天合光能（688599.SH）2023年年报及2024年一季报点评 业绩符合预期，多业务协同布局巩固竞争力 2024年04月27日 ➢ 事件 推荐 维持评级 2024年4月26日，公司发布2023年年报与2024年一季报。根据年报，公司 当前价格： 20.58元 2023年实现收入1133.92亿元，同比+33.32%，实现归母净利55.31亿元，同 比+50.26%，实现扣非归母净利57.55亿元，同比+66.02%；23Q4公司实现收 入322.73亿元，同比+20.18%，环比+1.69%，实现归母净利4.54亿元，同比 [Table_Author] -64.48%，环比-70.45%；实现扣非归母净利 6.35 亿元，同比-48.13%，环比- 54.88%。 根据 2024 年一季报，公司 24Q1 实现收入182.56 亿元，同比-14.37%，实现 归母净利5.16亿元，同比-70.83%，实现扣非归母净利4.47亿元，同比-74.15%。 在组件价格下行，行业盈利承压的背景下，公司展现出较强的韧性，总体看公司 业绩符合预期。 分析师 邓永康 ➢ 出货量同比高增，产能持续扩张 执业证书： S01 ...

证券研究报告·公司点评报告·光伏设备 天合光能（688599） 2023 年年报及 2024 年一季报点评：竞争加 2024年 04月 26日 剧组件盈利下降，业务协同支撑发展 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 85,052 113,392 123,685 151,396 172,964 执业证书：S0600523070003 同比（%） 91.21 33.32 9.08 22.40 14.25 guoyn@dwzq.com.cn 归母净利润（百万元） 3,681 5,531 4,043 5,724 7,080 研究助理 徐铖嵘 同比（%） 104.03 50.26 (26.90) 41.57 23.69 执业证书：S0600122080018 EPS-最新摊薄（元/股） 1.69 2.54 1.86 2.63 3.25 xucr@dwzq.com.cn P ...

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 编号：2024-001 □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） 德邦基金、东海基金、东吴基金、东兴基金、富国基金、格林基 金、工银瑞信基金、广发基金、国寿安保基金、国泰基金、国新国 证基金、恒越基金、华西基金、汇添富基金、建信基金、金鹰基 金、景顺长城基金、南方基金、农银汇理基金、鹏扬基金、上银基 金、万家基金、西部利得基金、新华基金、兴业基金、易方达基 金、银华基金、招商基金、浙商基金、中庚基金、中科沃土基金、 中银基金、朱雀基金、大家资产、国任财产保险、合众资产、华夏 久盈资产、昆仑健康保险、农银人寿保险、平安养老保险、平安资 本、新华资产、幸福人寿保险、渤海银行、南京银行、平安银行、 参与单位（按机 中国工商银行、大和资本、戴蒙亚洲资本、淡马锡投资、花旗环 球、路博迈基金、麦格理资本、美林亚太、摩根大通、摩根士丹 ...

天合光能 买入 维持评级 公司点评 新 能源与电力设备组 ， 业绩简评 4月 25 日公司发布 2023 年报及2024 年一季报，2023年实现 收入 1134亿元，同比+33.3%；归母净利 55.31 亿，同比+50.3%； 扣非归母净利 57.55 亿，同比+66.1%。Q4/Q1 实现营收 323、183 亿，同比+20.2%/-14.4%、环比+1.7%/-43.4%；归母净利 4.54、5.16 亿，同比-64.5%/-70.8%，环比-70.4%/+13.5%；扣非归母净利6.35、 4.47 亿，同比-48.1%/-74.2%，环比-54.9%/-29.6%。符合预期。 经营分析 组件出货持续增长，全球化战略保障盈利优势。2023 年公司 组件出货65.21GW，同增 51.35%；测算 24Q1 公司组件出货约14GW， 同增约1GW；公司 2024 年组件出货目标80-90GW，持续维持高增。 测算公司 Q1 组件单瓦盈利约 0.03 元/W，在产业链价格大幅下跌 的背景下，公司凭借高盈利市场出货维持了相对可观的盈利能力； 人民币(元) 成交金额(百万元) 2023 年公司美国市场毛利率 ...

