Core Viewpoint - The photovoltaic industry is undergoing significant adjustments due to supply-demand mismatches, leading to a reduction in workforce across many companies [1][3][4]. Group 1: Workforce Changes - The number of employees in 109 A-share photovoltaic companies is projected to decrease from 78,260 in 2023 to 63,870 in 2024, indicating a reduction of over 14,000 employees [1][4]. - The workforce saw a substantial increase from 61,770 in 2022 to 78,260 in 2023, driven by a surge in industry performance, with total revenue reaching 1.65 trillion yuan and net profit hitting 147.09 billion yuan in 2023 [2][4]. - Major companies like Longi Green Energy, Jinko Solar, Trina Solar, and JA Solar have reduced their workforce by over 10,000 employees each, with Longi and Jinko seeing reductions exceeding 20,000 [5]. Group 2: Financial Performance - The financial performance of the photovoltaic industry is expected to decline in 2024, with total revenue dropping to 1.38 trillion yuan and a net loss of 60 million yuan reported [4]. - The decline in material prices has led to some companies operating at a loss, prompting them to implement cost-cutting measures, including workforce reductions [3][4]. Group 3: Contrasting Trends - Despite the overall trend of workforce reduction, some companies, particularly in the photovoltaic equipment sector, are hiring. For instance, North China Innovation added 4,434 employees, and Sungrow Power increased its workforce by 3,608 [6]. - Companies producing photovoltaic inverters and auxiliary materials, such as Sungrow, Deye, and Jinlang Technology, have reported overall profitability, allowing them to expand their workforce [6].

| 序号 | 工作内容 | 完成持续督导情况 | | --- | --- | --- | | | 违规、违背承诺等事项的，应自发现或应当发现 | 公司及相关当事人未出现违法违规、 | | | 之日起五个工作日内向上海证券交易所报告，报 | 违背承诺等情况。 | | | 告内容包括上市公司或相关当事人出现违法违 | | | | 规、违背承诺等事项的具体情况，保荐机构采取 | | | | 的督导措施等。 | | | | 督导上市公司及其董事、监事、高级管理人员遵 | 在 年度持续督导期间，公司及 2024 | | | 守法律、法规、部门规章和上海证券交易所发布 | 其董事、监事、高级管理人员遵守相 | | 6 | | | | | 的业务规则及其他规范性文件，并切实履行其所 | 关法律法规，并能切实履行其所做出 | | | 做出的各项承诺。 | 的各项承诺。 | | | 督导上市公司建立健全并有效执行公司治理制 | | | | 度，包括但不限于股东大会、董事会、监事会议 | 已督导公司建立健全并有效执行公 | | 7 | 事规则以及董事、监事和高级管理人员的行为规 | 司治理各项制度。 | | | 范等。 | | ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in national solar power generation from January to March 2025, while prices in the downstream of the industry chain are declining [3]. - The report emphasizes the launch of the first AI-powered exoskeleton robot in China, showcasing advancements in technology within the industry [1][4]. - The report notes that the first quarter of 2025 saw a new installed capacity of 59.71 GW in photovoltaic power generation, with distributed photovoltaic accounting for 60.8% of the total [5]. Summary by Sections Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A [3]. Price Tracking - The report provides price tracking data: - The average price of dense polysilicon is 40.0 CNY/kg, unchanged from last week, while granular silicon has decreased by 5.3% to 36.0 CNY/kg [6][7]. - The average price of 150um 182mm monocrystalline silicon wafers is 1.15 CNY/piece, unchanged, while 130um 183mm N-type wafers have decreased by 8.7% to 1.05 CNY/piece [7]. - The average price of M10 battery cells is 0.29 CNY/W, down 1.7%, and TOPCon battery cells are priced at 0.27 CNY/W, down 5.3% [8]. Investment Recommendations - The report recommends focusing on companies in various sectors: - New technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement direction: Flat Glass Group - Overseas layout direction: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology [10].

