Investment Rating - The investment rating for TCL Zhonghuan is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 was 59.146 billion yuan, a year-on-year decrease of 11.74%, and the net profit attributable to shareholders was 3.416 billion yuan, down 49.9% year-on-year [3] - The company maintained high growth in silicon wafer shipments, with 114 GW shipped in 2023, a 68% increase year-on-year, but faced increased competition leading to pressure on profitability [3] - The company is strategically expanding its capacity and global presence, with a silicon wafer capacity of 183 GW by the end of 2023 and plans for new production lines in various regions [3] Financial Performance Summary - Total revenue (in million yuan): - 2022: 67,010 - 2023: 59,146 (down 11.74%) - 2024E: 56,817 (down 3.94%) - 2025E: 71,667 (up 26.14%) - 2026E: 84,772 (up 18.29%) [2] - Net profit attributable to shareholders (in million yuan): - 2022: 6,819 - 2023: 3,416 (down 49.90%) - 2024E: 1,843 (down 46.05%) - 2025E: 2,623 (up 42.34%) - 2026E: 3,814 (up 45.40%) [2] - Earnings per share (EPS): - 2022: 1.69 - 2023: 0.84 - 2024E: 0.46 - 2025E: 0.65 - 2026E: 0.94 [2] Market Position and Strategy - The company holds a market share of approximately 23.4% in silicon wafers and 36.4% in N-type wafers, maintaining its position as the leading exporter [3] - The company is diversifying its production capabilities, including the launch of differentiated TOPCon production lines and plans for new facilities in Saudi Arabia and the U.S. [3] - Inventory levels decreased to approximately 7.48 billion yuan in Q1 2024, reflecting a strategic response to market conditions [3]

TCL 中环年报业绩说明会 建议首先是一个经营的复盘，2023年整体行业大家都比较了解，是一个周期性的这种的调整，在产能过 剩竞争加剧的情况下，价格是严重下行的。在周期的这么一个底部公司，虽然营收规模因为价格的原因下 降12%，净利润同比下降了45%，但我们销售规模及市占率是进一步上升的。公司的主营业务利润对于 整体的。 2022年度来看的话。主营业务利润还是增长的，业绩的大幅下滑还是主要受参股公司的影响，其中格恩 斯的投资收益2023年度对比202二年度的话，其实是有一个比较大幅的同比的这么一个下滑。另外一个 影响因素其实就是我们的麦森公司对于它的股权和持有的金融资产的这么一个减值以及亏损的这么一个辐 射产生了比较大的影响。我们在年报的相关的段落里面也做了一个详细的这么一个描述。我们看到的中中 环的整个的经营现金流还是有一个同比13%的增长，依然保持着一个稳健的这么一个经营。我们打开来 看我们的各板块，其中新能源材料依然是我们整个业务的主要构成部分。在2023年度年年度末，我们的 产能已经达到了130 183个g瓦，销售规模全口径是出货达到了114个g瓦，占到了市占率全球的 23.4%。 一对比2022年度 ...

TCL中环2023年度业绩会纪要点 会议时间：2024年4月29日 会议主题：TCL中环2023年及24Q1业绩会纪要 【会议摘要】 【CT电新】TCL中环2023年及24Q1业绩会纪要 滋整体业绩 2023年，公司营业收入591亿元，同比减少11.74%；经营性现金流量净额51.81亿元，同比增长 2.46%；含银行汇票的经营性现金流量净额108.32亿元，同比增长13.20%；净利润38.99亿元 同比减少44.88%；归属于上市公司股东的净利润34.16亿元，同比减少49.90%。2023年，公司资 产负债率51.83%，负债404亿，其中短期借款2.5亿元，一年到期借款44.6亿元，占负债比例 11.6%。2024Q1，公司营业收入99.3亿元，归母净利润-8.8亿元，同比下降139%，负债规模403.8 亿元，其中短期借款2.5亿元，一年到期35.8亿，两者占负债比例9.5%。 滋光伏材料板块 2023年，公司光伏材料板块实现营业收入437.91亿元，毛利率同比提升2.8%至21.8%，硅片毛利 率21.7%。光伏材料行业供需比由2022年1.1倍增加至2023年1.8-2.2倍，N型产品发展迅猛， ...

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：2024-04-29 二、交流问答 Q1:在大尺寸和N型时代，TCL中环会通过什么样的方法，达成让210 进一步替代182R和210R，成为市场主流产品的目标？ 回答：关于 N 型电池组件的认知。从四年前开始，公司就坚持认为 N 型将颠覆 P-PERC 技术，这是由物理原理决定。公司持续进行 N 型技术的 研发，以了解和掌握 N 型技术以及下一代的电池情况。 关于 210 尺寸的推广，制造成本的基本逻辑是不变的。在价格周期处 在高位或上升期时，商业和资本的作用可能会导致平衡或抗衡技术周期的 现象，但是以商业逻辑和产业历史布局逻辑来对抗产业的基本规律是无法 实现的。210 的大尺寸带来组件、电池、硅片的通量成本大幅下降是不争 的事实。因此，公司在大尺度硅片方向坚持是符合第一性原理的，市场的 演进、客户的行为也都在向这个方向发展。 2 Q2：公司如何应对光伏产业下行的周期？ 回答：公司作为一个高新技术制造企业，始终坚持以人为本、差异化 竞争的经营理念，不断进行技术创新与制造变革，提升产品的自主研发能 力 ...

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：2024-04-29 | | ☐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） | | 活动参与人员 | 通过线上方式参与公司2023年度和2024年第一季度业绩说明会的投资者 | | 时间 | 2024 年 4 月 29 日 | | 地点 | 公司官网、全景网"投资者关系互动平台" | | 上市公司接待人 | 总经理沈浩平；财务总监张长旭；董事廖骞；董事会秘书秦世龙；各产业 | | 员姓名 | 板块负责人 | | | 一、公司经营情况简介 | | | （一）经营业绩 | | | 报告期内，公司实现营业收入 591 亿元，同比减少 11.74%；经营性 | | | 现金流量净额 51.81 亿元，同比增长 2.46%；含银行汇票的经营性现金流 | | | 量净额 108.32 亿元，同比增长 13.20%；净利润 38.99 ...

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 ...