Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decrease in revenue and net profit for H1 2024, with revenue at 37.357 billion yuan, down 8.54% year-on-year, and a net loss of 0.874 billion yuan, down 118.16% year-on-year [2] - Despite the decline in profitability due to falling prices in the industry chain, the company achieved a record high in battery module shipments, exceeding 38 GW, a year-on-year increase of approximately 59% [2] - The company is steadily advancing its integrated production capacity, expecting to exceed 100 GW in module capacity by the end of 2024, with N-type battery capacity reaching 57 GW [2] - The company holds approximately 3 GW of solar power plants and is optimizing its asset-liability structure through public REITs issuance [2] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 37.357 billion yuan, a decrease of 8.54% year-on-year, and a net loss of 0.874 billion yuan, a decrease of 118.16% year-on-year [2] - In Q2 2024, revenue was 21.385 billion yuan, an increase of 5.02% year-on-year, with a net loss of 0.391 billion yuan, down 117.54% year-on-year [2] - The gross margin for H1 2024 decreased by 15.44 percentage points to 3.91%, with Q2 gross margin at 3.05% [2] Market Position and Product Development - The company’s overseas revenue accounted for approximately 61.45% of total revenue, with overseas sales reaching 22.956 billion yuan [2] - The company is launching differentiated products to meet diverse customer needs, including offshore photovoltaic products and high-efficiency components [2] Capacity and Future Outlook - The company is expected to have over 100 GW of module capacity by the end of 2024, with 80% of silicon wafer and battery capacity aligned with module capacity [2] - Profit forecasts have been adjusted downward due to continuous price declines in the industry, with expected net profits for 2024-2026 at -1.912 billion yuan, 2.283 billion yuan, and 3.071 billion yuan respectively [2][3]

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-089 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于 2024 年度公司合并报表范围内担保的进展公告 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、担保情况概述 晶澳太阳能科技股份有限公司（以下简称"公司"）于2023年12月12日召开 第六届董事会第十五次会议、2023年12月28日召开2023年第四次临时股东大会， 审议通过了《关于2024年度公司与下属公司担保额度预计的议案》，同意公司为 合并报表范围内下属公司提供担保、下属公司之间互相担保、下属公司为公司提 供担保，2024年度新增担保额度总计不超过人民币570亿元，其中向资产负债率 为70%以上的担保对象的新增担保额度为不超过379亿元，向资产负债率为70% 以下的担保对象的新增担保额度为不超过191亿元。担保范围包括但不限于申请 融资业务发生的融资类担保（包括贷款、银行承兑汇票、外汇衍生品交易、信用 证、保函等业务）以及日常经营 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company experienced a revenue decline of 8.54% year-on-year in H1 2024, with total revenue reaching 37.357 billion yuan. The net profit attributable to shareholders was -0.874 billion yuan, a significant drop of 118.16% year-on-year [2] - Despite the revenue decline, the company achieved a 58% year-on-year increase in battery module shipments, totaling over 38 GW, with 54% of shipments going to overseas markets [3] - The company is focusing on cost reduction and efficiency improvement while investing heavily in research and innovation, launching several new products with high power and efficiency [4] Financial Performance Summary - For H1 2024, the company reported a revenue of 37.357 billion yuan, down 8.54% year-on-year, and a net profit of -0.874 billion yuan, down 118.16% year-on-year. In Q2 2024, revenue was 21.385 billion yuan, up 5.02% year-on-year and up 33.90% quarter-on-quarter [2] - The company forecasts revenues of 75.274 billion yuan, 95.260 billion yuan, and 110.731 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -1.335 billion yuan, 2.140 billion yuan, and 3.470 billion yuan [5][9] - The company aims to achieve a total production capacity of 100 GW by the end of 2024, with a focus on expanding overseas production capacity [3] Market Position and Strategy - The company is a leading player in the integrated photovoltaic module market, with a strong global marketing network and brand advantage, having established 13 sales companies overseas [3] - The company emphasizes technological advancement and product innovation, with new products featuring high power and efficiency, aimed at enhancing investment returns for offshore photovoltaic projects [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company experienced a decline in revenue and profit in the first half of 2024, with total revenue of 37.36 billion yuan, a year-on-year decrease of 8.5%, and a net profit attributable to shareholders of -0.87 billion yuan, transitioning from positive to negative [2][6] - The component business showed stable growth, with a shipment of 38GW, a year-on-year increase of 59%, and overseas shipments accounting for 54% of total shipments [6] - The company maintains a robust global channel layout, focusing on both mature and emerging markets, which enhances its ability to withstand market fluctuations [2][6] Financial Performance - In Q2 2024, the company achieved revenue of 21.39 billion yuan, a year-on-year increase of 5.0% and a quarter-on-quarter increase of 33.9%, with a net profit of -0.39 billion yuan, showing improvement [6] - The gross profit margin for the first half of 2024 was 3.9%, down 15.4 percentage points year-on-year [6] - The company expects revenues for 2024-2026 to be 74.72 billion yuan, 91.02 billion yuan, and 111.20 billion yuan, with respective year-on-year growth rates of -8.4%, 21.8%, and 22.2% [6][7] Market Position and Strategy - The company has established a strong presence in traditional markets such as Europe and the US while actively expanding into Southeast Asia, Latin America, and the Middle East and Africa [6] - The overseas revenue accounted for 62% of total revenue in the first half of 2024, with a gross margin of 13.5% [6] - The company plans to exceed 100GW in component production capacity by the end of 2024, with a stable supply chain to mitigate industry volatility [6]

证券代码：002459 证券简称：晶澳科技 晶澳太阳能科技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 | | 投资者关系活 | □媒体采访 | √业绩说明会 | | 动类别 | | □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） | | | | 摩根大通 富瑞集团 | 摩根士丹利 麦格里资本 美国银行 花旗银行 | | 参与单位名称 | 兰馨亚洲 易方达基金 | 中信诚保 诺安基金 广发基金 鹏华基金 | | 及人员姓名 | 景顺长城基金 招商基金 | 泉果基金 东兴基金 永赢基金 长江证券 | | | 东吴证券 中金证券 | 中信建投证券 财通证券 太平洋证券 中银证券 | | 时间 2024 | 年 ...