上海爱旭新能源股份有限公司 600732 2025年第一次临时股东会 会议资料 （会议召开时间：2025年5月12日） 上海爱旭新能源股份有限公司（600732） 2025 年第一次临时股东会会议资料 上海爱旭新能源股份有限公司 2025 年第一次临时股东会会议议程 会议时间：2025 年 5 月 12 日（星期一）下午 2:00 会议地点：浙江省义乌市后宅街道幸福湖路100号幸福湖国际会议中心 会议召集人：董事会 参会人员： 1.截止 2025 年 5 月 6 日（星期二）交易结束后，在中国证券登记结算有限责任 公司上海分公司登记在册的本公司股东或股东委托代理人（该代理人不必是公司股 东）； 2.公司董事、监事、高级管理人员及见证律师。 会议议程： 议案2：关于《上海爱旭新能源股份有限公司2025年限制性股票与股票期权激励 计划实施考核管理办法》的议案 议案3：关于提请股东会授权董事会办理公司2025年限制性股票与股票期权激励 计划相关事宜的议案 五、股东发言 六、与会股东投票表决 七、统计并宣布投票表决结果 八、由见证律师宣读本次股东会的法律意见书结论意见 九、宣读股东会决议并宣布本次股东会闭会 一、主持 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－038 上海爱旭新能源股份有限公司 监事会关于 2025 年限制性股票与股票期权激励计划首次授予 激励对象名单的公示情况说明及核查意见 本公司监事会及全体监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。 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开 第九届董事会第三十三次会议和第九届监事会第二十六次会议分别审议通过了《关 于<上海爱旭新能源股份有限公司 2025 年限制性股票与股票期权激励计划（草案）> 及其摘要的议案》等相关议案。根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）的相关规定，公司对《2025 年限制性股票与股票期权激励计划（草案》 （以下简称"《激励计划》"）激励对象的姓名和职务在公司内部进行了公示，公 司监事会结合公示情况对《激励计划》拟首次授予激励对象名单进行了核查，相关 公示情况说明及核查意见如下： 一、公示情况及核查方式 1. 公司对激励对象的公示情况 公司于 2025 年 4 月 22 日在上海证券交易所 ...

2025 年 05 月 05 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 严语韬 S0350525040001 | | | yanyt@ghzq.com.cn | [Table_Title] Q1 毛利率环比转正，看好全年 ABC 组件盈利 逐季度提升 ——爱旭股份（600732）2024 年报及 2025 年一 4 月 30 日，爱旭股份发布 2024 年报及 2025 年一季报：公司 2024 年营 收 111.55 亿元，同比-58.94%；归母净利润-53.19 亿元，同比-802.92%。 2025Q1 营收 41.36 亿元，同比+64.53%，环比+26.91%；归母净利润-3.00 亿元，环比大幅减亏。 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 ABC 组件销量增长强劲，2025Q1 经营大幅改善 ...

