Group 1: Company Performance and Growth - The main reason for the company's performance growth in 2023 is the expansion of its power station scale, leading to increased power generation and revenue [1] - The company completed the transfer of 592 MW of various types of renewable energy power stations during the reporting period [1] - The company expects to maintain a new installed capacity of over 200 GW in the domestic market for 2024, benefiting from reduced upstream costs [2] Group 2: Strategic Plans for 2024 - In 2024, the company will focus on "heavy development, precise engineering, optimized structure, and seeking cooperation," aiming to enhance the transfer of power stations and increase the scale of new installations [2] - The company plans to include household photovoltaic business as a key development area for 2024, alongside existing concentrated and distributed generation businesses [2] - The company will enhance its operational capabilities in response to market changes, focusing on new energy storage, virtual power plants, and integrated energy solutions [2] Group 3: Market Response and Challenges - The company is actively participating in market transactions to stabilize or even increase settlement prices for its power stations [3] - The company acknowledges the regional challenges of renewable energy consumption, particularly in the northwest, and is focusing on project development in areas with better consumption guarantees [3] - The company believes that improvements in market mechanisms and infrastructure will alleviate renewable energy consumption issues over time [3] Group 4: Financial Management and Investor Relations - The company has a strong commitment to returning value to investors, maintaining annual cash dividends and stock buyback plans since its listing [4] - The company expects to support sustained growth through the light asset operation model and increased transfer scale of power stations in 2024 [3]

证券代码：601778 证券简称：晶科科技 公告编号：2024-046 | 山西 | 44.19 | 997.46 | 956.56 | 956.56 | 0.28 | | --- | --- | --- | --- | --- | --- | | 上海 | 28.06 | 574.87 | 192.51 | 575.30 | 0.68 | | 天津 | 94.10 | 2,235.99 | 1,103.44 | 2,252.26 | 0.48 | | 云南 | 5.58 | 150.21 | 3.39 | 149.96 | 0.51 | | 浙江 | 258.29 | 4,860.42 | 1,768.06 | 4,805.47 | 0.91 | | 陕西 | 7.40 | 117.64 | 78.18 | 117.58 | 0.39 | | 重庆 | 25.76 | 233.57 | 27.47 | 233.18 | 0.73 | | 福建 | 0.59 | 6.13 | 6.58 | 6.58 | 0.34 | | 小计 | 2,344.01 | 42,877.38 | 30,929.43 | 42,8 ...

