Investment Rating - The report assigns an "Overweight" rating to TCL Zhonghuan (002129 SZ) with a target price of CNY 12 15 per share [4] Core Views - BC (Back Contact) technology is expected to lead a new round of technological upgrades in the photovoltaic industry with clear cost reduction and efficiency improvement paths BC components are projected to achieve a 30W increase compared to Topcon components through various technological advancements [2] - TCL Zhonghuan's acquisition of Maxeon positions the company to leverage BC technology and global expansion strategies to navigate the photovoltaic cycle Maxeon holds key patents for IBC cells and Topcon battery processes enhancing TCL Zhonghuan's intellectual property protection and global brand influence [3] - The company is expected to see a recovery in profitability from 2025 driven by improved supply-demand dynamics and rising industry prices [3] Financial Projections - Revenue for 2024-2026 is projected at CNY 36 667 million 50 895 million and 60 767 million respectively with growth rates of -38 0% 38 8% and 19 4% [8] - Net profit attributable to shareholders is forecasted at CNY -6 889 million 1 637 million and 2 908 million for 2024-2026 [8] - EPS for 2024-2026 is estimated at CNY -1 70 0 40 and 0 72 respectively [8] Market and Industry Analysis - Global photovoltaic installations are expected to reach 450GW 530GW and 600GW in 2024-2026 with corresponding module demand of 540GW 636GW and 720GW [11] - TCL Zhonghuan's market share in silicon wafers is projected to be 23% 21% and 20% for 2024-2026 with sales volumes of 124 2GW 133 6GW and 144 0GW [11] - The company's silicon wafer business revenue is expected to recover from 2025 with projected revenues of CNY 27 478 million 37 822 million and 44 602 million for 2024-2026 [11] Strategic Initiatives - TCL Zhonghuan plans to invest up to USD 197 5 million to acquire a controlling stake in Maxeon increasing its ownership from 22 39% to at least 50 1% [3] - The company is collaborating with Saudi Arabia's Public Investment Fund (PIF) and VI to build a 20GW silicon wafer project in Saudi Arabia supporting its global expansion strategy [3] Operational Performance - The company's silicon wafer business is expected to see a recovery in gross margins from -10 0% in 2024 to 12 0% and 13 0% in 2025-2026 [11] - Module shipments are projected to increase from 4GW in 2024 to 8GW and 10GW in 2025-2026 driven by integration with Maxeon's overseas channels [12]

提醒各位投资者在主讲嘉宾发言结束后将有提问时间接下来有请公司领导发言 谢谢亲爱的各位投资者 大家上午好欢迎参加PCR中环2024年第三季度业绩交流会我是PCR中环的总秘 陈旭龙今天出席我们会议的有公司CEO王艳君先生CFO兼CEO张长训女士公司材料B级负责人李建勋先生张海鸿先生电池组件B级负责人居霞先生 麦星项目负责人 许诺诺先生 公司董事 廖天先生 本次会议我们有请王一军先生为我们主持各位听众朋友 大家上午好 我是PCR中华王一军 从10月份开始我也是接任 PCR中环的新的CEO感谢大家参加本次的交流会今天会议程序包括两个环节公司2024年第三季度基因情况的介绍以及投资者交流论坛那2024年以来光复行业竞争环境加速恶化进入深度调整期随9月初价格起稳定回升的趋势但第三季度仍然是价格于成本高挂值的水平受此影响 公司金融员业务的经营业绩是大幅下滑对经营带来了很大的压力从使用坚持工厂全球市占率第一中国实力全球第一的一个战略在当前的情况下是坚守经营竞争定位为正坚持极致成本造诣的经营体制经营体制增效 赚偿版补转版 创新发展同时加快全球化布局在金融员产业 理性调整产销结构 天空市场混乱与金融质量的关系同时必须参与产业生态 ...

