Key Points Industry and Company * **Industry**: Photovoltaic industry, specifically focusing on solar cells and components. * **Company**: PCR Zhonghuan, a leading player in the photovoltaic industry. Core Views and Arguments * **Industry Challenges**: The photovoltaic industry is facing intense competition and a deep adjustment period. Prices have stabilized since early September, but the third quarter still saw high levels of price and cost mismatches. * **Company Strategy**: PCR Zhonghuan is focusing on cost optimization, efficiency improvements, and innovation to build long-term competitive advantages. The company is also accelerating its global layout and rationalizing production and sales structures. * **Financial Performance**: In the first three quarters of 2024, PCR Zhonghuan achieved revenue of 82.58 billion yuan, a decrease of 58% year-on-year. Net profit attributable to shareholders was 6 billion yuan, a decrease of 198% year-on-year. The company maintained a healthy debt ratio of 59.6%. * **Product Development**: PCR Zhonghuan has achieved significant progress in the production of N-type products, with a monthly output capacity leading the industry. The company is also actively promoting the development of high-power, high-efficiency, and low-cost products. * **Globalization**: PCR Zhonghuan is accelerating its globalization strategy, with projects in the Middle East and the United States. The company aims to expand its overseas sales and enhance its global brand influence. Other Important Points * **Industry自律**: PCR Zhonghuan is actively participating in industry self-regulation efforts to promote sustainable development and rational price levels. * **Capital Expenditure**: The company has a cautious approach to capital expenditure, focusing on existing projects and investments in key areas such as semiconductor materials and solar cells. * **Technology Innovation**: PCR Zhonghuan is committed to technological innovation and continuous improvement in manufacturing processes and product quality. * **Supply Chain**: The company is strengthening its supply chain management and enhancing strategic resilience to support its growth and expansion. References * [doc id='1'] * [doc id='2'] * [doc id='3'] * [doc id='4'] * [doc id='5'] * [doc id='6'] * [doc id='7'] * [doc id='8'] * [doc id='9'] * [doc id='10'] * [doc id='11'] * [doc id='12'] * [doc id='13'] * [doc id='14'] * [doc id='15'] * [doc id='16'] * [doc id='17'] * [doc id='18'] * [doc id='19'] * [doc id='20'] * [doc id='21'] * [doc id='22'] * [doc id='23'] * [doc id='24'] * [doc id='25'] * [doc id='26'] * [doc id='27'] * [doc id='28'] * [doc id='29'] * [doc id='30'] * [doc id='31'] * [doc id='32'] * [doc id='33'] * [doc id='34'] * [doc id='35'] * [doc id='36'] * [doc id='37'] * [doc id='38'] * [doc id='39'] * [doc id='40'] * [doc id='41'] * [doc id='42'] * [doc id='43'] * [doc id='44'] * [doc id='45'] * [doc id='46'] * [doc id='47'] * [doc id='48'] * [doc id='49'] * [doc id='50'] * [doc id='51']

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a significant decline in performance for Q3 2024, with total revenue of 22.582 billion yuan, down 53.59% year-on-year, and a net loss attributable to shareholders of 6.061 billion yuan, a decrease of 197.95% year-on-year [1]. - The company continues to lead the industry in market share for silicon wafers, achieving a market share of 19.2% with a production capacity of 190GW and a shipment volume of 94.86GW, an increase of 11.4% year-on-year [1]. - The company is actively expanding its overseas production capacity, including a joint venture in Saudi Arabia aimed at localizing photovoltaic crystal chip production, which will have an annual capacity of 20GW [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.369 billion yuan, down 53.70% year-on-year, with a net loss of 2.998 billion yuan [1]. - The company forecasts revenues of 33.812 billion yuan, 50.407 billion yuan, and 58.681 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -6.874 billion yuan, 1.733 billion yuan, and 2.775 billion yuan [2][4]. - The company's gross margin is expected to be -3.73% in 2024, improving to 11.91% in 2025 and 13.14% in 2026 [4]. Market Position and Strategy - The company is focusing on high-efficiency, high-power, and low-cost development trends in its component business, with its 4.0 product power leading the industry [1]. - The company is committed to reducing costs and increasing efficiency, particularly in the N-type battery sector, through innovations in demetallization and process reduction [1]. - The company has gained control over its subsidiary Maxeon, aiming to improve its capital structure and operational efficiency [1].

