Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 29.16 CNY based on a 20x PE for 2025 [1][4]. Core Views - The company reported a revenue of 63.147 billion CNY for the first three quarters of 2024, a year-on-year decrease of 22.16%. The net profit attributable to shareholders was -0.847 billion CNY, down 116.67% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 20.179 billion CNY, a year-on-year increase of 36.41%, but a quarter-on-quarter decrease of 18.34%. The net profit attributable to shareholders was -1.373 billion CNY, a year-on-year decline of 189.31% [1][2]. - The report highlights that the company's operating cash flow remained positive, with approximately 4 billion CNY in Q3, indicating robust operational capabilities despite the challenging market conditions [2]. Summary by Sections Financial Performance - Total revenue for 2023 is projected at 113.392 billion CNY, with a forecasted decline of 30.0% to 79.355 billion CNY in 2024, followed by a recovery to 95.181 billion CNY in 2025 and 120.566 billion CNY in 2026 [3][6]. - The net profit attributable to shareholders is expected to be -0.276 billion CNY in 2024, with a significant rebound to 3.178 billion CNY in 2025 and 4.605 billion CNY in 2026 [3][6]. Market Dynamics - The report notes that the photovoltaic industry is experiencing price pressures, but there are signs of stabilization in bidding prices due to calls from the industry association to avoid below-cost sales [2]. - The company plans to increase its component shipments to 70-75 GW in 2024 and aims for a storage target of 5 GWh, supported by the establishment of overseas production capacity [2]. Technological Advancements - The company is focusing on advanced N-type technology and has achieved a world record efficiency of 25.9% for its i-TOPCon battery, indicating a strong commitment to innovation [2].

证券代码：688599 证券简称：天合光能 天合光能股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：688599 证券简称：天合光能 天合光能股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][9] Core Views - The company reported a significant decline in revenue and net profit for Q1-Q3 2024, with revenue at 631.47 billion yuan, down 22.16% year-on-year, and a net loss of 8.47 billion yuan, down 116.67% year-on-year [3] - The company is accelerating its overseas capacity expansion to mitigate trade risks, with expected production capacities of 55GW for silicon wafers, 105GW for battery cells, and 120GW for modules by the end of 2024 [5] - The company is expected to improve its operational cash flow, with Q3 2024 showing a cash inflow of 39.89 billion yuan, indicating strong operational capabilities and supply chain management [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 201.79 billion yuan, a decrease of 36.41% year-on-year, and a net loss of 13.73 billion yuan, down 189.31% year-on-year [3] - The gross margin for Q3 2024 was 9.48%, a decrease of 3.64 percentage points from the previous quarter, while the net margin was -6.55%, a decrease of 6.81 percentage points [4] - The company forecasts revenues of 913.03 billion yuan, 1,182.32 billion yuan, and 1,361.19 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -5.74 billion yuan, 28.22 billion yuan, and 43.74 billion yuan for the same years [6][10]

| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-097 | | --- | --- | | 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、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 投资者可于 2024 年 11 月 05 日(星期二)至 11 月 11 日(星期一)16:00 前通过 公司邮箱 IR@trinasolar.com 将需要了解和关注的问题提前提供给公司。公司将 在业绩说明会文字互动环节对投资者普遍关注的问题进行回答。 天合光能股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况和公司发展理念，公司计划于 2024 年 11 月 12 日（星 期二）上午 11:00-12:00 举行 2024 年 ...

本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 本次减持计划实施前，深圳市宏禹信息技术有限公司（以下简称"深圳宏禹"） 直接持有天合光能股份有限公司（以下简称"天合光能"或"公司"）首次公开 发行前股票 105,469,583 股，因"天合转债"转股导致新增股份 5,313,232 股， 合计持有公司股票 110,782,815 股，占公司总股本的 5.08%。其中，首次公开发 行前持有的股份已于 2021 年 6 月 10 日起上市流通。 减持计划的实施结果情况 公司于 2024 年 10 月 9 日披露了《天合光能股份有限公司关于持股 5%以上 股东通过大宗交易减持股份计划公告》（公告编号：2024-090），公司股东深圳 宏禹因自身发展和资金需求，计划自天合光能公告本次减持计划之日起十五个交 易日后的三个月内，即 2024 年 10 月 30 日至 2025 年 1 月 30 日，按照市场价格 通过大宗交易方式减持合计不超过天合光能总股本 0.5%的股票，即 10,8 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号： | 2024-099 | | --- | --- | --- | --- | | 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 10 月 1 日至 2024 年 10 月 31 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 600.76 亿元，占公司最近一期经审计净资产的 190.58%，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 574.89 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 2024 年 10 月 1 日至 2024 年 10 月 31 日期间，公司 累计发生的担保金额 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2024-096 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、 其他事项 公司将严格按照《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，在回购期限内根据市场情况择机做出回 购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，敬 请广大投资者注意投资风险。 特此公告。 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 | ...

天合光能股份有限公司 简式权益变动报告书 上市公司名称：天合光能股份有限公司 股票简称：天合光能 股票代码：688599 股票上市地点：上海证券交易所 信息披露义务人信息 信息披露义务人：深圳市宏禹信息技术有限公司 住所：深圳市南山区粤海街道滨海社区高新南十道 81、83、85 号深圳 市软件产业基地 1 栋 1402-B9 通讯地址：深圳市南山区粤海街道滨海社区高新南十道 81、83、85 号 深圳市软件产业基地 1 栋 1402-B9 股份变动性质：股份减少（被动稀释、可转债转股及主动减持） 签署日期：2024 年 10 月 31 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称为《证券法》）、 《上市公司收购管理办法》（以下简称《收购管理办法》）、《公开发行证券的 公司信息披露内容与格式准则第 15 号-权益变动报告书》（以下简称《准则 15 号》）及其他相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购管理办法》《准则 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company reported a revenue of 631 billion RMB for the first three quarters of 2024, a year-on-year decrease of 22%. The net profit attributable to shareholders was a loss of 8.47 billion RMB, marking a shift from profit to loss compared to the previous year [2]. - The decline in profitability is attributed to low prices in the photovoltaic component industry and impairment losses, with the gross margin dropping by 3.6 percentage points to 9.48% in Q3 [2]. - The company is strategically expanding its global production capacity with new bases in Indonesia (1GW battery and components) and the USA (5GW components), expected to commence production in the second half of 2024, enhancing its competitive edge in high-profit markets [2]. - The company aims to become a comprehensive energy solution provider, with significant contributions from its distributed systems, mounting structures, and energy storage businesses, which are expected to bolster its resilience against market fluctuations [2]. Summary by Sections Financial Performance - For 2024, the company is projected to have a revenue of 79.74 billion RMB, a decrease of 29.68% from 2023, with a net profit forecasted at -586 million RMB [4]. - The earnings per share (EPS) is expected to be -0.269 RMB in 2024, recovering to 1.343 RMB in 2025 and 2.136 RMB in 2026 [4]. - The return on equity (ROE) is projected to be -1.90% in 2024, improving to 8.86% in 2025 and 12.75% in 2026 [4]. Valuation and Forecast - The report adjusts the net profit forecasts for 2024-2026 to -5.9 billion RMB, 29.3 billion RMB, and 46.6 billion RMB respectively, with corresponding price-to-earnings (PE) ratios of 19 and 12 for 2025 and 2026 [2]. - The company's diversified business model, including distributed systems, mounting structures, and energy storage, is expected to provide multiple profit points and enhance growth potential [2].