Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its growth potential [10]. Core Insights - The company, Shichuang Energy, has established itself as a leader in photovoltaic materials and is expanding into equipment, battery cells, and module products, focusing on original technology development [148]. - The company has a strong R&D team of approximately 600 members, which is crucial for its innovation and technological advancements [3][41]. - The photovoltaic industry is expected to continue growing, with global installations projected to reach 559 GW by 2026, indicating a robust market for the company's products [208][212]. Summary by Sections 1. Business Overview - Shichuang Energy started with photovoltaic consumables and has expanded into equipment and battery products, launching new technologies like the bifacial TOPCon battery and the innovative "edge material" technology [148][230]. - The company has achieved significant revenue growth, with a CAGR of 50% from 2019 to 2023, although it faced challenges in 2024 due to industry conditions [124][148]. 2. Photovoltaic Consumables - The company is a leader in the market for wet process auxiliary materials, with a market share of 68% in texturing agents and 100% in cleaning agents [181][134]. - The market for wet process additives is expected to exceed 15 billion yuan by 2026, driven by increasing demand in the photovoltaic sector [141][206]. 3. Photovoltaic Equipment - Shichuang Energy's equipment, including defect passivation and chain annealing devices, is recognized for its technological superiority, with a market share of 80.52% in chain annealing equipment [176][218]. - The company anticipates significant market opportunities in the equipment sector, with projected growth in demand for passivation, annealing, and impurity removal devices [174][176]. 4. Edge Material Technology - The company has pioneered the use of edge material in half-cell production, addressing the industry's need for efficient material utilization [230][236]. - The edge material technology has the potential to enhance efficiency and reduce costs in photovoltaic cell production [236][240]. 5. Stacked Busbar Technology - The stacked busbar technology is expected to significantly reduce silver consumption and improve module efficiency, with the potential to save 4-5 cents per watt [245][262]. - The collaboration with industry leaders like Tongwei and Jingsheng is aimed at accelerating the commercialization of this technology [279][292]. 6. Financial Projections - The company is projected to experience fluctuations in net profit, with estimates of -6.5 billion yuan in 2024, followed by a recovery to 1.3 billion yuan in 2025 and 1.5 billion yuan in 2026 [148][295]. - The report highlights the company's strong growth potential, with a dynamic PE ratio of 60 and 51 for 2025 and 2026, respectively [148][306].

核查意见 华泰联合证券有限责任公司关于 常州时创能源股份有限公司 首次公开发行部分限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为常州时创能源股份有限公司（以下简称"时创能源"或"公司"）首次公开发 行股票并在科创板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《上海证券交易所科创板股票上市规则》等有关规定，对时创能源首次 公开发行部分限售股上市流通相关事项进行核查，具体核查情况如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意常州时创能源股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕996 号）同意注册，公司向社会公开 发行人民币普通股 40,000,800 股，并于 2023 年 6 月 29 日在上海证券交易所科创 板挂牌上市。公司首次公开发行股票完成后，总股本为 400,000,800 股，其中有 限售条件流通股为 370,245,525 股，无限售条件流通股为 29,755,275 股。 本次上市流通的限售股为公司首次公开发行的部分限售股，锁定期限为自取 得公司股份并完成工商变更登记之日起 36 ...

证券代码：688429 证券简称：时创能源 公告编号：2024-068 常州时创能源股份有限公司 关于首次公开发行部分限售股票上市流通公告 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。 本次上市流通的限售股属于公司首次公开发行部分限售股，自公司首次公开 发行股票限售股形成至本公告披露日，公司未发生因利润分配、公积金转增导致 股本数量变化的情况。 三、本次上市流通的限售股的有关承诺 本次申请上市流通限售股股东关于其持有的限售股上市流通所作承诺如下： （一）张帆 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 35,998,471 股。 本次股票上市流通总数为 35,998,471 股。 本次股票上市流通日期为 2024 年 12 月 30 日。 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意常州时创能源股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕996 号）同意注册，公司向社会公开发 行人民币普通股 40,000,800 股，并于 2023 年 6 月 ...

