Investment Rating - Maintain "Recommend" rating with a target price of 10.44 CNY [1] Core Views - The company's performance is under short-term pressure due to industry supply-demand mismatch, intensified competition, and losses from its investment in Maxeon [1] - Despite the challenges, the company's silicon wafer shipments increased significantly, with N-type silicon wafer market share reaching 36.4% and overseas market share at 65% [1] - The company maintains its leading position in the industry with advanced technology and cost advantages, achieving a full cost leadership of 0.03 CNY/W compared to the second-best in the industry [1] - The company's module business is progressing steadily, with shipments reaching 8.6GW in 2023, a year-on-year increase of 16.8% [1] - The company is expected to achieve revenue of 52.16 billion CNY, 57.70 billion CNY, and 63.38 billion CNY in 2024-2026, with net profits of 2.92 billion CNY, 3.73 billion CNY, and 4.66 billion CNY, respectively [1] Financial Performance - In 2023, the company achieved revenue of 59.15 billion CNY, a year-on-year decrease of 11.74%, and a net profit of 3.42 billion CNY, a year-on-year decrease of 49.90% [1] - In Q1 2024, the company's revenue was 10.49 billion CNY, a year-on-year decrease of 38.87%, and the net profit was -8.80 billion CNY, a year-on-year decrease of 139.05% [1] - The company's gross margin in 2023 was 20.25%, with a net profit margin of 5.78% [2] - The company's ROE in 2023 was 8.23%, and it is expected to increase to 8.91% by 2026 [2] Operational Highlights - The company's silicon wafer shipments reached 114GW in 2023, a year-on-year increase of 68%, with a market share of 23.4% [1] - The company's capacity reached 183GW by the end of 2023, with N-type silicon wafer capacity at 34.95GW, a year-on-year increase of 40% [1] - The company's labor productivity in crystal and wafer production is 25MW/person/year and 27MW/person/year, respectively, leading the industry by 11.6% and 71% [1] - The company's module shipments in 2023 were 8.6GW, with a year-on-year increase of 16.8%, and the capacity of shingled modules reached 18GW by the end of 2023 [1] Future Outlook - The company is expected to benefit from technological optimization and capacity expansion, with market share and profitability expected to improve [1] - The company's revenue is projected to grow at a CAGR of 4.5% from 2024 to 2026, with net profit growing at a CAGR of 17.1% over the same period [2] - The company's PE ratio is expected to decrease from 14x in 2024 to 9x in 2026, reflecting improved profitability [1]

