Investment Logic - The article highlights investment opportunities in the photovoltaic sector, particularly focusing on new technologies. Three main lines of investment are suggested: 1) Leading TOPCon battery companies expected to achieve profit recovery; 2) New technology equipment manufacturers with growth potential; 3) Suppliers of low-silver or silver-free metallization paste solutions [2][3][4]. TOPCon Route - The profitability of battery components is continuously recovering, with leading companies expected to accelerate capacity upgrades. As demand improves, prices in the supply chain have risen, with silicon wafers, batteries, and components increasing by 7%, 13%, and 7% respectively since mid-February [2][6]. - By the end of 2025, the non-silicon cost of leading companies' TOPCon batteries is projected to drop below 0.13 yuan/W, enhancing competitive advantages among top firms [2][22]. XBC Route - The market interest in XBC technology has significantly increased, with an estimated production capacity nearing 50GW and construction capacity close to 45GW. Major companies like Longi and Aiko are leading this development [3][28]. - The price premium for BC components over TOPCon components remains around 0.05 yuan/W, indicating a competitive edge for BC technology [3][38]. HJT Route - The HJT technology is gaining market share, with a total planned capacity exceeding 100GW and actual capacity around 40-45GW. The efficiency of HJT components is expected to improve significantly, with projections of reaching 750W by early 2026 [4][47]. - HJT components are currently priced at a premium of approximately 0.05 yuan/W over TOPCon components, with cost differences narrowing as production scales up [4][55]. Metallization Process - The trend towards low-silver or silver-free solutions is becoming prominent, with silver paste prices rising significantly. The introduction of silver-copper paste is expected to reduce metallization costs by over 0.01 yuan/W [5][58]. - The industry is focusing on reducing silver consumption, with silver-copper paste already being applied in HJT batteries, indicating a shift towards more cost-effective solutions [5][63].

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-013 | | --- | --- | --- | | 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 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。 一、可转债发行上市概况 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 债券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行 的可转换公司债券的转股期自2023年10月26日至2029年4月19日，初始转股价 格为13.79元/股。公司于2023年7月13日实施2022年年度权益分派方案，每股 派发现金红利0.089元（含税），"晶能转债"的转股价格自2023年7月14日起 由13.7 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-012 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：截至2025年3月31日，"晶能转债"累计有人民币111,000 元已转换为晶科能源股份有限公司（以下简称"公司"）股票，累计转股数量为 8,103股，占"晶能转债"转股前公司已发行股份总额的0.000081%。 未转股可转债情况：截至2025年3月31日，"晶能转债"尚未转股的可转 债金额为人民币9,999,889,000元，占"晶能转债"发行总量的99.9989%。 本季度转股情况：自2025年1月1日至2025年3月31日期间，"晶能转债" 共有人民币5,000元已转换为公司股票，转股数量为370股，占"晶能转债"转股 前公司已发行股份总额的0.000004%。 一、可转债发行上市概况 根据中国证券监督管 ...

Group 1 - The core viewpoint of the articles highlights the significant decline in JinkoSolar's stock price and its high price-to-earnings (PE) ratio compared to the industry average [1][2] - As of March 31, JinkoSolar's stock closed at 6.48 yuan, down 5.26%, with a rolling PE ratio of 716.07 times, while the average PE ratio for the photovoltaic equipment industry is 27.23 times [1][2] - The company's total market capitalization is 648.34 billion yuan, ranking 77th in the industry based on PE ratio [1][2] Group 2 - JinkoSolar's main business includes the research, production, and sales of photovoltaic modules, silicon wafers, and solar cells, providing high-quality solar energy products globally [1] - The latest financial results for the third quarter of 2024 show that the company achieved operating revenue of 717.70 billion yuan, a year-on-year decrease of 15.66%, and a net profit of 12.15 billion yuan, down 80.88% year-on-year, with a gross profit margin of 9.68% [1]

晶科能源2次募资合计募集200亿元。 中国经济网北京3月31日讯 晶科能源（688223.SH）股价今日收盘报6.48元，跌幅5.26%。 2022年1月26日，晶科能源在上交所科创板上会，公开发行20亿股，发行价格为5.00元/股，募集资金总 额为1,000,000.00万元，募集资金净额为972,285.17万元。 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1,000,000.00万元。本次发行的可转换 公司债券向发行人在股权 ...

