| 证券代码：688599 | 证券简称：天合光能 公告编号：2024-103 | | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | 天合光能股份有限公司 关于债券持有人可转债持有比例变动达到 10% 的公告 特此公告。 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、股东配售可转债情况 经中国证券监督管理委员会证监许可[2023]157 号文同意注册，天合光能股 份有限公司（以下简称"公司"）于 2023 年 2 月 13 日向不特定对象发行了 8,864.751 万张可转换公司债券（以下简称"天 23 转债"），每张面值 100 元， 发行总额 886,475.10 万元。本次发行可转换公司债券的期限为自发行之日起六 年，即自 2023 年 2 月 13 日至 2029 年 2 月 12 日。 1 债"29,068,640 张，占发行总量的 32.79%。具体变动明细如下: | 持有人 | 本次变动前 | 占发行 | 本次变动情况 | 占发行 | 本次变动后 | | | -- ...

Core Viewpoint - The Chinese photovoltaic industry, after over 30 years of development, has become a key force in the new energy system and faces significant challenges in 2024, including severe supply-demand imbalances and intensified competition, leading to a crisis in the industry [1] Group 1: Industry Challenges - The photovoltaic industry is experiencing its most severe challenges, with multiple factors contributing to a serious imbalance in supply and demand, resulting in unhealthy competition and increased trade protectionism [1] - The industry has historically turned crises into opportunities, and there is a need to maintain confidence in high-quality development despite current difficulties [1][2] Group 2: Recommendations for Improvement - The industry must adopt self-discipline and government regulation to maintain fair competition and create a high-quality market environment [2][3] - A self-discipline agreement was released on October 14, marking a critical first step, with a call for increased self-discipline efforts and adherence to selling above cost price [3] - Emphasis on technological innovation and stronger intellectual property protection is essential for high-quality development, as current protections are inadequate and contribute to unhealthy competition [3] Group 3: Future Development Strategies - There is a need to develop new energy storage and microgrid systems to support the construction of a new power system, addressing bottlenecks in grid access and energy consumption [4] - Policies should encourage private investment in distribution networks and microgrids, as well as support for commercial and residential rooftop solar installations [4]

Core Viewpoint - The solar industry must strengthen self-discipline and establish a determination to break free from inertia in order to achieve high-quality development [1] Group 1: Industry Self-Discipline and Regulation - The combination of industry self-discipline and government regulation is essential to build a market environment conducive to high-quality development [2] Group 2: Technological Innovation and Intellectual Property - Emphasizing technological innovation and enhancing intellectual property protection are fundamental to solidifying the foundation for high-quality development [3] Group 3: Development of New Energy Storage and Microgrids - Promoting the development of new energy storage and microgrids is crucial for constructing a new power system and expanding the application space for high-quality development [4] - The bottleneck for large-scale solar development is limited grid access and consumption difficulties, necessitating the acceleration of policies for renewable energy consumption and regulation [4] - There is a need for diverse market entities to invest in distribution networks and microgrids, with specific measures to encourage private enterprises [4] - Increased policy guidance and support are recommended to integrate solar energy with various production and living scenarios, as well as to enhance support for commercial and residential rooftop solar installations [4] - Encouragement for the construction of source-grid-load-storage systems that combine green electricity with new loads such as computing centers and green hydrogen is suggested to further unleash the potential for solar energy development [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company experienced a significant decline in net profit, with a 116.67% year-on-year decrease in the first three quarters of 2024, primarily due to impairment losses [3]. - Despite the profit decline, the company is actively pursuing its overseas strategy and has shown a robust cash flow with a net inflow of 39.89 billion RMB in Q3 2024 [3]. - The company has restructured its 5GW solar module factory in the U.S., which is expected to enhance its profitability in the American market [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 631.47 billion RMB, a decrease of 22.16% year-on-year [3]. - The projected earnings per share (EPS) for 2024 is adjusted to -0.29 RMB, with subsequent years forecasted at 1.73 RMB for 2025 and 2.21 RMB for 2026 [3][4]. - The company's total market capitalization is approximately 56.79 billion RMB, with a circulating share count of 2,179.37 million [2]. Business Performance - The company shipped nearly 16.5GW of solar modules in Q3 2024, with significant contributions from the U.S. market [3]. - The distributed system sales volume approached 1GW, while the mounting structure shipments reached about 2GW, with over 70% being tracking mounts [3]. - The energy storage segment saw shipments of approximately 850MWh, with a notable increase in gross margin [3]. Valuation Metrics - The company’s projected P/E ratios are -89.2 for 2024, 15.1 for 2025, and 11.8 for 2026 [4][6]. - The projected EBITDA for 2024 is 2,665 million RMB, with a significant increase expected in subsequent years [4][5]. - The company’s revenue is expected to decline by 25.5% in 2024, followed by growth rates of 22.7% and 22.9% in 2025 and 2026, respectively [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported a revenue of 631.47 billion yuan for the first three quarters of 2024, a year-on-year decrease of 22.16%. The net profit attributable to the parent company was -8.47 billion yuan, down 116.67% year-on-year [3][4]. - In Q3 2024, the revenue was 201.79 billion yuan, reflecting a year-on-year decline of 36.41% and a quarter-on-quarter decline of 18.34%. The net profit attributable to the parent company was -13.73 billion yuan, a year-on-year decrease of 189.31% [3][4]. - The company is expected to benefit from the supply-side clearing in the industry and has a forward-looking layout in Indonesia and the United States, which is anticipated to start production in Q4 2024 [5]. Financial Performance - The Q3 expense ratio was 12.76%, which increased year-on-year and quarter-on-quarter due to revenue decline, while absolute expenses remained stable [4]. - The company’s cash flow from operating activities in Q3 was 39.89 billion yuan, with cash on hand increasing to 262.04 billion yuan and inventory decreasing to 264.13 billion yuan, indicating a stable operational status [4]. Future Outlook - The company is focusing on commercial photovoltaic projects and expanding into operation and maintenance services, enhancing its market competitiveness [5]. - The photovoltaic support business is expected to maintain stable profit contributions, and the recent favorable supply-side developments in the photovoltaic industry may lead to an earlier cyclical turning point [5]. - The company is projected to achieve a net profit attributable to the parent company of 4.1 billion yuan in 2025, corresponding to a PE ratio of 13 times [5].