Financial Performance - The company's revenue for 2023 was CNY 59.15 billion, a decrease of 11.74% year-on-year[10]. - Net profit attributable to shareholders was CNY 3.42 billion, down 49.90% compared to the previous year[10]. - The company's basic and diluted earnings per share decreased by 49.74% to CNY 0.8518 from CNY 2.1212 in the previous year[20]. - The weighted average return on net assets dropped to 8.83% from 19.74% year-on-year, a decline of 10.91%[20]. - The company's net profit was 3.899 billion yuan, down 44.88% year-on-year, with net profit attributable to shareholders of the listed company at 3.416 billion yuan, a decrease of 49.90%[37]. - The revenue from the new energy photovoltaic sector was CNY 53.56 billion, accounting for 90.56% of total revenue, down 14.11% from CNY 62.36 billion in 2022[50]. - The company achieved a gross margin of 19.65% in the new energy photovoltaic sector, an increase of 2.11% year-on-year[51]. Production and Capacity - The company is planning to establish a smart factory with an annual production capacity of 30 GW for high-purity solar ultra-thin monocrystalline materials[8]. - The company is also developing a smart factory project with a capacity of 35 GW for high-purity solar ultra-thin monocrystalline wafers[8]. - The company's silicon wafer shipments increased by 68% year-on-year to 114 GW, maintaining a global market share of 23.4%[10]. - The company's solar module production capacity reached 18 GW by the end of the year, with module shipments of 8.6 GW, a year-on-year increase of 29.8%[11]. - The company's crystal production capacity reached 183 GW by the end of 2023[40]. - The company achieved mass production of 130μm and 120μm G12 silicon wafers, enhancing its core competitiveness in the solar energy sector[60]. Market and Competition - The global photovoltaic installation capacity grew by 72% year-on-year to 395 GW, driven by the dual carbon goals and technological advancements[10]. - The company aims to maintain its position as the number one global market share holder in silicon wafers and become a tier 1 supplier of high-efficiency modules[13]. - The company is facing challenges due to a shift in the industry from price competition to product efficiency and power competition, driven by technological innovation and market demands[30]. - The company is exploring localized manufacturing strategies in key global markets such as the US, Europe, and the Middle East[12]. Research and Development - The company is investing in the development of TOPCon batteries, which utilize N-type silicon wafers for enhanced efficiency[8]. - The company’s R&D investment was 2.848 billion yuan, a decrease of 24.41% year-on-year, with a total of 1,739 valid authorized intellectual property rights[36]. - The company is focusing on the development of N-type battery technology and has established a battery technology research institute to enhance its innovation capabilities[44]. - The company completed the iteration of the Tiling 3.0 product and achieved mass production of the Tiling 4.0 product in Q4 2023, enhancing its competitive edge[43]. Environmental and Sustainability Initiatives - The company is committed to achieving carbon neutrality by 2060, aligning with national "dual carbon" goals[6]. - The company emphasizes the importance of ESG (Environmental, Social, and Governance) in its operational strategy[8]. - The company has received multiple ESG honors, including being listed in Forbes' "Top 50 Sustainable Development Industrial Enterprises" and recognized as a pioneer in ESG among Chinese listed companies[174]. - The company plans to continuously improve its governance structure and operational standards to achieve sustainable high-quality development[158]. - The company is committed to increasing the use of renewable energy in its operations to reduce greenhouse gas emissions[168]. Shareholder Returns and Governance - The profit distribution plan approved by the board is to distribute a cash dividend of 2.60 RMB per 10 shares (including tax) to all shareholders based on the total share capital as of the equity registration date[3]. - The company distributed a total of RMB 3.23 billion in cash dividends during the reporting period, with a proposed cash dividend of RMB 2.60 per 10 shares, amounting to approximately RMB 1.05 billion, which represents 30.73% of the net profit attributable to shareholders for 2023[89]. - The company emphasizes a balanced approach between business development and shareholder returns, actively seeking to enhance investor satisfaction[90]. - The company has established a comprehensive internal control system and risk management framework to ensure sustainable development and protect shareholder rights[89]. Strategic Partnerships and Acquisitions - The company is actively pursuing strategic partnerships and potential acquisitions to bolster its competitive position in the market[106]. - The company has signed a cooperation agreement with Vision Industries Company to jointly develop a photovoltaic crystal chip project in Saudi Arabia, enhancing its global competitive advantage[196]. - The company intends to invest RMB 14.05293 million to acquire 100% equity of Inner Mongolia TCL Optoelectronics Technology Co., Ltd. for production expansion[197]. - The company is considering a share repurchase plan as part of its financial strategy[123]. Risk Management - The company has outlined potential risks and countermeasures in its future development outlook[2]. - The company faces risks from industry changes, market competition, and exchange rate fluctuations, and is taking measures to mitigate these risks[83][84][85]. - The company has established an independent financial department, adhering to accounting laws and standards, ensuring financial independence and compliance[96]. Employee Development and Training - The company has implemented a cash dividend policy, distributing CNY 1.00 per 10 shares, totaling CNY 1,049,907,018.94, which represents 30.73% of the net profit attributable to shareholders for the year[132]. - The training coverage rate for employees reached 100%, with a total of over 720,000 training hours, averaging over 35 hours per employee[130]. - The company emphasizes talent development and plans to continue enhancing training programs for various skill sets[130]. Financial Management and Compliance - The company has a dedicated compliance management department that conducts regular audits and ensures adherence to internal control systems[153]. - The company has not encountered any significant issues during the integration of subsidiaries, indicating effective management control[154]. - The company has not experienced any major litigation or arbitration matters during the reporting period[182].

