隆基绿能（601012.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 24Q3 亏损环比收窄，坚定 BC 技术领先布局 2024 年 11 月 02 日 ➢ 事件：2024 年 10 月 30 日，公司发布 2024 年三季报。2024 年前三季度 公司实现收入 585.93 亿元，同比-37.73%；实现归母净利润-65.05 亿元，同比 -155.62%；实现扣非净利-64.88 亿元，同比-156.35%。 24Q3 公司实现收入 200.64 亿元，同比-31.87%，环比-3.79%；实现归母净利 润-12.61 亿元，同比-150.14%，环比+56.40%；实现扣非净利-12.12 亿元，同 比-149.37%，环比+57.60%，亏损环比收窄。 ➢ 盈利阶段性承压，24Q3 亏损环比收窄。2024 年以来，受光伏行业供需错 配的持续影响，光伏各环节产品价格均大幅下跌，公司出现阶段性经营业绩亏损。 公司根据市场变化策略性调整出货，2024 年 1-9 月实现硅片出货 82.80GW（其 中对外销售 35.03GW），同比下降 4.22%，单晶电池对外销售 4. ...

证券代码：601012 证券简称：隆基绿能 隆基绿能科技股份有限公司 投资者关系活动记录表 编号：2024-10 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|--------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | □特定对象调研 □分析师会议 | | | | | | | | | □媒体采访 ■业绩说明会 | | | | | | | 投资者关系活 | □新闻发布会 | □路演活动 | | | | | | | 动类别 | □现场参观 | | | | | | | | | □其他 | | | | | | | | | | | | | | | | | | | | 汇 ...

来源：公司年报、国金证券研究所 买入（维持评级） 买入（维持评级） 业绩简评 10 月 30 日公司发布 2024 年三季报，前三季度实现营业收入 586 亿元，同比下降 38%，归母净利润-64.88 亿元，同比转亏。其 中 Q3 实现营收 201 亿元，同比-32%、环比-4%，归母净利润/扣非 归母净利润分别为-12.61/-12.12 亿元，环比显著减亏（Q2 分别 为-28.93/-28.57），主要因资产减值大幅减少。 经营分析 硅片出货环比显著增长，毛利率环比改善。2024 年 1-9 月公 司分别实现硅片及组件出货 82.80GW （外售 35.03GW）、51.23GW， 分别同比-4%/+18%，其中 Q3 硅片/组件出货 38.36（外售 13.07GW）、 19.89GW，分别环比+117%/+8%，硅片出货环比显著增长。Q3 公司 销售毛利率环比提升 2.0 PCT 至 8.6%。 BC 技术行业领先，效率优势有望推动渗透率快速提升。公司 坚定 BC 技术领先布局，报告期内实现高效 HPBC 2.0 技术重大突 破，电池量产效率 26.6%、组件量产效率最高达 24.8%，为全行业 ...

