Group 1 - The "Jiangxi sector" achieved nearly 1.08 trillion yuan in total operating revenue in 2024, ranking tenth among 31 provinces and cities in China [1] - Jiangxi listed companies distributed a total dividend of nearly 10.4 billion yuan in 2024, with a dividend payout ratio of approximately 77%, ranking eighth nationwide [1][3] - Jiangxi Copper (600362) reported over 520 billion yuan in operating revenue for 2024, with a net profit of 6.962 billion yuan, marking a year-on-year increase of 7.03% [1] Group 2 - JinkoSolar (688223) topped the A-share photovoltaic industry with an annual operating revenue of 92.471 billion yuan, achieving a global module shipment of 92.87 GW, a year-on-year growth of 18.28% [1] - The company maintained its position as the global leader in module shipments for the sixth consecutive year, with N-type module shipments accounting for 88% of total shipments in 2024 [1] Group 3 - Major infrastructure projects like the Gan-Shen High-speed Railway and Gan-Yue Canal are transforming Jiangxi from an "inland hinterland" to an "open frontier" [2] - Jiangxi Copper is expanding internationally with new offices in South America and Southeast Asia, while JinkoSolar is establishing a new battery and module factory in Saudi Arabia [2] - Other companies like Funeng Technology (688567) and Nipe Mining (300818) are also advancing their international strategies, indicating a trend of "Jiangxi manufacturing" integrating into the global supply chain [2] Group 4 - Jiangxi listed companies are focusing on refining their core businesses while actively implementing the "1269" action plan to upgrade traditional industries and foster emerging sectors [3] - In 2024, Jiangxi Copper allocated 2.417 billion yuan for cash dividends, with several other companies also distributing over 500 million yuan in dividends [3] - The overall dividend distribution of nearly 10.4 billion yuan reflects a strong commitment to shareholder returns and social responsibility among Jiangxi enterprises [3] Group 5 - As the "14th Five-Year Plan" approaches its conclusion, Jiangxi listed companies are showing promising new developments, with traditional industry giants and emerging players competing in the capital market [4] - The formation of a trillion-level non-ferrous metal industry cluster and a photovoltaic new energy base is expected to enhance the national ranking of the "Jiangxi sector" in the next five years [4]

光伏组件龙头晶科能源(688223.SH)经营与财务承压。 根据一季度报告，今年前三个月，晶科能源总出货量为19130MW，同比下降12.68%。公司实现营业收 入约138亿元，同比下降约40%；归属母公司股东的净利润(简称"归母净利润")为亏损13.9亿元，扣除非 经常性损益的净利润(简称"扣非净利润")为亏损18.66亿元。 一季度亏损，这是晶科能源近10年来的首次。 2024年，公司归母净利润为0.99亿元，但扣非净利润为亏损超9亿元。 连续亏损，主要受光伏行业产能结构性过剩相关，晶科能源核心产品光伏组件销售价格下降。 曾经激进扩张的晶科能源财务压力明显。截至今年3月末，公司有息负债约348.77亿元，较年初增加 36.54亿元。一季度财务费用2.24亿元，同比增长超50%。 连续亏损、财务承压，曾经豪气宣告560亿元扩产的晶科能源，能否顺利应对本轮低景气周期，备受市 场关注。 有息负债3个月增36.54亿 晶科能源经营亏损、财务承压明显。 根据年报，2024年，晶科能源实现的营业收入为924.71亿元，同比下降22.08%。此前的2019年至2023 年，公司营业收入连续五年增长。 营业收入结束五连增 ...

Core Viewpoint - Jianbang High-Tech Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise nearly 4 billion RMB in revenue for 2024, but faces challenges such as low profit margins and reliance on a few major clients [1][8]. Company Overview - Jianbang High-Tech is headquartered in Jinan, Shandong Province, which has produced several notable listed companies [3]. - The company was established in 2010, focusing on high-tech renewable energy and advanced materials, and began commercial production of silver powder for photovoltaic applications in 2012 [4]. - The company is controlled by Chen Zichun, who holds 72.99% of the voting rights through Cerulean Harbor [4]. Financial Performance - Jianbang High-Tech's revenue for 2022, 2023, and 2024 is estimated at approximately 1.76 billion RMB, 2.78 billion RMB, and 3.95 billion RMB, respectively, with corresponding net profits of 24.2 million RMB, 59.89 million RMB, and 70.03 million RMB [11][12]. - The gross profit margins for the same years are 3.4%, 3.9%, and 3.3% [11]. Product and Market Dynamics - The company's silver powder products are primarily used in the production of photovoltaic silver paste, which is a key raw material for solar cells [7][9]. - The global silver powder sales revenue is projected to grow from 54.3 billion RMB in 2020 to 131.4 billion RMB in 2024, with a compound annual growth rate (CAGR) of 24.7% [9]. - In China, silver powder sales revenue is expected to increase from 31.6 billion RMB to 99.3 billion RMB during the same period, with a CAGR of 33.1% [9]. Industry Position and Risks - Jianbang High-Tech is positioned in the midstream of the photovoltaic silver powder industry, facing risks related to customer concentration, as two major clients accounted for 87.9%, 82.8%, and 63.1% of total revenue in the reporting period [18]. - The company relies heavily on a single product, and any decline in market demand for silver powder or competition from alternative materials could adversely affect its performance [7][13]. - The company faces competition from both domestic and international manufacturers, with a market share of 9.9% among all domestic producers and ranking second globally [19].

