Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to face significant losses in 2024, with a projected net profit loss of 47.5 to 58.5 billion RMB, and a further decline in operational performance due to industry price pressures and low operating rates [7] - Despite the challenges, the company is seeing high growth in ABC component shipments, with an estimated 3.4 to 3.5 GW expected in Q4 2024, and a target of 20 GW for 2025 [7] - The company’s profitability is anticipated to gradually improve in 2025 as industry prices stabilize and cost reductions are achieved [7] - The forecast for net profit has been revised downwards for 2024-2026, with expected losses of 53.7 billion RMB in 2024, followed by a profit of 7.7 billion RMB in 2025 and 17.9 billion RMB in 2026 [7] Financial Summary - Total revenue for 2024 is projected at 12,063 million RMB, a decline of 55.60% year-on-year, with a recovery expected in subsequent years [1][8] - The company’s net profit for 2024 is forecasted to be a loss of 5,367.70 million RMB, reflecting a year-on-year decrease of 809.30% [1][8] - The earnings per share (EPS) is expected to be -2.94 RMB in 2024, with a recovery to 0.42 RMB in 2025 and 0.98 RMB in 2026 [1][8] - The company’s total assets are projected to decrease from 33,996 million RMB in 2023 to 29,120 million RMB in 2024, before increasing to 45,652 million RMB by 2025 [8]

Core Viewpoint - Aishuo Co., Ltd. (600732.SH) anticipates a significant net loss of between 4.75 billion to 5.75 billion yuan for the fiscal year 2024 due to structural overcapacity and supply-demand imbalances in the photovoltaic industry, leading to intensified market competition and a substantial decline in prices [1][2]. Group 1: Financial Performance - The company expects a net profit loss attributable to shareholders after deducting non-recurring gains and losses, projected between 4.75 billion to 5.75 billion yuan for 2024 [1]. - The decline in main business revenue and profitability is attributed to increased inventory depreciation and significant impairment of long-term assets [1]. Group 2: Industry Context - The photovoltaic industry is currently facing structural overcapacity and phase-specific supply-demand imbalances, resulting in intensified competition and a sharp drop in prices across the main industry chain [1]. Group 3: Strategic Initiatives - Aishuo Co., Ltd. is focusing on technological innovation to navigate industry cycles, promoting the development of new products and technologies [1]. - The ABC business segment has seen a significant breakthrough, with sales volume of ABC components more than doubling in the fourth quarter compared to the third quarter, alongside a continuous reduction in production costs [1]. - The company plans to launch high-value products in 2025 to meet diverse customer needs, aiming to increase sales volume and gross margins while further reducing manufacturing costs and operating expenses [2]. Group 4: Future Outlook - With sufficient orders for ABC products and an anticipated improvement in the industry ecosystem and stabilization of supply chain prices, Aishuo Co., Ltd. is positioned to leverage its leading advantage in photovoltaic conversion efficiency to potentially experience a turnaround [2].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -475 million and -585 million RMB, indicating a shift from profit to loss compared to the previous year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -475 million and -575 million RMB for 2024 [4]. - In the previous year, the total profit was 699.4 million RMB, with a net profit attributable to shareholders of 756.8 million RMB and a net profit after deducting non-recurring gains and losses of 322.8 million RMB [5]. Reasons for Expected Loss - The main reasons for the expected loss in 2024 include structural overcapacity in the photovoltaic industry, intensified market competition, and significant price declines in the main industry chain [6]. Sales and Production Insights - The company has seen a more than doubling of ABC component sales in Q4 compared to Q3, with a continuous decrease in production costs and stabilization of gross profit margins [6]. - Current orders for ABC products are sufficient, and the company anticipates better development opportunities as the industry ecosystem improves and prices stabilize [6]. Future Plans - The company plans to continue launching high-value products to expand sales volume and improve sales margins in 2025, while also reducing manufacturing costs and operating expenses [6]. Financial Data and Risks - The financial data in the performance forecast has not been audited by a registered accountant, and investors are advised to be aware of related risks [7]. - The preliminary forecast data is subject to change, and the accurate financial data will be disclosed in the officially audited 2024 annual report [8].

