中节能太阳能股份有限公司 2021 年度、2022 年度、2023 年度 审计报告 致同会计师事务所 (特殊普通合伙) 目 录 | 审计报告 | 1-6 | | --- | --- | | 合并资产负债表 | 1-2 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5-7 | | 公司资产负债表 | 8-9 | | 公司利润表 | 10 | | 公司现金流量表 | 11 | | 公司股东权益变动表 | 12-14 | | 财务报表附注 | 15-218 | . 审计报告 致同审字(2024)第 110A028486 号 中节能太阳能股份有限公司全体股东: 一、审计意见 我们审计了中节能太阳能股份有限公司(以下简称"太阳能公司")财 务报表,包括 2021年 12月 31日、2022年 12月 31日、2023年 12月 31日的合 并及公司资产负债表,2021年度、2022年度、2023年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制, 公允反映了太阳能 ...

Investment Rating - The industry view is rated as Attractive [5][16]. Core Insights - Domestic polysilicon prices remained stable at Rmb40/kg, while overseas prices decreased by 2.3% week-over-week to US$21/kg [2][3]. - P-type and N-type wafer prices were stable, with PERC module prices declining by 4.1% to Rmb0.7/W [3][4]. - Prices for various types of solar film saw significant drops, with transparent EVA film decreasing by 3.8% and POE film by 20.5% week-over-week [3][4]. Price Trends Summary - Domestic polysilicon prices: Rmb40/kg, with bidding prices between Rmb37.5-43/kg [3]. - Overseas polysilicon prices: US$21/kg, down 2.3% week-over-week [3]. - PERC module prices: Domestic prices fell to Rmb0.7/W, while TOPCon module prices decreased by 1.4% to Rmb0.73/W [3][4]. - India PERC module prices fell by 2.9% to US$0.165/W, while US and EU prices remained flat [3]. - Prices of transparent EVA film dropped by 3.8%, white EVA by 3.6%, and POE film by 20.5% week-over-week [3][4].

Investment Ratings - Daqo ADR: Buy rated, Daqo A: Neutral rated [3] - GCL Tech: Neutral rated [5] - TZE: Sell rated [7] - Tongwei: Sell rated [9] - LONGi: Neutral rated [11] - Hangzhou First: Buy rated [13] Core Insights - The report reflects minor adjustments to solar coverage estimates, with an average fine-tuning of 2% for book values and a -1% tweak for EBITDA of Hangzhou First [1] - The investment thesis for Daqo highlights its leading position in poly production and strong balance sheet, suggesting it can navigate downturns effectively [3] - GCL Tech is positioned to increase market share significantly by 2030, but faces liquidity pressures [5] - TZE is expected to encounter significant challenges due to a shrinking addressable market and high inventory risks [7] - Tongwei's unfavorable supply/demand dynamics for poly lead to a sell rating, despite its rapid rise in the solar industry [9] - LONGi's strong balance sheet is offset by operational challenges, leading to a neutral rating [11] - Hangzhou First is expected to achieve high net income growth due to its market position and capacity expansion [13] Summary by Company Daqo - Leading poly producer with 14% global market share by end-2023, rated Buy due to undervaluation concerns [3] - Target price of US$21.6 based on 0.4X 2024E P/B [3] GCL Tech - Positioned at the lowest end of the cost curve, aiming for 40% market share by 2030, rated Neutral [5] - Target price of HK$1.2 based on 0.7X 2024E P/B [6] TZE - Largest solar wafer producer facing headwinds, rated Sell due to market contraction [7] - Target price of Rmb6.1 based on 0.7X 2024E P/B [8] Tongwei - Rapid growth but unfavorable dynamics for poly, rated Sell [9] - Target price of Rmb13.7 based on 1.1X 2024E P/B [9] LONGi - World leader in solar PV solutions but facing operational headwinds, rated Neutral [11] - Target price of Rmb16.1 based on 2.0X 2024E P/B [11] Hangzhou First - Largest solar film producer with significant market share, rated Buy due to growth potential [13] - Target price of Rmb23.1 based on 13X 2027E EV/EBITDA [13]

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 ...

M Update China Solar | Asia Pacific September 23, 2024 01:56 PM GMT Solar exports – module export growth slowed down, driven by Asia and Europe In August 2024, we estimate that module export volume rose 35% YoY, but module export value fell 27% YoY. Growth of module export value to Asia slowed down to -17% YoY; to Africa, it turned positive, to 6% YoY in 8M24. Inverter export value rose 24% YoY and 10% MoM in August. China's solar module and cell export value fell 29% YoY in January-August 2024 (8M24); we e ...

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 | ...