文/西风 12月8日晚上，天合光能公告终止筹划控股子公司分拆上市。天合光能于 2024 年 12 月 6 日召开的董事会会议审议通过了《关于终止筹划控股子公司分拆上市的议 案》，公司决定终止筹划分拆控股子公司天合富家能源股份有限公司（以下简称"天合富家"，原名为江苏天合智慧分布式能源有限公司）上市事宜。公司于2023年6 月25日进行上市辅导备案，辅导机构为中信建投。 天合智慧为公司旗下专注于分布式光伏发电市场的主体，面向分布式光伏市场提供分布式光伏系统解决方案与数字能源管理业务。受益于分布式光伏政策的支持与 技术所推动的平价上网，天合智慧近年来业务发展迅速，经营规模不断扩大，但营业收入、净利润等主要财务数据在公司整体业务中占比尚不显著。同时，在光伏 组件采购环节，天合智慧存在较多向母公司采购的关联交易，但相关交易均系正常的市场行为，符合天合智慧实际业务需求且定价公允。天合智慧的业务领域、运 营方式与公司其他业务之间具有较高的独立性。根据公司总体战略布局，结合公司控股子公司天合智慧的业务发展需要，发挥资本市场规范治理运作及拓宽融资渠 道等优化资源配置的作用，促进公司及天合智慧共同发展，公司拟筹划天合智慧分拆上 ...

| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-106 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 天合光能股份有限公司 关于终止筹划控股子公司分拆上市的公告 三、终止本次筹划分拆上市对公司的影响 终止本次筹划分拆上市是公司结合行业发展趋势和天合光能自身优势所做 出的战略性决策，不会对公司现有生产经营活动和财务状况产生重大不利影响， 有利于推动公司未来战略规划的实施。 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。 天合光能股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日召开了第 三届董事会第十五次会议、第三届监事会第九次会议，分别审议通过了《关于终 止筹划控股子公司分拆上市的议案》，公司决定终止筹划分拆控股子公司天合富 家能源股份有限公司（以下简称"天合富家"，原名为江苏天合智慧分布式能源 有限公司）上市事宜。现将具体情况公告如下： 一、本次筹划分拆上市的情况概述 公司于 2023 年 4 月 21 日召开了第二届董事会第三十三次 ...

Core Viewpoint - Trina Solar has decided to terminate the plan for the spin-off and listing of its subsidiary Trina Fujia Energy Co., Ltd, shifting its focus towards becoming a comprehensive provider of photovoltaic and energy storage smart energy solutions [1] Group 1: Strategic Shift - The company aims to transition from a traditional photovoltaic product manufacturer to a provider of tailored smart energy solutions based on various application scenarios for different customers [1] - Trina Solar is fully engaged in multiple product areas, including photovoltaic modules, mounting systems, and energy storage systems, positioning itself as an industry leader in both distributed and centralized solutions [1] Group 2: Business Integration - The distributed system and operation and maintenance business of Trina Fujia are closely aligned with end-users, providing full lifecycle services, which will be a crucial part of the company's solution development strategy [1] - This integration will support the strategic goal of becoming a comprehensive provider of photovoltaic smart energy solutions, ultimately creating maximum value for Trina Solar's shareholders [1]

重要内容提示： | 回购方案首次披露日 | 2024/6/26 | | --- | --- | | 回购方案实施期限 | 2024/6/25~2025/6/24 | | 预计回购金额 | 100,000 万元~120,000 万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 12,976,405 股 | | 累计已回购股数占总股本比例 | 0.60% | | 累计已回购金额 | 21,558.910169 万元 | | 实际回购价格区间 | 15.82 元/股~24.91 元/股 | 一、 回购股份的基本情况 2024 年 6 月 25 日，公司召开第三届董事会第七次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过集中竞价 交易方式回购公司无限售条件的 A 股流通股。回购股份将用于转换公司发行的可 转换为股票的公司债券，回购价格不超过人民币 31.00 元/股（含），回购资金总 额不低于人民币 100,000 万元（含），不超过人民币 120, ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号： | 2024-105 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | | 天合光能股份有限公司 关于公司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： 担保发生时间：2024 年 11 月 1 日至 2024 年 11 月 30 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 本期担保发生额：人民币 12.91 亿元 本次担保是否有反担保：是 被担保人中无公司关联方。 对外担保逾期的累计数量：公司无逾期对外担保情况 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 591.28 亿元，占公司最近一期经审计净资产的 187.58%，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 567.28 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 ...