Investment Rating - The report maintains a "Buy" rating for TCL Zhonghuan, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10]. Core Views - TCL Zhonghuan leads the market in silicon wafer share and is actively promoting its globalization strategy [1][9]. - The company reported a revenue of 22.582 billion yuan for the first three quarters of 2024, with a net profit attributable to shareholders of -6.061 billion yuan [3]. - The company has increased its monocrystalline capacity to 190 GW and bifacial module capacity to 24 GW, with a silicon wafer market share of 19.2% [3]. Summary by Sections Company Overview - TCL Zhonghuan's total share capital is 4.043 billion shares, with a market capitalization of 49.245 billion yuan [3]. - The stock price has fluctuated between a high of 19.78 yuan and a low of 7.35 yuan over the past 12 months [3]. Financial Performance - For the first three quarters of 2024, the company shipped approximately 94.86 GW of photovoltaic materials, a year-on-year increase of 11.4% [3]. - The company recorded a significant impairment provision of 2.439 billion yuan for assets showing signs of impairment [3]. - Revenue is projected to decline to 30.11 billion yuan in 2024, with a net profit forecast of -6.967 billion yuan [4]. Production Capacity and Strategy - The company is committed to cost reduction and efficiency improvement, with N-type products achieving industry-leading monthly production rates [3]. - TCL Zhonghuan is collaborating with Saudi Arabia's Public Investment Fund to establish the largest overseas crystal wafer factory, enhancing its global localization strategy [3]. Future Outlook - The report lowers the 2024 net profit forecast to -6.967 billion yuan but maintains profit projections for 2025 and 2026 at 2.061 billion yuan and 3.288 billion yuan, respectively [3][4]. - The company is expected to gradually reverse its profitability as industry chain prices bottom out, supported by its competitive advantages and cyclical resilience [3].

Investment Rating - The investment rating for TCL Zhonghuan is "Buy" and is maintained [3]. Core Views - The report highlights that the company's revenue for the first three quarters of 2024 reached 22.582 billion yuan, a year-on-year decrease of 53.59%. The net profit attributable to the parent company was -6.061 billion yuan. In Q3 2024, the revenue was 6.369 billion yuan, down 53.7% year-on-year but up 1.4% quarter-on-quarter, with a net profit of -2.998 billion yuan [3][6]. - The report identifies key factors affecting the company's Q3 performance, including industry-level price-cost imbalances and a smaller scale of battery components, which further dragged down the company's performance [6]. - The company achieved a shipment of approximately 94.86 GW of photovoltaic materials in the first three quarters of 2024, a year-on-year increase of 11.4%, with a market share of 19.2% in silicon wafers, ranking first in the industry [6]. - TCL Zhonghuan has entered into a shareholder agreement with PIF (Saudi Arabia Public Investment Fund) and VI to establish a joint venture in Saudi Arabia for a factory with an annual production capacity of 20 GW of photovoltaic crystalline silicon wafers, with a total investment of approximately 2.08 billion USD [7]. - The report anticipates that the current unsustainable cash cost situation in the industry will lead to a potential recovery in silicon wafer profitability in the future [7]. Financial Summary - For the first three quarters of 2024, the company's operating cash flow was 2.56 billion yuan, although it decreased by 28.4% year-on-year, it remained positive [6]. - The financial projections indicate a significant drop in revenue for 2024, with expected total revenue of 27.006 billion yuan, a decrease from 59.146 billion yuan in 2023 [11]. - The projected net profit for 2024 is -7.158 billion yuan, with a gradual recovery expected in subsequent years [11].

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]

证券代码：002129 证券简称：TCL 中环 公告编号：2024-074 TCL 中环新能源科技股份有限公司 第七届监事会第六次会议决议的公告 表决票 3 票，赞成票 3 票，反对票 0 票，弃权票 0 票。 监事会全体成员一致认为：董事会编制和审核公司《2024 年第三季度报告》的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 特此公告 TCL 中环新能源科技股份有限公司监事会 2024 年 10 月 28 日 1 本公司及监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"）第七届监事会第六次会议于 2024 年 10 月 28 日以传真和电子邮件相结合的方式召开。会议通知及会议文件以电子邮件送达各 位监事。监事应参会 3 人，实际参会 3 人。会议的召开符合《中华人民共和国公司法》《TCL 中环新能源科技股份有限公司章程》和《TCL 中环新能源科技股份有限公司监事会议事规则》 等规范性文件的有关规定。会议表决以监事填写《表 ...