TCL 中环（002129.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 业绩承压，全球化进程稳步推进 2024 年 11 月 03 日 ➢ 事件：10 月 29 日，公司发布 2024 年三季报，24Q1-Q3 公司实现营业收 入 225.82 亿元，同比-53.59%，归母净利润-60.61 亿元，同比-197.95%，扣非 归母净利润-69.22 亿元，同比-230.39%，总体由盈转亏。 分季度来看，24Q3 公司实现营业收入 63.69 亿元，同比-53.70%，环比+1.40%， 归母净利润-29.98 亿元，扣非归母净利润-34.33 亿元。公司业绩承压主要原因 系：1）行业仍供需失衡，虽 8 月底后价格趋稳，但主产业链各环节仍处于价格 与成本倒挂水平。公司新能源材料业务板块单瓦成本行业领先，但受产品价格及 存货影响，亏损总额加大；2）组件业务竞争力相对不足，在行业下行周期拖累 业绩；3）子公司 maxeon 业绩和股价大幅度下跌导致公司亏损加剧。 ➢ 硅片市占率维持行业第一，组件业务未来可期。24Q1-Q3，公司持续推动工 业 4.0 与柔性制造，单晶 ...

2024 年 10 月 31 日 公司点评 买入/维持 TCL 中环(002129) 昨收盘:12.18 硅片市占率领先，坚定推动出海战略 ◼ 走势比较 (60%) (44%) (28%) (12%) 4% 20% 23/10/3124/1/1224/3/2524/6/624/8/1824/10/30 TCL中环 沪深300 ◼ 股票数据 总股本/流通(亿股) 40.43/40.4 总市值/流通(亿元) 492.45/492.08 12 个月内最高/最低价 (元) 19.78/7.35 相关研究报告 <<【太平洋新能源】光伏穿越周期系 列：TCL 中环 2024 年中报业绩点评： 硅片保持领先，积极推进全球化战 略>>--2024-08-29 <<【太平洋新能源】光伏穿越周期系 列：TCL 中环深度报告：硅片龙头领 风骚，行业低谷待新潮>>--2024-08- 13 <<光伏、半导体材料实现产销两旺， 工业 4.0+叠瓦产品助力长期成长>>- -2022-08-27 事件：2024 年 10 月 29 日，公司发布 2024 年前三季度业绩报告， 报告期内公司实现收入 225.82 亿元，归母净利润-60.6 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨 TCL 中环（002129.SZ） [Table_Title] 行业供需过剩拖累业绩，经营性现金流为正 | --- | --- | |----------------------------------------------------------|-------| | | | | | | | 前三季度实现收入 225.82 亿元，同比下降 53.59% ；归 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 请阅读最后评级说明和重要声明 TCL 中环（002129.SZ） cjzqdt11111 2024-10-31 相关研究 08-28 05-05 [Table_Title2] 行业供需过剩拖累业绩，经营性现金流为正公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 TCL 中环发布 2024 年三季报，2024 前三季度实现收入 225.82 亿元，同比下降 53.59 ...

