证 券 研 究 报 告 天合光能（688599）2024 年半年报点评 推荐（维持） 现金流改善明显，分布式业务保持高盈利水平 目标价：20.48 元 当前价：16.88 元 事项： 公司上半年实现营业收入为 429.68 亿元，同比下降 12.99%；归母净利润为 5.26 亿元，同比下降 85.14%；综合毛利率为 13.85%，同比下降 3.07 个百分点；上 半年归母净利率为 1.22%，同比下降 5.94 个百分点。费用方面，公司上半年期 间费用为 46.09 亿元，较上年同期增加 11.07 亿元；期间费用率为 10.73%，较 上年同期上升 3.64 个百分点。 公司二季度实现营业总收入 247.12 亿元，同比下降 11.95%，环比增长 35.37%； 归母净利润为 1046.40 万元，同比下降 99.41%，环比下降 97.97%；综合毛利 率为 13.12%，同比下降 3.01 个百分点，环比下降 1.72 个百分点；归母净利率 为 0.04%，同比下降 6.27 个百分点，环比下降 2.78 个百分点。 评论： 二季度组件出货环比增长，海外产能落地将带动美国市场出货。公司组件出货 量 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 42.668 billion yuan for the first half of 2024, a year-on-year decrease of 12.99%, and a net profit attributable to shareholders of 526 million yuan, down 85.14% year-on-year [2] - The company's component shipment volume reached 34 GW in the first half of 2024, an increase of 25% year-on-year, with a cumulative shipment of over 225 GW [3] - The company is expanding its overseas production capacity, with plans to reach a capacity of 55 GW for silicon wafers, 105 GW for batteries, and 120 GW for components by the end of 2024 [3] - The company is diversifying its business into distributed photovoltaic systems, mounting structures, and energy storage solutions, which are expected to support its performance [4] Financial Forecasts - The company is projected to achieve revenues of 86.866 billion yuan, 114.481 billion yuan, and 138.883 billion yuan for the years 2024, 2025, and 2026, respectively [5] - The net profit attributable to shareholders is expected to be 736 million yuan in 2024, 2.644 billion yuan in 2025, and 5.214 billion yuan in 2026 [5] - The report indicates a significant drop in net profit for 2024, with a forecasted decrease of 86.7% compared to 2023 [9] Business Expansion - The company has established a strong presence in the distributed photovoltaic business with over 4,000 channel partners and 20,000 service points across China [4] - The operation and maintenance business for photovoltaic plants has expanded to a scale of 14 GW, representing an 80% year-on-year increase [4] - The company has achieved a 6% market share in the mounting structure business, ranking sixth globally [4]

| 证券代码：688599 | 证券简称：天合光能 | 公告编号： | 2024-083 | | --- | --- | --- | --- | | 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 8 月 1 日至 2024 年 8 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 本期担保发生额：人民币 33.35 亿元（包含公司合并报表范围内下属子 公司对公司的担保） 本次担保是否有反担保：否 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 592.97 亿元，占公司最近一期经审计净资产的 188.12%，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 568.36 亿元。 一、担保情况概述 （一）本期新增担保情况 为 ...

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 | 9,221,140 股 | | 累计已回购股数占总股本比例 | 0.42% | | 累计已回购金额 | 15,197.024309 万元 | | 实际回购价格区间 | 15.91 元/股~17.13 元/股 | 一、 回购股份的基本情况 | 证券代码：688599 | 证券简称：天合光能 | 公告编号：2024-082 | | --- | --- | --- | | 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 ...

证券代码：688599 证券简称：天合光能 | --- | --- | --- | --- | --- | |---------------------------------|-------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 | --- | --- | --- | --- | |-------------------------|------------------------------------------------------------------------------------------------|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

天合光能 买入 维持评级 公司点评 业绩简评 8 月 30 日公司发布 2024 年中报，上半年实现营收 430 亿元， 同比-13%；实现归母净利润 5.3 亿元，同比-85%；扣非归母净利润 4.0 亿元，同比-89%。其中 Q2 实现归母净利润 0.10 亿元，实现扣 非归母净利润-0.50 亿元。 经营分析 组件出货增长盈利承压，前瞻性全球化产能布局保障竞争力。 2024 年上半年公司组件实现出货 34GW，同比增长超过 25%。上半 年光伏产业链竞争加剧，Q2 产业链价格下降至较低水平、主产业 链盈利承压，受此影响公司 Q2 销售毛利率环比下降 1.7 PCT 至 13.12%。为提升抗风险能力，2023 年公司前瞻性布局印尼基地（1GW 电池、组件）及美国基地（5GW 组件），预计将于 2024 年下半年投 产，有望帮助公司有效应对全球贸易风险，保持在高盈利市场的竞 争力。 分布式系统、支架、储能布局打综合能源解决方案提供商，多 利润点支撑增长抗风险能力。公司致力于打造光伏智慧能源整体 解决方案提供商，上半年分布式系统出货超 3.2GW，天合富家全球 排名第二、国内户用市场市占率近 20%，盈利能 ...

| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-079 | | --- | --- | | 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 年半年度计提资产减值准备的公告 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。 一、计提减值准备的情况概述 （二）资产减值损失 公司对存货、合同资产等长期资产，在资产负债表日有迹象表明发生减值的， 估计其可收回金额，进行减值测试。对存货资产，在资产负债表日，存货成本高 于其可变现净值的，计提存货跌价准备。合同资产减值准备的计提依据和计提方 法同信用减值准备的计提依据和计提方法。经测试，本次需计提的资产减值损失 准备金额合计 515,634,407.33 元。 三、本次计提减值准备对公司的影响 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 6 月 30 日的财务状况和 2024 年半年度的经营成果，公司及下属子公司对截至 2024 年 6 月 ...