Market Development - The photovoltaic module market has significant growth potential, although demand growth may slow as the market matures. The cost advantages of photovoltaic power will continue to highlight its importance in the global energy transition [3] - Trina Solar has diversified its business model beyond modules to include energy storage systems, distributed systems, and photovoltaic brackets, allowing for broader market engagement and growth opportunities [3] Industry Trends - The photovoltaic industry is expected to see a shift in competitive dynamics, moving from a focus on manufacturing scale to differentiated solutions in energy storage and integrated management systems [3] - Companies must enhance their capabilities in multi-product technology and lifecycle solutions to improve profitability and market share [3] Overseas Market Strategy - Trina Solar's overseas sales accounted for approximately 50% of its module business, over 65% for bracket sales, and more than 35% for energy storage in Q3 2024 [3] - The company aims to deepen its competitive edge in global markets, leveraging product diversity and geographical expansion to achieve growth above industry averages [4] Energy Storage Development - Trina Solar ranks among the top three globally in photovoltaic module shipments and is positioned in the top two for distributed systems and top six for tracking brackets [4] - The energy storage segment is transitioning from a cultivation phase to a growth and harvest phase, with significant profit margins expected as overseas orders increase [4]

| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-103 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 天合光能股份有限公司 关于债券持有人可转债持有比例变动达到 10% 的公告 特此公告。 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、股东配售可转债情况 经中国证券监督管理委员会证监许可[2023]157 号文同意注册，天合光能股 份有限公司（以下简称"公司"）于 2023 年 2 月 13 日向不特定对象发行了 8,864.751 万张可转换公司债券（以下简称"天 23 转债"），每张面值 100 元， 发行总额 886,475.10 万元。本次发行可转换公司债券的期限为自发行之日起六 年，即自 2023 年 2 月 13 日至 2029 年 2 月 12 日。 1 债"29,068,640 张，占发行总量的 32.79%。具体变动明细如下: | 持有人 | 本次变动前 | 占发行 | 本次变动情况 | 占发行 | 本次变动后 | | | -- ...

Core Viewpoint - The Chinese photovoltaic industry, after over 30 years of development, has become a key force in the new energy system and faces significant challenges in 2024, including severe supply-demand imbalances and intensified competition, leading to a crisis in the industry [1] Group 1: Industry Challenges - The photovoltaic industry is experiencing its most severe challenges, with multiple factors contributing to a serious imbalance in supply and demand, resulting in unhealthy competition and increased trade protectionism [1] - The industry has historically turned crises into opportunities, and there is a need to maintain confidence in high-quality development despite current difficulties [1][2] Group 2: Recommendations for Improvement - The industry must adopt self-discipline and government regulation to maintain fair competition and create a high-quality market environment [2][3] - A self-discipline agreement was released on October 14, marking a critical first step, with a call for increased self-discipline efforts and adherence to selling above cost price [3] - Emphasis on technological innovation and stronger intellectual property protection is essential for high-quality development, as current protections are inadequate and contribute to unhealthy competition [3] Group 3: Future Development Strategies - There is a need to develop new energy storage and microgrid systems to support the construction of a new power system, addressing bottlenecks in grid access and energy consumption [4] - Policies should encourage private investment in distribution networks and microgrids, as well as support for commercial and residential rooftop solar installations [4]

Core Viewpoint - The solar industry must strengthen self-discipline and establish a determination to break free from inertia in order to achieve high-quality development [1] Group 1: Industry Self-Discipline and Regulation - The combination of industry self-discipline and government regulation is essential to build a market environment conducive to high-quality development [2] Group 2: Technological Innovation and Intellectual Property - Emphasizing technological innovation and enhancing intellectual property protection are fundamental to solidifying the foundation for high-quality development [3] Group 3: Development of New Energy Storage and Microgrids - Promoting the development of new energy storage and microgrids is crucial for constructing a new power system and expanding the application space for high-quality development [4] - The bottleneck for large-scale solar development is limited grid access and consumption difficulties, necessitating the acceleration of policies for renewable energy consumption and regulation [4] - There is a need for diverse market entities to invest in distribution networks and microgrids, with specific measures to encourage private enterprises [4] - Increased policy guidance and support are recommended to integrate solar energy with various production and living scenarios, as well as to enhance support for commercial and residential rooftop solar installations [4] - Encouragement for the construction of source-grid-load-storage systems that combine green electricity with new loads such as computing centers and green hydrogen is suggested to further unleash the potential for solar energy development [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company experienced a significant decline in net profit, with a 116.67% year-on-year decrease in the first three quarters of 2024, primarily due to impairment losses [3]. - Despite the profit decline, the company is actively pursuing its overseas strategy and has shown a robust cash flow with a net inflow of 39.89 billion RMB in Q3 2024 [3]. - The company has restructured its 5GW solar module factory in the U.S., which is expected to enhance its profitability in the American market [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 631.47 billion RMB, a decrease of 22.16% year-on-year [3]. - The projected earnings per share (EPS) for 2024 is adjusted to -0.29 RMB, with subsequent years forecasted at 1.73 RMB for 2025 and 2.21 RMB for 2026 [3][4]. - The company's total market capitalization is approximately 56.79 billion RMB, with a circulating share count of 2,179.37 million [2]. Business Performance - The company shipped nearly 16.5GW of solar modules in Q3 2024, with significant contributions from the U.S. market [3]. - The distributed system sales volume approached 1GW, while the mounting structure shipments reached about 2GW, with over 70% being tracking mounts [3]. - The energy storage segment saw shipments of approximately 850MWh, with a notable increase in gross margin [3]. Valuation Metrics - The company’s projected P/E ratios are -89.2 for 2024, 15.1 for 2025, and 11.8 for 2026 [4][6]. - The projected EBITDA for 2024 is 2,665 million RMB, with a significant increase expected in subsequent years [4][5]. - The company’s revenue is expected to decline by 25.5% in 2024, followed by growth rates of 22.7% and 22.9% in 2025 and 2026, respectively [4][6].