Investment Rating - The report maintains a "Buy" rating for JA Solar Technology (002459 SZ) [2] Core Views - Despite industry challenges, JA Solar shows signs of recovery with narrowing losses and positive operating cash flow [2] - The company's leading position in TOPCon technology, overseas capacity, and channel layout supports market share growth and profit recovery [3] - JA Solar's operating cash flow turned positive in Q2 2024, with cash reserves increasing significantly to RMB 24 9 billion, up 66% from Q1 [3] Financial Performance - H1 2024 revenue reached RMB 37 4 billion, down 9% YoY, with a net loss of RMB -8 7 billion [2] - Q2 2024 revenue was RMB 21 4 billion, up 5% YoY and 34% QoQ, with a net loss of RMB -3 9 billion [2] - The company's module shipments exceeded 38GW in H1 2024, a 59% YoY increase, with Q2 shipments surpassing 21GW, up 37% QoQ [2] - Gross margin declined by 2 0 percentage points to 3 05% in H1 2024 due to industry price reductions [2] Capacity and Technology - JA Solar's module capacity is expected to exceed 100GW by the end of 2024, with wafer and cell capacity reaching 80% of module capacity [3] - The company's N-type cell capacity reached 57GW, with mass-produced N-type cell conversion efficiency reaching 26 5% [3] Overseas Expansion - JA Solar's overseas module shipments accounted for 54% of total shipments in H1 2024, with overseas revenue contributing 61 5% [3] - The company has established a global sales network covering 165 countries and regions, with production bases in Southeast Asia and the US [3] Valuation and Forecast - The report revised down JA Solar's 2024-2026 net profit forecasts to RMB -6 2 billion, RMB 23 7 billion, and RMB 34 4 billion, respectively [3] - The company's current market valuation corresponds to a PB ratio below 1x [3] Historical Ratings - JA Solar has consistently received "Buy" ratings from analysts over the past two years, with 45 "Buy" ratings in the last six months [6][7]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 10 billion for the first half of 2024, representing a year-on-year growth of 25%[12]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% compared to the first half, aiming for a total of RMB 12 billion[12]. - The company reported a net profit margin of 15% for the first half of 2024, reflecting improved operational efficiency[12]. - The company's operating revenue for the reporting period was ¥37.36 billion, a decrease of 8.54% compared to the same period last year[13]. - The net profit attributable to shareholders was -¥874.20 million, representing a decline of 118.16% year-over-year[13]. - The net cash flow from operating activities was -¥1.86 billion, down 138.48% from the previous year[13]. - The total assets at the end of the reporting period increased to ¥120.01 billion, reflecting a growth of 12.59% compared to the end of the previous year[13]. - The company achieved operating revenue of CNY 37,356,530,993.78, a decrease of 8.54% compared to the same period last year due to continuous price declines in photovoltaic products despite a significant increase in shipment volume[47]. - The total net profit attributable to shareholders was CNY -87,420,460, indicating a challenging financial period influenced by industry-wide price drops and increased competition[39]. Market Expansion and Product Development - User data indicates that the company has expanded its customer base by 15%, reaching a total of 1.5 million active users[12]. - New product development includes the launch of a high-efficiency solar panel with a conversion rate of 22%, expected to contribute an additional RMB 1 billion in revenue[12]. - The company is actively pursuing market expansion, targeting new regions in Southeast Asia, with an estimated market potential of RMB 5 billion[12]. - The company has completed a strategic acquisition of a solar technology firm for RMB 500 million, enhancing its R&D capabilities[12]. - The company plans to invest RMB 300 million in new technology research, focusing on next-generation solar cells[12]. - The company aims to strengthen its photovoltaic intelligent manufacturing business and develop customized photovoltaic solutions for specific customer needs[17]. - The company has established a "Smart Energy Division" to enhance investments in downstream photovoltaic applications and expand the scale of photovoltaic power station development[17]. - The company has developed a vertical integration production base in Southeast Asia and a module production base in the United States to better serve international markets[31]. Research and Development - The company's latest n-type Bycium+ battery mass production conversion efficiency reached 26.5%[19]. - The company has established a complete technical R&D system, including centers for silicon, batteries, modules, and systems, to drive innovation in the photovoltaic