证券代码：688472 证券简称：阿特斯 阿特斯阳光电力集团股份有限公司 投资者关系活动记录表 编号（月度）：2024-004 □ 特定对象调研 □ 分析师会议 □ 媒体采访  业绩说明会 投资者关系活动 □ 新闻发布会  路演活动 类别 □ 现场参观 □ 其他（请文字说明） 参与单位 贝莱德基金、博时基金、创金合信基金、德邦基金、东吴基金、东 兴基金、广发基金、国联安基金、国寿安保基金、国新国证基金、 华宝基金、华富基金、华西基金、汇安基金、汇添富基金、嘉合基 金、嘉实基金、金鹰基金、景顺长城基金、民生加银基金、摩根基 金、南方基金、鹏扬基金、浦银安盛基金、泉果基金、西部利得基 金、兴全基金、兴业基金、易方达基金、银河基金、银华基金、长 盛基金、招商基金、中航基金、中信保诚基金、朱雀基金、大家资 产、工银安盛、平安养老、太平洋资产、新华资产、阳光资产、长 江养老、中国人寿、中英人寿、汇丰银行、宁银理财、施罗德交银 理财、兴银理财、中国工商银行、中国光大银行、丹羿投资、红杉 资本、混沌投资、聚鸣投资、摩根资产、盘京投资、泉汐投资、同 ...

证券研究报告·公司点评报告·光伏设备 阿特斯（688472） 2023 年年报及 2024 年一季报点评：组件美 2024年 05月 06日 国占比提升增强盈利，大储进入业绩释放期 证券分析师 曾朵红 执业证书：S0600516080001 买入（维持） 021-60199793 zengdh@dwzq.com.cn [Table_EPS] 证券分析师 郭亚男 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600523070003 营业总收入（百万元） 47,536 51,310 57,367 76,245 91,324 guoyn@dwzq.com.cn 同比（%） 69.71 7.94 11.81 32.91 19.78 研究助理 徐铖嵘 归母净利润（百万元） 2,157 2,903 3,545 5,054 6,366 执业证书：S0600122080018 同比（%） 6,065.37 34.61 22.09 42.57 25.95 xucr@dwzq.com.cn EPS-最新摊薄（元/股） 0.58 0.79 0.96 1.37 1.73 P/E（现价&最 ...

2024年04月29日 公 司点评 公 买入 / 维持 司 阿特斯(688472) 研 究 昨收盘:12.56 海外贡献主要收入来源，储能业务快速放量 事件：公司发布2023年年报及2024年一季报，2023年实现收入 ◼ 走势比较 513.1 亿元，同比+7.9%；归母净利润 29 亿元，同比+34.6%；扣非净 利润29亿元，同比+40.7%。2024年Q1实现收入96亿元，同比-18.9%； 60% 太 44% 归母净利润5.8亿元，同比-37%；扣非净利润6.4亿元，同比-18.5%。 平 海外市场贡献主要利润，产能+渠道优势突出。公司2023年海外 28% 洋 营收352.7亿元，占营收比例68.7%，海外业务毛利率18.8%，显著高 12% 证 于国内业务毛利率。2023年公司组件出货量30.7GW，同比+46.3%； 券 (2( 04 %% ))9/6/32 31/8/32 71/01/32 12/21/32 42/2/42 92/4/42 2024年Q1组件出货6.3GW，北美市场出货占比超20%，北美市场组 股 件盈利能力远超其他地区。公司美国 5GW 组件产能已投产，同时在 份 阿特斯 沪 ...

