Investment Rating - The report maintains a "Buy" rating for the company [2]. 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 [2]. - The decline in profitability is attributed to low prices in the photovoltaic component industry, which pressured margins, and impairment losses totaling 6.22 billion RMB for assets and 1.20 billion RMB for credit [2]. - The company is strategically expanding its global production capacity with new facilities 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-margin markets [2]. - The company aims to become a comprehensive energy solution provider, leveraging its distributed systems, mounting structures, and energy storage businesses to support growth and mitigate risks [3]. - The profit forecast for 2024-2026 has been adjusted to -5.9 billion RMB, 29.3 billion RMB, and 46.6 billion RMB respectively, with corresponding PE ratios of 19 and 12 for 2025-2026 [3]. Summary by Sections Performance Analysis - The company experienced a significant decline in revenue and profitability in Q3 2024, with a gross margin drop of 3.6 percentage points to 9.48% [2]. - Impairment losses were a major factor in the financial downturn, impacting overall performance [2]. Strategic Initiatives - The company is proactively establishing production bases in key international markets to bolster its resilience against global trade risks and enhance competitiveness [2]. - The diversified business model, including distributed systems and energy storage, is expected to provide multiple revenue streams and support long-term growth [3]. Financial Projections - The adjusted net profit forecasts indicate a recovery trajectory post-2024, with significant growth anticipated in 2025 and 2026 [3].

一、公司 2020 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2020 年 12 月 8 日，公司召开第一届董事会第三十一次会议，会议审议 通过了《关于<公司 2020 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2020 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提 请股东大会授权董事会办理公司股权激励计划相关事宜的议案》等议案。公司独 立董事就本次激励计划相关议案发表了独立意见。 | 证券代码：688599 | 证券简称：天合光能 公告编号：2024-095 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 天合光能股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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。 天合光能股份有限公司（以下简称"公司"）于 2024 年 10 月【29】日召开 的第三届董事会第十三次会议、第三届监事会第七次会议审议通过了《关于公司 作废部分已授予尚未归属的限制性股票的议案》，现将相关事项公 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2024-094 | | --- | --- | --- | | 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 2024 年第三季度计提资产减值准备的公告 （一）信用减值损失 公司以预期信用损失为基础，同时结合个别认定法，对应收票据、应收账款、 其他应收款进行减值测试。经测试，本次需计提信用减值损失金额共计 120,434,952.85 元。 （二）资产减值损失 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、计提减值准备的情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映天 合光能股份有限公司（以下简称"公司"）2024 年 9 月 30 日的财务状况和 2024 年第三季度的经营成果，公司及下属子公司对截至 2024 年 9 月 30 日合并范围内 可能发生信用及资产进行了充分的评估和分析，本着谨慎性原则，公司对相关信 用及资产进行了减值测试并计提了相应的减值准备。2024 第三季度 ...

Financial Performance - Total revenue for Q3 2024 was ¥20,179,245,153.88, a decrease of 36.41% year-over-year[2] - Net profit attributable to shareholders was -¥1,372,710,295.14, representing a decline of 189.31% compared to the same period last year[2] - Net profit excluding non-recurring gains and losses was -¥1,467,484,447.22, down 204.25% year-over-year[2] - Basic earnings per share for Q3 2024 was -¥0.63, a decline of 188.73% year-over-year[4] - Total operating revenue for the first three quarters of 2024 was CNY 61.64 billion, a decrease of 12.5% compared to CNY 70.16 billion in the same period of 2023[21] - Net profit for the first three quarters of 2024 was a loss of CNY 754.56 million, compared to a profit of CNY 5.51 billion in the same period of 2023[19] - The company reported a net loss attributable to shareholders of CNY 962 million for Q3 2024, compared to a profit of CNY 5.10 billion in Q3 2023[20] - The total comprehensive income for Q3 2024 was CNY -867 million, a stark contrast to CNY 5.53 billion in Q3 2023[20] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was ¥3,832,018,623.52, a decrease of 62.63% compared to the previous year[4] - The company's cash and cash equivalents as of September 30, 2024, amount to RMB 26,203,789,175.96, an increase from RMB 24,349,569,864.37 as of December 31, 2023[13] - Cash and cash equivalents at the end of Q3 2024 increased to CNY 21.33 billion, up from CNY 20.26 billion at the end of Q3 2023[22] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 3.83 billion, down 62.6% from CNY 10.25 billion in the previous year[21] - The company experienced a net cash outflow from investing activities of CNY 9.99 billion in the first three quarters of 2024, an improvement from a net outflow of CNY 12.41 billion in the same period of 2023[22] - Cash inflow from financing activities for the first three quarters of 2024 was CNY 25.44 billion, compared to CNY 28.72 billion in the previous year[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥135,530,598,394.15, an increase of 12.65% from the end of the previous year[4] - The company's total assets increased to CNY 135.53 billion in Q3 2024, up from CNY 120.31 billion in Q3 2023, representing an increase of 12.6%[16] - Total liabilities rose to CNY 101.07 billion in Q3 2024, compared to CNY 83.77 billion in Q3 2023, marking an increase of 20.6%[16] - Non-current liabilities totaled CNY 38.98 billion in Q3 2024, significantly up from CNY 22.82 billion in Q3 2023, reflecting an increase of 70.8%[16] - The total current assets have increased to RMB 81,784,367,545.27 from RMB 76,459,832,483.85, reflecting a growth of approximately 4.3%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 10, with the largest shareholder, Jiangsu Panji Investment Co., Ltd., holding 295,495,418 shares, accounting for 13.56% of the total shares[8] - The top ten shareholders include Jiangsu Panji Investment Co., Ltd., holding the largest share, followed by Gao Jifan and Huafu Capital Management Co., Ltd.[10] - Shareholders' equity attributable to the parent company was ¥29,021,310,727.14, a decrease of 7.93% compared to the previous year[4] - The total equity attributable to shareholders decreased to CNY 29.02 billion in Q3 2024, down from CNY 31.52 billion in Q3 2023, a decline of 7.9%[16] Research and Development - R&D investment totaled ¥1,597,618,819.39, accounting for 7.92% of total revenue, an increase of 2.86 percentage points year-over-year[4] - Research and development expenses for the first three quarters of 2024 were CNY 1.36 billion, an increase of 15.2% from CNY 1.18 billion in the same period of 2023[19] Market Conditions - The decline in revenue was primarily due to the impact of supply and demand in the photovoltaic industry, leading to a decrease in the selling price of photovoltaic components[7] Share Repurchase - The company repurchased 12,571,315 shares, representing 0.58% of the total share capital, at a total cost of RMB 205,607,747.97[12] - The company plans to use repurchased shares for converting bonds into stocks, with a repurchase price not exceeding RMB 31.00 per share[12]

| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-093 | | --- | --- | | 转债代码：118031 | 转债简称：天23转债 | 天合光能股份有限公司 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《天合光能股份有限公司 2024 年第三季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 第三届监事会第七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 天合光能股份有限公司（以下称"公司"）第三届监事会第七次会议于 2024 年 10 月 29 日以通讯方式召开，本次会议由公司监事会主席张银华先生召集，会 议应参加表决监事 3 人，实际参加表决监事 3 人，本次会议的召集、召开符合 《公司法》等法律法规和《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事投票表决，审议通过了如下决议： （一）审议通过《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为：公司 2024 年第三季度报告的 ...

好的各位领导大家早上好欢迎大家一早来参加我们的阅养会我是海通电信组的人员我叫徐百乔那么今天我们重点想汇报一下天和光能的一个基本情况今天我们也是发布了天和光能的一个深度报告并且在持续跟踪这家优秀的龙头公司那么首先我认为呢先就行业的角度解读一下 就是当前组建这一块是否会受到这个限制追加中标这个事件的影响那么首先呢这个周末呢开始我们就跟投资者展开了这个非常热烈的一个讨论而且呢也是对这个事件来说非常明显的鼓舞了事情和信心这个事情大家讨论的就是两个方面就是第一这个事件到底有没有强制约束力 第二呢就是说如果有强制约束力对于行业是好还是坏这两个方面那么首先呢这个事件呢我觉得是两个结论我觉得都已经证明了吧有强制约束力而且对于行业是好事证明的呢就是中坚能最新的开了一个标那么所有人都报道0.68以上了然后是好还是坏那么周一和周二的股价就已经 反映了这个市场的解读我觉得市场还是有效的那么为什么说第一为什么说它是有效呢就首先呢大的环境国家正在制定这个招投标法的修改草案这个事情呢不是我打听到的而是2024年政府立法工作计划当中明确提到了 而且呢在今天5月8号其实国务院已经发布了一个关于完善体制机制然后招投标方面的一个指导意见这个意见呢 ...

| 证券代码：688599 | 证券简称：天合光能 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | | 公告编号：2024-092 | 天合光能股份有限公司 2024 年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 10 月 16 日 （二） 股东大会召开的地点：常州市新北区天合路 2 号天合光能股份有限公司 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 560 | | --- | --- | | 普通股股东人数 | 560 | | 2、出席会议的股东所持有的表决权数量 | 457,999,227 | | 普通股股东所持有表决权数量 | 457,999,227 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 21.26 ...

北京市金杜律师事务所上海分所 关于天合光能股份有限公司 2024 年第三次临时股东大会 之法律意见书 致：天合光能股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受天合光能股份有限 公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括 中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、 行政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席 了公司于 2024 年 10 月 16 日召开的 2024 年第三次临时股东大会（以下简称 本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1 1. 经公司 2024 年第二次临时股东大会审议通过的《天合光能股份有限公 司章程》（以下简称《公司章程》）； 2. 公司提供的《天合光能股份有限公司第三届董事会第 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [4]. Core Views - The company is actively involved in the establishment of a green carbon industry venture capital fund, focusing on investments in green energy, manufacturing, and digital technology [3]. - The company has diversified its business into three main segments: photovoltaic products, photovoltaic systems, and smart energy solutions, achieving a significant increase in sales across these areas [4]. - The company has proactively expanded its overseas production capacity to mitigate risks associated with international trade policies, with new facilities in Indonesia and the United States expected to commence operations in the second half of 2023 [4]. - The establishment of the carbon industry fund will enhance the company's investment capabilities in the renewable energy sector and strengthen its collaboration with upstream and downstream partners [4]. Financial Summary - The company reported a revenue of 42.968 billion yuan and a net profit of 526 million yuan for the first half of 2024, with a year-on-year increase in photovoltaic module shipments of over 25% [4]. - Forecasted revenues for 2024, 2025, and 2026 are 91.863 billion yuan, 111.331 billion yuan, and 131.150 billion yuan, respectively, with corresponding net profits of 1.027 billion yuan, 2.608 billion yuan, and 4.423 billion yuan [7][8]. - The earnings per share (EPS) are projected to be 0.47 yuan, 1.20 yuan, and 2.03 yuan for the years 2024, 2025, and 2026, respectively, with price-to-earnings ratios (P/E) of 56, 22, and 13 [7][8].

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 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。 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 | 12,571,315 股 | | 累计已回购股数占总股本比例 | 0.58% | | 累计已回购金额 | 20,560.774797 万元 | | 实际回购价格区间 | 15.82 元/股~17.13 元 ...