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） | | | 博时基金 易方达 景顺长城 永盈基金 泉果基金 华安基金 新华资产 | | 参与单位名称 | 中再资产 中国平安 长江证券 中金公司 东吴证券 中信证券 财通证券 | | 及人员姓名 | 海通证券 兴业证券 招商证券 3W Fund McCallum Capital Point 72 | | | 摩根士丹利 摩根大通 高盛集团 麦格里资本 香港富瑞 美银证券等 | | 时间 | 2025 年 4 月 30 日 | | 地点 | 电话会议 | | 上市公司接待 | 董事、副总经理 杨爱青 | | 人员姓名 | 财务负责人 李少辉 | | | 光储 BG 总裁 祝道诚 | | | 供应链总裁 武廷栋 | | | 董事会秘书 秦世龙 | | | 一、公司经营业绩介绍 | | | 1 ...

Financial Performance - The company's revenue for Q1 2025 was ¥10,672,288,503.90, a decrease of 33.18% compared to ¥15,971,496,835.21 in the same period last year[5]. - The net loss attributable to shareholders was ¥1,638,489,294.15, representing a 239.35% increase in losses from ¥482,832,185.16 in the previous year[5]. - The basic and diluted earnings per share were both -¥0.50, a decline of 233.33% from -¥0.15 in the same period last year[5]. - Total operating revenue decreased to ¥10.67 billion, down 33.2% from ¥15.97 billion in the previous period[17]. - Net loss attributable to the parent company was ¥1.64 billion, compared to a net loss of ¥482.83 million in the previous period[18]. - Operating profit was a loss of ¥1.81 billion, compared to a loss of ¥739.01 million in the previous period[18]. - Other comprehensive income after tax was a loss of ¥54.42 million, compared to a gain of ¥51.20 million in the previous period[18]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥787,073,071.87, a 122.21% increase from a negative cash flow of ¥3,543,263,545.57 in the same period last year[5]. - Total cash inflow from operating activities was ¥14,621,721,109.79, down 13.7% from ¥16,960,731,423.69 in the previous period[19]. - Cash outflow for purchasing goods and services decreased to ¥11,392,935,956.23 from ¥16,820,213,549.26, indicating a reduction of 32.4%[19]. - Net cash flow from investing activities was ¥-1,067,566,658.57, an improvement from ¥-4,456,051,209.11 in the previous period[19]. - Cash inflow from financing activities increased to ¥9,014,902,827.32, compared to ¥8,382,682,226.82 in the previous period, reflecting a growth of 7.5%[20]. - The net increase in cash and cash equivalents for the period was ¥3,633,849,498.70, a turnaround from a decrease of ¥-94,162,640.63 in the previous period[20]. - The ending balance of cash and cash equivalents reached ¥16,205,464,580.58, up from ¥6,668,926,135.04 in the previous period[20]. Assets and Liabilities - The total assets at the end of Q1 2025 were ¥113,494,220,556.97, a slight increase of 0.47% from ¥112,958,012,308.73 at the end of the previous year[5]. - Total liabilities increased to ¥86.63 billion, up from ¥84.43 billion in the previous period[16]. - The company's equity attributable to shareholders decreased by 6.04% to ¥26,209,970,630.19 from ¥27,896,247,512.33 at the end of the previous year[5]. - Total equity attributable to shareholders decreased to ¥26.21 billion, down from ¥27.90 billion in the previous period[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 172,457, with no preferred shareholders having restored voting rights[10]. - The top shareholder, Dongtai Jingtai Fu Technology Co., Ltd., holds 47.45% of shares, totaling 1,570,307,572 shares[10]. - The company repurchased 26,945,700 shares, representing 0.81% of the total share capital as of March 31, 2025[11]. - The company has no preferred shareholders or significant changes in the top 10 shareholders' participation in margin trading[12]. Operational Highlights - In Q1 2025, the company shipped 15.65 GW of battery modules, with overseas shipments accounting for approximately 45%[12]. - The company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global development strategy[12]. Research and Development - The company’s research and development expenses decreased by 31.73% to ¥14,854.24 from ¥21,757.65 in the previous year[9]. - Research and development expenses decreased to ¥148.54 million, down from ¥217.58 million in the previous period[17]. Financial Expenses - The company reported a 98.44% decrease in financial expenses, down to ¥224.95 from ¥14,452.07, attributed to increased exchange gains and interest income[9]. - Long-term equity investments decreased slightly to ¥618,870,835.86 from ¥638,728,175.38[14].