2024年04月29日 公 司点评 公 买入 / 维持 司 阿特斯(688472) 研 究 昨收盘:12.56 海外贡献主要收入来源，储能业务快速放量 事件：公司发布2023年年报及2024年一季报，2023年实现收入 ◼ 走势比较 513.1 亿元，同比+7.9%；归母净利润 29 亿元，同比+34.6%；扣非净 利润29亿元，同比+40.7%。2024年Q1实现收入96亿元，同比-18.9%； 60% 太 44% 归母净利润5.8亿元，同比-37%；扣非净利润6.4亿元，同比-18.5%。 平 海外市场贡献主要利润，产能+渠道优势突出。公司2023年海外 28% 洋 营收352.7亿元，占营收比例68.7%，海外业务毛利率18.8%，显著高 12% 证 于国内业务毛利率。2023年公司组件出货量30.7GW，同比+46.3%； 券 (2( 04 %% ))9/6/32 31/8/32 71/01/32 12/21/32 42/2/42 92/4/42 2024年Q1组件出货6.3GW，北美市场出货占比超20%，北美市场组 股 件盈利能力远超其他地区。公司美国 5GW 组件产能已投产，同时在 份 阿特斯 沪 ...

4月 26 日公司披露2023 年报及2024 年一季报，2023年实现 营收513亿元，同比+7.9%，实现归母净利29.03亿元，同比+34.6%。 23Q4/24Q1 分别实现营收122、96 亿元，同比-13.6%/-18.9%，环 比-6.3%/-21.3%，实现归母净利0.63、5.79 亿元，同比-93.0%/- 37.0%，实现扣非归母净利3.34、6.38 亿元，Q1业绩超预期。 组件盈利能力超预期，海外渠道优势凸显。公司海外渠道优 势显著，海外收入占比常年超过 70%，2023 年实现组件出货 30.7GW，同比+45%，出货排名前三的市场分别为中国、美洲、欧洲。 23 年下半年起组件价格快速下跌，组件环节盈利收窄，公司在价 和量中做了平衡，24Q1 组件出货 6.3GW，同比+3.3%，其中北美市 场占比超 20%；美洲市场盈利显著高于其他地区，2023 年公司美 人民币(元) 成交金额(百万元) 洲地区毛利率达24.06%，凭借高盈利市场优势，测算公司Q1 组件 22.00 4,000 环节盈利0.06-0.07 元/W，产业链盈利承压背景下优势显著。2023 20.00 3,500 ...

◼ 公司发布2023年三季度报告：2023年前三季度，公司实现营业收入23.3亿元，同比增加147.8%，实现归母净利润5.9亿 阿特斯2023年报及2024 年一季报点评：盈利超预期，看好海外市场+大储放量 元，同比增长 280.6%，实现扣非归母净利润 5.7 亿元，同比增长 274.3%；2023 年第三季度，公司实现营收 8.7 亿元，同 比增长143.8%，实现归母净利润1.8亿元，同比增长188.9%，实现扣非归母净利润1.8亿元，同比增长189.6%。 ◼阿 特斯坩（埚6成88本47有2.所SH上）涨/电，盈力利设能备力 短期证 回券 调研 。究 今报 年告 石/公 英司 砂点 价评 格 持续上涨，据SMM报道，11月石英2 坩02 埚4年 内层4月 用高26 纯日 石 英砂均价41.5 万元/吨，中层用高纯石英砂均价21.0万元/吨，外层用高纯石英砂均价9.5万元/吨，持续上涨的石英砂价格短期影响公 [Table_Industry] [评Ta级ble：_I买nve入st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 司坩埚产品盈利能力，毛利率从23Q2的37.3%下滑8.5 ...