中国经济网北京5月9日讯晶科能源(688223.SH)2024年年度报告显示，晶科能源报告期内营业总收入为 924.71亿元，同比下滑22.08%；归属于上市公司股东的净利润为9892.76万元，同比下滑98.67%；归属 于上市公司股东的扣除非经常性损益的净利润为-9.32亿元，去年同期为69.04亿元；经营活动产生的现 金流量净额为78.67亿元。 晶科能源实际募资净额比原拟募资多372,285.17万元。晶科能源2022年1月21日披露的招股书显示，公司 原拟募资600,000.00万元，用于"年产7.5GW高效电池和5GW高效电池组件建设项目"、"海宁研发中心建 设项目"和"补充流动资金"。 晶科能源IPO的保荐机构(主承销商)是中信建投（601066）证券，保荐代表人是陈昶、张世举；中信证 券任联席主承销商。 晶科能源IPO发行费用总额为27,714.83万元，其中保荐及承销费用23,000.00万元。 经中国证券监督管理委员会"证监许可〔2023〕683号"文予以注册，公司于2023年4月20日向不特定对象 发行了10,000.00万张可转换公司债券，每张面值100元，发行总额1,000,000. ...

公司研究丨点评报告丨晶科能源（688223.SH） [Table_Title] 24 年资产负债率优化，25 年产能升级保障溢价 及订单 报告要点 丨证券研究报告丨 [Table_Summary] 晶科能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 924.71 亿元，同比下降 22%；归母净利 0.99 亿元，同比下降 99%，符合此前业绩预告区间；其中，2024Q4 实现收入 207.01 亿元，同比下降 38%；归母净利-11.16 亿元。2025Q1 实现收入 138.43 亿元，同比下 降 40%；归母净利-13.9 亿元。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 事件描述 晶科能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 924.71 亿元，同比下降 22%； ...

Core Viewpoint - JinkoSolar (688223.SH) maintains its position as the global leader in solar module shipments for 2024, achieving a shipment volume of 92.87GW, marking its sixth consecutive year at the top [1] Group 1: Technological Advancements - N-type TOPCon technology has become the industry mainstream, with JinkoSolar leading in this area, achieving an average efficiency of over 26.7% for mass-produced cells and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2] - The third-generation Tiger Neo photovoltaic module, based on the HOT4.0 technology platform, has a maximum power output of 670W and a conversion efficiency of 24.8%, with a bifacial rate of 85% [2] - The company plans to upgrade over 40% of its production capacity by 2025, aiming to establish 40-50GW of high-power TOPCon capacity [2] Group 2: Digital Transformation and Manufacturing - JinkoSolar is focusing on digital transformation as a core engine for high-end manufacturing, implementing advanced digital management platforms and intelligent production equipment [3] - The company is developing a lighthouse factory project in Shanxi, integrating AI, cloud computing, and big data to create a replicable model for global capacity layout [3] Group 3: Financial Management and Global Strategy - In 2024, JinkoSolar optimized its asset structure and diversified financing to enhance risk resistance, achieving an operating cash flow of 7.867 billion yuan and a 2% reduction in the asset-liability ratio [4] - The company’s global strategy is deepening, with nearly 70% of overseas module sales and significant growth in high-margin markets, including a nearly 10GW shipment to the Middle East and over 50% growth in Southeast Asia [5] Group 4: Energy Storage Business Growth - JinkoSolar's energy storage business is rapidly growing, with a shipment volume exceeding 1GWh in 2024, showcasing significant year-on-year growth [6] - The company plans to achieve a storage shipment target of 6GWh by 2025, nearly five times the 2024 volume, focusing on overseas zero-carbon parks and integrated solar-storage solutions [7] - Collaborations with global power developers and distributors are underway, covering multiple regions, which will support the expansion of the energy storage business [7] Group 5: Future Outlook - JinkoSolar's ability to leverage its N-type technology, deep global market penetration, and cost control will be crucial in navigating price wars and capacity oversupply [8] - The company is positioned to replicate its success in the solar sector within the energy storage market, capitalizing on the accelerating global energy transition [8]

油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 05 月 08 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭 ...

晶科能源 20250507 摘要 • 晶科能源持续推进产线升级，已完成上饶和山西部分车间的改造，标准产 线组件效率达 23.8%-24%，功率 640-645 瓦，预计上半年上饶产线可实 现 645 瓦（双波）和 650 瓦（单波）功率，领先竞争对手半年以上。 • Topcon 3.0 技术导入顺利，通过三合一技术提升功率 10-15 瓦，计划二 三季度开发 650-660 瓦新型产品，并将在 SAMT 展会发布。该技术更好 地支持贵金属，包括银包铜，热斑温度显著降低。 • 公司计划年底（2025 年）和明年（2026 年）逐步释放 3.0 版本，通过隐 形栅线、低温电池和叠层技术等方案进一步提升效率，其中 Topcon 与钙 钛矿叠层已认证效率超 34%，目标三年内实现量产。 • 银包铜技术量产进展顺利，前期评估结果正向，一倍可靠性测试与常规银 浆无明显差别，两倍 PCT 测试无问题，预计年内完成 1-2 个车间改造，占 比 20%-40%产能，明年实现全产品导入，风险较低。 • 高效 TOPCon 与 BC 电池功率差距缩小，目前高效 TOPCon 功率达 640- 645 瓦，与 BCC 相差约 5 瓦 ...

Core Insights - In 2024, major photovoltaic companies experienced significant losses, with Longi Green Energy reporting a net loss of 8.62 billion yuan, JA Solar a loss of 4.656 billion yuan, and Trina Solar a loss of 3.443 billion yuan, while JinkoSolar was the only company to achieve profitability [1][2] Revenue Performance - JinkoSolar achieved revenue of 92.471 billion yuan, a year-on-year decrease of 22.08% - Longi Green Energy reported revenue of 82.58 billion yuan, down 36.23% year-on-year - Trina Solar's revenue was 80.282 billion yuan, reflecting a 29.21% decline year-on-year - JA Solar's revenue stood at 70.121 billion yuan, a decrease of 14.02% year-on-year [1][2] Shipment Volumes - In 2024, Trina Solar shipped over 70 GW of photovoltaic modules - JinkoSolar's shipments reached 92.87 GW - Longi Green Energy shipped 82.32 GW of battery modules - JA Solar's battery module shipments totaled 79.447 GW, including 1.544 GW for self-use [1] Profitability Challenges - Only JinkoSolar reported a profit in 2024, with a net profit of 99 million yuan, down 98.67% year-on-year - Longi Green Energy's net loss was 8.62 billion yuan, compared to a net profit of 10.75 billion yuan in the previous year - JA Solar's net loss was 4.656 billion yuan, down from a net profit of 7.039 billion yuan the previous year - Trina Solar reported a net loss of 3.443 billion yuan, compared to a net profit of 5.531 billion yuan in the prior year [2] Factors Contributing to Losses - Longi Green Energy cited a 61% drop in silicon wafer prices and a 39% decline in module prices as key factors for its losses, along with asset impairment losses of 8.7 billion yuan and investment losses of 486 million yuan [2] - JA Solar attributed its losses to intensified market competition, significant price declines, and a challenging international trade environment, leading to substantial asset impairment provisions [2] - Trina Solar indicated that the continuous decline in photovoltaic module prices adversely affected its profitability [2] Asset Impairment - Trina Solar reported a total of 3.106 billion yuan in various credit and asset impairment provisions, including 508 million yuan in credit impairment losses and 2.598 billion yuan in asset impairment losses [3] Market Performance - The stock prices of these four companies fell significantly in 2024, with JA Solar experiencing the largest decline at 31.25% - Longi Green Energy and Trina Solar saw their stock prices drop by 30.56% and 30.09%, respectively - JinkoSolar, the only profitable company, had a relatively smaller decline of 17.63% [4]

2024年，光伏行业的日子实在不好过。 在积累产能尚未消化的情况下，"降价潮"愈发汹涌，四大主材主流产品全年价格跌幅均超过29%，再加 之美国关税壁垒对海外市场、东南亚产能的冲击，让企业经营高度承压，A股光伏制造板块近80家上市 公司，近半陷入亏损。昔日"光伏茅"隆基绿能也表示，"这是公司上市以来最困难的一年"。 在此情况下，如何精兵简政、缩减开支也成了各公司不得不考虑的事情。 员工总数变动与经营业绩、主营业务高度相关 根据数字能源DNE的统计，结合各公司年报披露信息来看，多数A股光伏上市公司人员规模有所缩减， 其人员变动情况与经营业绩、主营业务均呈现出一定的正相关关系。比如，裁员比例最高的，是ST聆 达，裁员幅度高达86.67%，从600人缩减至80人，成为面临退市的"小公司"。另一家ST公司——ST泉为 裁员幅度也达到51.99%，截至2024年，公司还剩不到300人。此外，业绩降幅较大的如亿晶光电、京运 通、爱旭股份、东方日升、ST沐邦等，裁员比例都超过40%，上述公司在归母净利润同比降幅、裁员比 例方面都排在前15位。 虽然一体化巨头亏损或业绩下降的绝对值更高，但这并不意味着他们都会进行大规模裁员。具 ...