Market Overview - A-shares showed mixed performance in the morning session, with the Shanghai Composite Index up 0.08% at 3371.86 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.24% and 0.23% respectively. The Northbound 50 Index decreased by 0.37% [1] - The total market turnover reached 907.2 billion yuan, an increase of 43.4 billion yuan compared to the previous day, with over 3400 stocks declining [1] Sector Performance - Bank stocks experienced a collective surge, with institutions like Shanghai Pudong Development Bank, Shanghai Bank, Jiangsu Bank, and Chengdu Bank hitting historical highs [3] - Solar energy stocks saw significant gains, with companies such as Oujing Technology and GCL-Poly Energy hitting the daily limit, and Tongwei Co. rising over 9%. Market rumors suggested that leading solar manufacturers are reducing production to maintain prices [3] - The shipping sector was boosted by a substantial increase in the main contract of the container shipping index (European line), which rose by 11%, leading to a surge in port and shipping stocks, including Ningbo Marine and China National Offshore Oil Corporation, which saw increases of 12% [3] - Conversely, the previously rising military industry stocks faced a correction, with Aopu Optoelectronics hitting the daily limit down and Huawu Co. dropping over 9% [3]

Group 1 - The three major indices experienced fluctuations and increased, with the photovoltaic equipment sector leading the gains, particularly in silicon energy and solid-state battery concepts, as the China Securities New Energy Index rose by 1.27% [1] - The New Energy ETF (159875) increased by 1.15%, with constituent stocks such as Daqo New Energy rising over 16%, and Dongfang Risheng increasing over 15%, while Tongwei Co., Ltd. and GCL-Poly Energy Holdings Ltd. hit the daily limit [1] - The New Energy ETF closely tracks the China Securities New Energy Index, which selects listed companies involved in renewable energy production, application, storage, and interaction devices to reflect the overall performance of the new energy industry [1] Group 2 - Dongguan Securities emphasized that improving photoelectric conversion efficiency and reducing production costs are core to the photovoltaic industry's development, necessitating continuous new product launches in the photovoltaic equipment sector to meet technological advancements [2] - Industrialization of solid-state batteries is accelerating, with 2025 identified as a critical turning point, as companies across the supply chain are rapidly establishing production lines in preparation for mass production of solid-state battery models [2]

在评级方面，公司在2025年度EcoVadis企业社会责任评估中荣获集团级（Group）银牌认证，公司首次 参评即在全球参评的15万家企业中位列前15%；在全球环境信息研究中心（CDP）全球企业评级中获 得"B级"认定；获得WindESG评级A级。上述评级结果均处于行业领先水平。 协鑫集成相关人士在业绩说明会上还提到，公司历来重视科学的治理结构、维护全体投资人的利益。公 司管理层高度重视投资者回报，积极通过回购股份及高管增持等方式维护公司股价。公司将持续推进公 司高质量发展，以更加规范的治理和优秀的业绩回报广大投资者。 （文章来源：证券日报） 本报讯 （记者张文湘）5月9日，协鑫集成科技股份有限公司（以下简称"协鑫集成"）举行网上业绩说 明会，就当前市场投资者关注的热点问题进行了回复。 协鑫集成相关人士表示，公司重点开发的GPC（GraphicalPrecise-dopingContact）电池项目产品目前已迭 代至GPC2.0，而GPC3.0正在规划中，GPC2.0平均测试效率已达27.6%，最高效率可达28.2%，平均良率 可达95%。公司将根据市场需求及行业发展，适时推动GPC产品的市场化进程。 协鑫集 ...

证券代码：002506 证券简称：协鑫集成 协鑫集成科技股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 ☑业绩说明会 | | --- | --- | | 投资者关 | □媒体采访 □路演活动 | | 系活动类 | □新闻发布会 | | 别 | □现场参观 □其他 | | 参与单位 | | | 名称及人 | 参加"协鑫集成 2024年度网上业绩说明会"的全体投资者 | | 员姓名 | | | 时间 | 2025 年 5 月 9 日 15:00-17:00 | | 地点 | 深圳证券交易所"互动易"网站（http://irm.cninfo.com.cn）"云访谈 | | | "栏目 | | 上市公司 | 公司总经理：蒋卫朋 | | 接待人员 | 独立董事：程博 | | 姓名 | 副总经理兼财务总监：方建才 | | | 副总经理兼董事会秘书：马君健 | | | 一、活动总体情况 | | | 公司于 2025 年 5 月 9 日（星期五）15:00-17:00 在深圳证券交易所" | | | 互动易"网站（http://irm.cninfo.com.cn）"云访谈"栏目 ...