Group 1: Financial Performance - The company experienced a significant decline in performance compared to the same period last year, with a substantial loss reported [3] - Management and R&D expenses have increased sharply, leading to a decrease in gross margin and a negative return on net assets [3] - Both operating and investment cash flows are negative, indicating financial strain [3] Group 2: Market Conditions - The overall price trend in the photovoltaic industry has been downward, affecting the company's battery prices and sales volume, resulting in reduced sales revenue [3][4] - The company has estimated and recognized impairment provisions for 2GW PERC wafers and 2GW battery equipment based on the principle of prudence [3] Group 3: Strategic Responses - The company emphasizes interdisciplinary integrated R&D and innovation to enhance overall profitability [4] - A focus on investor relations management is maintained through various channels, including investor hotlines and regular performance briefings [4] - The company is committed to improving operational efficiency and maximizing shareholder value in accordance with market management guidelines [4] Group 4: Future Outlook - The company is actively advancing the development of bifacial technology from R&D to mass production [4][5] - Despite current challenges in the photovoltaic industry, the long-term development outlook remains optimistic, with expectations for policy support to improve market conditions [6][9] - The company plans to continue its focus on original technology and innovation to enhance its competitive position in the industry [9]

证券代码：688429 证券简称：时创能源 公告编号：2024-067 常州时创能源股份有限公司 关于召开2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 12 月 11 日(星期三)下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动问答 投资者问题征集：投资者可于 2024 年 12 月 4 日(星期三)至 12 月 10 日（星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 zqb@shichuang.cc 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 常州时创能源股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日在上 海证券交易所网站（www.sse.com.cn）披露《常州时创能源股份有限公 ...

证券代码：688429 证券简称：时创能源 公告编号：2024-066 常州时创能源股份有限公司 股票交易异常波动公告 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、准确性和完整性承担法律责任。 重要内容提示： 常州时创能源股份有限公司（以下简称"公司"）股票连续 3 个交易日 内（2024 年 11 月 8 日、2024 年 11 月 11 日、2024 年 11 月 12 日）收盘价格涨 幅偏离值累计达到30%，根据《上海证券交易所交易规则》《上海证券交易所科 创板股票上市规则》的有关规定，属于股票交易异常波动。 经公司自查并书面征询公司控股股东及实际控制人，截至本公告披露日， 公司、控股股东及实际控制人均不存在其他应披露而未披露的重大信息。 公司股价近期波动幅度较大，敬请广大投资者注意二级市场交易风险， 理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票连续 3 个交易日内（2024 年 11 月 8 日、2024 年 11 月 11 日、2024 年 11 月 12 日）收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所交易 规 ...

常州时创能源股份有限公司控股股东、实际控制人 关于公司股票交易异常波动询证函的回函 一、 截止目前，本公司不存在涉及贵公司的应披露而未披露的重 大信息； 二、 截至目前，本公司不存在处于筹划阶段的涉及贵公司的重大 事项，包括但不限于重大资产重组、股份发行、收购、债务 重组、业务重组、资产剥离、资产注入、股份回购、股权激 励、破产重组、重大业务合作、引进战略投资者等重大事项； 三、 在本次股票交易异常波动期间，本公司不存在买卖贵公司股 票的情形。 常州时创能源股份有限公司控股股东、实际控制人 关于公司股票交易异常波动询证函的回函 致常州时创能源股份有限公司： 贵公司发出的《关于常州时创能源股份有限公司股票交易异常 波动的询证函》已收悉，作为常州时创能源股份有限公司的控股股 东，经本公司认真自查核实，现回复如下： 特此回复。 控股股东：南京时创创业投资有限公司 2024 年 11 月 12 日 特此回复。 实际控制人：符黎明 2024 年 11 月 12 日 一、 截止目前，本人及本人的一致行动人不存在涉及贵公司 的应披露而未披露的重大信息； 二、 截至目前，本人及本人的一致行动人不存在处于筹划阶 段的涉及贵公司 ...

