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].

Core Viewpoint - South Africa is experiencing a significant energy transition, with a threefold increase in energy storage demand driven by distributed energy solutions, particularly in residential and commercial microgrids [1][3]. Group 1: Market Potential and Demand - The renewable energy development potential in Africa has surpassed 1000 GW, with South Africa having an annual sunlight duration of 2500 hours, yet the photovoltaic resource development rate is below 3% [3]. - The South African government plans to add 8.4 GW of renewable energy capacity from 2025 to 2030, with a corresponding 300% increase in energy storage needs [3]. Group 2: Policy Support and Market Opportunities - South Africa's energy storage support policies, including tax reductions and project subsidies, combined with the African Free Trade Area agreement, create significant market opportunities for Chinese exports of photovoltaic storage systems and smart microgrid equipment [5]. Group 3: Company Innovations and Solutions - Trina Storage launched the Elementa 2 Pro 5MWh system, optimized for South Africa's extreme climate and complex grid environment, featuring advanced cooling technology and a lifecycle cost reduction of 30% [9]. - Trelleborg showcased commercial and mining energy storage solutions, addressing the need for stable and reliable energy in Africa [11][13]. - LinYang Energy presented a range of smart energy products, including liquid-cooled storage solutions, aimed at enhancing energy management for various applications [19]. - Far East Battery introduced three core products, including the Power X 3 PLUS, designed for commercial applications with modular architecture for quick deployment [25]. Group 4: Industry Trends and Developments - The South African energy storage market is witnessing a surge in innovative solutions from various companies, with a focus on modular designs and flexible configurations to meet diverse energy needs [28][31]. - The emphasis on reducing operational costs and carbon emissions is driving the development of energy storage systems tailored for commercial and industrial applications [13][22].

天合光能发布极端气候解决方案 中证报中证网讯（记者 刘杨）3月26日，在中国光伏行业协会主办的"2025光伏市场发展论坛"上， 天合光能发布极端气候解决方案，面向冰雹、强风、暴雪等极端气候环境，最大化保护光伏电站资产安 全。 天合光能战略、产品与市场负责人张映斌介绍，天合光能极端气候解决方案以极御组件和智能跟踪 双核驱动，高效防护频发的极端天气。极御组件玻璃厚度提升25%，抗能量冲击能力与传统同版型组件 相比提升2.5倍。同时，创新边框设计强化组件载荷能力，进一步保障解决方案的稳定性和可靠性。 根据GCube Insurance统计，2018年-2023年，由冰雹灾害导致的光伏资产索赔金额占比就高达 54%。 据介绍，极端气候解决方案以更强的硬件结构设计、自动预警保护机制以及权威风险评估，守护光 伏电站资产安全。极端气候解决方案正面最高可抗击直径55mm冰雹，在60°倾角保护下最高可抗击直径 75mm冰雹。 此外，解决方案提供短时冰雹气候预报，自动下达指令使得跟踪支架进入大角度保护姿态，抵御冰 雹冲击。以冰雹灾害频发的美国德克萨斯州100MW光伏电站项目为例，冰雹灾害造成的年均光伏资产 损失达469万美元，而 ...

Core Viewpoint - The photovoltaic industry is experiencing a significant price surge across the supply chain, driven by domestic policy changes and increased demand for distributed solar installations [2][4][7]. Price Surge - The latest data from InfoLink Consulting indicates that prices for downstream products in the photovoltaic supply chain have risen significantly, with mainstream distributed component spot prices reaching 0.8 yuan/W in March, a 33% increase from the low of 0.6 yuan/W at the end of 2024 [2][4]. - The price of large-sized components is in short supply, with some high-priced orders reaching 0.85-0.9 yuan/W, marking a two-year high [4][5]. Supply Chain Dynamics - The price increases are attributed to a rush for installations ahead of key policy deadlines on April 30 and May 31, leading to tight supply conditions [4][7]. - Key components such as N-type battery cells, silicon wafers, inverters, and EVA have also seen price increases, with the average price of 182*210mm TOPCon battery cells rising by 0.05 yuan/W over five weeks [5]. Policy Impact - The surge in demand is linked to new policies introduced in January, which incentivize projects to complete grid connections before April 30 to qualify for full grid access [7][8]. - The 136th document mandates that all new distributed solar projects must engage in electricity market trading starting May 31, further influencing market dynamics [8]. Market Outlook - The recovery of overseas markets, particularly in Europe, is also contributing to the price increases, with expectations of a doubling of installed capacity by 2025 [9][10]. - Analysts predict that the photovoltaic industry is entering a price-upward cycle, with the sector positioned at a bottom level, and positive catalysts expected to emerge [10][11]. Technological Advancements - Trina Solar announced a breakthrough with its 210mm size perovskite/silicon tandem module achieving a peak power of 808W, marking a significant milestone in photovoltaic technology [13][14].

