Industry and Company Overview * **Industry**: Solar Outlook, Clean Technology * **Region**: North America, United States * **Date**: 7 October 2024 Key Topics 1. **US Presidential Elections and Solar Sector**: The upcoming US presidential elections are a pivotal moment for the solar sector. A Democratic victory is seen as positive, with minimal risks to residential demand and incentives. A Republican win could lead to the fading/removal of incentives and dampen sentiment. 2. **Residential Demand Trends**: Demand in the US is stable, with California recovering post NEM 3.0. Southern states are performing well. Europe's demand is lagging, down ~10%+ YoY. 3. **Inverters Update**: Under shipments are expected to be fully done for ENPH in 3Q24. SolarEdge faces challenges in Europe, but US under shipments should clear after 3Q. 4. **Macro Environment**: Interest rates are coming down, benefiting residential solar companies and the market. 5. **Equity Ratings**: Buy-rated First Solar (PT $280), Hold rated on ENPH, SEDG, RUN, and NOVA. Company-Specific Updates * **First Solar (FSLR)**: Expected to report 3Q24 results on October 29. Revenue forecasted at $1.09bn, with ASP of 28c/w and shipments of 3.90GW. Costs forecasted at $113m, leading to operating income of $385m and net income of $356m. * **Enphase Energy (ENPH)**: Expected to report 3Q24 results on October 22. Revenue forecasted at $387m, with GAAP net income of $52m and GAAP EPS of 38c. * **SolarEdge (SEDG)**: Expected to report 3Q24 results on October 30. Revenue forecasted at $274m, with GAAP gross margin of negative 2%. * **Sunrun (RUN)**: Expected to report 3Q24 results on October 30. Revenue forecasted at $559mm, with cash generation of negative $4m. * **Sunnova (NOVA)**: Expected to report 3Q24 results on October 30. Revenue forecasted at $241m, with adj. EBITDA of $209m. Additional Information * The report includes graphs and charts on solar power generation, energy costs, and company financials. * The report also includes important disclosures and analyst certifications.

Investment Rating - The report maintains a "Buy" rating on Daqo and Flat H/Xinyi, while Longi is rated "Neutral" and GCL/Tongwei/TCL Zhonghuan are rated "Sell" [3][8]. Core Insights - The solar industry is experiencing a re-balancing of supply and demand, with upstream prices for Poly and Wafer seeing moderate increases, while downstream prices for Cell and Module are under intense competition, leading to a decline in profitability for these segments [1][11]. - Cash burn trends for covered companies are diverging, with Daqo expected to improve due to lower production and disciplined capital expenditure, while Tongwei and Longi are facing deterioration due to high capital expenditures and decreasing prices [2][5]. - A potential price rebound of 5%-10% across the solar value chain is anticipated by 2025, driven by continued supply cuts [3][8]. Summary by Sections Pricing Trends - In September, spot prices for Poly/Wafer increased by 1%, while Cell/Module prices decreased by 2% and 2% respectively, indicating a mixed pricing environment across the solar value chain [11][31]. - The average cash gross profit margin (GPM) for Poly improved slightly, while other segments like Wafer, Cell, and Module saw further declines [1][5]. Production and Inventory - Production for Poly, Wafer, Cell, and Glass decreased by 4%, 4%, 4%, and 8% respectively, while Module production remained flat [8][9]. - Inventory levels showed a moderate decline for downstream Cell and Module, but increased for Wafer and Glass, indicating ongoing inventory pressure [8][9]. Demand Dynamics - Demand for solar installations in China showed a sequential decline, with August installations down 22% month-over-month but up 3% year-over-year [31]. - Module exports remained flat month-over-month but increased by 23% year-over-year, with strong demand noted in the Middle East and APAC regions [31].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 1.会议召开时间、地点和方式：中节能太阳能股份有限公司（以下简称公司） 第十一届董事会第八次会议于2024年10月9日以通讯方式召开。 2.会议通知：会议通知及会议材料于2024年9月30日以邮件方式向全体董事、 监事、高级管理人员发出。 3.会议出席人数：会议应表决董事9人，实际表决董事9人。会议的召开符合 《公司法》和《公司章程》的有关规定，本次会议及通过的决议合法有效。 二、董事会会议审议情况 | 证券代码：000591 | 证券简称：太阳能 | 公告编号：2024-99 | | --- | --- | --- | | 债券代码：149812 | 债券简称：22太阳 G1 | | | 债券代码：148296 | 债券简称：23太阳 GK02 | | 中节能太阳能股份有限公司 第十一届董事会第八次会议决议公告 同意 9 票 反对 0 票 弃权 0 票 表决结果：通过 三、备查文件 经与会董事签字并加盖董事会印章的《第十一届董事会第八次会议决议》。 特此公告。 中节能太阳能股份有限公司 ...

| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2024-100 | | --- | --- | --- | | 债券代码：149812 | 债券简称：22太阳 G1 | | | 债券代码：148296 | 债券简称：23太阳 GK02 | | 中节能太阳能股份有限公司 关于投资建设中节能第十二师产业园区低碳转型 50 万千瓦光伏项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 中节能太阳能股份有限公司（以下简称公司）2024年10月9日召开了第十一 届董事会第八次会议，审议通过了《关于投资建设中节能第十二师产业园区低碳 转型50万千瓦光伏项目的议案》，相关情况公告如下： 一、对外投资概述 为继续扩大公司光伏电站装机规模，保持行业领先地位，公司以下属子公司 中节能（新疆）太阳能科技有限公司（以下简称新疆公司）作为主体，投资建设 中节能第十二师产业园区低碳转型 50 万千瓦光伏项目（以下简称十二师项目）， 规划投资总额约 154,453.82 万元。 截至目前，包含该项目投资金额后，公司对外投资总额连续十二个月内累计 达到最近一期经审计 ...

Distinguished investors, analysts, dear friends of the media, and all the guests who join us online. Good afternoon, everyone. Thank you very much for taking part in the 2024 Semi-annual Profit Explanation Conference of China Energy and Solar Co. Ltd. I am the host of this conference, the vice general manager of the company, the secretary of the board of directors, Guo Yi. In this era of challenge and opportunity, China Energy's Sun Energy Shares Limited has always maintained the concept of green, low carbo ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Solar Energy in China - **Date**: September 23, 2024 Core Insights 1. **Module Export Trends**: - In August 2024, module export volume increased by 35% year-over-year (YoY), while export value decreased by 27% YoY [1] - The export value to Asia fell by 17% YoY, but to Africa, it rose by 6% YoY in the first eight months of 2024 [1] - Cumulative module and cell export value for January-August 2024 was Rmb161.2 billion, down 29% YoY, attributed to price declines of 46% for modules and 63% for cells [1][2] 2. **Regional Performance**: - Module export value to Europe declined by 44% YoY in 8M24, with significant drops in the Netherlands, Spain, Germany, Poland, and Italy [2] - Notable increases in module export value to India (up 112% YoY), Saudi Arabia (up 68% YoY), and Pakistan (up 81% YoY) [2] 3. **Cell Export Dynamics**: - Cell export volume rose by 68% YoY in 8M24, but the export value fell by 35% YoY due to a 63% YoY price drop [3] - Export value to India increased by 24% YoY, while significant declines were observed in Turkey, Germany, Thailand, and Vietnam [3] 4. **Inverter Export Performance**: - Inverter export value decreased by 24% YoY in 8M24 but increased by 24% YoY in August [3] - Exports to Asia and South America saw increases of 41% and 32% YoY, respectively, in 8M24 [3] 5. **Installation Capacity Growth**: - China added 140 GW of solar power generation capacity in 8M24, a 24% increase YoY compared to 113 GW in 8M23 [5] Additional Important Insights - **Price Trends**: - The decline in module prices (182mm PERC) was noted at 46% YoY, impacting the overall export value [2] - In the EU, module prices fell by 42% YoY and 7% MoM in August [2] - **Export Value by Destination**: - The cumulative module export value showed a consistent decline across various countries, with significant drops in Brazil and Chile (down 30% and 61% YoY, respectively) [2][12] - **Market Outlook**: - The overall sentiment in the solar industry remains attractive, despite the challenges posed by declining prices and export values [4] This summary encapsulates the key points discussed in the conference call, highlighting the current state and trends within the solar energy sector in China.