投资建议：公司战略转型效果显著，海外业务实现高增，光伏组件出货市占率稳居前十。随着光伏产业 链报价见底，行业盈利有望逐步迎来修复，公司营业收入有望见底，盈利有望回升。我们预计公司 2025-2027年营业收入分别为176.60 亿元、203.48 亿元、239.16 亿元；归母净利润分别为1.16 亿元、 2.18 亿元、4.20 亿元，对应 EPS 分别为0.02 元、0.04元、0.07 元，维持"买入"评级。 风险提示：原材料价格波动风险、下游需求风险、市场竞争加剧风险、政策风险。 事件一：公司近日发布2024 年年度报告，实现营业收入162.40 亿元，同比+1.70%，实现归母净利润 0.68 亿元，同比-56.70%；其中Q4 实现营收42.50 亿元，同比-35.18%，环+9.61%；实现归母净利-0.14 亿元，同比-189.28%，环-135.29%。 事件二：公司近日发布2025 年一季度报告，实现营业收入31.55 亿元，同比+7.06%，环比-25.75%；实 现归母净利润-1.98 亿元，同比-911.39%，环比-1354.18% 出货稳居前10，全球化品牌助力海外业务高增。基于 ...

Group 1 - The core point of the news is that Hefei GCL Integrated New Energy Technology Co., Ltd. has obtained a patent for a "glue head for gluing full-screen photovoltaic modules," which is expected to enhance the efficiency of the gluing process in photovoltaic production [1] - The patent includes a detailed description of the glue head's structure, which features a flat glue pipe with a glue chamber, an inlet, and an outlet, designed to maintain consistent glue width and height during application [1] - The patent was officially announced with the authorization number CN222817204U, and the application date was June 2024 [1] Group 2 - Hefei GCL Integrated New Energy Technology Co., Ltd. was established in 2020 and is located in Hefei City, primarily engaged in technology promotion and application services [2] - The company has a registered capital of 2,199.10 million RMB and has made investments in 15 enterprises while participating in 31 bidding projects [2] - The company holds a total of 125 patent records and has obtained 10 administrative licenses [2]

Core Viewpoint - In 2024, the company reported a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite revenue growth in certain segments [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 16.24 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 0.07 billion, a decrease of 56.7% [1]. - For Q1 2025, the company reported operating revenue of 3.16 billion, a year-on-year growth of 7.1%, but a net loss of 0.2 billion compared to a profit of 0.02 billion in the same period last year [1]. Business Segments Component Business - In 2024, the component business generated revenue of 13.52 billion, a year-on-year decrease of 6.6%, with a gross margin of 8.0%, down 0.9 percentage points [2]. - The company shipped 21.4 GW of components, marking a year-on-year increase of 30.4%, and has established a robust capacity for N-type high-performance products [2]. System Integration - The system integration package business saw a revenue increase of 90.4% in 2024, reaching 2.32 billion, with a gross margin of 9.9%, up 1.8 percentage points [3]. - The company adopted a strategy of "point-to-surface" development, leading to significant growth in system integration performance, alongside a focus on backend business development [3]. Future Outlook - Revenue projections for 2025-2027 are 18.19 billion, 22.12 billion, and 26.55 billion, with year-on-year growth rates of 12.0%, 21.6%, and 20.0% respectively [4]. - Expected net profits for the same period are 0.23 billion, 0.42 billion, and 0.57 billion, with substantial growth rates of 238.9%, 81.5%, and 35.8% [4].