阿特斯（688472.SH）2023年报及2024年一季报点评 深耕高盈利的美国市场，储能业务有望放量 2024年04月27日 ➢ 事件：2024 年 4 月 26 日，公司发布 2023 年年报以及 2024 年一季报。 推荐 维持评级 2023 年公司实现收入 513.10 亿元，同比+7.94%；实现归母净利润 29.03 亿 当前价格： 11.73元 元，同比+34.61%；实现扣非净利29.00亿元，同比+40.66%。 24Q1公司实现收入95.97亿元，同比-18.88%，环比-21.28%；归母净利润5.79 亿元，同比-36.98%，环比+815.43%；实现扣非净利6.38亿元，同比-23.39%， [Table_Author] 环比+90.94%。 ➢ 光伏组件销量高增， N型产能快速释放。受益于光伏行业高景气，23年公 司光伏组件销售量 30.72GW，同比增长 45.3%，组件出货量连续 13 年位居全 球前五；组件产品收入 423.25 亿元，同比增长 8.72%；毛利率 16.00%，同比 提升4.35pct。公司积极布局N型新技术，23年陆续投产宿迁基地8GW、泰国 基地8GW ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.1824 per 10 shares, totaling RMB 435,503,616.39, representing 15.00% of the net profit attributable to parent company shareholders[3] - The total share capital of the company is 3,688,217,324 shares, with 5,000,000 shares held in the repurchase account excluded from the dividend distribution[3][4] - The company's cash dividend distribution is based on the total share capital minus the repurchase account shares, totaling 3,683,217,324 shares[3] - The company's net profit attributable to parent company shareholders is RMB 2,903,357,442.60, with a cash dividend payout ratio of 15.00%[3] - The company's total share capital as of April 24, 2024, is 3,688,217,324 shares[3] - The company's repurchase account holds 5,000,000 shares, which are excluded from the dividend distribution[4] - The company's cash dividend distribution is RMB 435,503,616.39, based on 3,683,217,324 shares[3] - The company's cash dividend per share is RMB 1.1824, based on 3,683,217,324 shares[3] - The company's cash dividend distribution is RMB 435,503,616.39, representing 15.00% of the net profit attributable to parent company shareholders[3] - The company's cash dividend distribution is based on the total share capital minus the repurchase account shares, totaling 3,683,217,324 shares[3] Photovoltaic Technology and Products - The company's photovoltaic modules are the core components of photovoltaic power generation systems, consisting of a certain number of photovoltaic cells connected in series and parallel and encapsulated[11] - Distributed photovoltaic power stations, also known as distributed photovoltaic power generation systems, are small-scale power generation systems configured at or near the user site to meet specific user needs and support the economic operation of the existing power distribution network[11] - The company's EPC (Engineering Procurement Construction) services involve full-process or multi-stage contracting of engineering projects, including design, procurement, construction, and trial operation, under lump-sum contract conditions[11] - The company's energy storage systems utilize batteries as energy storage carriers to store and supply electricity over certain periods, providing functions such as smoothing transitions, peak shaving, and frequency regulation[11] - The company's bifacial modules, encapsulated with transparent materials on the back, can generate electricity from both front and back sides, achieving higher comprehensive power generation efficiency[11] - The company's large-size silicon wafers reduce energy conversion losses and improve cell efficiency and module power by using larger silicon wafers in the production process[12] - The company's TOPCon technology involves the preparation of an ultra-thin tunneling oxide layer and a highly doped polysilicon layer on the back of the cell to form a passivated contact structure, which enhances the cell's open-circuit voltage and short-circuit current[12] - The company's PERC (Passivated Emitter and Rear Cell) technology adds a dielectric passivation layer on the back of the cell, reducing electron recombination speed and improving light reflection on the back surface[12] - The company's EL (Electroluminescence) testing detects defects in components based on the electroluminescence principle of silicon materials[12] - The company's innovative technologies include PERC, HJT, and TOPCon batteries, with systematic patent layouts to support low production costs and high photoelectric conversion efficiency[50] - The company's N-type 182 product leads the industry, with a battery efficiency of 26% and a yield rate of over 98% at its Suqian base[43] - The company achieved a conversion efficiency of 31.5% for N-type silicon and perovskite tandem solar cells in collaboration with the Chinese Academy of Sciences[44] - The latest N-type TOPCon series products, TOP(Bi)HiKu6, have a maximum power of 620W and can increase power generation by 2.3% over a 30-year lifecycle[51] - The TOPBiHiKu7 series, using 210mm silicon wafers, achieves a maximum power of 705W, significantly reducing BOS and LCOE costs for ground power station applications[52] - The HiHero series, based on HJT battery technology, reaches a maximum power of 445W and an efficiency of 22.8%, with plans to develop 210mm