中信建投证券股份有限公司关于晶科能源股份有限公司 差异化分红事项的核查意见 中信建投证券股份有限公司（以下简称"保荐人"）为晶科能源股份有限公 司（以下简称"晶科能源"、"公司"）首次公开发行股票并在科创板上市、向不 特定对象发行可转换公司债券并在科创板上市的保荐人，根据《中华人民共和国 公司法》《中华人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》等法规的有关规定，对晶 科能源 2023 年度利润分配涉及的差异化分红事项（以下简称"本次差异化分 红"）进行了核查，具体情况如下： 一、本次差异化分红的原因 2023 年 8 月 15 日，公司召开第一届董事会第三十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用 30,000 万元 （含）至 60,000 万元（含）自有或自筹资金通过集中竞价交易方式进行股份回 购，回购股份将在未来适宜时机全部用于员工持股计划或者股权激励，回购期限 自董事会审议通过回购股份方案之日起 12 个月内。2023 年 8 月 25 日，公司披 露了《晶科能源股份有限公司关于以集中竞价交易 ...

Group 1: Market Trends and Company Strategy - The company anticipates that component prices will remain low in Q1 and Q2 of this year, impacting overall industry profitability. However, it aims to balance shipment volume and profitability through its global layout and strategic advantages [3]. - The company has a 40% market share in the Middle East, supported by strong customer relationships and favorable solar conditions, indicating significant growth potential in this region [3]. - The company is actively monitoring changes in U.S. trade policies and has already established 2GW of component capacity in the U.S., with subsidies currently under application [3]. Group 2: Production and Technology - The company is progressing with the reconstruction of its Shanxi base, with minimal impact on capacity and shipments due to ongoing insurance claims and project advancements [3]. - The company maintains a competitive edge in TOPCon technology production efficiency and cost, while heterojunction technology currently lacks large-scale production competitiveness due to higher costs [4]. - The company is focused on reducing silver consumption in its products, aiming for higher efficiency and power output while optimizing silver usage [4]. Group 3: Industry Policies and Future Outlook - Recent industry meetings and policies, such as the CPIA high-quality development forum and the 2024-2025 energy-saving action plan, are expected to improve supply-demand dynamics and guide the industry towards sustainable growth [4].

验证，并由其出具《验资报告》（天健验〔2023〕160 号）。为规范公司募集资 金管理，保护投资者权益，公司设立了相关募集资金专项账户，对募集资金实施 专项存储、专款专用。具体情况详见 2023 年 5 月 17 日披露于上海证券交易所网 站（www.sse.com.cn）的《晶科能源股份有限公司向不特定对象发行可转换公司 债券上市公告书》。 二、募集资金投资项目情况 | 证券代码：688223 | 证券简称：晶科能源 公告编号：2024-033 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 关于使用部分闲置募集资金暂时补充流动资金 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、准确性和完整性依法承担法律责任。 晶科能源股份有限公司（以下简称"公司"）于 2024 年 5 月 30 日以通讯方式 召开公司第二届董事会第七次会议、第二届监事会第四次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司本次使用额度不 超过人民币 160,000 万元的闲置募集资金 ...

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2024-032 | | --- | --- | | 债券代码：118034 | 债券简称：晶科转债 | 晶科能源股份有限公司 第二届监事会第四次会议决议公告 审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》。 监事会认为：公司本次使用部分闲置募集资金暂时补充流动资金，有利于提 高募集资金的使用效率，降低公司财务费用，符合公司及全体股东利益，符合《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证 券交易所科创板上市公司自律监管指引第 1 号——规范运作》《公司章程》《募集 资金管理制度》及相关法律法规的规定，不会影响募集资金投资项目的正常进行， 不存在变相改变募集资金投向或损害股东利益的情况。 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 晶科能源股份有限公司（以下简称"公司"）第二届监事会第四次会议（以 下简称"本次会议"）于 2024 年 5 月 30 日以通讯方式召开。本次会议通知及会 议资 ...