Core Viewpoint - The company aims to become a global leader in green energy system integration, focusing on high-efficiency batteries, large-size photovoltaic modules, and energy storage systems, while promoting a comprehensive service model that includes product design, customization, production, installation, and sales [3][4][10]. Company Overview - The company is committed to integrating green energy into daily life and aims to drive innovation through green energy technology during the "14th Five-Year Plan" period, aligning with national strategies for carbon peak and carbon neutrality [3][4]. - The company has established a global presence, with subsidiaries in Japan, North America, Singapore, Germany, and other regions, covering 75 countries and becoming a key supplier in multiple markets [4][10]. Business Performance - In 2024, the company achieved a revenue of 1,623,978.68 million yuan, a year-on-year increase of 1.70%, while the net profit attributable to shareholders was 6,829.40 million yuan, a decline of 56.70% [9][11]. - The company maintained a strong market position, ranking fourth in winning bids for large state-owned enterprise projects in China and achieving significant growth in domestic and international sales [10][11]. Strategic Initiatives - The company has implemented a dual strategy of performance and technology, focusing on cost reduction and profit increase, while enhancing operational efficiency and product quality [9][11]. - The company has launched the "Gexin Carbon Chain" platform, which integrates blockchain technology for carbon management, achieving a 21.3% reduction in product carbon value compared to industry standards [18][20]. Technological Innovation - The company has established a robust R&D framework, with 656 authorized patents and a 40% increase in R&D investment, reinforcing its leadership in photovoltaic technology [15][16]. - The company has introduced high-efficiency products, including the GPC2.0 component, which utilizes advanced technologies to enhance performance and reliability [16][17]. Market Challenges and Responses - The global photovoltaic industry is facing supply-demand imbalances and price adjustments, prompting the company to adapt its strategies and optimize resource allocation [8][9]. - The company is actively expanding its international market presence and enhancing its operational efficiency to navigate the competitive landscape [10][11].

智通财经记者｜马悦然 "在晶硅领域，硅材料非常重要的技术是颗粒硅+CCZ；THBC是晶硅路线在电池端的终极技术，协鑫集 成的下一步技术策略，就是BC加叠层。" 近日，协鑫集成(002506.SZ)副总裁兼董事会秘书马君健在接受智通财经等媒体采访时表示。 CCZ是指连续直拉单晶技术，相比主流应用的多次拉晶技术，可以提升生产效率、降低生产成本。 THBC技术则是和TOPCon、HJT相叠加的BC技术。 协鑫集成是除爱旭股份(600732.SH)、隆基绿能(601012.SH)两家公司外，A股第三家明确将BC技术提到 公司如此高战略位置的光伏龙头。 BC电池(Back Contact Cell)是一种通过将电池的正负电极全部置于背面、正面无任何栅线遮挡的光伏电 池技术。 3月，协鑫集成曾斥资8亿元，与徐州日晟低碳产业投资合伙企业合作，成立合资公司徐州鑫曜新能源。 通过一系列相关交易，徐州高新卓曜新能源（下称卓曜新能源）资产将注入上述新成立公司，合资公司 将持有卓曜新能源90.957%的股权。 以隆基绿能、爱旭股份为首的BC阵营，则坚定看好该技术发展，此前两家公司老板联手喊话，两到三 年后BC市场份额50%以上。 " ...

Core Viewpoint - In 2024, GCL-Poly Energy Holdings Limited reported a revenue of 16.24 billion yuan, a year-on-year increase of 1.70%, but a net profit attributable to shareholders of 68.29 million yuan, a decline of 56.70% [1] Group 1: Company Performance - The company maintained a strategic focus on "performance and technology dual promotion, cost reduction and profit increase dual grasp" [1] - GCL-Poly ranked fourth in the industry for the scale of winning bids in large state-owned enterprise projects, with significant increases in battery and module production capacity utilization [1] - The company achieved a substantial increase in module shipments, ranking among the top eight globally [1][2] Group 2: Research and Development - In 2024, GCL-Poly increased its R&D investment to over 210 million yuan, a year-on-year increase of 43.59% [2] - The main products focus on TOPCon high-efficiency bifacial double-glass modules, with the highest conversion efficiency reaching 23.2% [2] - The company is actively developing GPC high-efficiency modules, with GPC battery efficiency surpassing 27.5% as of April 2024 [2] Group 3: Industry Trends - In 2024, China's new photovoltaic installations reached 277.57 GW, a year-on-year increase of 28.3% [3] - The photovoltaic industry faced a continuous decline in prices due to intense competition, leading to widespread losses among many companies [3] - The industry is showing signs of stabilization in component prices, with potential for rational price recovery in 2025 [3] Group 4: Future Outlook - GCL-Poly aims to maintain its global ranking among the top eight in module shipments while steadily increasing market share [3] - The company plans to continue increasing R&D investment and enhance the layout of battery and module research institutes [3]