silicon wafer-based HJT components[53] - The HiKu/BiHiKu7 series, using 210mm silicon wafers, achieves a maximum power of 670W, making it the highest power PERC product on the market[55] - The company's BIPV system, YangWaWa, integrates seamlessly with roofing, offering a fixed force of 3500N and high wind resistance, matching high-efficiency 600W+ components[58] - The company's large-scale energy storage products include battery energy storage systems, power conversion equipment, and energy management systems, serving grid-side and power-side applications[59] - The company's distributed photovoltaic system, "Sungarden," provides clean, low-cost, and reliable power solutions, including energy storage systems as needed[64] - The company's EPC business offers full-process construction services for photovoltaic power stations, including design, equipment procurement, installation, and commissioning[65] - The company's energy storage business has become a new revenue and profit growth point, with rapid growth in recent years[66] - The company's production capacity for large-scale energy storage products reaches 10 GWh per year, with fully automated production lines and strict quality control[69] - The company has established a global sales network, with sales offices in over 100 countries, including the US, Germany, Japan, and Australia[70] - The company's residential energy storage business has expanded its sales network to North America, Europe, and Japan, leveraging existing photovoltaic distribution networks[73] - The company's photovoltaic module shipments have ranked among the top five globally for 13 consecutive years since 2011[50] - The company's energy storage system product SolBank has technological and cost advantages, making it a leading energy storage system integrator and service provider in key overseas markets such as the US, UK, and Australia[79] - The company has made significant progress in 0BB technology, which reduces silver paste consumption and improves module power, potentially becoming a mainstream technology in the photovoltaic industry[80] - The company is advancing self-research and production of core components for large-scale energy storage systems, including cells, BMS, high-voltage boxes, and busbar cabinets, and integrating AI and big model analysis for intelligent operation and maintenance[82] - The company has led the development of international standards, including the IEC TS 63202-3 standard for measuring the current-voltage characteristics of bifacial photovoltaic cells, enhancing China's technical standards in the global photovoltaic industry[83] - The company launched the SolBank 3.0 large-scale energy storage system with a capacity of 5 MWh and a power of 2.5 MW, integrating high-energy-density batteries, advanced safety systems, and intelligent controls[86] - The company introduced the KuBank energy storage system for commercial and industrial applications, offering smart energy management across multiple scenarios[86] - The company developed the YangWaWa BIPV system, which integrates photovoltaic components with roofing, achieving high strength, efficiency, and reliability, and is capable of withstanding 13-level typhoons and meeting A2-level fire safety standards[86] - The company's TOPCon battery production capacity reached nearly 30 GW, with an average mass production efficiency of 26.1%[89] - The company's HJT pilot line achieved an average efficiency of 26.2%, with a research efficiency of 26.7%, and is expected to reach 26.6% by Q4 2024, enabling a 730W power output for 66-piece 210mm battery modules[90] - The company's multi-busbar technology promotes the application and development of large-size silicon wafer technology, reducing energy conversion losses and improving battery efficiency[91] - The company's BIPV system products increased unit area installation capacity by 30%, saving BOS costs and improving LCOE, and have been applied in some photovoltaic projects[92] - The company developed lightweight module technology, reducing glass thickness from 3.2mm to 1.6mm, and achieved good market response in Japan[93] - The company is promoting the standardization of rectangular silicon wafer sizes and has locked in the final size scheme, starting mass production in September 2023[93] - The company has developed a long-life lithium-ion battery material system technology, which can extend the battery life to more than 3 times that of ordinary lithium-ion batteries, with a capacity of >300Ah and a cycle life of >10,000 cycles[94] - The company is developing a large-capacity lithium-ion battery for energy storage, aiming for a cycle life of >8,000 cycles, with the technology currently in the trial production phase[94] - The company is working on a high-capacity 314Ah lithium-ion battery for energy storage, targeting a lifespan of 20 