2024年04月26日 来源：公司年报、国金证券研究所 TCL 中环 (002129.SZ) 买入 (维持评级) 公司点评 证券研究报告 硅片出货持续增长，行业竞争加剧盈利承 居 业绩简评 4 月 26 日公司披露 2023 年报及 2024 年一季报,2023 年实现 营收 591.46 亿元,同比-11.7%,实现归母净利 34.16 亿元,同比 -49.9%; 其中 Q4 实现营收 104.92 亿元, 同比-38.9%, 环比-23.7%, 实现归母净利-27.72 亿元，同比-252.5%、环比-267.8%。 1Q24 实现营收 99.33 亿元,同比-43.6%,环比-5.3%,实现归 母净利润-8.8 亿元,同比-139.0%。 经营分析 硅片出货持续增长,先进产能规模行业领先。2023年公司硅 片出货 114GW,同比+68%,硅片整体市占率 23.4%,其中海外硅片 外销市场占比 65%, N 型市占率 36.4%,保持外销市占第一。公司 持续推进技术创新和工业 4.0 柔性制造,提升先进产能规模,2023 年末公司晶体产能达 183GW,有望推动公司出货持续增长。1Q24公 司硅片出货同 ...

证券代码：002129 证券简称：TCL 中环 公告编号：2024-021 TCL 中环新能源科技股份有限公司 关于收购子公司股权及签署知识产权许可协议暨关联交易的公告 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。 一、关联交易概述 （一）交易基本情况 根据 TCL 中环新能源科技股份有限公司（以下简称"公司"或"TCL 中环"）产业全球化 业务的规划，为推动公司新能源光伏组件业务全球化进程，提升管理决策效率，公司拟收购环 晟光伏（江苏）有限公司（以下简称"环晟光伏"或"标的公司"）16.2663%的少数股东股权， 并与 MAXN 签署相关知识产权许可协议获得其所持有的叠瓦光伏组件技术系列知识产权授权， 通过技术、资源共享，实现公司与 MAXN 全球范围内生产与渠道的相互促进和协同发展，将进 一步协助公司未来海外业务的加速发展。具体交易事项如下： 1、收购股权：公司全资子公司中环香港控股有限公司（以下简称"中环香港"）拟以现 金方式收购MAXN子公司SunPower Manufacturing Corporation Limited（以下简称"MAXN子公 ...

TCL 中环新能源科技股份有限公司 2023 年度财务报表及审计报告 TCL 中环新能源科技股份有限公司 2023 年度财务报表及审计报告 | | 页码 | | --- | --- | | 审计报告 | 1 - 5 | | 2023 年度财务报表 | | | 合并及公司资产负债表 | 1 - 4 | | 合并及公司利润表 | 5 - 7 | | 合并及公司现金流量表 | 8 - 11 | | 合并股东权益变动表 | 12 - 13 | | 公司股东权益变动表 | 14 - 15 | | 财务报表附注 | 16 - 189 | | 补充资料 | 1 -2 | 普华永道 审计报告 普华永道中天审字(2024)第 10127 号 (第一页,共五页) TCL 中环新能源科技股份有限公司全体股东: r 审计意见 (一) 我们审计的内容 我们审计了 TCL 中环新能源科技股份有限公司(以下简称"TCL 中环")的财 务报表,包括 2023年 12月 31 日的合并及公司资产负债表,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财务报表附注。 (二) 我们的意见 我们认为,后附的财务报 ...

TCL Zhonghuan Renewable Energy Technology Co., Ltd. Sustainability Report 2023 Sustainable Motivated Accountable Reliable Tranformational | S ustainable | | M otivated | | A ccountable | | R eliable | | T ransformational | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sustainable 12 | | Motivated 34 | | Accountable | 51 | Reliable 61 | | Transformational | 71 | | Net Zero Commitment for | | People-Oriented Philosophy | | Making a Joint Effort to | | Achieving Excellence in | | Digital In ...

