解析行业前景 在近期举行的业绩说明会上，光伏、白酒等多个行业上市公司从行业情况出发，分析了公司面对的机遇 挑战和应对方式。 中国上市公司协会5月12日公布的数据显示，截至5月7日，除公告延迟披露公司外，沪、深、北三家证 券交易所共5412家上市公司公布2024年年度报告。2024年全市场上市公司共实现营业收入71.98万亿 元，近六成公司实现营收正增长。其中，创业板、科创板公司总体营收增速领先，沪深主板公司净利润 指标保持韧性。 近日，多家上市公司举行业绩说明会，分析行业变化、解读公司生产经营情况，"剧透"全年发展动向。 不少上市公司表示，2025年将坚持全球化布局、数智化转型、多元化发展，增强企业核心竞争力。值得 一提的是，"人工智能"成为上市公司在阐述未来发展机遇时频频提到的热词。 ● 本报记者 王婧涵 上交所针对科创板专设了"科创热点行业周"，针对半导体设备、人工智能及软件、低空经济、机器人、 创新药、新能源等市场关注度较高的细分行业举办集体业绩说明会。 在科创板机器人专场集体业绩说明会上，步科股份董事长、总经理唐咚表示，目前人形机器人技术正处 在从实验室迈向现实应用、逐渐实现批量化生产的关键期。公司重 ...

Core Viewpoint - The joint performance briefing by major solar companies highlighted the impact of US-China tariff policies on the photovoltaic industry and the outlook for future development in the sector [1][3]. Group 1: Impact of US-China Tariff Policies - The easing of US-China tariff policies is expected to provide a more stable overseas trade environment for solar and energy storage products [3]. - Companies like JinkoSolar and Canadian Solar have indicated that their exports to the US are minimally affected due to previous tariffs, with a focus on Southeast Asia and local US production [3][4]. - Trina Solar has sufficient inventory of battery components in the US, which will mitigate the impact of any new tariffs [4]. - Companies are actively negotiating with clients to manage the impact of tariff changes on existing contracts [3][5]. Group 2: Future Outlook for the Photovoltaic Industry - The global demand for photovoltaic installations is projected to grow by over 10% year-on-year by 2025, driven by emerging markets in the Middle East and Asia-Pacific [6]. - The industry is expected to transition from a phase of losses to a balance point and eventually profitability, despite current adjustments [7]. - The market is witnessing a gradual price stabilization, with a slight increase in upstream prices anticipated in early 2025 [7]. - The industry is undergoing a cleansing process where outdated capacities are being eliminated, leading to a healthier market environment [7][8]. Group 3: Technological Developments and Financing - TOPCon technology is currently the mainstream in the industry, with expectations to remain dominant in the next three to five years [8]. - Companies are focusing on optimizing their financing structures, with a positive outlook on bank financing conditions, indicating a trend of monetary and fiscal easing [9]. - Financial institutions are prioritizing support for leading companies in the photovoltaic sector, particularly those with rapid technological advancements and strong market positions [9].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，晶科能源股份有限公司（以下简称"公 司"）将参加由江西省上市公司协会举办的"2025 年江西辖区上市公司投资者 网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 21 日（周三）15:30-17:00。届时将在 线就公司 2024 年度及 2025 年第一季度业绩、公司治理、发展战略、经营状况、 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！ | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于参加江西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 晶科能源股份有限公司 董事 ...

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]

Core Viewpoint - JinkoSolar, a leading photovoltaic module manufacturer, is facing significant operational and financial pressure, with a notable decline in revenue and profits in the first quarter of 2024, marking its first loss in nearly a decade [1][3][8]. Financial Performance - In Q1 2024, JinkoSolar's total shipment volume was 19,130 MW, a year-on-year decrease of 12.68% [1][7]. - The company reported revenue of approximately 13.8 billion yuan, down about 40% year-on-year [1][2]. - The net profit attributable to shareholders was a loss of 1.39 billion yuan, with a non-recurring net profit loss of 1.866 billion yuan [1][2]. - For the full year 2024, the company expects a net profit of 99 million yuan, but a non-recurring net profit loss exceeding 900 million yuan [1][2]. Debt and Financial Pressure - As of the end of Q1 2024, JinkoSolar's interest-bearing debt was approximately 34.877 billion yuan, an increase of 3.654 billion yuan from the beginning of the year [1][3]. - The company's financial expenses for Q1 2024 were 224 million yuan, a year-on-year increase of over 50% [1][3]. - The asset-liability ratio was 72.72% at the end of Q1 2024, indicating rising financial pressure [3]. Operational Challenges - JinkoSolar's cash flow from operations was negative 2.62 billion yuan in Q1 2024, a decline of 323.43% year-on-year [4][8]. - The company is seeking to list in Germany, which would make it the first photovoltaic company listed in A-shares, the U.S., and Germany [4]. Expansion and Market Position - JinkoSolar has been aggressively expanding, announcing a 56 billion yuan investment project to build a vertically integrated production base with a capacity of 56 GW [5][6]. - The company has maintained its position as a global leader in module shipments, with cumulative shipments exceeding 300 GW by the end of 2024 [5]. - JinkoSolar's N-type TOPCon module shipments accounted for 85% of its total shipments in 2024, positioning it as a key player in this technology [5][7]. Future Outlook - The company’s R&D investment in 2024 was 4.407 billion yuan, a decrease of approximately 36% year-on-year [8]. - The future of JinkoSolar remains uncertain, with market attention focused on its ability to navigate the current downturn and maintain cash flow while enhancing innovation and competitiveness [8].