years and meeting international safety standards, with the project in the trial production phase[94] - The company has completed the second-generation iteration of the SolBank series and is advancing the third-generation SolBank 3.0, expected to enter mass production in Q4 2024, with a maximum rated capacity of >3.7MWh and energy conversion efficiency of ≥94%[95] - The company has launched a 200kW string energy storage converter and a 3.2MW energy storage converter system for large-scale ground power stations, which entered mass production in March 2024[96] - The company has applied for 51 new invention patents and obtained 35, with a cumulative total of 1,132 invention patent applications and 338 granted[102] - The company's R&D investment in 2023 was 704,057,353.02 yuan, a 50.81% increase from the previous year, with R&D investment accounting for 1.37% of total revenue, up 0.39 percentage points[103] - The company has published 11 academic papers in 2023, covering topics such as photovoltaic materials and battery reliability[99][100][101] - The company has been recognized as a national-level "Little Giant" specialized and innovative enterprise and a "Single Champion" in manufacturing for its EVA solar cell encapsulation film in 2023[97] - The company has received multiple awards for its innovations, including the 24th China Patent Award for its multi-busbar photovoltaic module simulation method and photovoltaic module[98] - TOPCon battery R&D achieved a photoelectric conversion efficiency of >25.60% in mass production, with 6 patents applied (3 invention patents) and participation in one standard formulation[106] - TOPCon component products (182TOPCon and 210TOPCon) increased power by 30W and 35W respectively compared to PERC components, reaching ~583W and ~700W[106][107] - HJT battery R&D improved photoelectric conversion efficiency by 0.8%, reducing metal paste wet weight to 13.5mg/W[107] - HJT cost reduction and efficiency improvement technology achieved Cu content >50%, reducing silver paste cost by 1500 RMB/kg with efficiency loss ≤0.1%[107] - HJT component products achieved an average power of 430W in mass production, with component efficiency >22%[107] - HiKu6/BiHiKu6 and HiKu7/BiHiKu7 components achieved power outputs of 550W and 660W respectively, entering mass production[108] - BIPV product development improved installation efficiency by 70% compared to conventional color steel tile power stations[108] - Advanced component AI intelligent EL appearance integrated recognition technology reduced manual inspection error rates, enhancing quality control[108] - PERC battery cost reduction technology improved efficiency by 0.1% through optimized screen printing and sintering processes[109] - Silicon wafer cost reduction research focused on backside morphology to maintain or improve conversion efficiency under thin wafer conditions[109] - The company has developed a new monocrystalline silicon solar cell with a conversion efficiency of over 23.5% by combining micro-nano composite structures and back polishing techniques[110] - The company's EMS energy management system has been certified and released in V1.0 version, capable of connecting 300MWh energy storage projects to meet domestic and international market demands[110] - The company has developed a 280Ah battery corresponding SPB product and a 300Ah+ battery corresponding SPB product, both of which have completed design and are in the testing and verification phase[111] - The company is developing a large-capacity lithium-ion battery for energy storage with a capacity of ≥600Ah and a cycle life of ≥8000cls@70%[111] - The company has developed a 314Ah lithium-ion battery for high-energy storage with a capacity of >314Ah and a cycle life of >7000cls[111] - The company has completed the development of European, Japanese, and American versions of home energy storage systems, with capacities ranging from 9.9kWh to 19.9kWh and supporting up to 6 parallel connections[112] - The company has developed a second-generation low-cost, high-compatibility PACK product with a design life of 15 years and a BOL defect rate of no more than 0.04%[112] - The company has developed large-scale three-phase string inverters, residential three-phase string inverters, commercial three-phase string inverters, and single-phase photovoltaic inverters, all of which have obtained CQC and IEC certifications[113] - The company is developing a distributed residential power station monitoring platform to achieve distributed power station monitoring management, equipment management, and analysis and alarm functions[113] - The company has developed lead-free antioxidant solder strips, high-efficiency shaped cross-section segmented photovoltaic solder strips, and high-reliability segmented tin-plated solder strips, all of which have been mass-produced[114] - The