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]

晶澳太阳能科技股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2512726 号 晶澳太阳能科技股份有限公司全体股东： 一、审计意见 我们审计了后附的晶澳太阳能科技股份有限公司 (以下简称"晶澳科技") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变 ...

中信证券股份有限公司 关于晶澳太阳能科技股份有限公司 2024 年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为晶澳太 阳能科技股份有限公司（以下简称"晶澳科技"或"公司"）保荐人及持续督导 机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号—— 上市公司募集资金管理和使用的监管要求》《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》等相关 法律、法规和规范性文件的规定，对晶澳科技 2024 年度募集资金存放与使用情 况进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）2020 年度非公开发行股票募集资金基本情况 经中国证券监督管理委员会《关于核准晶澳太阳能科技股份有限公司非公开 发行股票的批复》（证监许可[2020]1759 号）的核准，公司于 2020 年 9 月 15 日 向 18 名特定对象非公开发行人民币普通股（A 股）244,131,455 股，发行价格为 21.3 元/股，募集资金总额为人民币 5,199,999,991.50 元，扣除承销费人民币 39,2 ...

KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 晶澳太阳能科技股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了晶澳太阳能科技股份有限公司 (以下 简称"晶澳科技") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债 表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变 动表以及相关财务报表附注，并于 2025 年 4 月 24 日签发了标准无保留意见的审计报告。 关于晶澳太阳能科技股份有限公司 ...