Core Viewpoint - The photovoltaic industry is facing significant challenges due to a decline in demand following a surge in installations, leading to a drop in prices for silicon wafers and batteries, with production cuts in May falling short of expectations [1][2][4]. Price Trends - The price of N-type silicon wafers has seen a substantial decline, with the largest weekly drop of 13.5% recorded recently, bringing prices below levels seen in Q4 of the previous year [1][2]. - Specific prices include N-type G10L at 1.01 yuan/piece (down 9.82% week-on-week), N-type G12R at 1.12 yuan/piece (down 13.85%), and N-type G12 at 1.35 yuan/piece (down 7.53%) [2][3]. Production and Demand Dynamics - The decline in silicon wafer prices is primarily attributed to a significant drop in downstream demand post-holiday, compounded by insufficient production cuts in the battery sector [3][4]. - Battery production is expected to decrease by 9% in May, with many manufacturers maintaining high operational efficiency, which may not sufficiently alleviate price pressures [3][5]. Financial Health of Companies - Despite a reduction in losses in Q1, many companies in the photovoltaic supply chain continue to struggle, with 18 out of 21 firms reporting losses after adjustments [5][6]. - The median asset-liability ratio for these companies has risen to 73.27%, indicating increasing financial strain [5][6]. Future Outlook - The effectiveness of production cuts is deemed crucial for stabilizing prices, as the industry relies on self-regulation to prevent further declines [4][6]. - Industry insiders suggest that clearer transparency in manufacturing costs could help align prices with production expenses, thereby enhancing the effectiveness of production cuts [6].

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. ...

Core Viewpoint - The photovoltaic industry is undergoing significant adjustments due to supply-demand mismatches, leading to a reduction in workforce across many companies [1][3][4]. Group 1: Workforce Changes - The number of employees in 109 A-share photovoltaic companies is projected to decrease from 78,260 in 2023 to 63,870 in 2024, indicating a reduction of over 14,000 employees [1][4]. - The workforce saw a substantial increase from 61,770 in 2022 to 78,260 in 2023, driven by a surge in industry performance, with total revenue reaching 1.65 trillion yuan and net profit hitting 147.09 billion yuan in 2023 [2][4]. - Major companies like Longi Green Energy, Jinko Solar, Trina Solar, and JA Solar have reduced their workforce by over 10,000 employees each, with Longi and Jinko seeing reductions exceeding 20,000 [5]. Group 2: Financial Performance - The financial performance of the photovoltaic industry is expected to decline in 2024, with total revenue dropping to 1.38 trillion yuan and a net loss of 60 million yuan reported [4]. - The decline in material prices has led to some companies operating at a loss, prompting them to implement cost-cutting measures, including workforce reductions [3][4]. Group 3: Contrasting Trends - Despite the overall trend of workforce reduction, some companies, particularly in the photovoltaic equipment sector, are hiring. For instance, North China Innovation added 4,434 employees, and Sungrow Power increased its workforce by 3,608 [6]. - Companies producing photovoltaic inverters and auxiliary materials, such as Sungrow, Deye, and Jinlang Technology, have reported overall profitability, allowing them to expand their workforce [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 92.471 billion yuan for 2024, a year-on-year decrease of 22%, with a net profit attributable to the parent company of 99 million yuan, down 99% year-on-year, aligning with previous performance forecasts [2][4] - In Q4 2024, the company achieved a revenue of 20.701 billion yuan, a 38% year-on-year decline, and a net profit of -1.116 billion yuan [2][4] - For Q1 2025, the company reported a revenue of 13.843 billion yuan, a 40% year-on-year decrease, with a net profit of -1.39 billion yuan [2][4] - The company shipped 92.87 GW of components in 2024, an 18.28% increase year-on-year, ranking first in the industry for the sixth consecutive time [9] - The company plans to complete over 40% of capacity upgrades by the end of 2025, ensuring product premium and order visibility of 60%-70% for 2025 [9] Summary by Sections Financial Performance - In 2024, the company achieved an operating cash flow of 7.867 billion yuan, with an asset impairment loss of 1.458 billion yuan and a total asset-liability ratio decrease of 2 percentage points to 72% [9] - For Q1 2025, the operating cash flow was -2.6 billion yuan due to seasonal stocking, with an asset-liability ratio of 72.72% [9] Market Position - The company’s overseas component shipment accounted for approximately 57.8% of total shipments in 2024, contributing 68.6% to overseas sales revenue [9] - The Americas market generated revenue of 22.4 billion yuan with a gross margin of 26.21%, making it a significant profit contributor [9] Future Outlook - The company plans to ship 20-25 GW in Q2 2025 and aims for total shipments of 85-100 GW for the year, alongside a storage target of 6 GWh [9] - The company is recognized as one of the industry's highest-quality assets, maintaining long-term investment value despite current valuation being at a low point [9]