"厂家网 | 容 诚 募集资金存放与使用情况鉴证报告 天合光能股份有限公司 容诚专字|2024|200Z0240 号 募集资金存放与实际使用情况鉴证报告 发生 容诚会计师事务所(特殊普通合伙 骑 缝 章 (3) 容诚会计师事务所(特殊普通合伙) 中国·北京 我们审核了后附的天合光能股份有限公司(以下简称天合光能公司)董事会编制的 2023 年度《募集资金存放与实际使用情况的专项报告》。 目 录 一、 对报告使用者和使用目的的限定 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 募集资金存放与实际使用情况鉴证报告 | 1-3 | | വ | 关于公司募集资金存放与实际使用情况的专项报告 | 1-9 | 容诚专字[2024]200Z0240 号 天合光能股份有限公司全体股东; 本鉴证报告仅供天合光能公司年度报告披露之目的使用,不得用作任何其他目的。 我们同意将本鉴证报告作为天合光能公司年度报告必备的文件,随其他文件一起报送并 对外披露。 二、 董事会的责任 按照中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》、上海证券交易所《上 ...

Financial Performance - The company's revenue for 2023 reached ¥113.39 billion, representing a 33.32% increase compared to ¥85.05 billion in 2022[19]. - Net profit attributable to shareholders was ¥5.53 billion, a 50.26% increase from ¥3.68 billion in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥5.75 billion, up 66.02% from ¥3.47 billion in 2022[19]. - Cash flow from operating activities amounted to ¥24.00 billion, reflecting a significant increase of 159.78% compared to ¥9.24 billion in 2022[19]. - The company's total assets reached ¥120.31 billion, a 33.71% increase from ¥89.98 billion in 2022[19]. - The net assets attributable to shareholders were ¥31.52 billion, up 19.67% from ¥26.34 billion in the previous year[19]. - Basic earnings per share increased to ¥2.55, a rise of 48.26% from ¥1.72 in 2022[20]. - The weighted average return on equity was 18.97%, an increase of 2.81 percentage points from 16.16% in 2022[20]. Dividend and Share Repurchase - The company plans to distribute a cash dividend of RMB 6.33 per 10 shares, totaling approximately RMB 1.37 billion (including tax) based on the actual number of shares eligible for distribution[5]. - The total cash dividend and share repurchase amount for 2023 is approximately RMB 1.77 billion, which represents 32.02% of the net profit attributable to shareholders of the parent company[5]. - The company has repurchased shares amounting to approximately RMB 399.89 million during the year, which is included in the total cash distribution calculation[5]. - The company has not proposed any capital reserve transfer to increase share capital for this period[5]. - The company has a stable profit distribution policy, prioritizing cash dividends over stock dividends, and plans to distribute dividends annually[175]. Research and Development - The company's R&D expenditure as a percentage of operating revenue decreased by 0.55 percentage points to 4.88%[21]. - R&D investment increased by 19.69% year-on-year to 5.53 billion yuan, with 1,640 new patent applications, including 801 invention patents, ranking first in the industry[34]. - The company is focusing on new technologies such as PERC solar cells, which have a conversion efficiency exceeding 20%[18]. - The company has established a national key laboratory for photovoltaic science and technology, recognized by the Ministry of Science and Technology, to lead research and innovation in the photovoltaic sector[41]. - The company is continuously researching sodium-ion battery technology, achieving a cycle life of 4,000 cycles at 80% state of health[57]. Market Expansion and Strategy - Future strategies include market expansion and potential mergers and acquisitions to enhance growth[18]. - The company aims to become a global leader in solar energy solutions, focusing on customer-centric innovation and sustainable development[35]. - The company is actively expanding its overseas energy storage market presence, achieving significant results in attracting high-quality residential storage customers[40]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[145]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[145]. Environmental and Sustainability Initiatives - The company has established a robust ESG governance framework, with the board actively involved in setting and reviewing ESG goals[189]. - The company emphasizes sustainable development as a core task, enhancing its resilience through ESG initiatives[188]. - The wastewater treatment facility at Trina Solar (Suqian) has a processing capacity of 12,000 m³/day for phases one and two, and 8,000 m³/day for phase three, with an average daily treatment of approximately 15,000 m³ during the reporting period[192]. - The company has implemented an emergency response plan for environmental incidents, with the latest update completed in June 2023 and approved by experts[196]. - The company is no longer listed as a key pollutant discharge unit by the environmental protection department[190]. Governance and Management - The company has established a sound governance structure that allows shareholders to fully exercise their rights and ensures the board makes informed decisions[140]. - The independent directors and supervisors are fulfilling their duties to protect the interests of minority shareholders[140]. - The company held a total of 6 shareholder meetings during the reporting period, including 1 annual and 5 extraordinary meetings, all resolutions were passed without any objections[141]. - The company has implemented a structured approach to governance in compliance with relevant laws and regulations, enhancing overall governance quality[140]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 29,247,800[154]. Production Capacity and Technology - The company has a production capacity of 55GW for silicon wafers, 75GW for cells, and 95GW for modules, with overseas capacity of 6.5GW in Southeast Asia[43]. - The company has completed a 5GW high-efficiency solar cell production line and passed the environmental protection acceptance for the first phase of the 15GW project on August 10, 2023[200]. - The company is currently constructing a 10GW high-efficiency solar cell project (Phase II) and has received environmental impact approval for a 10GW expansion project (Phase III) on August 18, 2023[200]. - The company has developed a new generation of tracking brackets that improve wind resistance and mechanical reliability, supporting high-power components[71]. - The company has achieved industry-leading efficiency and yield for large silicon wafer solar cells, with a focus on optimizing production processes[67]. Risks and Challenges - The company faces risks related to fluctuations in raw material prices and logistics costs, which could impact profitability[79]. - Increased competition in the photovoltaic industry is expected as more companies enter the market, potentially leading to price declines and margin pressures[81]. - The asset-liability ratio is increasing, raising concerns about financial risk and the company's ability to manage cash flow effectively[80]. - The company reported a significant increase in sales and management expenses, with sales expenses rising by 37.07% to approximately ¥3.29 billion[86]. - Investment activities resulted in a net cash outflow of approximately -¥18.67 billion, reflecting increased capital expenditures for capacity expansion[87].