industry[25]. - The company has formed a storage research center to explore "photovoltaic+" solutions across various fields, enhancing its R&D capabilities[27]. - Research and development investment reached CNY 1,959,223,458.73, accounting for 5.24% of operating revenue, reflecting the company's commitment to technological innovation[41]. - The company continues to invest in R&D for solar cells and components, focusing on efficiency and cost-effectiveness in production[76]. Financial Management and Investments - The company will not distribute cash dividends or issue bonus shares for this fiscal year, focusing on reinvestment for growth[12]. - The company has initiated a share repurchase plan, with a budget of CNY 400 million to CNY 800 million aimed at establishing a long-term incentive mechanism for employees[46]. - The company reported a significant increase in financing cash flow, amounting to CNY 20,557,113,090.49, a 5,625.61% increase compared to the previous year, primarily due to increased borrowings[47]. - The company is actively pursuing public REITs issuance based on its photovoltaic power generation projects to enhance asset turnover and optimize its capital structure[45]. Risk Management - The company has identified potential risks related to supply chain disruptions and has implemented measures to mitigate these risks[12]. - The company faces risks from global industrial policies, including potential new regulations affecting the photovoltaic industry in both domestic and international markets[79]. - The company is experiencing a supply-demand imbalance in the photovoltaic industry, with production capacity exceeding 800 GW and prices falling below costs[81]. - The company is navigating geopolitical risks that may impact market demand and logistics due to conflicts such as the Russia-Ukraine war[83]. - The company is committed to strengthening risk management and internal controls to ensure long-term stable development[86]. Environmental and Social Responsibility - The company has been actively complying with environmental regulations and enhancing its energy efficiency and resource utilization under various environmental laws[96]. - The company aims to reduce greenhouse gas emissions by 42% by 2030 compared to 2023 levels and achieve net-zero emissions by 2050[108]. - The company has established an environmental management system and implemented a strict environmental protection responsibility system to prevent pollution incidents[97]. - The company has implemented a supplier management system that includes sustainability assessments and carbon footprint evaluations[110]. - The company is committed to the UN Global Compact's "Forward Faster" initiative, focusing on gender equality, climate action, living wages, and sustainable financing[120]. Corporate Governance - The company has implemented a comprehensive management system to protect shareholder and creditor rights, ensuring timely and accurate information disclosure[114]. - The company has not reported any significant litigation or arbitration matters during the reporting period[125]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[125]. - The company has not experienced any bankruptcy reorganization or violations of external guarantees during the reporting period[125]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 182,349[183]. - The company repurchased 25,929,600 shares during the reporting period, accounting for 0.78% of the total share capital[184]. - The company issued 1,022,141 new shares during the reporting period, resulting in a total share count of 3,316,259,833 shares[177]. - The company’s stock options and restricted stock incentive plans were approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission[179].

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-079 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 第六届董事会第二十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第二十六 次会议于 2024 年 8 月 30 日在公司会议室以现场表决和通讯表决的方式召开。 召开本次会议的通知已于 2024 年 8 月 19 日以电话、电子邮件等方式通知了 各位董事。本次会议由公司董事长靳保芳先生主持，会议应参加的董事 9 名，实 到董事 9 名，符合《中华人民共和国公司法》及《公司章程》的规定。经与会董 事认真审议，会议以记名投票表决方式通过如下议案： 一、审议通过《关于<2024 年半年度报告>及<2024 年半年度报告摘要>的议 案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经董事会审计委员会审议通过。 具体内容详见同日披露于巨潮资讯网（http://www.cn ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-085 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 关于召开 2024 年第二次临时股东大会的会议通知 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。 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第二十六次会 议决议召开公司 2024 年第二次临时股东大会（以下简称"会议"），现就会议有关事 项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024年第二次临时股东大会 （二）会议召集人：公司第六届董事会 （三）本次会议经公司第六届董事会第二十六次会议决议召开，本次股东大会 会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规 定。 （四）会议召开日期和时间 1、现场会议召开时间：2024年9月26日 15:00 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024年9月26日（现场股东大会召开当日）的交易时间，即9:15—9:25，9:30—11:30 和1 ...