company has 1,297 R&D personnel, accounting for 6.07% of the total workforce, with a total R&D salary of 36,008.68 thousand and an average salary of 27.76 thousand[117] - The company maintains 2,205 valid patents, including 2,132 domestic patents (302 invention patents) and 73 overseas patents (28 invention patents)[120] - Overseas sales revenue accounts for over 70% of the company's total revenue, with production bases in Thailand, the US, and Vietnam, and sales companies in over 20 countries[120] - The company has an order reserve of 63GWh for overseas energy storage projects as of December 31, 2023[122] - The company's R&D team includes 17 PhDs, 233 master's degree holders, and 582 bachelor's degree holders[118] - The company has developed new products such as high-reliability low-resistance photovoltaic connectors and intelligent digital fully automatic photovoltaic junction box equipment[116][18] - The company's R&D projects include high-viscosity photovoltaic encapsulation film and Topcon battery encapsulation film, with some projects already in mass production[17] - The company's R&D personnel are predominantly young, with 659 under 30 years old and 520 between 30-40 years old[118] - The company's core technologies include large-size silicon wafer technology, high-efficiency monocrystalline PERC technology, HJT battery technology, and TOPCon battery technology[119] - The company's global brand strategy includes market brand teams in China, the US, Japan, Australia, Germany, and Brazil, with a focus on digital brand promotion[121] Financial Performance - Revenue in 2023 increased by 7.94% year-on-year to RMB 51.31 billion, driven by a significant increase in photovoltaic module shipments and higher revenue from photovoltaic modules and system products[18][19] - Net profit attributable to shareholders of the listed company in 2023 grew by 34.61% year-on-year to RMB 2.90 billion, primarily due to lower raw material and freight costs, leading to improved gross margins[18][19] - Operating cash flow in 2023 surged by 45.44% year-on-year to RMB 8.23 billion, reflecting increased cash inflows from expanded sales[18][20] - Total assets at the end of 2023 increased by 36.18% year-on-year to RMB 65.78 billion, driven by funds raised from the company's initial public offering and increased fixed assets from vertical integration[18][20] - Net assets attributable to shareholders of the listed company at the end of 2023 rose by 83.64% year-on-year to RMB 21.42 billion, supported by IPO proceeds and operational cash inflows[18][20] - Basic earnings per share (EPS) in 2023 increased by 21.43% year-on-year to RMB 0.85, reflecting higher net profit[19] - R&D investment as a percentage of revenue in 2023 increased by 0.39 percentage points year-on-year to 1.37%, indicating enhanced focus on innovation[19] - Q4 2023 net profit attributable to shareholders dropped significantly to RMB 63.22 million, mainly due to declining average selling prices of components and the impact of the Metka litigation case[22][23] - Non-recurring gains in 2023 included RMB 187.73 million from a one-time adjustment related to an investment subsidy ruling by the Brazilian Supreme Court[25] - Revenue for 2023 reached 51.31 billion yuan, a year-on-year increase of 7.94%[28] - Net profit attributable to shareholders was 2.903 billion yuan, up 34.61% year-on-year[28] - The company sold 30.7GW of photovoltaic modules globally in 2023[28] - The company's SolBank energy storage system manufacturing capacity expanded to 10GWh by the end of 2023, with plans to reach 20GWh by the end of 2024[32] - The company's N-type TOPCon battery capacity is expected to reach 21GW for 210mm silicon wafers and 21.5GW for 182mm/182mm++ silicon wafers by the end of 2024[31] - The company's 5GW N-type photovoltaic module factory in Texas, USA, began production in 2023 and is expected to reach full capacity in 2024[31] - The company's overseas sales accounted for a high proportion, with products sold to over 100 countries in 2023[34] - The company's TOPCon battery production capacity in Thailand and Yangzhou reached 8GW and 14GW respectively in 2023[30] - The company's non-recurring gains and losses amounted to 3.541 million yuan, with a significant impact from a settlement agreement with METKA EGN Ltd.[26] - The company's fair value measurement items totaled 8.047 billion yuan at the beginning of the period and 12.984 billion yuan at the end of the period, with a net impact on current profits of -1.191 billion yuan[27] - Overseas

2024年第一季度报告 证券代码：688472 证券简称：阿特斯 阿特斯阳光电力集团股份有限公司 2024 年第一季度报告 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)公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 (二)公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 (三)第一季度财务报表是否经审计 □是 √否 ...

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