证券研究报告 公 2024年04月25日 司 报 告 晶科能源(688223) │ 行 业： 电力设备/光伏设备 公 投资评级： 买入（维持） 司 当前价格： 7.54元 盈利显著提升，N 型先发优势助力夯实龙头地位 年 目标价格： 9.22元 报 点 事件： 评 基本数据 2024年4月22日，公司发布2023年报，报告期内公司实现营业收入1186.82 10,005.20/3,108.6 总股本/流通股本(百万股) 5 亿元，同比增长43.55%，实现归母净利润74.40亿元，同比增长153.20%， 流通A股市值(百万元) 23,439.20 实现扣非归母净利润 69.04 亿元，同比增长 152.09%，实现经营活动现金 每股净资产(元) 3.33 流量净额248.16亿元，同比增长507.62%，公司业绩实现大幅增长，盈利 资产负债率(%) 73.99 能力显著提升。 其中 2023Q4 公司实现营业收入 335.85 亿元，同比/环比分别增长 一年内最高/最低(元) 14.57/7.28 12.31%/6.71%，实现归母净利润 10.86 亿元，同比/环比分别减少 股价相对走势 13.97%/5 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [2] Core Views - The company has solidified its position as a leader in the solar module industry, achieving a record shipment of 83.56GW of solar products globally, with 78.52GW being solar modules, making it the top-ranked company in module shipments according to InfoLink Consulting [2] - The company's revenue for 2023 reached 118.682 billion yuan, representing a year-on-year growth of 43.55%, while the net profit attributable to shareholders was 7.440 billion yuan, up 153.20% from the previous year [2] - The company continues to lead in N-type technology, with N-type module shipments reaching 48.41GW, accounting for approximately 62% of total shipments, and a significant year-on-year growth of 352% [2] - The company has expanded its global supply chain, establishing over 12GW of integrated overseas production capacity, and is actively managing supply chain challenges and trade policy changes in international markets [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 118.682 billion yuan, a 43.6% increase from 2022, and a net profit of 7.440 billion yuan, reflecting a 153.4% increase year-on-year [5] - The projected net profits for 2024, 2025, and 2026 are estimated at 5.063 billion yuan, 6.359 billion yuan, and 7.813 billion yuan respectively, with corresponding EPS of 0.51, 0.64, and 0.78 yuan per share [2][5] Market Position and Technology - The company has maintained its leadership in N-type technology, with a production capacity exceeding 70GW for high-efficiency N-type batteries by the end of 2023 [2] - The average efficiency of mass-produced N-type batteries exceeded 25.8% by the end of 2023, with further improvements noted in early 2024 [2] Supply Chain and Global Strategy - The company has enhanced its global supply chain by establishing production facilities in Southeast Asia and has developed a comprehensive supply chain management strategy to address external market changes [3] - The company is focusing on carbon footprint management and ESG initiatives to ensure stable supply and competitiveness in international markets [3]

电源设备 分析师：唐俊男 Q4 业绩有所承压，TOPCon 领先地位明 登记编码：S0730519050003 显 t angjn@ccnew.com 021-50586738 ——晶科能源(688223)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-23) 发布日期：2024年04月24日 收盘价(元) 7.50 事件： 一年内最高/最低(元) 14.21/7.49 公司发布2023年年报：实现营业总收入1186.82亿元，同比增长 沪深300指数 3,506.22 43.55%，归属于上市公司股东的净利润74.40亿元，同比增长 市净率(倍) 2.25 153.20%；经营活动产生的现金流量净额248.16亿元，同比增长 流通市值(亿元) 750.39 507.62%；加权平均净资产收益率24.19%，同比提升12.15个百分点。 基础数据(2023-12-31) 点评： 每股净资产(元) 3.33 每股经营现金流(元) 2.48 ⚫ 全年业绩创新高，四季度盈利有所承压。2023年，公司全年营业 毛利率(%) 14.04 收入和净利润取得大幅增长，主要得益于光伏行业旺盛的市场需 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2024-023 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于"晶能转债"预计满足转股价格修正条件的 提示性公告 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意晶科能源股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕683号），晶科 能源股份有限公司（以下简称"公司"）获准向不特定对象发行可转换公司 债 券 10,000.00 万 张 ， 每 张 面 值 为 人 民 币 100.00 元 ， 募 集 资 金 总 额 为 1,000,000.00万元，本次发行的可转换公司债券的存续期限为自发行之日起六 年，即自2023年4月20日至2029年4月19日。 经上海证券交易所"自律监管决定书〔2023〕101号"文同意，公司 1,000,000.00万元可转换公司债券于2023年5月19日起在上交所挂牌交易，债券 简称"晶能转债"，债券代码"118034"。 根据有关规定和《晶科能源股份有限公司向不特定对象发行可转换公司 ...