Financial Performance - Revenue for the third quarter was RMB 6,368,784,499.33, a decrease of 53.70% year-over-year[2] - Net profit attributable to shareholders was RMB -2,997,687,864.76, a decrease of 281.50% year-over-year[2] - Revenue for the first three quarters was 22.58 billion yuan, down 53.6% year-on-year[10] - Net profit was -6.48 billion yuan, down 198.4% year-on-year[10] - TCL Zhonghuan's total operating income for the first three quarters of 2024 was RMB 22.58 billion, a significant decrease from RMB 48.65 billion in the same period last year[23] - The company reported a net loss of RMB 6.48 billion for the first three quarters of 2024, compared to a net profit of RMB 6.58 billion in the same period last year[23] - Basic earnings per share for the first three quarters of 2024 was -1.5196, compared to 1.5381 in the same period last year[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 129,884,328,437.75, an increase of 3.86% compared to the end of the previous year[2] - Equity attributable to shareholders was RMB 34,689,366,815.03, a decrease of 16.38% compared to the end of the previous year[2] - Total assets at the end of the reporting period were 129.88 billion yuan, up 3.9% from the beginning of the period[10] - The company's total assets increased to 129,884,328,437.75 yuan from 125,063,043,317.18 yuan at the beginning of the period[22] - The company's total liabilities rose to 77,376,413,144.18 yuan from 64,825,931,231.00 yuan at the beginning of the period[22] - The company's owner's equity decreased to 52,507,915,293.57 yuan from 60,237,112,086.18 yuan at the beginning of the period[22] - The company's total liabilities and owner's equity as of the end of Q3 2024 was RMB 129.88 billion, up from RMB 125.06 billion at the end of the previous quarter[23] Cash Flow - Cash flow from financing activities was RMB 4,282,486,868.63, a decrease of 37.46% year-over-year[6] - Net cash flow from operating activities was 2.56 billion yuan, down 28.4% year-on-year[10] - Operating cash flow net amount is 2,561,591,674.68[26] - Investment cash inflow subtotal is 23,851,362,107.88[26] - Investment cash outflow subtotal is 30,418,595,434.68[26] - Financing cash inflow subtotal is 14,864,592,611.55[26] - Financing cash outflow subtotal is 10,582,105,742.92[26] - Net increase in cash and cash equivalents is 242,068,356.98[26] - Ending cash and cash equivalents balance is 8,963,347,711.08[26] Expenses and Costs - Research and development expenses were RMB 538,995,175.48, a decrease of 71.84% year-over-year[6] - Financial expenses were RMB 899,786,870.72, an increase of 39.77% year-over-year[6] - Asset impairment losses were RMB -1,902,682,694.02, a decrease of 57.12% year-over-year[6] - Operating costs for the first three quarters of 2024 were RMB 27.44 billion, down from RMB 41.26 billion in the same period last year[23] - R&D expenses decreased to RMB 539 million in the first three quarters of 2024 from RMB 1.91 billion in the same period last year[23] Shareholder Information - TCL Technology Group (Tianjin) Co., Ltd. holds 27.36% of the shares, totaling 1,106,278,267 shares[7] - Hong Kong Securities Clearing Company Ltd. holds 4.28% of the shares, totaling 172,869,470 shares[7] - TCL Technology Group Co., Ltd. holds 2.55% of the shares, totaling 102,999,833 shares[7] - China Industrial and Commercial Bank Co., Ltd. - Huatai-PineBridge CSI 300 ETF holds 1.53% of the shares, totaling 62,035,100 shares[7] - China Construction Bank Co., Ltd. - E Fund CSI 300 ETF holds 1.01% of the shares, totaling 41,014,375 shares[7] - China Industrial and Commercial Bank Co., Ltd. - ChinaAMC CSI 300 ETF holds 0.65% of the shares, totaling 26,086,016 shares[7] - China Bank Co., Ltd. - Huatai-PineBridge CSI Photovoltaic Industry ETF holds 0.75% of the shares, totaling 30,226,461 shares[7] - CITIC Securities Co., Ltd. - Tianhong CSI Photovoltaic Industry Index Fund holds 0.68% of the shares, totaling 27,382,302 shares[7] - China Bank Co., Ltd. - Harvest CSI 300 ETF holds 0.63% of the shares, totaling 25,422,940 shares[7] Photovoltaic Industry - The global photovoltaic industry faces supply-demand imbalance and continuous price decline, with prices stabilizing by the end of August[9] - Photovoltaic material product shipments were approximately 94.86GW, up 11.4% year-on-year[11] - N-type product penetration rate is expected to reach 73% in 2024[11] - The company's photovoltaic monocrystalline capacity increased to 190GW[11] - The company has established a partnership with Saudi Arabia's PIF to build the largest overseas crystalline wafer factory[14] - The company's high-efficiency shingled module capacity reached 24GW as of September 2024[13] - The company plans to establish a joint venture with Vision Industries Company and PIF's subsidiary Renewable Energy Localization Company to build a 20GW photovoltaic crystal wafer project in Saudi Arabia[20] Subsidiary Performance - The company's subsidiary Maxeon's performance significantly declined due to slow business transformation[14] Financial Assets and Liabilities - Goodwill increased by 116.38% to RMB 3,017,876,595.68 due to non-controlling interest acquisitions[5] - Accounts payable increased by 56.38% to RMB 6,489,439,096.34 due to increased bank acceptance bills[5] - The company's monetary funds increased to 10,818,450,030.59 yuan from 10,019,926,600.57 yuan at the beginning of the period[21] - The company's transaction financial assets rose to 6,032,517,913.42 yuan from 3,877,635,397.90 yuan at the beginning of the period[21] - The company's accounts receivable increased to 5,693,403,917.88 yuan from 5,409,236,851.72 yuan at the beginning of the period[21] - The company's inventory grew to 8,965,179,764.61 yuan from 8,163,719,282.74 yuan at the beginning of the period[21] Cash Flow Details - Cash received from sales of goods and services in the first three quarters of 2024 was RMB 17.82 billion, an increase from RMB 15.35 billion in the same period last year[25] - Cash paid for goods and services in the first three quarters of 2024 was RMB 11.92 billion, up from RMB 9.50 billion in the same period last year[25] Audit Information - The third quarter report is unaudited[26]