华泰联合证券有限责任公司 关于天合光能股份有限公司新增 2024 年度日常关联交易预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为 天合光能股份有限公司（以下简称"天合光能"、"公司"）持续督导的保荐人， 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关规定， 对公司新增 2024 年度日常关联交易预计的事项进行了认真、审慎的核查，并发 表意见如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2024 年 2 月 5 日召开了第三届董事会第二次会议和第三届监事会第 二次会议，分别审议通过了《关于公司 2024 年度日常性关联交易预计的议案》， 本次日常关联交易预计金额为 17,600.00 万元，关联董事高纪凡、高纪庆回避了 表决，其他非关联董事一致同意该议案。该事项无需提交股东大会审议。 公司于 2024 年 8 月 29 日召开了第三届董事会第十次会议和第三届监事会 第五次会议，分别审议通过了《关于新增 2024 年度日常关联交易预计的议案》， 本次日常 ...

Financial Performance - Trina Solar reported a significant increase in revenue, achieving a total of 5.2 billion RMB for the first half of 2024, representing a 25% year-over-year growth[9]. - The company's operating revenue for the first half of 2024 was approximately ¥42.97 billion, a decrease of 12.99% compared to the same period last year[13]. - Net profit attributable to shareholders for the same period was approximately ¥526.20 million, down 85.14% year-over-year[13]. - Trina Solar's net income for the first half of 2024 was reported at 800 million RMB, a 40% increase compared to the same period last year[9]. - The company achieved a revenue of 14,524,995,750.00 RMB in the first half of 2024, with a year-on-year increase of 8,756,263,761.96 RMB[67]. - The company reported a net profit margin decline, with net profit for the first half of 2024 not specified but indicating a challenging financial environment[198]. - The profit attributable to shareholders of the parent company was approximately $526.20 million, down from $3.54 billion, a decrease of about 85.1%[200]. Operational Efficiency - The company’s gross profit margin improved to 18%, up from 15% in the same period last year, indicating enhanced operational efficiency[9]. - The company maintained core competitiveness in photovoltaic module products, achieving a year-over-year increase in module sales despite a decline in profitability due to market price drops[16]. - The weighted average return on net assets decreased by 10.72 percentage points to 1.69%[14]. - The company has no significant non-operational fund occupation by controlling shareholders, ensuring financial integrity[3]. Production and Capacity Expansion - Trina Solar's total shipments reached 10.5 GW, a 30% increase compared to the previous year, driven by strong demand in both domestic and international markets[9]. - The company plans to expand its production capacity by 20% in 2025, aiming to reach 30 GW of annual production capacity for solar modules[9]. - The company plans to start production at new manufacturing bases in Indonesia and the USA in the second half of 2024, enhancing global supply chain stability[20]. - The company expects its photovoltaic wafer, battery, and module production capacity to reach 55GW, 105GW, and 120GW respectively by the end of 2024[39]. Research and Development - Trina Solar is investing 500 million RMB in R&D for new technologies, including TOPCon and PERC solar cells, to enhance energy conversion efficiency[9]. - Research and development expenses accounted for 6.31% of operating revenue, an increase of 0.89 percentage points compared to the previous year[16]. - The company has filed over 70 new patent applications for its upgraded intelligent photovoltaic tracking system, enhancing its reliability and energy yield[44]. - The company has achieved an average mass production efficiency of 26.75% for the i-TOPCon cells, with a 0.7% increase in efficiency during the first half of the year[58]. Market Expansion and Strategic Initiatives - The company has secured contracts worth 1.2 billion RMB for new projects in Europe and North America, reflecting its strategic market expansion efforts[9]. - Trina Solar is actively pursuing potential mergers and acquisitions to enhance its market position and technological capabilities[9]. - The company aims to lead in global photovoltaic and energy storage solutions, promoting the healthy and high-quality development of the energy storage industry[19]. - The company is leveraging the growing demand for energy storage solutions, particularly in overseas markets, to expand its customer base and project scale[32]. Environmental Commitment - The company has outlined a forward-looking statement regarding its commitment to sustainability and reducing the levelized cost of electricity (LCOE) by 10% over the next two years[9]. - The company has committed to sustainable development and green production practices, aiming to reduce environmental impact and promote low-carbon initiatives[135]. - The company has received carbon footprint certification for its entire series of Supreme N-type components, reinforcing its commitment to green and low-carbon development[138]. - The company reduced carbon emissions by 161,354 tons during the reporting period through various decarbonization measures[136]. Challenges and Risks - The company faces risks related to fluctuations in raw material prices, particularly silicon, which could impact profitability if logistics costs rise significantly[85]. - The photovoltaic industry is facing intensified competition, with leading companies expanding capacity and entering new markets, potentially leading to price declines and reduced profitability[88]. - The company is exposed to risks from policy changes affecting renewable energy, which could impact its operations and market conditions[89]. - The company is experiencing increased accounts receivable as business scales, which could lead to a decline in accounts receivable turnover and potential bad debts[86]. Shareholder and Governance Matters - The controlling shareholder Gao Jifan and his spouse Wu Chunyan extended a loan of 4.569 billion yuan to financial institutions, with the repayment deadline now set for September 2026 and interest rates adjusted according to market conditions[111]. - The company held three shareholder meetings in the reporting period, all resolutions were passed without any rejections[113]. - The company has established measures to ensure compliance with the latest regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding compensation measures[155]. - The company will ensure compliance with the latest regulatory rules regarding stock lock-up or reduction when applicable[145].