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]

Core Viewpoint - A group of companies, including Zhejiang Aisxu Solar Technology Co., Ltd., Shandong Aisxu Solar Technology Co., Ltd., Zhuhai Fushan Aisxu Solar Technology Co., Ltd., Tianjin Aisxu Solar Technology Co., Ltd., and Guangdong Aisxu Technology Co., Ltd., has applied for a patent related to solar cell technology aimed at improving product yield by reducing grid breakage issues [1]. Company Summaries - **Zhejiang Aisxu Solar Technology Co., Ltd.**: Established in 2016, located in Jinhua City, with a registered capital of 5691.89 million RMB. The company has invested in 10 enterprises, participated in 118 bidding projects, and holds 1761 patent records [2]. - **Shandong Aisxu Solar Technology Co., Ltd.**: Founded in 2023, located in Jinan City, with a registered capital of 4500 million RMB. The company has participated in 19 bidding projects and holds 84 patent records [2]. - **Zhuhai Fushan Aisxu Solar Technology Co., Ltd.**: Established in 2021, located in Zhuhai City, with a registered capital of 4500 million RMB. The company has participated in 82 bidding projects and holds 920 patent records [2]. - **Tianjin Aisxu Solar Technology Co., Ltd.**: Founded in 2018, located in Tianjin City, with a registered capital of 1300 million RMB. The company has invested in 1 enterprise, participated in 22 bidding projects, and holds 1081 patent records [3]. - **Guangdong Aisxu Technology Co., Ltd.**: Established in 2009, located in Foshan City, with a registered capital of 2823.47 million RMB. The company has invested in 1 enterprise, participated in 8 bidding projects, and holds 1659 patent records [3].

Market Performance - In April, the A-share market showed resilience despite the impact of the trade war initiated by the Trump administration, with the Shanghai Composite Index only declining by 1.7% [1][2] - The Shanghai Composite Index reached its lowest point on April 7 at 3040.69 points, with a subsequent recovery to close at 3279.03 points by the end of the month [2][4] - The Shenzhen Component Index and the ChiNext Index also experienced significant declines of 5.75% and 7.4% respectively, but both indices showed recovery towards the end of the month [4][10] Company Earnings - The overall performance of listed companies in 2024 is projected to decline for the second consecutive year, with total operating revenue of 71.7 trillion yuan, a decrease of 0.7% year-on-year, and net profit attributable to shareholders of 5.2 trillion yuan, down 2.28% [11][13] - The primary reasons for the decline in earnings are substantial losses in the real estate and photovoltaic sectors, with 1,333 companies reporting losses, accounting for 26% of the total [11][13] - Notably, four real estate companies reported losses exceeding 10 billion yuan, with Vanke losing 49.5 billion yuan, and other major losses from companies like *ST Jinke and Greenland Holdings [11][13] Quarterly Recovery - In contrast to the annual decline, the first quarter of 2025 showed signs of recovery, with net profit for 5,133 listed companies reaching 1.487 trillion yuan, an increase of 3.6% year-on-year [17][19] - This growth is particularly significant given the backdrop of declining bank profits, with 42 listed banks reporting a total net profit of 564 billion yuan, a decrease of 68 billion yuan compared to the previous year [19] - The recovery in the first quarter suggests that many companies are beginning to improve their performance, indicating a positive start for the Chinese economy in 2025 [17][19]

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.37%。 2025年4月30日，爱旭股份(600732.SH)发布2025年第一季报。截至2025年4月30日，共有30个机构投资 者披露持有爱旭股份A股股份，合计持股量达5.75亿股，占爱旭股份总股本的31.43%。其中，前十大机 构投资者包括珠海横琴舜和企业管理合伙企业(有限合伙)、和谐天明投资管理(北京)有限公司-义乌奇光 股权投资合伙企业(有限合伙)、香港中央结算有限公司、上海新达浦宏投资合伙企业(有限合伙)、广发 证券股份有限公司、义乌市衡英企业管理合伙企业(有限合伙)、上海浦东发展银行股份有限公司-广发高 端制造股票型发起式证券投资基金、中国银行股份有限公司-华泰柏瑞中证光伏产业交易型开放式指数 证券投资基金、交通银行-汇丰晋信动态策略混合型证券投资基金、易方达环保主题混合A，前十大机 构投资者合计持股比例达29.81%。相较于上一季度，前十大机构持股比例合计下跌了1.40个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括光伏ETF、汇丰晋信时代先锋混 合A、鹏华新能源精选混 ...