证券代码：688429 证券简称：时创能源 公告编号：2024-065 常州时创能源股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 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、准确性和完整性承担法律责任。 常州时创能源股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召 开第二届董事会第十九次会议和第二届监事会第十五次会议，审议通过《关于计 提资产减值准备的议案》，此议案无需提交公司股东大会审议，现将具体事宜公 告如下： 一、计提资产减值准备情况概述 根据《企业会计准则》和相关会计政策等的规定，基于审慎性原则，为真实、 准确地反映公司财务状况和经营成果，公司对截至 2024 年 9 月 30 日合并报表范 围内各类资产进行全面清查和减值测试，根据减值测试结果相应计提信用减值损 失和资产减值损失共计 36,894.40 万元。具体情况如下： | | 项目 | 计提减值准备金额（单位：元） | | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | -1,631,263.10 | | | 其他应 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥188,729,986.21, representing a decrease of 56.11% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥380,002,644.35, a decline of 960.71% year-over-year[2]. - The basic earnings per share for the period was -¥0.95, down 963.64% from the previous year[3]. - The net profit for the third quarter of 2024 was -513,294,666.77 RMB, compared to a net profit of 162,535,096.39 RMB in the same period of 2023, indicating a significant decline[16]. - The total comprehensive income for the third quarter was -513,294,666.77 RMB, compared to 162,535,096.39 RMB in the previous year[17]. - The company's net profit for the first three quarters was significantly impacted by asset impairment losses of CNY -370,843,537.35[24]. - The company's operating revenue for the first three quarters of 2024 was CNY 452,388,279.94, a decrease of 66.5% compared to CNY 1,347,526,333.97 in the same period of 2023[24]. Research and Development - Research and development expenses totaled ¥62,458,017.01, accounting for 33.09% of operating revenue, an increase of 21.54 percentage points year-over-year[3]. - The company continues to invest in R&D to maintain its industry-leading position and achieve breakthroughs in product innovation[7]. - Research and development expenses increased to 156,961,254.38 RMB from 122,428,219.01 RMB year-over-year, reflecting a 28.2% increase[16]. - Research and development expenses increased to CNY 152,520,942.07, up from CNY 118,896,992.56 in the previous year, indicating a focus on innovation[24]. Cash Flow and Liquidity - The cash flow from operating activities was not applicable for the current period, with a cumulative cash flow deficit of -¥334,061,130.64 year-to-date[2]. - The cash flow from operating activities for the year-to-date period is not applicable, as the company's revenue decline led to a corresponding decrease in cash received from sales[7]. - Cash flow from operating activities showed a net outflow of -334,061,130.64 RMB, compared to -189,593,590.12 RMB in the previous year[19]. - The net cash flow from operating activities for the third quarter of 2024 was -278,836,863.68 CNY, compared to -181,954,310.99 CNY in the same quarter of 2023, reflecting a worsening cash flow situation[28]. - The company reported a total operating cash inflow of 498,578,553.23 CNY for the first nine months of 2024, compared to 773,400,656.80 CNY in the same period of 2023, a decrease of approximately 35.5%[26]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,285,273,211.82, a decrease of 3.87% from the end of the previous year[3]. - Current assets decreased to CNY 1,654,830,055.09 from CNY 2,305,251,245.91, representing a decline of 28.2%[13]. - The company's total assets decreased to CNY 3,258,518,714.14 from CNY 3,401,625,557.98 year-over-year[22]. - Total liabilities increased to CNY 1,478,135,460.51 from CNY 1,100,000,394.00, an increase of 34.4%[14]. - The total liabilities rose to CNY 1,450,853,637.62 from CNY 1,087,045,991.16 year-over-year[23]. - The company's equity attributable to shareholders decreased by 22.05% to ¥1,803,891,003.59 compared to the end of the previous year[3]. - The company's total equity decreased to CNY 1,807,665,076.52 from CNY 2,314,579,566.82 year-over-year[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,383[8]. - The top ten shareholders hold a combined 85.73% of the company's shares, with the largest shareholder owning 35.74%[9]. Operational Challenges - The company's operating revenue for the current reporting period decreased by 56.11% due to a downward trend in the photovoltaic industry chain prices[7]. - The net profit attributable to shareholders for the current reporting period dropped by 960.71%, significantly impacted by falling prices and sales volume of batteries[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for the current reporting period decreased by 1,086.02% due to impairment provisions for 2GW PERC wafers and 2GW battery equipment[7]. - The company incurred a loss of 561,354,620.03 CNY in operating profit for the third quarter of 2024, contrasting with a profit of 177,003,330.56 CNY in the same quarter of 2023[25].

证券代码：688429 证券简称：时创能源 公告编号：2024-063 常州时创能源股份有限公司 第二届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 常州时创能源股份有限公司（以下简称"公司"）第二届董事会第十九次会 议于 2024 年 10 月 30 日在公司会议室以现场结合通讯表决的方式召开。会议通 知已于 2024 年 10 月 25 日以电子邮件等形式向全体董事发出。本次会议由董事 长符黎明先生召集和主持，会议应出席董事 9 人，实际出席董事 9 人。公司监事 和高级管理人员列席了本次会议。会议的召集、召开以及表决程序符合《中华人 民共和国公司法》等相关法律法规和《常州时创能源股份有限公司章程》的有关 规定，会议形成的决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 经审阅，董事会认为公司 2024 年第三季度报告的编制和审议程序符合相关 法律法规及《公司章程》等内部规章制度的规定；其内容与格式符合中国证券监 督管 ...