证券代码：002129 证券简称：TCL 中环 公告编号：2024-073 TCL 中环新能源科技股份有限公司 第七届董事会第九次会议决议的公告 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"）第七届董事会第九次会议 于 2024 年 10 月 28 日以传真和电子邮件相结合的方式召开。会议通知及会议文件以电 子邮件送达各位董事。董事应参会 9 人，实际参会 9 人。会议的召开符合《中华人民 共和国公司法》《TCL 中环新能源科技股份有限公司章程》（以下简称"《公司章程》"） 和《TCL 中环新能源科技股份有限公司董事会议事规则》等规范性文件的有关规定。会 议表决以董事填写《表决票》的记名表决及传真、邮件方式进行，在公司一名监事监督 下统计表决结果。本次会议决议如下： 一、审议通过《2024 年第三季度报告》 公司《2024 年第三季度报告》充分、全面、真实、准确地反映了公司 2024 年第三 季度的经营状况。 详 见 公 司 登 载 于 《 中 国 证 券 报 》 《 证 券 时 报 》 及 巨 潮 资 ...

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、 本次计提资产减值准备情况概述 1、本次计提资产减值准备的原因 根据《企业会计准则》《深圳证券交易所股票上市规则》《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》等有关规定，为真实、公允地反映TCL中环新能源 科技股份有限公司（以下简称"公司"）财务状况及经营成果，对公司截至2024年9月30日合 并报表范围内有关资产计提相应减值准备。 证券代码：002129 证券简称：TCL 中环 公告编号：2024-076 TCL 中环新能源科技股份有限公司 关于计提资产减值准备的公告 2、本次计提减值准备的具体情况 根据《企业会计准则第8号——资产减值》及公司会计政策相关规定，公司对合并报表范 围内各类资产进行了全面清查和减值测试，对截至2024年9月30日存在减值迹象的相关资产计 提相应的减值准备。经测试，公司计提减值合计243,938.37万元，具体情况如下： 单位：万元 | 项目 | 2023年12月31日 | 本期 | 企业合并 | 本期 | 其他 | 2024年9月30日 | | --- ...

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。 重要内容提示： 证券代码：002129 证券简称：TCL 中环 公告编号：2024-077 TCL 中环新能源科技股份有限公司 关于会计政策变更的公告 本次会计政策变更是 TCL 中环新能源科技股份有限公司（以下简称"公司"）根据中华人 民共和国财政部（以下简称"财政部"）发布的《企业数据资源相关会计处理暂行规定》（财 会〔2023〕11 号）（以下简称"数据资源暂行规定"）以及《企业会计准则应用指南汇编 2024》 （以下简称"应用指南汇编"）相关规定进行的变更，无需提交公司董事会审议，不会对公司 财务状况和经营成果产生重大影响，亦不存在损害公司及股东利益的情况。 一、会计政策变更概述 （一）变更原因 2023 年 8 月 1 日，财政部发布了《企业数据资源相关会计处理暂行规定》（财会〔2023〕 11 号），明确企业数据资源相关会计处理适用的准则、列示及披露要求。 2024 年 3 月，财政部发布了《企业会计准则应用指南汇编 2024》，其中变更了"关于保 证类质保费用的列报"内容。 （二）变更前后采用的会计 ...

（2024 年 9 月修订） TCL 中环新能源科技股份有限公司 董事、监事和高级管理人员所持本公司股份及其变动管理制度 第一章 总 则 第一条 为加强对 TCL 中环新能源科技股份有限公司（以下简称"公司"或"本公司"） 董事、监事和高级管理人员所持本公司股份及其变动的管理，维护证券市场秩序，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理 规则》等相关法律法规、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，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司的董事、监事和高级管理人员。本制度所指董事、监事和高 级管理人员按相关法律法规及《公司章程》相关规定确定。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名下和利用他 人账户持有的所有本公司股份。上述人员从事融资融券交易的，其所持有的本公司股份还包 括记载在其信用账户内的本公司股份。 第四条 公司董事、监事和高级管理人员在买卖公司股票及其衍生品种前，应当知悉 ...