Core Viewpoint - The financial report of JA Solar Technology for 2024 reveals a significant decline in revenue and a shift to net losses, highlighting the severe challenges faced by the photovoltaic industry during a deep adjustment period [1][2]. Financial Performance - JA Solar's total revenue for 2024 was 70.121 billion yuan, a year-on-year decrease of 14.02% [1]. - The company reported a net loss attributable to shareholders of 4.656 billion yuan, marking a 166.14% decline from profit in the previous year, representing the first annual loss since its restructuring in 2019 [1]. - The gross profit margin for the photovoltaic module business fell to 4.82%, a drop of 13.46 percentage points compared to 2023 [1]. Market Dynamics - The shipment volume of battery modules reached 79.45 GW, a year-on-year increase of approximately 40%, positioning the company among the top three globally [1]. - The domestic market gross profit margin plummeted to -7.98%, while the European market stood at -3.51%, with only the Americas maintaining a high gross margin of 31.43% [1]. - The price of photovoltaic modules dropped to a minimum of 0.65 yuan/W in 2024, halving from the average price in 2023, severely impacting profitability [1]. Strategic Response - In response to financial pressures, JA Solar plans to accelerate its overseas expansion, including a nearly 4 billion yuan investment in a project in Oman to produce 6 GW of high-efficiency batteries and 3 GW of modules [2]. - The company aims to implement a strategy focused on "globalization, digitalization, and ecological integration" to navigate the industry's downturn [2]. - JA Solar intends to raise funds through a Hong Kong IPO to support overseas capacity construction and mitigate risks associated with heavy asset investments [2]. Industry Context - The challenges faced by JA Solar are not isolated, as other leading companies in the photovoltaic sector, such as Longi Green Energy and Tongwei Co., are also projected to report losses exceeding 7 billion yuan in 2024 [2]. - The photovoltaic industry is experiencing a supply-demand imbalance, with production capacities for silicon wafers, batteries, and modules exceeding 1,100 GW, far surpassing global new installed capacity [2]. - The industry is entering a phase of "supply-side reform," where only companies that excel in technology, cost control, and global expansion will be able to survive the cycle [3].

在手资金充足，出售美国产能以降低潜在风险 公司在手资金充裕，偿债能力较强，截至24 年底货币资金为250.89 亿元，流动比率为1.1。由于美国政 府暂停IRA 补贴资金审批与支出，或影响美国产能经济性。公司于25 年3 月28 日签订协议转让美国产 能股权，并已完成交割，我们判断有助于其回收流动性，降低潜在风险。 公司公布2024 年报业绩：收入701.21 亿元，同比-14.02%；归母净利润-46.56 亿元，位于业绩预告上限 （-45~-52 亿元）。其中第四季度收入157.73亿元，同/环比-26.89%/-7.17%；归母净利润-41.72 亿元，环 比由盈转亏，主要系美国市场出货量下降，以及计提资产减值损失。由于美国对东南亚双反终裁落地， 晶澳越南工厂税率达120.69%，较初裁提升64.65pct，或降低其经济性，我们预计公司短期经营承压， 考虑到布局中东产能有助于开拓国际市场，25-27 年业绩仍有望增长，维持"增持"评级。 24Q4 美国市场出货量环比下降，计提资产减值损失较充分24Q4 公司实现组件出货量约21.9GW，环比 +15%，其中海外市场为8.8GW，环比-6%，我们推测美国市 ...

