Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 revenue reached 113.39 billion yuan, a year-on-year increase of 33.32%, while the net profit attributable to shareholders was 5.53 billion yuan, up 50.26% year-on-year. However, the fourth quarter saw a significant decline in net profit [3] - The company experienced continuous growth in shipments, with 65.2 GW of modules shipped in 2023, a 51% increase year-on-year. However, increased competition has led to a decline in profitability [3] - The company is expanding its distributed generation business, which is expected to grow by 20% in 2024, supported by stable profitability from component price reductions and market channel expansion [3] - The company is also expanding its production capacity and upgrading technology, with plans to increase its silicon wafer, battery, and module capacities by the end of 2024 [4] - The company has sufficient cash on hand, with 23.8 billion yuan in cash at the end of Q1 2024, although inventory levels have increased [4] Financial Performance Summary - Total revenue for 2023 was 113.39 billion yuan, with a projected revenue of 123.69 billion yuan for 2024, reflecting a 9.08% year-on-year growth [2] - The net profit attributable to shareholders for 2023 was 5.53 billion yuan, with a forecasted decline to 4.04 billion yuan in 2024, representing a year-on-year decrease of 26.90% [2] - The company's earnings per share (EPS) for 2023 was 2.54 yuan, with an expected EPS of 1.86 yuan for 2024 [2] - The price-to-earnings (P/E) ratio is projected to be 10.75 for 2024, indicating a relatively attractive valuation [2] Market Data - The closing price of the company's stock is 19.94 yuan, with a market capitalization of approximately 43.46 billion yuan [6] - The company's price-to-book (P/B) ratio is 1.38, suggesting a moderate valuation relative to its book value [6] Capacity and Technology - By the end of 2023, the company's production capacities were 55 GW for silicon wafers, 75 GW for batteries, and 95 GW for modules, with plans to increase these figures in 2024 [4] - The company is focusing on technological upgrades, achieving significant efficiency improvements in its products [4]

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 ...

天合光能股份有限公司 董事会审计委员会 2023 年度履职报告 报告期内，公司董事会审计委员会积极履行职责，共召开 5 次会议，会议的 组织、召开及表决均符合相关法律、法规及规范性文件和《公司章程》等相关规 定。公司全体审计委员会委员参加了各次会议，会议议案全部审议通过。具体情 况如下： | 会议名称 | 召开时间 | 审议议案 | | --- | --- | --- | | | | 1、关于公司董事会审计委员会 2022 年度履职报告 的议案 | | | | 2、关于公司 2022 年度财务决算报告的议案 | | 第二届董事会审计委 | | 3、关于公司 2022 年年度报告及其摘要的议案 | | 员会 2023 年第一次 | 2023.4.23 | 4、关于公司 2022 年度募集资金存放与实际使用情 | | 会议 | | 况专项报告的议案 | | | | 5、关于公司 2022 年度内部控制评价报告的议案 | | | | 6、关于公司续聘 2023 年度审计机构的议案 | | | | 7、关于公司 2023 年度日常性关联交易预计的议案 | | 第二届董事会审计委 | | | | | | --- | - ...

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 | ...

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].

天合光能股份有限公司 募集资金存放与实际使用情况专项报告 天合光能股份有限公司 经中国证券监督管理委员会出具的证监许可［2023］157 号《关于同意天合光能股 份有限公司向不特定对象发行可转换公司债券注册的批复》核准，公司获准向不特定对 象发行面值总额为人民币 8,864,751,000.00 元的可转换公司债券，债券期限为 6 年。截 至 2023 年 2 月 17 日，公司发行可转换公司债券共募集人民币 8,864,751,000.00 元，扣 除各项发行费用合计人民币 48,650,279.85 元后，实际募集资金净额为人民币 8,816,100,720.15 元。上述资金到位情况业经容诚会计师事务所容诚验字[2023] 200Z0002 号《验资报告》验证。 （二）募集资金使用及结余情况 1、2021年发行可转换公司债券实际募集资金情况 关于公司募集资金存放与实际使用情况的专项报告 根据上海证券交易所《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》的规定，将天合光能股份有限公司（以下简称"本公司"或"公司"）2023 年度募 集资金存放与使用情况报告说明如下： 一、募集资金基本情 ...

重要内容提示： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以下 简称"容诚"）。 本事项尚需提交公司股东大会审议。 一、拟聘任会计师事务所的基本情况 | 证券代码：688599 | 证券简称：天合光能 公告编号：2024-037 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 天合光能股份有限公司 关于公司续聘 2024 年度审计机构的公告 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）机构信息 1、基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通 合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证 券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26，首席合伙人肖厚发。 2、人员信息 截至 2023 年 12 月 31 日，容诚会计师事务所共有合伙人 1 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2024-034 | | --- | --- | --- | | 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 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 召开日期时间：2024 年 5 月 16 日 14 点 00 分 召开地点：常州市新北区天合路 2 号天合光能股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 16 日 至 2024 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投 ...