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | | | | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 8.11 | | 52 周股价波动（元） | 7.35-25.57 | | 总股本 / 流通 A 股（百万股） | 4043/4040 | | 总市值 / 流通市值（百万元） | 32790/32765 | | 相关研究 | | | [Table_ReportInfo] 《硅片龙头技术领先，全球化布局引领未来》 | | | 2024.06.07 | | 市场表现 [Table_QuoteInfo] TCL中环 海通综指 -69.28% -55.28% -41.28% -27.28% -13.28% 0.72% | --- | --- | --- | --- | ...

1 证券代码：002129 证券简称：TCL 中环 公告编号：2024-066 TCL 中环新能源科技股份有限公司 关于参加 2024 年度天津辖区上市公司半年报业绩说明会 暨投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、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沟通交流，TCL 中环新能源科技股份有限公司（以下简称"公司"） 将参加由天津证监局、天津上市公司协会与深圳市全景网络有限公司联合举办的"2024 年度天津 辖区上市公司半年报业绩说明会暨投资者网上集体接待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）， 或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流，活动时间为 2024 年 9 月 3 日（周二）13:30-16:40（其中公司与投资者线上交流时间为 15:00-16:30）。 届时公司部分高级管理人员将在线就公司业绩、公司治理、发展战略、经营状况和可持续发 展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与 ...

公司研究 行业非理性价格竞争致盈利承压，审慎但坚定推动全球化战略 市场数据 总股本(亿股) 40.43 总市值(亿元)： 321.43 一年最低/最高(元)： 7.35/25.44 近 3 月换手率： 128.02% ——TCL 中环（002129.SZ）2024 年中报点评 要点 买入（维持） 事件：公司发布 2024 年半年报，2024H1 实现营业收入 162.13 亿元，同比减少 53.54%，实现归母净利润-30.64 亿元，同比减少 167.53%；2024Q2 公司实现 营业收入 62.81 亿元，同比减少 63.65%，实现归母净利润-21.84 亿元，同比减 少 195.64%。 硅片出货量维持行业第一，行业进入非理性价格竞争状态致盈利承压。2024H1 公司光伏单晶产能提升至 190GW，高效叠瓦组件产能达到 22GW，光伏材料产 品出货约 62GW（硅片综合市占率 23.5%维持行业第一），同比增长 18.3%； 但在行业产能过剩并进入非理性价格竞争状态的影响下公司产品价格及盈利承 压，硅片板块实现营业收入 104.32 亿元，同比减少 61.31%，毛利率同比减少 34.13 个 pc ...

证券代码：002129 证券简称：TCL 中环 TCL 中环新能源科技股份有限公司 投资者关系活动记录表 编号：2024-08-27 | --- | --- | --- | |----------------|---------------------------------|--------------------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | 路演活动 | | | 现场参观 | | | | □其他（请文字说明其他活动内容） | | | | | 光大保德信基金、南方基金、中信保诚基金、易方达基金、平安基金、汇 | | | | 安基金、东证资管、正圆基金、泉果基金、大家资产、摩根士丹利、泰康 | | | | 养老、国寿资管、高毅资产、瑞银资管、财通证券、中金公司、浙商证券、 | | 活动参与人员 | | | | | | 东吴证券、西部证券、太平洋证券、富瑞金融、华泰证券、海通证券、中 | | | | 信建投证券、 ...