分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 电力设备及新能源 短期业绩有所承压，关注公司降本增效情 况 ——凯盛新能(600876)中报点评 | --- | --- | --- | --- | |----------------------------------|--------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 非金融公司|公司点评|凯盛新能（600876） 光伏玻璃产销量高增，盈利阶段承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024H1 收入为 29.8 亿元，yoy+7%；归母净利及扣非归母净利分别 为-0.5、-0.7 亿元，均同比转亏。其中 Q2 收入为 15.4 亿元，yoy+14%，qoq+7%；归母净利及 扣非归母净利分别为-0.5、-0.6 亿元，同比均转亏，环比亏损幅度均有所扩大。2024H1 公司 收入较快增长，新产能释放及成品率提升驱动产销量快速增长。公司盈利阶段性承压。一方 面，光伏玻璃盈利大幅下降，主要系光伏玻璃价格持续下行所致；另一方面，其他收益减少、 资产减值损失增加对利润亦造成一定拖累。 |分析师及联系人 武慧东 朱思敏 SAC：S0590523080005 SAC：S0590524050002 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05日 凯盛新能(600876) 光伏玻璃产销量高增，盈利阶段承压 ...

证券代码：600876 证券简称：凯盛新能 公告编号：临 2024-023 号 凯盛新能源股份有限公司 关于召开 2024 年半年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法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 03 日(星期二) 至 09 月 09 日(星期 一)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 lybl600876@163.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。 凯盛新能源股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日发布公司 2024 年半年度报告及 2024 年中期业绩公告，为便于 广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状 况，公司计划于 2024 年 09 月 10 日 上午 11:00-12:00 举行 2024 年 半年度业绩说明会，就投资者关心的问题进行交流 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 9.59 RMB for A-shares and 4.49 HKD for H-shares, both of which have been downgraded [6][8]. Core Views - The company has experienced rapid growth in sales, with photovoltaic glass sales volume increasing by 31% year-on-year in the first half of 2024, but profitability is under pressure due to declining prices [2][4]. - The company's revenue for the first half of 2024 was 2.98 billion RMB, a year-on-year increase of 7.2%, while the net profit attributable to the parent company was -50 million RMB, a decrease of 1.8 billion RMB year-on-year [1][5]. - The report anticipates that the company's earnings per share (EPS) will be -0.32 RMB in 2024, 0.12 RMB in 2025, and 0.52 RMB in 2026, indicating a recovery trend in profitability [1][10]. Revenue and Profitability - In Q2 2024, the company achieved revenue of 1.54 billion RMB, a year-on-year increase of 14%, but the net profit was -50 million RMB, reflecting a decline of 1.6 billion RMB year-on-year [1][2]. - The gross margin for photovoltaic glass in the first half of 2024 was 6.9%, down 4.3 percentage points year-on-year, primarily due to price declines [2][3]. Cost Structure and Cash Flow - The company's expense ratio remained relatively stable at 8.4% in the first half of 2024, with financial expenses increasing due to a rise in interest-bearing liabilities [3][10]. - Operating cash flow improved, with a net cash flow of -20 million RMB in the first half of 2024, an increase of 370 million RMB year-on-year, attributed to better management of operating funds [3][10]. Production Capacity and Market Outlook - The company is undergoing cold repairs on multiple production lines, which is expected to improve supply-demand dynamics and enhance production efficiency in the medium to long term [4][10]. - The photovoltaic installation demand in China has continued to grow, with an increase of 27.1% year-on-year in new installations from January to July 2024 [4][10].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,978,823,318.67, representing a 7.20% increase compared to CNY 2,778,818,294.04 in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 54,781,826.93, a decline of 142.55% from a profit of CNY 128,742,580.09 in the previous year[3]. - The net cash flow from operating activities was a negative CNY 18,666,750.36, compared to a negative CNY 384,739,037.08 in the same period last year[3]. - The total operating revenue for the first half of 2024 reached CNY 2,978,823,318.67, an increase of 7.2% compared to CNY 2,778,818,294.04 in the same period of 2023[17]. - The net loss for the first half of 2024 was CNY -47,988,135.24, a significant decline from a net profit of CNY 154,323,065.19 in the first half of 2023[18]. - The company's basic earnings per share for the first half of 2024 was CNY -0.08, down from CNY 0.20 in the first half of 2023[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,782,640,526.03, an increase of 2.86% from CNY 12,427,698,664.06 at the end of the previous year[3]. - The total liabilities reached CNY 7,777,382,286.98, up from CNY 