| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-026 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 2024 年 2 月 26 日，公司已收到交易对手方仕阳绿能科技支付的首期股权转 让款人民币 12 亿元，仕邦光能完成工商变更登记。本次交易进展具体内容详见 公 司 2024 年 2 月 27 日 、 2024 年 7 月 3 日 分 别于 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关于出售子公司股权完成工 商变更登记的进展公告》（公告编号：2024-006）、《晶科能源股份有限公司关于 出售子公司股权的进展公告》（公告编号：2024-040）。 一、交易概述 晶科能源股份有限公司（以下简称"公司"）于 2023 年 5 月 23 日召开了第 一届董事会第二十八次会议、第一届监事会第十九次会议，于 2023 年 6 月 14 日召开了 2022 年年度股东大会，审议通过《关于对外出售子公司 100%股权的议 案》，同意将公司持有的新疆仕邦光能科技有限公司 ...

Core Viewpoint - In 2024, the photovoltaic industry faced a significant downturn, leading to a widespread reduction in executive compensation across A-share photovoltaic companies, with over 60% of management teams experiencing salary cuts compared to 2023 [1][3][5]. Summary by Category Executive Compensation Trends - In 2024, 43 out of 67 photovoltaic stocks reported a decline in total annual executive compensation, representing approximately 64.18% of the companies [3]. - Longi Green Energy's management saw the largest reduction, with total compensation dropping from 41.55 million yuan in 2023 to approximately 15.85 million yuan in 2024, a decrease of 25.70 million yuan [3][4]. - Tongwei Co. followed closely, with a total compensation of 42.09 million yuan in 2024, down from 66.14 million yuan in 2023, a reduction of 24.04 million yuan [3]. Notable Executive Salary Cuts - Longi Green Energy's Chairman, Zhong Baoshan, experienced a drastic salary cut from 11.54 million yuan in 2023 to 895,500 yuan in 2024, a decline of over 90% [5][6]. - Tongwei's executive Li Bin's salary fell from 26.28 million yuan in 2023 to 6.43 million yuan in 2024, a decrease of approximately 75.52% [7]. - Trina Solar's Chairman, Gao Jifan, saw his salary drop from 6.47 million yuan to 4.01 million yuan, a reduction of 245,560 yuan [7]. Salary Increases in a Downturn - Despite the overall trend, some executives saw salary increases, such as JinkoSolar's Vice President Jin Hao, whose salary rose from 4.88 million yuan to 5.99 million yuan [8]. - Yangguang Power's Chairman, Cao Renxian, received a salary increase from 3.51 million yuan to 3.88 million yuan, while other executives also reported salary growth [10]. Industry Performance Context - The photovoltaic industry is currently facing challenges, with JinkoSolar reporting a revenue decline of 22.08% year-on-year, and a net profit drop of 98.67% [9]. - Yangguang Power, however, reported a revenue increase of 7.76% and a net profit increase of 16.92% in 2024, correlating with the salary increases for its executives [10][11].