Financial Performance - The net profit attributable to shareholders decreased by 506.73% due to a decline in investment income from the disposal of power plants[22]. - Basic and diluted earnings per share both decreased by 400.00%[22]. - The company reported a net loss attributable to shareholders of ¥73,767,392.78 in Q1 2024, compared to a profit of ¥14,004,544.39 in Q1 2023[44]. - Basic and diluted earnings per share for Q1 2024 were both -¥0.03, down from ¥0.01 in Q1 2023[44]. - The company recorded a net loss of ¥96.69 million for the quarter, compared to a profit of ¥26.67 million in the same period last year[62]. Assets and Liabilities - The total assets of Jinko Power Technology Co., Ltd. as of March 31, 2024, amounted to CNY 41,709,755,418.29, an increase from CNY 41,044,613,956.04 as of December 31, 2023, reflecting a growth of approximately 1.6%[19]. - The total liabilities decreased to CNY 26,162,823,821.67 from CNY 27,355,454,034.60, showing a decrease of about 4.4%[19]. - The total current liabilities decreased to CNY 9,014,514,623.74 from CNY 9,628,596,928.81, reflecting a decline of about 6.4%[19]. - Long-term borrowings increased to CNY 7,600,745,174.17 from CNY 6,793,694,393.32, indicating a rise of approximately 11.9%[19]. - The total liabilities at the end of the reporting period were not specified, but the company reported a significant increase in inventory to ¥4.62 billion, up from ¥3.70 billion[61]. Cash Flow - Net cash flow from operating activities for Q1 2024 was -¥171,019,746.43, an improvement from -¥1,043,681,545.83 in Q1 2023[42]. - Net cash flow from investing activities for Q1 2024 was -¥827,689,193.74, compared to -¥760,491,159.96 in Q1 2023[47]. - Net cash flow from financing activities for Q1 2024 was ¥324,845,933.65, a significant decrease from ¥3,490,744,441.91 in Q1 2023[47]. - Cash inflow from operating activities was ¥518,048,373.13 in Q1 2024, compared to ¥671,376,821.77 in Q1 2023[44]. - The company experienced a net cash decrease of ¥674,520,199.44 in Q1 2024, contrasting with an increase of ¥1,694,074,367.36 in Q1 2023[47]. Shareholder Information - The company reported a total of 10 major shareholders, with the largest being China Agricultural Bank, holding 14,651,312 shares, representing 0.41% of total shares[13]. - The largest shareholder, Jinko Solar Group Co., Ltd., holds 23.90% of the shares[22]. - The number of common shareholders at the end of the reporting period was 135,823[22]. Revenue and Costs - Total operating revenue for Q1 2024 was ¥777,734,696.76, a decrease of 4.9% compared to ¥818,066,172.41 in Q1 2023[42]. - Total operating costs for Q1 2024 were ¥833,002,359.02, down 1.3% from ¥843,844,325.72 in Q1 2023[42]. Government Support and R&D - The company received government subsidies amounting to CNY 3,662,243.31, which are recognized as recurring income due to their compliance with national policy standards[7]. - The company is committed to ongoing research and development of new products and technologies to enhance market expansion and competitiveness[6]. - Research and development expenses amounted to ¥1.45 million, up from ¥1.24 million year-over-year[62]. Projects and Initiatives - The company has ongoing projects including a 70MWp agricultural-photovoltaic project and a 50MW/100MWh energy storage project[27]. - The company is accelerating the construction of the Hainan project after delays in approval processes[27]. - The company confirmed that all fundraising projects from its IPO have been completed and are in use[27].

免责声明 请务必阅读正文之后的免责条款部分 2 of 4 若本公司以外的其他机构（以下简称"该机构"）发送本报告，则由该机构独自为此发送行为负责。通过此途径获得本报告的 投资者应自行联系该机构以要求获悉更详细信息或进而交易本报告中提及的证券。本报告不构成本公司向该机构之客户提供的 投资建议，本公司、本公司员工或者关联机构亦不为该机构之客户因使用本报告或报告所载内容引起的任何损失承担任何责任。 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|----------|------------------------------------|----------------------------------------------|-----------------|-----------------|-------------------| | [Table_OtherInfo] [Table_Industry] 模 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved significant year-on-year growth in performance, with a revenue increase of 36.72% in 2023, reaching 4.37 billion yuan, and a net profit increase of 77.05%, amounting to 0.383 billion yuan [5]. - The company's light asset strategy is progressing, with a focus on optimizing asset structure and improving capital efficiency through project sales [5]. - The renewable energy generation business is expanding rapidly, with a total installed capacity of 6.93 GW by the end of 2023, and a significant increase in power generation and revenue [5]. - The company is also diversifying into energy storage, with various projects underway [5]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 10.176 billion yuan, 12.371 billion yuan, and 14.244 billion yuan, respectively, with growth rates of 132.8%, 21.6%, and 15.1% [2][5]. - Net profit forecasts for the same years are 0.565 billion yuan, 0.754 billion yuan, and 0.951 billion yuan, with growth rates of 47.4%, 33.5%, and 26.1% [2][5]. - The company's PE ratio is expected to decrease from 30 in 2023 to 20 in 2024, 15 in 2025, and 12 in 2026, indicating improving valuation [2][5].