Group 1 - Jinko Solar (Shangrao) Co., Ltd. and Zhejiang Jinko Solar Co., Ltd. have applied for a patent related to a method for preparing solar cells, which aims to improve conversion efficiency by reducing surface defects [1] - The patent application was published under CN 119698106 A, with an application date of December 2024 [1] - The preparation method involves a substrate with multiple regions and utilizes laser processing to modify the structure of the medium layer, enhancing the solar cell's performance [1] Group 2 - Jinko Solar (Shangrao) Co., Ltd. was established in 2020 and is primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 389.375 million RMB and a paid-in capital of 350 million RMB [2] - Jinko Solar (Shangrao) has made one external investment, participated in 30 bidding projects, and holds 230 patent records [2]

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-011 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司向金融机构申请融资 提供连带责任保证担保，本次公告担保金额合计为人民币 23.00 亿元，具体如下： 1、晶科能源（海宁）有限公司（以下简称"海宁晶科"）向中国银行股份 有限公司海宁支行申请综合授信敞口额度不超过人民币 5 亿元（或等值外币）， 授信期限不超过一年，公司为上述授信额度提供连带责任保证担保，担保金额不 超过人民币 5 亿元（或等值外币），具体以签订的担保协议为准。 2、海宁晶科向中国进出口银行浙江省分行申请流动资金贷款额度不超过人 民币 2 亿元，贷款期限不超过 2 年，公司为上述贷款额度提供全额连带责任保证 担保，具体以签订的担保合同为准。 3、海宁晶科向华夏银行股份有 ...

Investment Rating - The report maintains a positive investment outlook for the renewable energy sector, particularly in solar and wind energy, highlighting strong demand and growth potential in both domestic and international markets [4][9][39]. Core Insights - The domestic solar installation in January-February 2025 reached 39.5GW, with an expected annual increase of 28% in total installations for 2024 [4][5][9]. - Global solar installation is projected to reach between 531GW and 583GW in 2025, with optimistic growth estimates of over 10% [28][39]. - The supply chain is showing signs of recovery, with prices stabilizing and a slight rebound in production across various segments, including polysilicon and solar modules [41][49]. Summary by Sections Domestic Market - In the first two months of 2025, China added 39.5GW of solar capacity, maintaining stable growth, with a total expected installation of 215-255GW for the year [4][6][9]. - The National Development and Reform Commission and the National Energy Administration have initiated reforms to enhance market-driven pricing for renewable energy [10][15]. International Market - The global demand for solar energy is steadily increasing, with significant installation plans emerging in regions like Latin America and the Middle East [18][28]. - In January 2025, India reported a substantial increase in solar installations, with a total capacity exceeding 100GW [31][34]. Supply Chain Dynamics - The polysilicon production in February 2025 was approximately 9.23 million tons, showing a slight decrease but expected to recover in March [49]. - Solar module prices have seen a minor increase due to rising demand from distributed energy projects, with significant players adjusting their production strategies accordingly [43][44]. Investment Recommendations - The report suggests focusing on high-growth areas such as inverter and racking systems, as well as leading solar manufacturers with cost advantages and strong distribution channels [4][39]. - Key companies to watch include LONGi Green Energy, Trina Solar, and various emerging technology leaders in the solar sector [4][39].

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

晶科能源控股有限公司 2024 年第四季度及 2024 年度业绩情况说明 中国上饶，2025 年 3 月 26 日，全球极具创新力的光伏企业晶科能源控股有 限公司（"晶科能源"或者"公司"）（纽交所代码：JKS）今日公布了截至 2024 年 12 月 31 日未经审计的第四季度及全年财报。 一、2024 年第四季度及全年营业摘要 年度出货量达 99,596 兆瓦（包括 92,873 兆瓦太阳能组件，6,723 兆瓦电 池片及硅片），同比增长 19.2%。 总收入达 922.6 亿元人民币（126.4 亿美元），同比下降 22.3%。 毛利润达 100.1 亿元人民币（13.7 亿美元），同比下降 47.4%。 毛利率为 10.9%，2023 年为 16.0%。 营业亏损为 34.2 亿元人民币（4.691 亿美元），相比 2023 年度的全年营 业利润为 60.9 亿元人民币。 归属于公司普通股股东的净利润为 5,750 万元人民币（790 万美元），同 比下降 98.3%。 剔除(i)可转换债券公允价值变动，(ii)长期投资公允价值变动，(iii)股权 激励费用，(iv)2024 年 4 月山西一处生产基地 ...