Core Insights - The photovoltaic (PV) industry is experiencing rapid technological iteration, particularly with the emergence of Back Contact (BC) technology, which has achieved a world record efficiency of 27.81% for monocrystalline silicon solar cells [2][8] - BC technology is projected to capture a market share of 62% by 2030, driven by its efficiency and cost advantages over existing technologies like TOPCon [2][4] Group 1: Technological Advancements - BC technology has eliminated the shading effect of traditional front electrodes, maximizing light absorption and enhancing conversion efficiency [3] - Recent breakthroughs have significantly reduced the production costs of BC cells, making them competitive with other high-efficiency technologies [3][4] - The manufacturing cost difference between BC and TOPCon is now controlled within 0.05 USD/W, with expectations that BC costs will be lower than TOPCon in the near future [4] Group 2: Market Dynamics - Major players in the PV industry, including Longi Green Energy and Aiko Solar, are shifting their focus towards BC technology, indicating a trend towards its mainstream adoption [5][6] - The industry is witnessing a rapid increase in production capacity for BC technology, with projections suggesting a tenfold increase by 2025 [7] Group 3: Industry Challenges and Solutions - The industry has resolved significant technical bottlenecks, allowing for large-scale promotion of BC technology [9] - There is a cautionary note regarding the potential for overcapacity similar to what occurred with TOPCon technology, emphasizing the need for strategic deployment of BC technology [9] Group 4: Collaboration and Adoption - BC components have been included in major state-owned enterprise tenders, indicating growing acceptance in the market [10] - Collaboration across the supply chain is essential for the successful commercialization of BC technology, with calls for industry participants to take initiative in adopting new technologies [10]

Core Viewpoint - The photovoltaic concept stocks have experienced a rebound, with companies such as Aisuo Co. and Hongyuan Green Energy hitting the daily limit up, indicating strong market interest and positive sentiment in the sector [1] Industry Summary - The National Energy Administration recently reported that in the first quarter of this year, the total newly installed capacity for wind and photovoltaic power generation reached 74.33 million kilowatts, bringing the cumulative installed capacity to 1.482 billion kilowatts, which has now surpassed thermal power generation capacity for the first time [1]

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： 一、召开会议的基本情况 召开的日期时间：2025 年 5 月 20 日 14 点 00 分 召开地点：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 （五） 网络投票的系统、起止日期和投票时间。 证券代码：600732 证券简称：爱旭股份 公告编号：临 2025-036 上海爱旭新能源股份有限公司 关于召开2024年年度股东会的通知 （一） 股东会类型和届次：2024年年度股东会 （二） 股东会召集人：董事会 （三） 投票方式：现场投票和网络投票相结合的方式 （四） 现场会议召开的日期、时间和地点 （七） 涉及公开征集股东投票权：不适用 二、会议审议事项 本次股东会审议议案及投票股东类型 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11 ...

证券代码：600732 证券简称：爱旭股份 编号：临 2025－035 上海爱旭新能源股份有限公司 关于延长公司2023年度向特定对象发行A股股票 股东会决议有效期及相关授权有效期的公告 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。 一、关于向特定对象发行股票的基本情况 上海爱旭新能源股份有限公司（以下简称"公司"）于 2023 年 6 月 27 日召开 第九届董事会第十三次会议、第九届监事会第十一次会议，并于 2023 年 7 月 17 日 召开 2023 年第二次临时股东大会审议通过了《关于公司 2023 年度向特定对象发行 A 股股票方案的议案》《关于提请股东大会授权董事会全权办理本次向特定对象发行 A 股股票相关事宜的议案》等与公司向特定对象发行 A 股股票事宜相关的议案。 公司于 2024 年 6 月 24 日召开第九届董事会第二十七次会议、第九届监事会第 二十二次会议，并于 2024 年 7 月 11 日召开 2024 年第二次临时股东大会，审议通过 了《关于延长公司2023年度向特定对象发行A 股股票股东大会决 ...