7,374,452,289.77, marking an increase of about 5.5%[13]. - The total current liabilities rose to CNY 4,688,781,416.69 from CNY 4,154,613,359.37, indicating an increase of around 12.8%[13]. - The total equity attributable to the owners of the company decreased to CNY 4,572,369,639.62 from CNY 4,627,151,466.55, reflecting a decline of approximately 1.2%[13]. - The company's asset-liability ratio at the end of the reporting period was 60.84%, an increase of 1.50 percentage points from the end of 2023[74]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 33,059[4]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 249,168,789 shares, representing 38.59% of the total shares[7]. - The second largest shareholder, China Luoyang Float Glass Group Co., Ltd., holds 111,195,912 shares, representing a significant stake in the company[8]. Research and Development - Research and development expenses for the first half of 2024 were CNY 115,510,391.60, compared to CNY 107,234,562.42 in the same period of 2023, marking an increase of 7.5%[17]. - The company successfully developed a new 1.6mm anti-glare high-transparency photovoltaic glass product and launched it in the market[75]. - The company aims to enhance market expansion and product structure optimization as key strategies for growth in the second half of 2024[76]. Cash Flow - Total cash inflow from operating activities for the first half of 2024 was CNY 2,363,111,855.16, an increase of 9.0% compared to CNY 2,167,556,897.62 in the same period of 2023[22]. - Cash inflow from financing activities totaled CNY 1,644,751,691.49 in the first half of 2024, down 30.7% from CNY 2,374,071,620.92 in the same period of 2023[25]. - Cash flow from investing activities showed a net outflow of CNY -303,774,360.51 for the first half of 2024, compared to a net outflow of CNY -396,342,810.15 in the same period of 2023[21]. Market and Product Development - The company has not reported any new product developments or market expansion strategies in this earnings call[2]. - Future outlook and performance guidance were not explicitly detailed in the earnings call[2]. - The company has plans for market expansion and new product development, although specific figures and timelines were not disclosed in the conference call[11]. Operational Metrics - The company's photovoltaic glass production reached 196 million square meters, with sales of 194 million square meters, representing year-on-year growth of 27% and 31% respectively[75]. - The main business revenue from photovoltaic glass is CNY 2,954,116,003.29, up from CNY 2,643,523,297.53, indicating a growth of about 11.7%[49]. - The profit margin from the photovoltaic glass segment shows a loss of CNY 17,371,028.52, indicating challenges in profitability[43]. Compliance and Governance - The company strictly adheres to corporate governance codes to ensure compliance[96]. - The financial statements are prepared based on the going concern assumption according to the accounting standards issued by the Ministry of Finance of China[32].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion CNY, representing a 25% growth compared to the same period last year[1]. - The company has set a future outlook with a revenue target of 2.5 billion CNY for the full year 2024, which would represent a 20% increase year-over-year[1]. - The company's operating revenue for the first half of 2024 was RMB 2,978,823,318.67, representing a year-on-year increase of 7.20% compared to RMB 2,778,818,294.04 in the same period last year[15]. - Revenue for the reporting period was approximately ¥2.98 billion, an increase of 7.20% compared to the previous year[22]. - The net profit attributable to shareholders of the listed company was a loss of RMB 54,781,826.93, a decrease of 142.55% compared to a profit of RMB 128,742,580.09 in the previous year[15]. - The net profit for the first half of 2024 was a loss of ¥47,988,135.24, compared to a net profit of ¥154,323,065.19 in the first half of 2023, indicating a significant decline[85]. - The total comprehensive income for the first half of 2024 was -14,418,411.61 CNY, indicating a significant loss compared to the previous period[102]. Production and Capacity - User data indicates that the company has expanded its customer base by 15%, reaching a total of 500,000 active users[1]. - The company produced 1.96 million