Core Viewpoint - The leading photovoltaic companies continue to face significant losses in Q1 2025, primarily due to declining prices across the industry chain, with total losses amounting to 5.784 billion yuan [1][2]. Financial Performance - Longi Green Energy reported a loss of 1.436 billion yuan, JinkoSolar 1.39 billion yuan, JA Solar 1.638 billion yuan, and Trina Solar 1.32 billion yuan, with the total losses for the four companies reaching 5.784 billion yuan [1]. - Longi Green Energy managed to reduce its losses year-on-year, while the other three companies experienced substantial increases in their losses, with year-on-year changes of 218.2%, 239.35%, and 355.88% respectively [1]. Market Dynamics - The decline in performance is closely linked to the overall drop in prices within the photovoltaic industry chain, despite a brief rebound in March 2025 [1][2]. - The domestic photovoltaic market experienced a temporary "rush to install" due to new electricity market policies, but this had limited impact on Q1 performance [2]. - Analysts express a pessimistic outlook for the recovery of the photovoltaic industry in 2025, citing high inventory levels, policy disruptions, cost pressures, and international trade risks [2]. Demand and Supply Outlook - The global photovoltaic market is expected to see limited growth in 2025, with estimates suggesting a range of 550GW to 600GW for installations, maintaining a 50% share from domestic demand [3]. - Trina Solar anticipates growth in emerging markets, particularly in the Middle East and Africa, with expected growth rates exceeding 30% [4]. Shipment Targets - The shipment targets for 2025 are conservative, with JinkoSolar aiming for 85GW-100GW, Longi Green Energy 80GW-90GW, and Trina Solar 70GW-75GW, while JA Solar has not disclosed its target [5]. - The industry is expected to undergo a consolidation phase, with smaller companies facing challenges due to widespread losses [5]. Cost Management Strategies - Companies are focusing on cost reduction and maintaining cash flow as key strategies to navigate the current downturn [7]. - Longi Green Energy has implemented zero-based budgeting and identified over 1,000 cost-cutting measures [7]. - JA Solar emphasizes cash flow management through measures such as cash reserves and strategic supplier partnerships [7]. Capital Expenditure Plans - JA Solar plans to significantly reduce capital expenditures in 2025, prioritizing R&D spending [8]. - JinkoSolar has also scaled back its capacity investment plans, focusing on upgrading efficient products with an estimated capital expenditure of around 4 billion yuan [8]. Technological Developments - The photovoltaic technology landscape is shifting towards a "one main, two auxiliary" structure, with TOPCon technology as the primary focus, supported by BC and HJT technologies [10]. - Companies are investing in advanced technologies, with Longi Green Energy expecting to achieve a production capacity of 50GW for HPBC 2.0 by the end of 2025 [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][6][15]. Core Insights - The company achieved a total shipment of 92.87GW in 2024, maintaining its position as the industry leader, with a year-on-year growth of 18.28%. However, the revenue from the solar module business decreased by 22.13% to 890.74 billion yuan due to a continuous decline in prices across the industry [1][2]. - The company plans to enhance its global investment strategy, targeting a shipment goal of 85-100GW for 2025, with significant expansions in production capacity in Saudi Arabia and the United States [2][3]. - The average mass production efficiency of N-type batteries is expected to reach around 27% by the end of 2025, with a target of approximately 6GWh for energy storage system shipments in 2025 [3]. Summary by Sections Financial Performance - In 2024, the company reported an operating income of 924.71 billion yuan, a decrease of 22.08% year-on-year, and a net profit attributable to shareholders of 0.99 billion yuan, down 98.67% year-on-year. For Q1 2025, the operating income was 138.43 billion yuan, a decline of 40.03%, with a net loss of 13.9 billion yuan [1][5]. - The company anticipates a significant drop in net profit for 2025, with projections of 4.43 million yuan, reflecting a downward adjustment of 89% [3][5]. Production and Capacity - The company aims to achieve a production capacity of 120GW for silicon wafers, 95GW for batteries, and 130GW for modules by the end of 2025, with over 40% of battery capacity undergoing upgrades [2][3]. Market Position - The company continues to lead in module shipments globally, with an overseas shipment ratio of nearly 57.8% in 2024, and is focused on enhancing its competitive edge in the Middle East and the U.S. markets [2][3].

Core Viewpoint - The photovoltaic industry is experiencing significant challenges, including heavy losses in the main production chain and rising debt levels, despite some signs of reduced losses after production cuts [1][3][4]. Industry Overview - The photovoltaic industry has not fully escaped the capacity dilemma, with major losses still prevalent in the main production chain (silicon materials, silicon wafers, batteries, and modules) [1]. - In the first quarter, 18 out of 21 listed companies in the photovoltaic main production chain reported losses, with larger manufacturers facing more severe losses [1][3]. - The "430 node" has passed, leading to a significant decline in demand and a drop in prices across the industry chain, with silicon material and wafer prices falling sharply [1][7]. Financial Performance - In the first quarter, 17 companies in the photovoltaic main production chain reported positive growth in net profit, with TCL Zhonghuan, Trina Solar, and JA Solar seeing growth rates exceeding 50% [3]. - Despite some companies reducing losses, the overall reversal point for profitability in the photovoltaic industry remains unclear, and concerns about cash flow crises persist [3][6]. Debt Levels - The asset-liability ratio of the photovoltaic industry continues to rise, with the median asset-liability ratio of 21 listed companies reaching 73.27% by the end of the first quarter, an increase of 4.61 percentage points year-on-year [3][4]. - Leading manufacturers like Tongwei Co. and TCL Zhonghuan have seen significant increases in their debt ratios, with Tongwei's ratio reaching 72.25%, up 12.98 percentage points year-on-year [4]. - The total short-term borrowings of 21 photovoltaic companies reached a record high of 635.72 billion yuan, with a year-on-year increase of 135 billion yuan [4][5]. Market Dynamics - The end of the installation rush has led to a decline in downstream demand, causing prices to drop across the industry chain [7][8]. - Analysts predict that the photovoltaic industry may face a painful adjustment period due to uncertain investment returns and a lack of clear signs of price stabilization [7][8]. - The current market conditions, characterized by low trading activity and excess inventory, are challenging for many silicon material companies, prompting some to consider production cuts [7][8].