TCL 中环新能源科技股份有限公司 监事会议事规则 （2024 年 4 月修订） 二○二四年四月 TCL 中环新能源科技股份有限公司 监事会议事规则 TCL 中环新能源科技股份有限公司 监事会议事规则 （2024 年 4 月修订） 第一章 总 则 第一条 为进一步完善 TCL 中环新能源科技股份有限公司（以下简称"公司"） 法人治理结构，保障监事和监事会依法有效地履行监督职责，规范监事会的议事方 式和表决程序，根据《中华人民共和国公司法》（以下简称"《公司法》"）、中 国证券监督管理委员会（以下简称"中国证监会"）颁布的《上市公司治理准则》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、法规、规范性文件及《TCL 中环新能源科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，制订本规则。 第二条 公司监事会应向全体股东负责，对公司财务以及公司董事、经理及其 他高级管理人员履行职责的合法合规性进行监督，维护公司及股东的合法权益。 第三条 公司应采取有效措施保障监事的知情权，为监事正常履行职责提供必 要的协助，任何人不得干预、阻挠。 第二章 监 事 第四条 监事由 ...

证券代码：002129 证券简称：TCL 中环 公告编号：2024-018 TCL 中环新能源科技股份有限公司 关于选举第七届监事会职工监事的公告 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。 TCL 中环新能源科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开 了 2024 年第一次职工代表大会。经全体与会职工代表民主讨论，审议通过如下事项： 鉴于公司第六届监事会任期已经届满，为保证监事会的正常运作，监事会拟进行换 届选举。2024 年 4 月 25 日，公司召开职工代表大会选举第七届监事会职工代表监事， 会议的召开及表决程序符合职工代表大会决策的有关规定，会议经民主讨论、表决，全 体职工代表一致审议通过了《关于选举第七届监事会职工监事的议案》，同意选举秦力 先生为公司第七届监事会职工代表监事，个人简历详见附件。 秦力先生将与经股东大会选举产生的二名非职工监事共同组成第七届监事会，任期 至第七届监事会届满。 TCL 中环新能源科技股份有限公司职工代表大会 2024 年 4 月 25 日 1 附：秦力先生简历 特此公告 秦力先生简历： ...

内部控制审计报告 普华永道中天特审字(2024)第 1813 号 (第一页,共二页) TCL 中环新能源科技股份有限公司 2023 年度内部控制审计报告 re 普华永道 三、 内部控制的固有局限性 TCL 中环新能源科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审 计了 TCL 中环新能源科技股份有限公司(以下简称"TCL 中环") 2023 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》《企业内部控制评价 指引》的规定,建立健全和有效实施内部控制,并评价其有效性是 TCL 中环董事 会的责任。 rí 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计 意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况 的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 普华永道中天会计师事务所(特 ...

2023年度独立董事述职报告 （一）个人工作履历、专业背景以及兼职情况 本人出生于1978年，博士、教授、博士研究生导师。现任公司独立董事，天津财经大学会 计学院教授等职务。曾任天津财经大学会计学院副教授等职务。 （二）是否存在影响独立性的情况说明 报告期内，本人未在公司担任除独立董事以外的任何职务，本人及直系亲属、主要社会关 系均未在公司或其附属企业任职，亦不存在为公司及其控股股东、实际控制人或者其各自的附 属企业提供财务、法律、咨询、保荐等服务的情形，不存在妨碍本人进行独立客观判断的情形。 综上，本人任职符合《上市公司独立董事管理办法》及《深圳证券交易所上市公司自律监管指 引第1号——主板上市公司规范运作》等相关法律法规中对独立董事独立性的相关要求，不存在 影响独立性的情况。 二、独立董事2023年度履职概况 （一）出席董事会会议情况 1. 出席董事会、股东大会情况 TCL中环新能源科技股份有限公司 2023年度独立董事述职报告 毕晓方 本人作为TCL中环新能源科技股份有限公司（以下简称"公司"）的独立董事，严格按照《 中华人民共和国公司法》（以下简称《公司法》）、《上市公司独立董事管理办法》、《上市 公 ...