square meters of photovoltaic glass products in the first half of 2024, indicating a strong production capacity amidst market challenges[20]. - The company established seven intelligent photovoltaic glass production bases across East, Central, North, and Southwest China, enhancing its production capabilities[18]. - The company achieved a sales volume of 194 million square meters, representing a year-on-year growth of 27% and 31%[21]. Research and Development - New product development includes the launch of a next-generation solar panel, expected to increase efficiency by 10% compared to previous models[1]. - The company has allocated 200 million CNY for research and development in new technologies over the next two years[1]. - Research and development expenses increased by 7.72% to ¥115.51 million, reflecting ongoing innovation efforts[22]. - The company is focusing on the development of new energy materials and optimizing resource allocation to enhance resilience against market fluctuations[20]. Market Expansion and Strategy - The company is planning to expand its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[1]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's production capacity by 40%[1]. - The company plans to enhance its market position by focusing on technological innovation and optimizing product structure[21]. - The global photovoltaic market is expected to add 390-430 GW of new installations in 2024, with China contributing 190-220 GW[21]. Financial Position and Assets - The company's total assets increased by 2.86% to RMB 12,782,640,526.03 from RMB 12,427,698,664.06 at the end of the previous year[15]. - The total liabilities reached CNY 7,777,382,286.98, compared to CNY 7,374,452,289.77 at the end of 2023, indicating an increase of about 5.46%[80]. - The company's total equity as of June 30, 2024, was CNY 5,005,258,239.05, slightly down from CNY 5,053,246,374.29 at the end of 2023, indicating a decrease of approximately 0.95%[80]. - The total cash balance of CNY 252,401,182.84 at the end of the period, down from CNY 273,462,436.65 at the beginning of the period, indicating a decrease of approximately 7.5%[185]. Environmental and Sustainability Initiatives - The management highlighted a focus on sustainability initiatives, aiming to reduce carbon emissions by 50% by 2030[1]. - The company has established comprehensive pollution prevention facilities and continuously enhances the construction and operation management of environmental protection facilities[46]. - The total annual emission limit for SO2 is 43.93 tons, with actual emissions of 0.778 tons reported, indicating compliance with standards[45]. - The company has implemented advanced combustion methods to reduce energy consumption and pollutant emissions, achieving cleaner production[46]. Risk Management - The company reported no significant risks that could materially affect its operations during the reporting period[1]. - The company faced industry risks due to accelerated capacity deployment in the photovoltaic glass sector, leading to potential oversupply[34]. - The company has implemented measures to mitigate risks related to raw material price fluctuations by utilizing centralized procurement platforms[34]. Shareholder and Governance - The board has approved a profit distribution plan, although no specific dividend has been declared for this period[1]. - The company held one annual general meeting and one extraordinary general meeting during the reporting period, with no resolutions rejected or changed[36]. - The company appointed Yuan Jian as an independent non-executive director on June 25, 2024, following the annual general meeting[37]. - The total number of ordinary shareholders as of the end of the reporting period is 33,059[68]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption and in accordance with the relevant accounting standards[107]. - The company has not reported any significant changes in accounting policies or prior period corrections for this reporting period[103]. - The company recognizes revenue when control of goods or services is transferred to the customer, which occurs when the customer has the right to payment and the risks and rewards of ownership have been transferred[166]. - The company assesses the recoverability of deferred tax assets based on expected future taxable income[171].