Core Insights - The world's first 808W perovskite/silicon tandem solar module has been developed by Trina Solar, marking a significant milestone in the photovoltaic industry [1][2] - The new module, with an area of 3.1 m², has been certified by TÜV SÜD, setting a new world record for industrial standard solar modules [1] - Trina Solar has been investing in perovskite tandem technology since 2014, collaborating with several universities and research institutions to enhance the efficiency of these solar cells [1][2] Company Developments - Trina Solar has filed a total of 331 patents in the field of perovskite tandem technology, focusing on improving conversion efficiency through various innovative methods [1] - The successful development of the 800W+ perovskite/silicon tandem solar module solidifies Trina Solar's leadership position in next-generation photovoltaic technology [2] Industry Trends - The efficiency of crystalline silicon solar cells is nearing its physical limits, prompting a shift towards higher efficiency tandem solar cells, with perovskite tandem technology being a key solution [2] - The theoretical efficiency of perovskite tandem technology can reach up to 43%, representing a historic transition from silicon-based to tandem solar cells, which opens new possibilities for sustainable development [2]

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-027 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于不向下修正"天 23 转债"转股价格的公告 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： 二、可转换公司债券转股价格向下修正条款 一、 可转换公司债券基本情况 （一）发行上市概况 根据有关规定和《天合光能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 8 月 17 日至 2029 年 2 月 12 日，可转换公司债 券的初始转股价格为 69.69 元/股。 截至 2025 年 3 月 18 日，天合光能股份有限公司（以下简称"公司"）股价 已触发"天 23 转债"转股价格向下修正条款。 经公司第三届董事会第二十二次会议审议，公司董事会决定本次不向下修 正转股价格。下一触发转股价格修正条款的 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-024 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 关于以集中竞价交易方式回购公司股份的进展公告 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 天合光能股份有限公司 2025 年 2 月，公司未进行回购。截至 2025 年 2 月 28 日，公司通过上海证券 交易所交易系统以集中竞价交易方式回购公司股份 14,231,863 股，占公司总股本 2,179,365,412 股的比例为 0.65%，回购成交的最高价为 24.91 元/股，最低价为 15.82 元/股，支付的资金总额为人民币 237,972,308.68 元（不含印花税、交易佣 金等交易费用)。 上述回购股份符合法律法规的规定及公司回购股份方案。 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 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号： | 2025-025 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | | 重要内容提示： 担保发生时间：2025 年 1 月 24 日至 2025 年 2 月 28 日 被担保人名称：天合光能股份有限公司（以下简称"公司"）及其合并 报表范围内下属子公司 截至本公告披露日，公司及合并报表范围内下属子公司对外担保余额为 595.08 亿元，占公司最近一期经审计净资产的 188.78%，其中公司对合并报表范 围内下属子公司提供的担保余额为 571.69 亿元。 一、担保情况概述 （一）本期新增担保情况 为满足公司生产经营和流动资金周转需要，在确保运作规范和风险可控的前 提下，公司及下属子公司在 2025 年 1 月 24 日至 2025 年 2 月 28 日期间，公司累 计发生的担保金额为 32.99 亿元，占公司最近一期经审计净资产的 10.47%。具 体情况请参见附件一"天合光能股份有限公司 2025 年 1 月 24 日至 2025 年 2 月 28 日担保明细"。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 23.42 CNY for 2025 [3][7]. Core Views - The company reported a significant decline in revenue and a shift to a net loss for 2024, with total revenue of 803.34 billion CNY, down 29.15% year-on-year, and a net profit of -34.55 billion CNY [3][4]. - Despite the challenging market conditions, the company managed to increase its component shipments, achieving approximately 70GW in 2024, although profitability was pressured due to falling component prices [3][7]. - The company is actively exploring innovative overseas strategies, including a partnership with FREYR to enhance its competitiveness in the U.S. market [3][7]. - Continuous investment in R&D has led to advancements in solar technology, including the introduction of i-TOPCon Ultra technology with a maximum efficiency of 26.58% [3][7]. - The financial forecasts for 2024-2026 indicate a recovery in net profit, with projections of -34.55 billion CNY, 25.53 billion CNY, and 34.69 billion CNY respectively [3][7]. Financial Summary - For 2024, the company expects total revenue of 80,334 million CNY, with a year-on-year growth rate of -29.2% [3][8]. - The projected net profit for 2024 is -3,455 million CNY, reflecting a drastic decline of 162.5% compared to the previous year [3][8]. - The earnings per share (EPS) is forecasted to be -1.59 CNY for 2024, with a recovery to 1.17 CNY and 1.59 CNY in 2025 and 2026 respectively [3][8]. - The company's total assets are projected to reach 124,516 million CNY by 2024, with a debt-to-equity ratio of 140.5% [3][8].

Financial Performance - Total revenue for 2024 was RMB 80.33 billion, a decrease of 29.15% compared to the previous year[5] - Net profit attributable to the parent company was a loss of RMB 3.46 billion, down 162.46% year-on-year[5] - Basic earnings per share decreased to RMB -1.59, a decline of 162.35% from the previous year[5] - Weighted average return on equity fell to -11.90%, a decrease of 30.87 percentage points compared to the previous year[5] Assets and Equity - Total assets at the end of the reporting period were RMB 125.41 billion, an increase of 4.23% from the beginning of the year[7] - Equity attributable to shareholders of the parent company decreased to RMB 26.47 billion, down 16.03% from the beginning of the year[7] Market Challenges and Strategies - The company faced challenges due to a supply-demand imbalance in the photovoltaic industry and declining prices of photovoltaic components[8] - The company accelerated the development of its overall solution business, maintaining a high market share in distributed systems[8] - The company plans to continue enhancing its overseas market share in the energy storage business[8] Report Accuracy - There are no significant uncertainties affecting the accuracy of this earnings report[9]