2024年4月23日 公司研究 组件出货量重回行业第一，24 年组件出货目标 100~110GW ——晶科能源（688223.SH）2023 年年报点评 要点 买入（维持） 当 前价：7.50元 事件：公司发布 2023 年年报，2023 年实现营业收入 1186.82 亿元，同比增长 43.55%，实现归母净利润 74.40亿元，同比增长153.41%；2023Q4 实现营业 收入 335.85 亿元，同比增长 12.31%，实现归母净利润 10.86 亿元，同比下降 作者 13.81%，环比下降56.75%。拟每10股派发现金红利2.24元（含税）。 分析师：殷中枢 执业证书编号：S0930518040004 2023 年组件销量重回行业第一，2024 年出货目标 100~110GW。2023 年公司 010-58452071 组件出货同比提升 77.11%至 78.52GW，排名重回行业第一，其中 N 型产品出 yinzs@ebscn.com 货48.41GW，占比约62%；整体销售规模的快速提升和高售价N型产品占比的 分析师：郝骞 持续提升带动组件业务营业收入同比增长43.33%至1143.83亿元， ...

晶科能源股份有限公司 投资者关系活动记录表 编号：2024-04 □ 特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 投资者关系活动 □ 新闻发布会 √ 路演活动 类别 □ 现场参观 □ 其他（请文字说明） 广发基金、华夏基金、易方达基金、银华基金、景顺长城基金、交 银施罗德基金、中信建投基金、兴证全球基金、中银基金、上银基 金、贝莱德基金、中欧基金、大成基金、国寿安保基金、长盛基 金、鹏扬基金、安信基金、招商基金、嘉实基金、中国人寿资管、 中意资管、民生通惠资管、上海人寿保险、长江人寿保险、美林 （亚太）、摩根史丹利、摩根大通、德意志银行、花旗环球金融、 麦格里资本、汇丰银行、GAM国际资产管理、施罗德资管、瑞银资 参与单位 管 、 Alpine Investment Management Limited, Citadel Enterprise Americas LLC, Acecamp International Limited 等，以及长江证券、东吴证券、中信建投证券、中金公司、广发证 券、中信证券、招商证券、海通证券、兴业证券、财通证券、国泰 君安证券、天风证券、国金证券、国盛证券、华创证 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4] Core Views - The company achieved a revenue of 118.68 billion yuan in 2023, representing a year-on-year growth of 43.55%, and a net profit attributable to shareholders of 7.44 billion yuan, up 153.20% year-on-year [2][3] - The company remains the global leader in solar module shipments, with a total shipment of 78.52 GW in 2023, a year-on-year increase of 77.11% [3] - The company is expanding its integrated production capacity, with a current capacity of 85 GW for silicon wafers, 90 GW for solar cells, and 110 GW for modules, achieving an integration rate of 85% [3][4] Financial Forecasts - The projected revenue for 2023-2026 is as follows: 101.86 billion yuan in 2024, 117.48 billion yuan in 2025, and 132.46 billion yuan in 2026 [8] - The net profit attributable to shareholders is expected to be 5.17 billion yuan in 2024, 6.53 billion yuan in 2025, and 7.99 billion yuan in 2026 [8] - The earnings per share (EPS) is forecasted to be 0.52 yuan in 2024, 0.65 yuan in 2025, and 0.80 yuan in 2026 [8] Market Position and Product Development - The company is actively expanding into new growth areas, including residential, commercial storage, and large-scale storage solutions, with a successful launch of a 4 GWh energy storage system production line [4] - The company has achieved a maximum efficiency of 26.89% for its TOPCon solar cells in the laboratory, with an average production efficiency of 25.9% [3][4] - The company is also developing next-generation battery technologies, with a perovskite tandem cell efficiency reaching 32.33% [3]

