晶科电力科技股份有限公司 关于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: 一、担保情况概述 证券代码：601778 证券简称：晶科科技 公告编号：2024-107 （一）担保情况概述 1、为满足生产经营活动正常开展需要，晶科电力科技股份有限公司（以下 简称"公司"或"晶科科技"）或其全资子公司为被担保人向金融机构申请融资 提供担保，具体情况如下： （1）公司全资子公司上海晶科光伏电力有限公司（以下简称"上海晶科"） 向厦门国际银行股份有限公司上海分行申请本金为人民币 1 亿元的综合授信额 度，授信期限为 2 年，公司为上述授信提供连带责任保证担保，担保协议已签署。 （2）公司拟向中国光大银行股份有限公司上饶分行申请人民币 2 亿元的综 合授信额度，授信期限为 1 年，公司全资子公司晶科电力有限公司（以下简称 "晶科有限"）拟为上述授信提供连带责任保证担保，担保协议尚未签署。 1 被担保人名称：公司及其全资下属公司 本次担保金额及已实际为其提供的担保余额：近期为被担保人提供新增担保 的本金 ...

证券时报e公司讯，晶科科技(601778)12月19日晚间公告，公司全资子公司上海晶坪电力有限公司（简 称"上海晶坪"）近日与嘉兴屹晨股权投资合伙企业（有限合伙）（简称"嘉兴屹晨"）签订《投资合作协 议书》，双方约定共同设立合资公司，用以合作开发或收购上海晶坪及其关联公司持有的光伏项目。 合资公司的初始注册资本为2.26亿元，其中上海晶坪出资4074万元，持有18.005%的股权。 此次合作有利于公司提高户用资产周转效率，有助于公司户用光伏业务持续健康发展。 ...

证券代码：601778 证券简称：晶科科技 公告编号：2024-106 晶科电力科技股份有限公司 关于全资子公司与专业投资机构共同投资的公告 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: 一、对外投资概述 为进一步推进公司户用光伏业务的"高周转"运营战略及投资布局，提高户 用资产周转效率，晶科电力科技股份有限公司（以下简称"公司"）的全资子公 司上海晶坪电力有限公司（以下简称"上海晶坪"）近日与嘉兴屹晨签订了《投 资合作协议书》，双方约定共同设立合资公司，用以合作开发或收购上海晶坪及 其关联公司持有的光伏项目。合资公司的初始注册资本为人民币22,627万元，其 中上海晶坪出资人民币4,074万元，持有合资公司18.0050%的股权。 根据《上海证券交易所股票上市规则》《公司章程》及公司《对外投资管理 制度》等相关规定，本次对外投资事项在总经理办公会审批权限内，无需提交董 1 投资标的名称：苏州恒隽实新能源科技有限公司（以下简称"合资公司"）。 投资金额：人民币 4,074 万元。 合作方嘉兴屹晨股权投资合伙企 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in this context [4][10]. Core Insights - The company is positioned as a leading private photovoltaic enterprise, focusing on clean energy supply and services. It has developed an integrated solution capability for photovoltaic projects, including development, construction, operation, and asset trading [4][23]. - The company's revenue for 2023 reached 4.37 billion yuan, a year-on-year increase of 36.72%. The revenue breakdown shows that photovoltaic power station development and operation accounted for 74.4%, EPC services for 6.6%, and household photovoltaic station development for 14.8% [5][25]. - The company has a significant amount of unrecovered subsidies, approximately 6 billion yuan, which constitutes about 37% of its net assets. This presents a potential opportunity for value release if these subsidies are recovered [6][72]. Summary by Sections 1. Company Overview - The company, established in 2011 and listed in 2020, is backed by its major shareholder, Jinko Group, which holds a 23.9% stake as of September 2024. It specializes in photovoltaic power station operation and development [4][23]. 2. Business Structure and Performance - The company has optimized its asset structure, with a focus on cash flow improvement. The transition from subsidy-dependent projects to more market-driven projects is expected to enhance cash generation capabilities [5][45]. - The company has engaged in asset trading since 2018, with significant sales in 2020-2023, indicating a strategic shift towards asset monetization [5][25]. 3. Revenue and Profitability - In 2023, the company achieved a total profit of 469 million yuan, with the sale of power stations contributing approximately 375 million yuan, accounting for 51.7% of the adjusted profit total [5][35]. - The report forecasts net profits of 516 million, 738 million, and 747 million yuan for 2024-2026, representing year-on-year growth rates of 34.58%, 43.09%, and 1.22% respectively [6][79]. 4. Subsidy and Cash Flow Analysis - The company has maintained a stable scale of new electricity subsidies between 1.2 billion and 1.4 billion yuan from 2021 to 2023. The proportion of subsidies in total revenue has decreased from 56.5% in 2021 to 44.3% in 2023, indicating a shift towards more sustainable revenue sources [5][67]. - The unrecovered subsidy amount is significant, and if recovered, it could provide a substantial boost to the company's stock price [6][72]. 5. Market Position and Valuation - The current price-to-earnings (P/E) ratios for 2024-2026 are projected at 21, 15, and 15 times, respectively. Comparatively, similar companies in the photovoltaic sector have an average P/E of 16 times for 2024 [6][79]. - The report emphasizes that as the quality of installed assets improves and the pace of station construction and transfer accelerates, the company's performance and stock price are expected to show resilience [6][79].