智通财经APP获悉，据港交所4月28日披露，晶澳太阳能科技股份有限公司(简称：晶澳科技(002459.SZ)) 递表港交所主板，中信证券和中金公司为联席保荐人，公司正式冲击"A+H"两地上市。 据了解，晶澳科技主营业务为太阳能光伏硅片、电池、组件及储能系统的研发、生产和销售，太阳能光 伏电站的开发、建设、运营，以及光伏材料与设备的研发、生产和销售等。招股书显示，根据弗若斯特 沙利文，公司于2024年以光伏组件出货量计全球排名第三，市场份额为12.3%，且自2015年以来光伏组 件出货量连续10年位列全球前四位。截至2024年12月31日，公司的产品覆盖全球178个国家与地区，并已 设立了16家海外销售公司，包括在全球各区域的七个区域运营中心，于往绩记录期间，公司半数以上的 销售额来自海外市场。 截至最后实际可行日期，晶澳科技在中国运营15个生产基地并在越南运营1个生产基地。公司还计划在阿 曼建设新的生产基地。截至2024年12月31日，公司的光伏组件产能超过100GW，其中90%以上为高性能 N型组件的产能。截至2024年12月31日，公司的销售服务网络覆盖全球178个国家和地区，并已设立了16 家海外销售公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [4][6]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 70.121 billion yuan, a year-on-year decrease of 14.02%. The net profit attributable to shareholders was a loss of 4.656 billion yuan, marking a shift from profit to loss [1]. - The company has accelerated its overseas market expansion, with a notable increase in battery module shipments, reaching 79.447 GW, of which approximately 49% were exported [2]. - The company is enhancing its energy storage solutions, launching integrated home energy storage systems and commercial energy storage products, achieving system efficiencies above 89.5% [3]. Financial Performance Summary - For 2024, the company reported total revenue of 70.121 billion yuan, with a projected revenue of 67.695 billion yuan for 2025, indicating a continued decline before a recovery in subsequent years [5][11]. - The net profit is expected to rebound to 1.454 billion yuan in 2025, with further increases to 2.333 billion yuan in 2026 and 3.464 billion yuan in 2027, reflecting a recovery trajectory [5][11]. - The earnings per share (EPS) is projected to improve from -1.41 yuan in 2024 to 1.05 yuan by 2027, indicating a positive trend in profitability [5][11].

Core Viewpoint - JinkoSolar, a leading company in the photovoltaic industry, reported a significant loss for the first time since returning to the A-share market in 2019, with a net loss of 4.66 billion yuan in 2024, marking a 166% decrease compared to a profit of 7.04 billion yuan in 2023 [1][3]. Financial Performance - In 2024, JinkoSolar achieved a revenue of 70.121 billion yuan, a year-on-year decline of 14% [1]. - The company experienced a massive quarterly loss of 4.17 billion yuan in Q4 2024, primarily due to asset impairment losses, which accounted for 71.49% of the total net loss [3]. - The gross margin in the domestic market plummeted by 20.09 percentage points to -7.98%, while in Europe, it fell by 17.19 percentage points to -3.51% [3]. - Despite a gross margin of 31.43% in the Americas, which is the highest among all regions, it still saw a decline of 4.63 percentage points [3]. Dividend Policy - Due to the financial losses, JinkoSolar announced it would not distribute cash dividends, issue bonus shares, or increase share capital from reserves [4]. Market Conditions - The global photovoltaic component market is facing severe overcapacity, with prices dropping to as low as 0.65 yuan/W, impacting the profitability of many manufacturers, including JinkoSolar, which saw its gross margin decrease by 12.96 percentage points to 4.82% [6]. - JinkoSolar's total shipment volume reached 79.447 GW in 2024, with overseas shipments accounting for approximately 49% [6]. R&D and Capacity Expansion - In 2024, JinkoSolar invested 3.711 billion yuan in R&D, representing 5.29% of its revenue, and holds 1,899 effective patents, including 1,031 invention patents [7]. - The company is accelerating its overseas capacity expansion, including a project in Oman with an annual capacity of 6 GW for batteries and 3 GW for components [7]. Management Changes - JinkoSolar experienced a management change with the resignation of its Vice President and Board Secretary, Wu Tingdong, and the appointment of Qin Shilong as his successor [8]. - Industry insiders suggest that frequent executive departures may be related to succession planning within the company [9].

Core Viewpoint - JA Solar Technology, the world's second-largest photovoltaic module manufacturer, is facing significant challenges, including its first loss since going public in 2020, with a loss amounting to 4.656 billion yuan [2][6]. Financial Performance - The company reported a revenue of 70.121 billion yuan in 2024, a year-on-year decrease of 14.02%, and a net profit attributable to shareholders of -4.656 billion yuan, compared to a profit of 7.039 billion yuan in the previous year [6]. - The loss is primarily attributed to asset impairment, with a total impairment amount of 3.154 billion yuan due to the transition from P-type to N-type solar cell technology [3][9]. Market Dynamics - The global photovoltaic market is experiencing a significant supply-demand imbalance, with a projected 600 GW of new installations in 2024 against an industry capacity exceeding 1100 GW, leading to substantial price declines across the supply chain [5]. - The prices of polysilicon, silicon wafers, solar cells, and modules are expected to drop by over 39%, 50%, 30%, and 29% respectively in 2024 [5]. Product and Market Contribution - Photovoltaic modules account for 95% of the company's revenue, with total shipments of 79.447 GW, of which approximately 49% were exported [7]. - The company achieved a gross profit of about 3.2 billion yuan from its module segment, with significant losses in the domestic and European markets, while the Americas and Asia-Pacific markets remained profitable [8]. Strategic Initiatives - To mitigate the impact of rising tariffs, the company is expanding its production capacity in Oman with a 6 GW battery and 3 GW module project, which is expected to help offset some tariff impacts when operational [4][12]. - The company is also exploring investment opportunities in other countries outside the U.S. and Southeast Asia to diversify its supply chain [11][12]. - In February, the company initiated a Hong Kong IPO to further its global development strategy, enhancing its market, supply chain, and R&D capabilities [14].