Financial Performance - The company's operating revenue for Q1 2024 was ¥18,255,937,037.92, representing a decrease of 14.37% compared to the same period last year[4] - The net profit attributable to shareholders was ¥515,738,782.58, down 70.83% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥447,238,367.14, a decline of 74.15% compared to the previous year[4] - Basic earnings per share were ¥0.24, down 70.37% from the same period last year[4] - The diluted earnings per share were ¥0.22, reflecting a decrease of 72.50% compared to the previous year[6] - The weighted average return on equity was 1.62%, a decrease of 4.84 percentage points year-on-year[6] - Net profit for Q1 2024 was approximately $503 million, a decline of 72.7% compared to $1.84 billion in Q1 2023[24] - Total comprehensive income for Q1 2024 was approximately $479 million, compared to $1.72 billion in Q1 2023[25] Cash Flow and Investments - The net cash flow from operating activities was -¥4,391,037,059.36, a significant decrease of 391.51% year-on-year[4] - Cash flow from operating activities in Q1 2024 showed a net outflow of approximately $4.39 billion, compared to a net outflow of $893 million in Q1 2023[26] - Net cash flow from investing activities was -4,712,827,269.74, compared to -5,402,619,389.51 in the previous period[27] - Total cash inflow from financing activities was 11,476,172,624.52, down from 15,216,470,704.58 year-over-year[27] - Net cash flow from financing activities was 9,093,390,238.72, slightly decreased from 9,629,851,211.87 in the prior period[27] - Cash and cash equivalents increased by 27,948,613.03, compared to an increase of 3,282,923,592.84 in the previous period[27] - The ending balance of cash and cash equivalents was 18,504,249,968.51, up from 16,880,112,991.88 year-over-year[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥132,630,439,168.98, an increase of 10.24% compared to the end of the previous year[6] - Total assets reached CNY 132,630,439,168.98, an increase of 10.9% from CNY 120,312,286,474.63 in the previous year[20] - Total liabilities amounted to CNY 95,135,384,960.40, reflecting a rise of 13.5% from CNY 83,767,865,436.66 in Q1 2023[20] - The company's equity attributable to shareholders increased to CNY 32,041,626,178.84, up from CNY 31,521,757,649.42 in Q1 2023[21] - Short-term borrowings rose significantly to CNY 10,298,234,942.71, compared to CNY 6,454,857,069.05 in Q1 2023, marking an increase of 59.5%[20] - Long-term borrowings increased to CNY 18,485,201,997.21, up from CNY 11,318,539,673.48, representing a growth of 63.5%[20] Research and Development - R&D investment totaled ¥1,250,298,895.12, accounting for 6.85% of operating revenue, which is an increase of 1.22 percentage points year-on-year[6] - R&D expenses for Q1 2024 were approximately $367 million, down 10.3% from Q1 2023[24] Shareholder Information - The company repurchased a total of 13,491,637 shares, representing 0.62% of the total share capital, with a total expenditure of RMB 444,125,114.18[16] - The maximum repurchase price was adjusted to RMB 64.52 per share following the implementation of the 2022 annual equity distribution[16] - The company has a plan to repurchase shares using its own or raised funds, with a total repurchase amount not less than RMB 30 million and not exceeding RMB 60 million[15] - The top three shareholders include Jiangsu Panji Investment Co., Ltd., Tianhe Xingyuan Investment Development Co., Ltd., and Jiangsu Qinghai Investment Co., Ltd., all of which are acting in concert with the actual controller Gao Jifan[12] - The company issued convertible bonds in 2023, with 2,469 shares converted into tradable shares by the end of the reporting period[16] - The top shareholder, Industrial and Commercial Bank of China - E Fund CSI Star Market 50 ETF, holds 38,812,794 shares, representing 1.78% of the total shares[14] - The second-largest shareholder, China Merchants Bank - Huaxia CSI Star Market 50 ETF, holds 79,681,578 shares, representing 3.66% of the total shares[14] - The company completed the registration of 5,801,875 shares from the first vesting period of the 2020 restricted stock incentive plan on January 17, 2024[16] - The company has not reported any changes in the top 10 shareholders due to the lending or returning of shares in the margin trading business[14] Market and Operational Insights - The company experienced a decline in profitability due to a decrease in the selling price of photovoltaic components, influenced by supply and demand in the photovoltaic industry chain[9] - The company is focusing on expanding its market presence and enhancing product development, although specific new products or technologies were not detailed in the report[22] - Sales expenses for Q1 2024 were approximately $739 million, a decrease of 2.4% compared to Q1 2023[24] - Total revenue from operating activities in Q1 2024 was approximately $21.83 billion, an increase from $21.27 billion in Q1 2023[26] - Total operating costs for Q1 2024 were CNY 17,764,898,912.14, down 9.1% from CNY 19,668,126,401.92 in Q1 2023[22] - Inventory increased to CNY 29,895,015,784.13 in Q1 2024, up 27.8% from CNY 23,403,830,258.25 in Q1 2023[20] - The company reported a net profit margin decline, with net profit not specified but indicated by the decrease in total revenue and operating income[22] - Financial expenses increased significantly to approximately $292 million in Q1 2024, compared to $162 million in Q1 2023[24] - The company reported a significant decline in investment income, with a loss of approximately $91 million in Q1 2024, compared to a gain of $974 million in Q1 2023[24]