凯盛新能源股份有限公司 关于在中国建材集团财务有限公司 开展金融业务的风险持续评估报告 凯盛新能源股份有限公司（以下简称"本公司"）通过查验中国 建材集团财务有限公司（以下简称"财务公司"）《金融许可证》、 《营业执照》等证件资料，并审阅了财务公司验资报告，对财务公司 的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报 告如下： 一、中国建材集团财务有限公司基本情况 中国建材集团财务有限公司成立于 2013 年 4 月 23 日，是经原中 国银行业监督管理委员会批准成立的非银行金融机构。 注册地址：北京市海淀区复兴路 17 号 2 号楼 9 层 法定代表人：陶铮 金融许可证机构编码：L0174H211000001 统一社会信用代码：9111000071783642X5 注册资本：25 亿元人民币，其中：中国建材集团有限公司（以 下简称"中国建材集团"）出资 14.58 亿元，占比 58.33%；中国建 材股份有限公司出资 10.42 亿元，占比 41.67%。 经营范围：1、吸收成员单位存款；2、办理成员单位贷款；3、 办理成员单位票据贴现；4、办理成员单位资金结算与收付；5.提供 成员单位委托贷款 ...

证券代码：600876 证券简称：凯盛新能 编号:临 2024-022 号 凯盛新能源股份有限公司 监事会决议公告 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个别及连带责任。 一、监事会会议召开情况 凯盛新能源股份有限公司（以下简称"公司"） 2024 年第三次 监事会会议于 2024 年 8 月 29 日以现场结合通讯方式召开。本次会 议由公司监事会主席李飏先生主持，会议应到监事 6 人，实到监事 6 人，会议召开符合《公司法》《证券法》等法律法规及公司《章程》 的相关规定，合法有效。 二、监事会会议审议情况 监事会对公司 2024 年半年度报告全文及其摘要发表审核意见如 下： 1、公司 2024 年半年度报告的编制和审议程序符合法律、法规及 规范性文件的规定。 2、公司 2024 年半年度报告内容和格式符合中国证监会、上海证 券交易所及香港联合交易所有限公司的各项规定，所载资料真实、全 面地反映了本报告期的财务状况和经营成果。所披露的信息真实、准 确、完整，不存在任何虚假记载、误导性陈述或重大遗漏。 3、未发现参与 2024 年 ...

一、董事会会议召开情况 凯盛新能源股份有限公司（以下简称"公司"）第十届董事会第 二十三次会议于 2024 年 8 月 29 日以现场结合通讯方式召开。本次会 议由公司董事长谢军先生主持，会议应到董事11 人，实到董事 11 人， 会议召开符合《公司法》《证券法》等法律法规及公司《章程》的相 关规定，合法有效。 二、董事会会议审议情况 会议采用投票表决方式，审议了以下议案： 1、审议通过了公司 2024 年半年度报告全文及其摘要。 证券代码：600876 证券简称：凯盛新能 编号:临 2024-021 号 凯盛新能源股份有限公司 董事会决议公告 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。 表决结果：11 票同意，0 票弃权，0 票反对。 2、审议通过了关于在中国建材集团财务有限公司开展金融业务 的风险持续评估报告。 有关详情见公司同日披露的《凯盛新能源股份有限公司关于在中 国建材集团财务有限公司开展金融业务的风险持续评估报告》。 表决结果：7 票同意，0 票弃权，0 票反对。关联董事谢军、 何清波、孙仕忠、张冲回避表 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董事會會議通知 董事長 （前稱「LUOYANG GLASS COMPANY LIMITED洛陽玻璃股份有限公司」） （在中華人民共和國註冊成立之股份有限公司） 中國‧洛陽 2024年8月15日 （股份編號：01108） 於 本 公 告 日 期，董 事 會 包 括 四 名 執 行 董 事：謝 軍 先 生、章 榕 先 生、何 清 波 先 生 及 王 蕾 蕾 女 士；三 名 非 執 行 董 事：張 沖 先 生、孫 仕 忠 先 生 及 潘 錦 功 博 士；及 四 名 獨 立 非 執 行 董 事：張 雅 娟 女 士、陳 其 鎖 先 生、范 保 群 先 生 及 袁 堅 女 士。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條 刊 發。 凱 盛 新 能 源 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 ...