15.02亿元，同比 增长57.07%。总日产达到300.9亿元，同比增长36.99%。经营活动产生的现金流量净额13.30亿元，同 比增长138.93%，下半年大幅流入20多亿元，实现转增。 （2）2024年一季度实现营业收入42.48亿元，同比下降22.25%，归母净利润-2.95亿元，同比下降 158.74%。经营活动产生的现金流量净额2.33亿元，同比增长138.75%。 2、 节水节能装备 （1）盈利：2023年，公司节能节水装备业务整体实现营收29.62亿元，同比增长8.21%，毛利率达 25.92%，同比增长2.41%。 （2）订单：目前公司在手未交付订单，含预中标，已经超过40亿，订单在今年的二三季度会慢慢转 化。 3、 新能源装备 （1）盈利：2023年，公 ...

1 Shuangliang Eco-energy Systems Co., Ltd. 2023 Environmental, Social and Governance (ESG) Report 2 CONTENTS | About This Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About Shuangliang Eco-energy | 05 | 1 Consolidate the Foundation and Put Governance First Innovate Products and Develop Technology Work with Partners for Mutual Benefits and Win-win Results Standardize the Governance Structure Cooperation Joint Progress with Peers Join Hands with Employees for Mutual Growth Environmental Pr ...

双良节能系统股份有限公司 2023 年度募集资金存放与使用情况鉴证报告 天衡专字(2024)00804 号 天衡会计师事务所(特殊普通合伙) "。 报告编 双良节能系统股份有限公司 2023 年度募集资金存放与使用情况鉴证报告 天衡专字(2024)00804 号 双良节能系统股份有限公司全体股东: 我们审核了后附的双良节能系统股份有限公司（以下简称"双良节能公司"）《关于 2023 年度募集资金存放与使用情况的专项报告》(以下简称"募集资金专项报告")。 一、董事会的责任 双良节能公司董事会的责任是提供真实、合法、完整的相关材料,按照中国证券监督 管理委员会《上市公司监管指引第２号 -- 上市公司募集资金管理和使用的监管要求(2022 年修订 >>(证监会公告[2022]15 号)、《上海证券交易所上市公司自律监管指引第 1 号-规范 运作》、《上海证券交易所上市公司自律监管指南第1 号-公告格式(2023年 4 月修订)》的相 关规定编制募集资金专项报告,并保证其内容真实、准确、完整,不存在虚假记录、误导性 陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对募集资金专项报告发表鉴证 ...

Financial Performance - The company's operating revenue for 2023 reached ¥23.15 billion, a 59.91% increase compared to ¥14.48 billion in 2022[7] - Net profit attributable to shareholders was ¥1.50 billion, reflecting a 57.07% increase from ¥955.99 million in the previous year[7] - The net cash flow from operating activities improved significantly to ¥1.33 billion, a 138.93% increase from a negative cash flow of ¥3.42 billion in 2022[7] - The total assets of the company increased to ¥30.09 billion, marking a 36.99% rise from ¥21.97 billion in 2022[7] - The net assets attributable to shareholders increased to ¥7.08 billion, a 3.52% rise from ¥6.84 billion in 2022[7] - The company achieved a total revenue of 2,314,926.93 million RMB in 2023, representing a year-on-year growth of 59.91%[23] - The net profit attributable to shareholders reached 150,155.55 million RMB, an increase of 57.07% compared to the previous year[23] Business Operations and Market Position - The company secured over ¥900 million in orders for its bromine cooling machine division, demonstrating strong demand despite market challenges[19] - The heat exchanger business in the polysilicon sector maintained high operational levels, with orders totaling ¥375 million during the year[19] - The company expanded its market presence in North America and East Asia for CO2 storage solutions, marking a new growth opportunity[19] - The company secured orders exceeding 32.17 billion RMB for air coolers, benefiting from the demand boost from flexible adjustment policies in thermal power[23] - The company maintained a market share of over 65% in the polysilicon reduction furnace market, reinforcing its leadership position[23] Research and Development - The company has a total of 1,050 R&D personnel, accounting for 16.27% of the total workforce[31] - The total R&D investment for the period is 541,698,068.39 CNY, which represents 2.34% of the operating revenue[59] - The company produced 44 GW of monocrystalline silicon wafers with a capacity utilization rate of 109.99%[39] - The average power of mass-produced crystalline silicon battery modules is 660W, with the highest R&D power reaching 710W[37] - The company’s capitalized R&D investment accounts for 23.19% of the total R&D expenditure[59] Environmental and Social Responsibility - The company reported a significant contribution to energy conservation, providing over 30,000 energy-saving devices, saving approximately 38 million tons of standard coal annually, and reducing carbon dioxide emissions by about 100 million tons each year[133] - The company has committed to environmental responsibility, contributing to significant water savings through its cooling systems, achieving approximately 2.83 billion cubic meters of water savings annually[133] - The company invested ¥1,880,000 in environmental protection funds during the reporting period[150] - The company has implemented pollution control facilities that operate normally, ensuring that pollutants are treated and discharged in compliance with standards[153] Governance and Compliance - The company has implemented a robust internal control system to ensure compliance and safeguard assets, with an audit conducted by Tianheng Accounting Firm[76] - The company has established a governance structure that aligns with regulatory requirements, enhancing transparency and operational standards[71] - The company has approved proposals for increasing guarantees for wholly-owned subsidiaries and external borrowing limits during its shareholder meetings[77] - The company has established effective internal control over financial reporting, as confirmed by an audit report from Tianheng Accounting Firm, which issued a standard unqualified opinion[150] - The company strictly adheres to legal regulations and disclosure requirements, ensuring timely and accurate information release[200] Strategic Plans and Future Outlook - The company plans to continue its focus on innovation and large customer management to enhance operational stability and efficiency[19] - The company aims for high-quality growth in 2024, focusing on technological innovation and digital solutions for carbon neutrality[69] - The company plans to enhance its international strategy and increase its influence and competitive edge in the market[69] - The company is committed to building a digital platform to support real-time decision-making and enhance operational efficiency[69] - The company plans to issue convertible bonds to unspecified investors, with specific proposals for fund management and regulatory agreements[126] Employee and Management Structure - The company reported a total of 6,455 employees, with 1,213 holding bachelor's degrees and 102 holding master's degrees[97] - The company has implemented a performance-based salary system closely linked to employee performance evaluations[124] - The company has a strategic focus on employee training, offering various training programs to enhance employee skills and qualifications[142] - The company has a strong board composition, including independent directors and experienced executives[109] Financial Management and Capital Structure - The company issued 260,000 million CNY of convertible bonds, with a subscription price of 100.00 CNY per bond[62] - The company has 42,108 holders of convertible bonds, with the largest holder owning 457,786,000 CNY, accounting for 17.61%[63] - The company maintains a long-term credit rating of AA and a stable outlook for its convertible bonds, indicating good creditworthiness and stable operational conditions[67] - The company has committed to maintaining a minimum cash dividend ratio under certain conditions, including profitability and cash flow requirements[126] - The company has approved the 2023 annual budget report, indicating a strategic focus on financial planning and resource allocation[124]