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2024-101 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 关于关联方参与股权投资暨关联交易的公告 天合光能股份有限公司 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。 1 股份暨经营合作的公告》，因此本次关联方认购 FREYR 股权属于关联方与公司 共同投资，已构成关联交易，但不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 本事项已经公司第三届董事会独立董事第四次专门会议审议通过，公司 第三届董事会第十四次会议及第三届监事会第八次会议审议通过，关联董事高纪 凡、高纪庆、高海纯回避表决。本事项无需提交公司股东大会审议。 一、关联交易概述 （一）交易概述 重要内容提示： 交易概述：天合光能股份有限公司（以下简称"公司"）于 2024 年 11 月 5 日召开第三届董事会第十四次会议及第三届监事会第八次会议，会议审议通过 了《关于关联方参与股权投资暨关联交易的议案》，公司的关联方 ...

华泰联合证券有限责任公司 关于天合光能股份有限公司 关于关联方参与股权投资暨关联交易事项的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为天合光能股份有限公司（以下简称"天合光能"或"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》《上海证券交易所科创板股票上市 规则》和《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》 等有关规定，对天合光能关于关联方参与股权投资暨关联交易事项进行了核查， 具体情况如下： 一、合作投资暨关联交易概述 （一）交易概述 公司的关联方 Trinaway Investment Second Ltd.（以下简称"Trinaway"）拟以 14,752,500 美元认购 FREYR Battery, Inc.,（以下简称"FREYR"）定向发行的 14,050,000 股新股。FREYR 是一家在美国纽约证券交易所上市的公司（纽交所 证券代码：FREY），为可持续电池和清洁能源解决方案的开发商，其使命是通过 在电池和可再生能源价值链上实现技术工业化，加速全球能源系统的脱碳。 公司于 2024 年 11 月 5 日召开了第三 ...

天合光能股份有限公司（以下称"公司"）第三届监事会第八次会议于 2024 年 11 月 5 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 | 证券代码：688599 | 证券简称：天合光能 公告编号：2024-102 | | --- | --- | | 转债代码：118031 | 转债简称：天23转债 | 天合光能股份有限公司 第三届监事会第八次会议决议公告 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 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 天合光能股份有限公司监事会 2024 年 11 月 7 日 1 经与会监事投票表决，审议通过了如下决议： （一）审议通过《关于对外出售资产暨经营合作的议案》 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关于对外出售资产获 ...

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