[Table_Industry] 晶科能源2023 年报点评： 夯实全球组件龙头地位，N 型TOPCon持续领先 晶科能源（688223.SH）/电力设备 证券研究报告/公司点评 2024年4月22日 [Table_Industry] [评Ta级ble：_I增nve持st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：7.53 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 82,676 118,682 113,002 131,252 147,502 [分Ta析b师le：_A曾u彪th ors] 增长率yoy% 104% 44% -5% 16% 12% 执业证书编号：S0740522020001 净利润（百万元） 2,936 7,440 7,915 8,293 9,017 增长率yoy% 157% 153% 6% 5% 9% Email：zengbiao@zts.com.cn 每股收益（元） 0.29 0.74 0.79 0.83 0.90 分析师：赵宇鹏 每股现金流量 0.41 2.48 0.87 1.81 1.58 执业证书编号：S074 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of RMB 118.7 billion in 2023, representing a 44% year-on-year increase, and a net profit of RMB 7.44 billion, up 153% year-on-year [2] - The company regained its position as the industry leader in shipment volume, with a total shipment of 86.56 GW in 2023, a 77% increase year-on-year, driven by the expansion of TOPCon production capacity [3] - The company is expected to maintain high growth in shipments in 2024, with a target of 100-110 GW, primarily from N-type products [3] - Despite a decline in gross margin due to price fluctuations in the supply chain, the company is expected to maintain its profitability through cost reduction and efficiency improvements in its N-type products [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of RMB 118.7 billion and a net profit of RMB 7.44 billion, with a significant increase in net profit margin [2][3] - The fourth quarter saw a net profit of RMB 10.86 billion, a decrease of 14% year-on-year and 57% quarter-on-quarter [2] Product and Market Position - The company’s N-type component shipments reached 48.41 GW in 2023, with a quarterly shipment of 18.6 GW in Q4, accounting for 71% of total shipments [3] - The company is expanding its global supply chain, including a factory in Southeast Asia and a 1 GW production capacity in the U.S., enhancing its competitive edge [3] Profitability and Valuation - The report adjusts the net profit forecast for 2024 and 2025 to RMB 4.8 billion and RMB 6.5 billion respectively, with a new forecast for 2026 at RMB 8.3 billion [3] - The current stock price corresponds to a P/E ratio of 16 for 2024, 12 for 2025, and 9 for 2026, indicating a favorable valuation [3]

晶科能源股份有限公司章程 晶科能源股份有限公司 章 程 二〇二四年四月 | | | | 第一章 | 总则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股份和注册资本 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | | 第四章 | 股东和股东大会 6 | | | 第一节 | 股东 6 | | | 第二节 | 股东大会的一般规定 9 | | | 第三节 | 股东大会的召集 | 14 | | 第四节 | 股东大会提案与通知 | 15 | | 第五节 | 股东大会的召开 | 17 | | 第六节 | 股东大会的表决和决议 | 21 | | 第五章 | 董事会 | 25 | | 第一节 | 董事 | 25 | | 第二节 | 董事会 | 29 | | 第三节 | 董事会专门委员会 | 35 | | 第六章 | 总经理及其他高级管理人员 | 38 | | 第七章 | 监事会 | 41 | | 第一节 | 监事 | 41 | | 第二节 | 监事会 | 42 | | 第八章 ...