毕。 本次股票期权注销事宜不会影响公司的股本结构，亦不会影响公司 2020 年激励 计划、2022 年激励计划、2023 年激励计划的继续实施。本次期权注销符合《上市公 司股权激励管理办法》及公司 2020 年激励计划、2022 年激励计划、2023 年激励计 划的相关规定。 证券代码：600732 股票简称：爱旭股份 编号：临 2025－002 上海爱旭新能源股份有限公司 关于部分股票期权注销完成的公告 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。 上海爱旭新能源股份有限公司（以下简称"公司"）于 2024 年 3 月 12 日召开 第九届董事会第二十四次会议和第九届监事会第二十次会议，于 2024 年 4 月 25 日 召开第九届董事会第二十六次会议和第九届监事会第二十一次会议，于 2024 年 6 月 24 日召开第九届董事会第二十七次会议和第九届监事会第二十二次会议，以及于 2024 年 10 月 30 日召开第九届董事会第三十一次会议和第九届监事会第二十五次会 议，分别审议通过了《关于注销部分限制性股票与股票期权的 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 13.60 CNY based on a 20x PE for 2025 [4][6]. Core Views - The report indicates that 2024 will be a year of bottoming out for the photovoltaic industry, with a need for breakthroughs as pessimism continues to release [1][55]. - Demand for photovoltaic power generation is expected to continue to be released due to its economic viability [1][62]. - The battery and component segments are anticipated to rebound first, with the company positioned as a leader in BC battery technology [2][3][77]. Summary by Sections 1. Photovoltaic Industry Sentiment - The report highlights a significant decline in prices for polysilicon, silicon materials, and battery cells in the first half of 2024, with stabilization expected in the second half [12][13]. - The photovoltaic battery and component sectors experienced a revenue drop of 24.9% year-on-year in the first three quarters of 2024, with a net profit loss of 103.5 billion CNY [23][24]. 2. Policy Constraints and Supply - Recent domestic policies aim to eliminate outdated production capacity and prevent disorderly expansion in supply, which may accelerate the industry's bottoming out and lead to high-quality development [59][60]. 3. Economic Viability of Photovoltaic Power - The cost of photovoltaic power generation (LCOE) has decreased significantly, making it more competitive than fossil fuels, which is expected to stimulate demand [61][62]. - Global photovoltaic installations reached 345.8 GW in 2023, a 74% increase year-on-year, indicating strong industry demand [66][67]. 4. Rebound in Battery and Component Segments - Battery prices have started to rebound, with TOPCon battery prices increasing by 1.9% and 1.1% for different models between October and December 2024 [77]. - The report emphasizes that the cost reductions in industrial silicon and polysilicon will likely enhance profit margins for silicon wafers, battery cells, and components [84].

证券代码：600732 股票简称：爱旭股份 编号：临 2025－001 上海爱旭新能源股份有限公司 关于部分股权激励计划 2024 年第四季度自主行权结果 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： 本次行权股票数量： 1. 《上海爱旭新能源股份有限公司 2020 年股票期权激励计划》（以下简称"《2020 年激励计划》"）预留授予股票期权第二个行权期可行权股票期权数量为 796,841 份， 行权有效期为 2024 年 1 月 3 日至 2024 年 12 月 16 日。2024 年 10 月 1 日至 2024 年 12 月 16 日，激励对象行权且完成股份过户登记的数量为 286,114 股，占该期可行权股票 期权总量的 35.91%。 2. 《上海爱旭新能源股份有限公司 2022 年限制性股票与股票期权激励计划》（以 下简称"《2022 年激励计划》"）首次授予股票期权第一个行权期可行权股票期权数 量为 2,081,109 份（该数量已考虑办理完毕离职注销手续的影响），行权有效期为 ...