Core Viewpoint - JinkoSolar experienced a significant financial downturn in Q4 2023, reporting a net loss of 46.56 billion yuan, a stark contrast to its profit of 3.9 billion yuan in Q3 2023, primarily due to asset impairment losses [2][3]. Financial Performance - The company's total revenue for 2023 was 701.21 billion yuan, a year-on-year decrease of 14.02% [2]. - JinkoSolar's net loss for Q4 2023 was 41.7 billion yuan, contributing to an overall loss for the year despite a profit of 70.39 billion yuan in 2023 [2][3]. - The asset impairment losses accounted for 33.29 billion yuan, representing 71.49% of the net loss [2][3]. Asset Impairment and Market Conditions - Fixed asset impairment losses were the largest at 28.57 billion yuan, followed by inventory write-downs of 1.24 billion yuan [3]. - The decline in profitability of PERC products and increased competition in the solar market were cited as reasons for the asset impairment [3]. - Macro factors such as tightening subsidy policies and declining electricity prices affected the returns on existing power station projects [4]. Dividend Policy and Market Position - Due to the financial losses, JinkoSolar announced it would not distribute cash dividends or issue bonus shares [5]. - The company reported a total shipment of 79.45 GW of solar cells and modules, with overseas shipments accounting for approximately 49% [5]. Regional Performance - JinkoSolar's gross margin for modules fell by 12.96 percentage points to 4.82% [7]. - The domestic gross margin dropped significantly by 20.09 percentage points to -7.98%, while the gross margin in Europe decreased by 17.19 percentage points to -3.51% [7]. - The gross margin in the Americas remained the highest at 31.43%, despite a decline of 4.63 percentage points [7][8]. Production and Capacity - By the end of 2024, JinkoSolar's total asset value is projected to reach 1,129.58 billion yuan, with a net asset value of 278.96 billion yuan, a year-on-year decrease of 20.56% [9]. - The company plans to increase its production capacity to 100 GW for modules, with silicon wafer and battery capacities exceeding 80% and 70% of module capacity, respectively [8][10]. Strategic Initiatives - JinkoSolar is accelerating the construction of a 6 GW high-efficiency solar cell and 3 GW high-power solar module project in Oman [10]. - The company aims to implement a strategy focused on globalization, digitalization, and ecological sustainability, transitioning its solar product division to include energy storage solutions [12].

Core Viewpoint - Jingao Technology reported a significant decline in revenue and a net loss for 2024, primarily due to supply-demand imbalance and price drops across the solar industry [1][2] Group 1: Financial Performance - The company achieved operating revenue of 70.12 billion yuan, a year-on-year decrease of 14.02% [1] - Net profit turned to a loss of 4.656 billion yuan, compared to a profit of 7.039 billion yuan in 2023 [1] - The gross margin for the solar module business was only 4.82% in 2024, with domestic market gross margin at -7.98% and European market gross margin at -3.51% [2] Group 2: Production and Capacity - In 2024, the company shipped 79.447 GW of battery modules, with overseas shipments accounting for approximately 49% [1] - The planned production capacity for 2024 was not fully achieved, with actual module capacity reaching 100 GW, while silicon wafer and battery capacities were only over 80% and 70% of module capacity, respectively [2] - The company did not disclose operational targets for 2025, which is unusual compared to previous years [2] Group 3: Industry Context and Challenges - The solar industry is experiencing a supply-demand imbalance due to the release of new capacities, leading to widespread losses across the supply chain [3] - The global solar industry policies significantly impact the development speed and quality of the sector, creating uncertainties in both domestic and international markets [3] - The industry is facing structural overcapacity, with domestic production capacities exceeding 1100 GW, far surpassing global installation growth [3]