Financial Performance - Revenue for the third quarter was RMB 20.06 billion, a decrease of 31.87% year-over-year[2] - Net profit attributable to shareholders for the third quarter was a loss of RMB 1.26 billion, a decrease of 150.14% year-over-year[2] - Total operating income for the first three quarters of 2024 was 58,592,695,599.44, a decrease of approximately 37.7% compared to 94,100,142,094.42 in the same period of 2023[20] - Net profit attributable to parent company shareholders was -6.5 billion yuan, compared to 11.69 billion yuan in the same period last year[21] - Total comprehensive income was -6.63 billion yuan, compared to 11.9 billion yuan in the same period last year[22] - Revenue for the first three quarters of 2024 was RMB 15,140,111,907.08, a significant decrease from RMB 47,237,312,174.38 in the same period of 2023[30] - Net profit for the first three quarters of 2024 increased to RMB 4,100,445,244.08, up from RMB 2,907,063,011.63 in the same period of 2023[30] Assets and Liabilities - Total assets at the end of the reporting period were RMB 155.19 billion, a decrease of 5.35% compared to the end of the previous year[4] - Equity attributable to shareholders at the end of the reporting period was RMB 62.82 billion, a decrease of 10.89% compared to the end of the previous year[4] - Total assets decreased from 163,969,201,409.91 to 155,192,005,658.17, a decline of approximately 5.4%[18] - Total liabilities decreased from 93,257,186,557.39 to 91,866,827,810.13, a decline of approximately 1.5%[19] - Total liabilities decreased from 35.63 billion yuan to 31.22 billion yuan[28] - Total owner's equity increased from 53.18 billion yuan to 55.87 billion yuan[29] Cash Flow - The company's cash flow from operating activities for the year-to-date was a negative RMB 8.37 billion, a decrease of 189.17% year-over-year[7] - Net cash flow from operating activities was -8.37 billion yuan, compared to 9.38 billion yuan in the same period last year[24] - Cash flow from operating activities for the first three quarters of 2024 was negative RMB 18,145,561,661.22, a sharp decline from positive RMB 6,696,613,167.94 in the same period of 2023[34] - Cash flow from investing activities for the first three quarters of 2024 was positive RMB 1,575,540,576.21, compared to negative RMB 733,559,232.07 in the same period of 2023[34] - Cash flow from financing activities for the first three quarters of 2024 was positive RMB 4,840,276,498.98, a significant improvement from negative RMB 2,197,605,155.76 in the same period of 2023[34] Earnings Per Share - The company's basic earnings per share (EPS) for the third quarter was a loss of RMB 0.17, a decrease of 151.52% year-over-year[7] - The company's diluted earnings per share (EPS) for the third quarter was a loss of RMB 0.17, a decrease of 150.00% year-over-year[7] - Basic earnings per share were -0.86 yuan, compared to 1.54 yuan in the same period last year[22] Product Sales and Shipments - Silicon wafer shipments for the first nine months of 2024 reached 82.80GW, with external sales of 35.03GW, a year-on-year decrease of 4.22%[12] - Monocrystalline battery external sales for the first nine months of 2024 were 4.16GW[12] - Module shipments for the first nine months of 2024 reached 51.23GW, with BC module sales of 13.77GW, a year-on-year increase of 17.70%[12] Technological Advancements - The company achieved a major breakthrough in HPBC 2.0 technology with a mass production efficiency of 26.6% for batteries[13] - The company launched centralized Hi-MO 9 modules and distributed Hi-MO X10 modules with a maximum module mass production efficiency of 24.8%, the highest in the industry[13] Share Repurchase and Holdings - The company plans to repurchase shares worth between RMB 300 million and RMB 600 million, and has already repurchased 20.1776 million shares, accounting for 0.27% of the total share capital, with a total payment of RMB 302.8826 million[14] - Chairman Zhong Baoshen plans to increase his shareholding by RMB 100 million to RMB 150 million, and has already increased his holdings by 6.2897 million shares, with a total investment of RMB 101.7867 million[14] Monetary Funds and Inventory - As of September 30, 2024, the company's monetary funds amounted to RMB 51.110 billion, a decrease from RMB 57.001 billion at the end of 2023[15] - The company's inventory as of September 30, 2024 was RMB 19.215 billion, a decrease from RMB 21.540 billion at the end of 2023[16] - Monetary funds decreased from 38.24 billion yuan to 25.90 billion yuan[26] - The company's cash and cash equivalents at the end of the third quarter of 2024 stood at RMB 25,346,704,973.13, down from RMB 37,747,345,025.62 at the end of the same period in 2023[35] Investments and Expenses - Long-term equity investments increased from 8,379,111,255.63 to 9,292,860,083.30, a growth of approximately 10.9%[17] - Fixed assets decreased from 38,262,351,864.06 to 37,058,778,501.30, a decline of approximately 3.1%[17] - R&D expenses for the first three quarters of 2024 were 1,345,661,619.93, a decrease of approximately 16.6% compared to 1,612,826,141.35 in the same period of 2023[20] - Financial expenses for the first three quarters of 2024 were -322,765,351.77, compared to -1,371,055,125.60 in the same period of 2023, indicating a significant reduction in financial costs[20] - Investment losses for the first three quarters of 2024 were -357,333,364.62, compared to a profit of 3,299,694,639.64 in the same period of 2023[20] - Investment income for the first three quarters of 2024 surged to RMB 5,110,265,501.33, compared to RMB 2,607,455,229.98 in the same period of 2023[30] - Long-term equity investments increased from 41.95 billion yuan to 43.37 billion yuan[27] Government Subsidies - Government subsidies received during the reporting period amounted to RMB 101.16 million[5] Cash Flow from Sales and Investments - Cash received from sales of goods and services was 46.28 billion yuan, a decrease from 66.47 billion yuan in the same period last year[23] - Cash received from investment activities was 75.07 billion yuan, a significant increase from 6 billion yuan in the same period last year[24] - Cash paid for the purchase of fixed assets, intangible assets, and other long-term assets was 4.83 billion yuan, a decrease from 7.71 billion yuan in the same period last year[24] - Cash received from disposal of fixed assets, intangible assets, and other long-term assets was 49.02 million yuan, compared to 32.16 million yuan in the same period last year[24] - Investment cash outflow totaled 80.55 billion yuan, with a net cash flow from investment activities of -4.21 billion yuan[25] - Financing cash inflow reached 9.35 billion yuan, with a net cash flow from financing activities of 6.99 billion yuan[25] - Cash and cash equivalents decreased by 5.37 billion yuan, ending the quarter at 49.06 billion yuan[25] Accounts Receivable and Current Assets - Accounts receivable increased from 1.57 billion yuan to 3.19 billion yuan[27] - Total current assets decreased from 45.18 billion yuan to 41.54 billion yuan[27]