√适用 □不适用 2023 年度，公司经营活动产生的现金流量净额为-5.98 亿元，主要系本期公司户用滚动开发 业务规模扩大所致。 21 / 363 □适用 √不适用 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------------|-------------------------------------|------------------------------------|-----------------------------------|------------------------------------------|------------------------------------------------------------------------------------| | | 项目名称 本期期末数 | 本期 期末 数占 总资 产的 比例 （%） | 上期期末数 | 上期期 末数占 总资产 的比例 （%） | 本期期 末金额 较上期 期末变 动比例 （%） | 情况说明 | | ...

证券代码：601778 证券简称：晶科科技 晶科电力科技股份有限公司 投资者关系活动记录表 编号：2024-002 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 券商策略会 □路演活动 □现场参观 □电话会议 □其他 （请文字说明其他活动内容） 参与单位 长江证券、银华基金、东海证券、众安保险、招商基 金、鸿道投资、东吴证券、国联基金、国海证券、永 赢基金、平安资管、德邦证券、浦银安盛基金、山西 证券基金、华创证券、国海富兰克林 会议时间 2024年2月份27/28/29日券商策略会 会议地点 券商策略会会议现场 上市公司接待人员姓名 董事会秘书常阳；投资者关系副总监陈同洲 问: 请问公司如何看待 2023 年光伏新增并网量以及 未来发展趋势？ ...

行业主要上市公司：晶科科技(601778.SH);珈伟新能(300317.SZ);嘉寓股份(300117.SZ);永福股份(300712.SZ) 等 本文核心数据：光伏EPC行业政策;光伏EPC行业地方政策 1、政策历程图 我国国民经济规划并未明确涉及光伏EPC的规划，但以光伏电站等新能源相关基础设施的建设为研究脉络， 一定程度上能够提炼出国民经济规划对光伏EPC行业的影响：国民经济发展规划对光伏EPC领域的引导总体 可以划分为探索期和高速发展期两大阶段。“八五”到“十一五”期间，我国将光伏技术开发、因地制宜进行光 伏发电设施的建设，该阶段尚且处于探索期，光伏发电技术基础尚未夯实，光伏电站的建设与开发亦处于小 规模发展阶段，光伏EPC开发未成为产业主流。“十二五”到“十四五”期间，在光伏制造业水平持续提升，在 推进能源革命的背景下，光伏电站建设规模高增，光伏电站建设成本持续下降，光伏EPC模式的优势得以体 现，光伏EPC行业进入高速发展阶段。 ...

证券代码：601778 证券简称：晶科科技 晶科电力科技股份有限公司 投资者关系活动记录表 编号：2024-001 投资者关系活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 券商策略会 路演活动 □现场参观 □电话会议 □其他 （请文字说明其他活动内容） 参与单位 方正证券、广发基金、东吴证券、中庸资产、泾溪投 资、新余中道、奇点资产、国信证券、安信基金、招 商资管、宝盈基金、国金证券、欣歌投资、远希私募、 沣杨资产、山西证券、鸿道投资、程渝基金、珩道投 资、东方证券、中泰资管、中粮资本、keystone。 会议时间 2024年1月3/4/10/11日,券商策略会； 2024年1月17/24/26/31 日，现场或线上调研/路演。 会议地点 券商策略会会议现场、晶科中心 。 上市公司接待人员姓名 董事会秘书常阳；投资者关系副总监陈同洲。 ...

证券代码：601778 证券简称：晶科科技 晶科电力科技股份有限公司 投资者关系活动记录表 编号：2023-008 | --- | --- | --- | |---------------------------------------------------------------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动类别 | 特定对象调研 | □分析师会议 | | | □媒体采访 □业绩说明会 | | | | 券商策略会 | 路演活动 | | | □现场参观 □电话会议 | | | | □其他 | （请文字说明其他活动内容） | | | | 参与单位 国投证券、歌斐资产、远希私募、民生通惠、汇丰晋 信、融通基金、汇添富基金、中邮证券、国海证券、 招商基金、宁聚投资 ...