证券代码：600732 证券简称：爱旭股份 公告编号：临 2024－113 上海爱旭新能源股份有限公司 关于 2023 年限制性股票与股票期权激励计划限制性股票 第一个解除限售期解除限售暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,068,526 股。 本次股票上市流通总数为 1,068,526 股。 本次股票上市流通日期为 2025 年 1 月 3 日。 上海爱旭新能源股份有限公司（以下简称"公司"或"爱旭股份"）于 2024 年 10 月 30 日召开第九届董事会第三十一次会议和第九届监事会第二十五会议，审议通过 了《关于 2023 年限制性股票与股票期权激励计划限制性股票第一个解除限售期解除 限售条件成就的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 及《2023 年限制性股票与股票期权激励计划》（以下简称"本次激励计划"或"《2023 年激励计划》"）的相关规定和公司 2023 年第二次临时股 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2024－112 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 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： 被担保人：珠海富山爱旭太阳能科技有限公司（以下简称"珠海爱旭"） 浙江爱旭太阳能科技有限公司（以下简称"浙江爱旭"） 担保人：上海爱旭新能源股份有限公司（以下简称"公司"）、广东爱旭科技有限 公司（以下简称"广东爱旭"） 担保事项及金额：公司、广东爱旭分别为珠海爱旭、浙江爱旭综合授信业务合计提 供 5.30 亿元的连带责任保证担保。 截至本公告发布日，包括本次签署的 5.30 亿元担保在内，公司为子公司、子公司 为其他子公司累计提供担保的总额为 262.30 亿元（不同担保主体对同一融资事项分 别提供担保的，担保金额不重复计算），仍在公司 2023 年年度股东大会授权的担保 总额度 438.00 亿元范围内，无需再次提交董事会及股东大会审议批准。 本次担保是否有反担保：无 对外担保逾期的累计数量：无 风险提示：截至本公告发布日，公司存 ...

北京市中伦（深圳）律师事务所 关于上海爱旭新能源股份有限公司 2022 年限制性股票与股票期权激励计划、 2023 年限制性股票与股票期权激励计划 回购注销部分限制性股票实施情况的 法律意见书 二〇二四年十二月 北京市中伦（深圳）律师事务所 关于上海爱旭新能源股份有限公司 2022 年限制性股票与股票期权激励计划、 2023 年限制性股票与股票期权激励计划 回购注销部分限制性股票实施情况的 法律意见书 致：上海爱旭新能源股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"或"中伦"）接受上 海爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司"）的委托，担 任爱旭股份实施 2022 年限制性股票与股票期权激励计划（以下简称"2022 年 激励计划"）、2023 年限制性股票与股票期权激励计划（以下简称"2023 年激 励计划"））相关事宜的专项法律顾问。本所律师根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关 法律、法规、规范性文件和《上海爱旭新能源股份有限公司 2022 年 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2024－111 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 457,820 | 457,820 | 2024 年 | 12 | 月 | 27 日 | 一、本次限制性股票回购注销的决策与信息披露 1. 2024年6月24日，公司召开第九届董事会第二十七次会议和第九届监事会第二 十二次会议，审议通过了《关于注销部分限制性股票与股票期权的议案》，因部分激 励对象离职及1名激励对象2023年度个人绩效考核结果未达标，董事会同意回购注销 《2022年激励计划》和《2023年激励计划》中已获授但尚未解除限售的153,238股限 制性股票。公司监事会审核通过并出具了核查意见，北京市中伦（深圳）律师事务所 出具了法律意见书。具体内容详见公司于2024年6月25日在上海证券交易所网站 （www.sse.com.cn）披露的《关于注销部分限制性股票与股票期权的公告》（公告编 号：临2024-075）。 2. 2024年10月30日，公司召开第九届董事会第三十一次 ...