主力资金监控：隆基绿能净卖出超16亿元 财联社10月28日电，财联社星矿数据显示，今日早盘主力资 金净流入国防军工、家用电器、钢铁等板块，净流出电子、电新行业、半导体等板块，其中电子板块净 流出超77亿元。 个股方面，银之杰大涨，主力资金净买入5.67亿元位居首位，赛力斯、闻泰科技、四川长虹获主力资金 净流入居前；隆基绿能遭净卖出超16亿元，润和软件、双成药业、文一科技主力资金净流出额居前。 ...

一、【早盘盘面回顾】 财联社10月25日讯，市场早盘震荡反弹，创业板指领涨。北证50指数涨超8%续创历史新高。盘面上， 新能源赛道股集体大涨，其中光伏板块领涨，隆基绿能、通威股份、爱旭股份、晶澳科技、钧达股份等 多股涨停；锂电池板块震荡走高，中国宝安、传艺科技、丰元股份、璞泰来等涨停，宁德时代涨超 5%。深圳本地股开盘大涨，深康佳A、华控赛格、深赛格、深圳新星等多股涨停。低空经济概念股反 复活跃，深城交、宗申动力、上工申贝、恒天海龙等涨停。总体上个股涨多跌少，全市场超4600只个股 上涨。沪深两市半日成交额1.09万亿，较上个交易日放量826亿。截至收盘，沪指涨0.82%，深成指涨 2.1%，创业板指涨3.45%。 个股来看，今日早盘共121只个股涨停（不包括ST及未开板新股），封板率为79%，今日连板股为32 家。华立股份11连板，川润股份8连板，松发股份7连板，山东华鹏、海能达、万林物流6连板，电投产 融、远达环保、泰禾智能5连板，海源复材、东方集团4连板，安道麦A、宝馨科技、大唐电信、上工申 贝3连板。 板块上，光伏概念股上演涨停潮，隆基绿能、通威股份、TCL中环、爱旭股份、晶澳科技、钧达股份、 大全能 ...