关于董事、监事、高级管理人员 2023 年度薪酬 确认及 2024 年度薪酬方案的公告 本公司董事会及全体董事保证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"）根据相关法律法规和《公司章 程》等规定结合公司实际情况，于 2024 年 4 月 24 日召开了第三届董事会第四次 会议、第三届监事会第三次会议，分别审议了《关于公司董事 2023 年度薪酬确 认及 2024 年度薪酬方案的议案》《关于公司高级管理人员 2023 年度薪酬确认及 2024 年度薪酬方案的议案》和《关于公司监事 2023 年度薪酬确认及 2024 年度 薪酬方案的议案》，其中，审议通过了《关于公司高级管理人员 2023 年度薪酬确 认及 2024 年度薪酬方案的议案》；因全体董事和监事回避表决，《关于公司董事 2023 年度薪酬确认及 2024 年度薪酬方案的议案》《关于公司监事 2023 年度薪酬 确认及 2024 年度薪酬方案的议案》直接提交至股东大会审议，具体情况如下： 一、2023 年度董事、监事、高级管理人员薪酬确认 根据《公司 ...

可持续发展报告 2023 天合光能股份有限公司 股票代码：688599 天合光能——2023 天赋能源 合而为一 诚信合规 天合向善 天合光能——2023 年可持续发展报告 4 目录 天合光能——2023年可持续发展报告 5 | 关于本报告 | 6 | | --- | --- | | 董事长致辞 | 8 | | 关于天合光能 | 10 | | 我们的可持续发展管理 | 11 | | 我们的可持续发展成绩 | 16 | | 利益相关者交流 | 18 | | 可持续发展荣誉 | 103 | | --- | --- | | 指标索引 | 104 | | 独立鉴证报告 | 109 | 目 录 01 创新为力 品质在先 | 科技创新与信息化发展 | 24 | | --- | --- | | 产品质量与客户服务 | 31 | | 行业合作与发展 | 38 | 02 绿色底色 与光同行 | 环保合规 | 44 | | --- | --- | | 气候与碳排放管理 | 46 | | 能源使用及管理 | 53 | | 水资源管理 | 56 | | 污染防治 | 59 | 03 合而共进 温暖如初 | 多元包容文化 | 64 | ...

公司代码：688599 公司简称：天合光能 转债代码：118031 转债简称：天 23 转债 天合光能股份有限公司 2023 年度内部控制评价报告 天合光能股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目 ...