Core Viewpoint - The article emphasizes that companies adopting Back Contact (BC) technology in the photovoltaic industry are likely to emerge as leaders in the next industry reshuffle, similar to how previous shifts favored companies like Longi during the transition from multi-crystalline to mono-crystalline technology [1][3]. Summary by Sections Industry Trends - The photovoltaic industry is experiencing a transition where BC technology is seen as essential for future growth, with experts stating that all photovoltaic companies must adopt this route to continue developing [1]. - The recent market dynamics show that while there was a surge in demand, the overall performance of listed photovoltaic companies still requires time to improve due to the completion of high-priced overseas orders and rising production costs [3]. Company Performance - Aiko Solar has positioned itself as a potential new leader by focusing on BC technology, which is expected to significantly enhance conversion efficiency and reduce costs [1][5]. - Despite initial skepticism regarding the feasibility and cost-effectiveness of BC technology, Aiko has made substantial progress in developing and marketing its N-type ABC components, achieving notable efficiency and performance metrics [10][11]. Sales and Market Acceptance - Aiko's ABC components have seen a rapid increase in sales, with quarterly shipments growing from hundreds of megawatts to over 4.54 GW in the first quarter of 2025, indicating strong market acceptance and competitive advantage [11][13]. - The company has successfully established a global marketing team to promote its products, leading to a significant increase in sales and market presence [11][13]. Technological Advancements - Aiko's commitment to technological innovation is evident in its development of a silver-free metallization process, which reduces production costs while maintaining high efficiency [15]. - The company is also exploring next-generation BC technologies and collaborating with industry partners to enhance production capabilities and reduce costs [15][20]. Policy and Market Dynamics - Recent policy changes in the photovoltaic industry are pushing for higher efficiency standards, making BC technology a necessary choice for new production capacities [18]. - The industry is moving away from homogeneous production and price competition, creating a favorable environment for high-quality BC products [18][19]. Customer Engagement and Ecosystem Development - Aiko's focus on customer needs has led to the optimization of its ABC components, achieving a 75% bifacial rate and competitive pricing, which has garnered positive feedback from customers [19][20]. - The company is actively building an ecosystem around BC technology, collaborating with various stakeholders to enhance the value chain and market reach [20][21]. Future Outlook - Aiko aims for significant revenue growth, targeting a 100% increase over the next three years, supported by its innovative product offerings and market strategies [23]. - The company is well-positioned to challenge for a top ten global ranking in component shipments by 2025, reflecting its transformation from a "black horse" to a "white horse" in the industry [13][14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company reported a significant increase in ABC component shipments, with a year-on-year growth exceeding 500% in Q1 2025, and achieved positive operating cash flow for the first time since Q3 2023 [4]. - Despite facing challenges due to declining product prices and a shift in battery technology, the company is expected to leverage its cost and technological advantages to maintain industry leadership [4]. - The company has made substantial investments in N-type ABC component technology, resulting in a dramatic increase in sales volume and a strategic entry into the centralized power station market [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 11.155 billion yuan, a decrease of 58.94% year-on-year, and a net profit attributable to shareholders of -5.319 billion yuan, down 802.92% [1]. - For Q1 2025, the company reported revenue of 4.136 billion yuan, an increase of 64.53% year-on-year, with a net profit of -300 million yuan, indicating a reduction in losses [1]. Product and Market Development - The company experienced a 33.34% decline in battery cell sales, totaling 25.47 GW, due to a transition in technology and falling prices, leading to a 79.50% drop in revenue from this segment [2]. - Conversely, the sales of ABC components surged by 1194.58% to 6.33 GW in 2024, despite a slight decrease in gross margin [2]. - The company has successfully entered the centralized power station market, securing significant projects both domestically and internationally [3]. Future Projections - The report projects a recovery in net profit for 2025, estimating 247 million yuan, with further increases to 759 million yuan in 2026 and 1.228 billion yuan in 2027 [5]. - The expected revenue growth rates for 2025, 2026, and 2027 are 86.25%, 14.74%, and 10.81%, respectively [5]. Valuation Metrics - The report provides a valuation summary indicating a projected P/E ratio of 78 for 2025, decreasing to 25 in 2026 and 16 in 2027 [5]. - The company's return on equity (ROE) is expected to improve from -149.66% in 2024 to 21.22% by 2027 [5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company experienced a significant improvement in profitability and a substantial increase in shipment volume, with a projected revenue growth from 2025 to 2027 [4]. - The company's gross margin turned positive in Q1 2025, with a gross margin of 0.53% and a net margin of -7.57%, reflecting a notable recovery in operational efficiency [2]. - The company has a strong order backlog, with cumulative sales orders for N-type ABC products reaching approximately 15GW, indicating robust demand and capacity constraints [3]. Financial Performance Summary - For the fiscal year 2024, the company reported a revenue of 11.155 billion yuan, a year-on-year decrease of 58.94%, and a net loss attributable to shareholders of 5.319 billion yuan [1][6]. - The revenue for Q1 2025 was 4.136 billion yuan, representing a year-on-year increase of 64.53% and a quarter-on-quarter increase of 26.89% [1]. - The company forecasts revenues of 19.262 billion yuan, 23.982 billion yuan, and 27.243 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 201 million yuan, 879 million yuan, and 1.697 billion yuan [4][6]. Shipment and Order Volume - The company achieved a remarkable increase in shipment volume, with BC component sales reaching 6.33GW in 2024, a 1200% increase compared to 2023, and 4.54GW in Q1 2025, a 500% year-on-year increase [3]. - The company’s operational cash flow turned positive in Q1 2025, with a net inflow exceeding 700 million yuan, signaling a recovery in cash flow stability [2].

Group 1 - The core viewpoint of the news is the application of a patent for a "perovskite/silicon tandem solar cell and its preparation method" by multiple subsidiaries of Ais Solar Technology Co., Ltd. in China, indicating advancements in solar technology [1] - The patent was filed on January 2025, and it aims to enhance the efficiency and stability of solar cells through innovative structural components [1] - The technology involves a layered structure that includes a silicon bottom cell, various perovskite layers, and a surface reconstruction layer made of solid organic acid, which improves carrier transport efficiency [1] Group 2 - Zhejiang Ais Solar Technology Co., Ltd. was established in 2016 with a registered capital of 5691.89 million RMB and has engaged in 118 bidding projects and holds 1761 patents [2] - Zhuhai Fushan Ais Solar Technology Co., Ltd. was founded in 2021 with a registered capital of 4500 million RMB, participating in 82 bidding projects and holding 920 patents [2] - Chuzhou Ais Solar Technology Co., Ltd. was established in 2024 with a registered capital of 500 million RMB, involved in 2 bidding projects and holding 106 patents [3] - Shandong Ais Solar Technology Co., Ltd. was founded in 2023 with a registered capital of 4500 million RMB, participating in 19 bidding projects and holding 84 patents [3] - Tianjin Ais Solar Technology Co., Ltd. was established in 2018 with a registered capital of 1300 million RMB, involved in 22 bidding projects and holding 1081 patents [3] - Guangdong Ais Technology Co., Ltd. was founded in 2009 with a registered capital of 2823.47 million RMB, participating in 8 bidding projects and holding 1659 patents [3]