各位领导 大家早上好 我是海空电星组的研究员 我叫徐代桥那么非常感谢大家这么早上来听我们的电话会议今天我们的主题呢 一个是龙机 一个是DC那么众所周知呢 那么龙机是光辐领域的这个佼佼者那它曾经创造了很大的辉煌 然后 曾经也是它历史的市值也是目前光谱的A股市场里最高的市值然后它也是带动了多轮的一个技术进步所以市场对于隆基的优秀程度其实是有一定共识的肯定是有共识的都认为隆基是一个肯定是非常优秀的公司但是在最近两三年隆基的股价也出现了一个大幅的下跌也表示了公司在这几年 在经营上面肯定是不可能永远一帆风顺的也是需要有一些曲折的包括今年上半年的亏损亏损52个亿这都是对于龙一战的公司来说都是非常的压抑非常大的 但是呢我们觉得可能龙鸡的下一个春天即将到来我们觉得有可能会在明年DC二代的产品会带领龙鸡率先引领行业走出这一轮周期那么首先这一轮周期的这个时间来看 我们觉得呢就行业从22年的10月份价格开始下跌就宣告了这个行业进入了一个下行周期22年的Q3是光复股票历史上利润总和最高的一个季度从那之后就没有利润总额就没有再超过这个水平因为价格下跌之后价格下跌就意味着行业利润空间总体被压缩 然后呢经历了六个季度左右这个下顶周期我们认 ...

1、机构策略会 本月公司参加了摩根士丹利、瑞银集团、汇丰前海证券、 长江证券、中信建投、东吴证券和华创证券组织的策略会。 2、线上会议 本月公司与东证资管、万家基金、博时基金、国寿资产、 华夏基金、华安基金、中信资管、盘京投资、聚鸣资产、华 安资产、宝盈基金、鹏华基金、平安养老、富国基金、太平 参与单位 资产、太保资产、国金证券、海通证券、兴业证券、国泰君 安、东吴证券、浙商证券、太平洋证券、BlackRock、Sumitomo Mitsui DS Asset Management 进行了电话交流，以及参加了 Daiwa、Jefferies 和 ICBCI 组织的线上投资者交流会议。 3、现场调研 本月到公司西安总部调研的投资机构有瀚亚投资、麦格 理、Point72、Citadel。 证券代码：601012 证券简称：隆基绿能 隆基绿能科技股份有限公司 投资者关系活动记录表 编号：2024-09 | --- | --- | --- | --- | --- | |--------------|-----------------------|----------------------|-------|----- ...

F 证券研究报告 公司近一年市场表现 | --- | --- | |--------------------------|-------------| | 市场数据： 2024 年 9 月 | 20 日 | | 收盘价（元）： | 12.80 | | 年内最高/最低（元）： | 27.98/12.70 | | 流通 A股/ 总股本（亿）： | 75.78/75.78 | | 流通 A 股市值（亿）： | 969.99 | | 总市值（亿）： | 969.99 | | 基础数据： 2024 年 6 月 | 30 日 | | 基本每股收益(元)： | -0.69 | | 摊薄每股收益(元)： | -0.69 | | 每股净资产 (元) ： | 8.57 | | 净资产收益率(%)： | -8.10 | 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 差异化竞争破局，上半年 BC 组件出货约 10GW。产品高效化、场景化、 差异化是打破行业供给同质化竞争的关键。2024 年上半年，公司 BC 组件出 货量约 10GW。2024 年上半年，基于高效 HPBC 2.0 ...

证券研究报告 | 公司动态点评 2024 年 09 月 11 日 隆基绿能（601012.SH） 资产减值拖累业绩，BC 产能持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|--------|---------|---------|------------------------------------------|------------------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 128,998 | 129,498 | 86,634 | 108,396 | 128,450 | 股票信息 | | | 增长率 yoy （ % ） | 60.0 | 0.4 | -33.1 | 25.1 | 18.5 | | | | 归母净利润（百 ...