Group 1 - Shanghai Jinghuang Technology Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on solar power generation technology services, energy management contracts, machinery sales, and conference and exhibition services [1] - The company is indirectly wholly owned by Jinko Technology (601778) [2]

上海市石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于晶科电力科技股份有限公司 2024 年第四次临时股东大会的法律意见书 致：晶科电力科技股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受晶科电力科技股份有限公司 （以下简称"公司"）的委托，就公司 2024 年第四次临时股东大会（以下简称"本 次股东大会"）召集、召开的有关事宜，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》、中国证券监督管理委员会颁布实施的 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等中国现行法律、行政 法规、规章和规范性文件（以下统称"中国法律、法规"，为本法律意见书法律适用 之目的，"中国法律、法规"不包括中国香港特别行政区、中国澳门特别行政区及中 国台湾地区的法律、法规）及公司现行有效的《晶科电力科技股份有限公司章程》（以 下简称"《公司章程》"）、《晶科电力科技股份有限公司股东大会议事规则》的有关 ...

晶科电力科技股份有限公司 2024 年第四次临时股东大会决议公告 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法律责任。 重要内容提示： 证券代码：601778 证券简称：晶科科技 公告编号：2024-105 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 12 月 4 日 (二)股东大会召开的地点：上海市闵行区申长路 1466 弄 1 号晶科中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,731 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,198,985,031 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.2937 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长李仙德先生主持。会议采用现场投 票和网络投票相结合的表决方式进行表决。会议的召集、召开 ...

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：2024-011 | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 投资者关系活动类别 | □分析师会议 | | | 业绩说明会 ...

证券代码：601778 证券简称：晶科科技 公告编号：2024-104 晶科电力科技股份有限公司 关于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: 一、担保情况概述 （一）担保情况概述 1、为满足生产经营活动正常开展需要，晶科电力科技股份有限公司（以下 简称"公司"或"晶科科技"）或其全资子公司为被担保人向金融机构申请融资 提供担保，具体情况如下： （1）公司全资下属公司石河子市晶盛电力有限公司（以下简称"石河子晶 盛"）拟向招商银行股份有限公司上海金桥支行申请本金为人民币 2.00 亿元的固 定资产借款，借款期限为 10 年，公司拟为上述借款提供连带责任保证担保，同 时以石河子晶盛 100%股权提供质押担保，担保协议尚未签署。 （2）公司及全资子公司晶科电力有限公司（以下简称"晶科有限"）、上海 晶坪电力有限公司（以下简称"上海晶坪"）已于 2024 年 5 月共同向恒生银行 被担保人名称：公司及其全资下属公司 本次担保金额及已实际为其提供的担保余额：近期为被担保人提供新增担保 的本金合 ...

Summary of Conference Call Company and Industry Involved - The conference call pertains to a renewable energy company involved in solar power generation and energy storage projects. Key Points and Arguments 1. **Project Transfers and Expectations** The company has transferred 400 MW of capacity by the end of Q3 and expects to transfer another 400 MW in Q4 and Q1 of the following year, which aligns with their expectations [1][2][3] 2. **Recent Transactions** A significant transaction involving a 300 MW ground-mounted solar project in Guangdong has been completed, contributing positively to this year's profits [1][2] 3. **Market Dynamics in Northwest Regions** The company noted that in the northwest regions, there is a mismatch between supply and demand due to rapid installation of capacity and slower growth in electricity consumption, leading to increased market trading and price volatility [3][4] 4. **Stability of Electricity Prices** Despite some price declines in regions like Xinjiang and Gansu last year, electricity prices have stabilized in the first half of this year, supported by government initiatives and the company's operational strategies [5][6] 5. **Focus on Energy Storage** The company is prioritizing energy storage, with a current capacity of 150 MW and 300 MWh. They have ongoing projects in Qinghai and Zhejiang, with plans for further investments [8][9] 6. **International Expansion** The company has resumed international projects after a slowdown during the pandemic, with confirmed projects in Spain and Saudi Arabia, which are expected to contribute significantly to future profits [10][11] 7. **Financial Preparedness for Potential Share Buybacks** The company is preparing for potential share buybacks or conversions, ensuring sufficient cash flow and exploring various financing options to manage any future obligations [12] 8. **Investor Engagement** The company encourages investor questions and feedback, indicating a commitment to transparency and communication with stakeholders [13] Other Important but Possibly Overlooked Content - The company is actively adjusting its operational strategies in response to market conditions and regulatory changes, particularly in the commercial distributed generation sector, which remains profitable despite new policies [7][8] - The establishment of a new energy storage division indicates a strategic shift towards enhancing capabilities in this growing market segment [9]