中信建投证券股份有限公司 二、募集资金投资项目情况 按照公司《向不特定对象发行可转换公司债券募集说明书》披露的募集资金 1 | 序号 | 项目名称 | 项目投资总额 | 拟使用募集资金 | | --- | --- | --- | --- | | | | （万元） | 金额（万元） | | 1 | 年产 11GW 高效电池生产线项目 | 436,659.02 | 410,000.00 | | 2 | 晶科光伏制造有限公司年产8吉瓦 高自动化光伏组件生产线项目 | 91,027.40 | 70,000.00 | | 3 | 上饶市晶科光伏制造有限公司新倍 增一期8GW高自动化组件项目 | 78,746.13 | 60,000.00 | | 4 | 二期20GW拉棒切方项目一阶段 10GW工程建设项目 | 202,748.09 | 160,000.00 | | 5 | 补充流动资金及偿还银行借款 | 300,000.00 | 300,000.00 | | | 合计 | 1,109,180.64 | 1,000,000.00 | 投资项目（以下简称"募投项目"）及募集资金使用计划，募集资金使用计划如下： 使用部分闲置 ...

证券代码：688223 证券简称：晶科能源 公告编号：2024-031 债券代码：118034 债券简称：晶能转债 晶科能源股份有限公司 关于实施 2023 年年度权益分派时"晶能转债" 停止转股的提示性公告 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： 证券停复牌情况：适用 因实施 2023 年年度权益分派, 晶科能源股份有限公司（以下简称"公司）的 相关证券停复牌情况如下：2023 年年度权益分派公告前一交易日（2024 年 5 月 31 日）至权益分派股权登记日期间，"晶能转债"将停止转股。 本次 2023 年度利润分配方案已经公司 2024 年 5 月 14 日召开的 2023 年年度 股东大会审议通过，具体内容详见公司 2024 年 5 月 15 日于上海证券交易所网站 （www.sse.com.cn）披露的《晶科能源股份有限公司 2023 年年度股东大会决议公 告》（公告编号：2024-030）。 本次权益分派方案实施后，公司将根据《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募集说明书》 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in N-type solar modules, continuously improving its integrated and global layout. It has nearly 20 years of experience in the production of photovoltaic modules, cells, and wafers, establishing a vertically integrated capacity from ingot casting to module production. The company has a balanced global market presence and is actively responding to emerging market opportunities and overseas policies [2][10] - There is a significant differentiation in market profitability, with the company maintaining its top shipment ranking. In Q1 2024, the company shipped approximately 20GW of modules, a year-on-year increase of 51%, but a quarter-on-quarter decrease of 23%. The average signed price was 1.1 RMB/W (excluding tax). The company expects to increase shipments by over 20% in Q2 2024, with total shipments projected to be between 100-110GW for the year [2][21] - The company is cautiously expanding its production capacity while continuously iterating its technology. By the end of 2023, the production capacities for wafers, cells, and modules were 85GW, 90GW, and 110GW, respectively. The company is maintaining a careful expansion strategy and has recently faced some production impacts due to a fire incident. The efficiency of TOPCon technology is expected to lead the industry, with projected improvements in the coming years [2][22] Summary by Sections Financial Forecast and Valuation - The report adjusts the company's profit forecasts for 2024-2025 downwards and introduces a new forecast for 2026, estimating net profits of 4.2 billion, 6 billion, and 8.6 billion RMB for 2024, 2025, and 2026, respectively. This represents a year-on-year change of -44%, +44%, and +43%. The corresponding P/E ratios are projected to be 19, 13, and 9 times [2][23]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a significant increase in revenue and profit in 2023, with revenue reaching RMB 118.68 billion, a year-on-year growth of 43.55%, and net profit of RMB 7.44 billion, up 153.41% [2][4] - In Q1 2024, the company reported a decline in performance, with revenue of RMB 23.08 billion, a slight decrease of 0.3% year-on-year, and net profit of RMB 1.18 billion, down 29.09% [2][4] - The company led the market in N-type solar module shipments, achieving 48.41 GW in 2023, a remarkable growth of 352% year-on-year, which constituted approximately 62% of total shipments [2][4] - The company is actively expanding its integrated production capacity, targeting a total of 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for modules by the end of 2024, with a focus on N-type products [2][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 118,681.78 million, with a gross profit of RMB 16,665.35 million, resulting in a gross margin of 14.04% [4][5] - The net profit for 2023 was RMB 7,440.48 million, with a net profit margin of 6.27% [4][5] - For Q1 2024, the company reported a net profit of RMB 1,175.72 million, with a net profit margin of 5.09% [4][5] Production Capacity - As of the end of 2023, the company's production capacities were 85 GW for silicon wafers, 90 GW for batteries, and 110 GW for modules, with an integrated capacity utilization rate exceeding 85% [2][4] - The company aims to achieve a shipment target of 100-110 GW in 2024, with N-type modules expected to account for 90% of total shipments [2][4] Valuation - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 0.45, 0.62, and 0.81 respectively, with corresponding price-to-earnings ratios of 17.1, 12.5, and 9.5 [2][5]

Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Views - The company reported a total revenue of 118.68 billion yuan in 2023, a year-on-year increase of 43.55%, and a net profit attributable to the parent company of 7.44 billion yuan, up 153.20% year-on-year [3][6]. - In Q1 2024, the company achieved a revenue of 23.08 billion yuan, a slight decline of 0.30% year-on-year, and a net profit of 1.18 billion yuan, down 29.09% year-on-year, indicating that the performance met expectations [3][6]. - The company experienced a significant increase in shipment volume, with a total shipment of 21.91 GW in Q1 2024, representing a 51.19% year-on-year growth [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to be 96.46 billion yuan in 2024, with a year-on-year decrease of 18.7%, followed by 116.81 billion yuan in 2025 and 136.28 billion yuan in 2026, with growth rates of 21.1% and 16.7% respectively [6][8]. - The net profit attributable to the parent company is expected to be 3.12 billion yuan in 2024, down 58.1% year-on-year, followed by 4.73 billion yuan in 2025 and 6.69 billion yuan in 2026, with growth rates of 51.9% and 41.4% respectively [6][8]. - The report indicates a decrease in gross margin from 14.0% in 2023 to an estimated 8.0% in 2024, with a gradual recovery to 12.0% by 2026 [6][8]. Market Position and Competitive Advantage - The company leads the industry in N-type technology, with N-type component shipments reaching 48.41 GW in 2023, a remarkable year-on-year growth of 352% [6]. - The company has established a vertically integrated production capacity across key segments, achieving 85 GW in wafers, 90 GW in cells, and 110 GW in modules by the end of 2023, with an integration rate exceeding 85% [6]. Valuation and Comparables - The current stock price corresponds to a PE ratio of 25 for 2024, while the average industry valuation for comparable companies is estimated at 30 times PE [6]. - Given the company's leading position in the photovoltaic module market and the expected recovery of the industry, the report maintains a target valuation based on the industry average for 2024 [6].

Investment Rating - The investment rating for JinkoSolar is "Buy" and is maintained [4] Core Views - JinkoSolar's Q1 2024 performance met expectations, with revenue of 23.084 billion yuan, a year-on-year decrease of 0.3% and a quarter-on-quarter decrease of 31.27%. The net profit attributable to shareholders was 1.176 billion yuan, down 29.09% year-on-year but up 8.24% quarter-on-quarter [5][6] - The company achieved a total shipment volume of 21.91 GW in Q1 2024, representing a year-on-year increase of 51.19%. The shipment volume of modules was 20 GW, while the shipment volumes of wafers and cells were 1.914 GW [5] - JinkoSolar's gross margin for Q1 2024 was 9.58%, remaining stable quarter-on-quarter, while the net margin improved to 5.09% due to effective cost control [5] - The company plans to maintain a cautious expansion pace in 2024, focusing on advantageous production capacities and accelerating the elimination of outdated capacities. By the end of 2024, the advanced production capacities for wafers, cells, and modules are expected to reach 120 GW, 110 GW, and 130 GW, respectively [5] - JinkoSolar is a pioneer in TOPCon technology, with an average mass production efficiency of over 26% for N-type TOPCon cells. The company aims to increase this efficiency to 26.5% by the end of 2024 [5] Financial Summary - For 2024, the company is expected to achieve a profit of 4.2 billion yuan, corresponding to a PE ratio of 18 times [6] - The financial projections indicate total revenue of 96.716 billion yuan for 2024, with a gross profit of 9.34 billion yuan, resulting in a gross margin of 10% [10]