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Core Viewpoint - The solar industry has reported significant losses in 2024, with major companies like TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar facing substantial net losses. However, there are signs of improvement in Q1 2025 due to self-regulatory measures in the industry [1][2]. Group 1: Financial Performance of Major Companies - TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar reported net losses of 9.818 billion, 8.618 billion, 7.039 billion, and 5.319 billion respectively in 2024, marking the highest losses in the industry [1]. - JinkoSolar, in contrast, achieved a net profit of 0.99 billion in 2024, but reported a loss of 1.39 billion in Q1 2025, indicating a year-on-year decline of 218.20% [2][4]. - JinkoSolar's revenue in 2024 was 92.47 billion, down 22.08% year-on-year, with a net profit decline of 98.67% [4]. Group 2: Market Dynamics and Competitive Landscape - The solar market is experiencing intensified competition, leading to a significant drop in product prices: polysilicon prices fell over 39%, silicon wafer prices over 50%, battery prices over 30%, and module prices over 29% in 2024 [5]. - JinkoSolar's strategy to maintain market share involved signing numerous low-price orders, which contributed to its losses, while competitors like Longi Green Energy adopted a "volume control for profit" strategy [8][9]. - The TopCon technology, which JinkoSolar initially capitalized on, has become increasingly commoditized, diminishing its pricing power and leading to a decline in profitability [10][13]. Group 3: Future Outlook and Strategic Considerations - JinkoSolar aims to balance shipment volume and profitability, projecting a component shipment target of 20-25 GW for Q2 2025, while maintaining its position as the leading component supplier with 92.9 GW shipped in 2024 [9][19]. - The competition between TopCon and emerging technologies like BC and HJT is expected to intensify, with BC technology anticipated to surpass TopCon in market share by 2026 [17][18]. - JinkoSolar is considering a shift towards TBC or perovskite tandem cells to regain competitive advantage, although the latter may not see large-scale production for several years [18].

Core Viewpoint - The Trump administration's imposition of high tariffs on solar products from four Southeast Asian countries, particularly Cambodia at 3521%, is causing significant disruption in the international market and is seen as an attempt to protect the U.S. solar industry while inadvertently harming it [1][3][4]. Group 1: Tariff Impact - The tariffs are highly targeted, with Vietnam facing a 395.5% tariff, Thailand 375.2%, Malaysia 34.4%, and Cambodia facing severe penalties for non-cooperation in investigations [3]. - The U.S. solar industry has a rigid demand for affordable solar products, and the tariffs are expected to increase production costs for U.S. solar developers, contradicting the intended protective measures [3][6]. Group 2: Supply Chain Dynamics - The U.S. has seen a significant drop in solar product imports from Malaysia, Cambodia, Thailand, and Vietnam, while imports from countries like Laos and Indonesia have increased, indicating a shift in global solar trade dynamics [6]. - The tariffs are likely to disrupt the long-standing reliance of U.S. manufacturers on foreign supply chains, particularly affecting those who depend on imported components [6][9]. Group 3: Geopolitical Context - The tariffs are perceived as an attempt to sever the indirect supply chain from China through Southeast Asia, as China dominates global solar product shipments [4][9]. - Southeast Asian countries are unlikely to choose between the U.S. and China, as their economies are deeply intertwined with Chinese supply chains, particularly in electronics [6][9]. Group 4: Regional Economic Cooperation - The completion of the China-Laos railway has enhanced regional economic ties, with Laos experiencing a 127% increase in exports to China, demonstrating the benefits of reduced logistics costs and tariff pressures [7]. - The Regional Comprehensive Economic Partnership (RCEP) and the upgraded China-ASEAN Free Trade Area are facilitating zero tariffs on 95% of goods, allowing Southeast Asian countries to pivot towards China despite U.S. tariffs [9].

Core Viewpoint - JinkoSolar has demonstrated resilience in a challenging market, achieving significant component shipments and maintaining a strong financial position despite industry-wide losses [1][3][5]. Group 1: Company Performance - In 2024, JinkoSolar shipped 92.9 GW of solar modules, achieving a net profit of 99 million yuan, marking its sixth consecutive year as the global leader in module shipments [3]. - For Q1 2025, the company reported module shipments of 17.5 GW and a 34% year-on-year increase in energy storage system shipments to 310 MWh, although it faced a net loss of 1.39 billion yuan due to low industry prices and policy changes [5][6]. - The company aims for a total module shipment target of 85-100 GW and energy storage system shipments of 6 GWh for the full year 2025 [2][7]. Group 2: Technology and Innovation - JinkoSolar's high-efficiency TOPCon products can achieve a maximum power output of 670W, with actual generation performance exceeding market averages by 2-3% [3][7]. - The company plans to upgrade over 40% of its production capacity by the end of 2025 and is leveraging AI technology to accelerate the development of tandem solar cells [3][8]. Group 3: Global Expansion and Strategy - The company is advancing its projects in Saudi Arabia and has achieved full production capacity at its 2 GW facility in the U.S. by the end of 2024 [3][4]. - JinkoSolar is actively pursuing GDR issuance and listing in Germany to enhance its global financing capabilities [3][8]. Group 4: Financial Health and Outlook - JinkoSolar has successfully reduced its debt ratio by 2 percentage points year-on-year, maintaining healthy operating cash flow, with a target of achieving positive cash flow in 2025 [3][7]. - The company has reported asset impairments exceeding 400 million yuan in Q1 2025, primarily related to inventory, but expects manageable impairment pressure moving forward [9].