证券代码：000591 证券简称：太阳能 编号：2024-13 1 中节能太阳能股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------------------|--------------------------------------|------------------------------------------------------| | | □特定对象调研 | □ 分析师会议 | | 投 资 者 关 | □媒体采访 | ☑ 业绩说明会 | | 系 活 动 类 别 | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | □其他 | | | 参 与 单 位 名 称 及 人 员姓名 | 公司 2024 | 半年度业绩说明会参会人员 | | 时间 | 2024 年 9 月 27 日 | 15:00-17：00 | | 地点 | 价值在线网络互动 | | | | | 公司党委书记、董事长、总经理 张会学 | | 公 司 接 待 | 独立董事 卢建平 | | | 人员姓名 | | 副总经理、董事会秘书、总法律顾问 郭毅 | ...

证券代码：000591 证券简称：太阳能 编号：2024-12 中节能太阳能股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|----------------------------------------|------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | 投 资 者 关 | □媒体采访 □业绩说明会 | | | 系 活 动 类 | □新闻发布会 | ☑ 路演活动 | | 别 | □现场参观 | | | | □其他 | | | 参 与 单 位 名 称 及 人 | 参与 2024 | 年电力行业集体路演的机构、媒体、投资者 | | 员姓名 | | | | 时间 2024 | 年 9 月 24 日 | 9:00-12:00 | | | 地点 上证路演中心 | | | | | | | 公 司 接 待 人员姓名 | 总会计师 程欣 | | | | 一、介绍公司整体业务情况 | | | | 二、互动交流主要内容 | | ...

| 债券代码：149812 | 债券简称：22太阳 G1 | | | --- | --- | --- | | 证券代码：000591 债券代码：148296 | 证券简称：太阳能 债券简称：23太阳 GK02 | 公告编号：2024-98 | 二、公司出席说明会的人员 董事长、总经理张会学先生；独立董事卢建平先生；副总经理、董事会秘书、 总法律顾问郭毅先生；总会计师程欣女士。具体以当天实际参会人员为准。 三、投资者参加方式 中节能太阳能股份有限公司 关于召开 2024 年半年度业绩说明会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 中节能太阳能股份有限公司（以下简称公司）于 2024 年 9 月 12 日在《中国 证券报》《证券时报》《证 券日报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）上刊登了《中节能太阳能股份有限公司关于召开 2024 年半年度业绩说明会的公告》（公告编号：2024-95）。为进一步提升业绩说明 会的关注度和影响力，将本次业绩说明会的有关事项提示如下： 公司已于 2024 年 8月 28 日在深圳证 ...

| 证券代码：000591 | 证券简称：太阳能 | 公告编号：2024-97 | | --- | --- | --- | | 债券代码：149812 | 债券简称：22太阳 G1 | | | 债券代码：148296 | 债券简称：23太阳 GK02 | | 一、集体路演类型 本次集体路演以视频直播和网络文字互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 二、集体路演召开的时间和方式 （一）召开时间：2024 年 9 月 24 日（星期二）09:00-12:00 中节能太阳能股份有限公司 关于参加 2024 年电力行业集体路演的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，中节能太阳能股份有限公司（以下简称 公司）将参加由上海证券交易所主办的 2024 年电力行业集体路演，现将相关事 项公告如下： 总会计师程欣女士，具体以当天实际参会人员为准。 四、投资者参加方式 （一）投资者可在 2024 年 9 月 24 ...