2024 年 11 月 14 日 公司点评 买入/维持 协鑫集成(002506) 昨收盘:3.00 协鑫集成事件点评：三季度营收与净利双增长，定增获批助长足 发展 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [10]. Core Insights - The company has shown steady growth in performance, with a revenue of 11.99 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.4%. However, the net profit attributable to shareholders was 80 million yuan, down 42.5% year-on-year [2][7]. - The gross margin improved to 9.5%, up 0.8 percentage points year-on-year, while the net margin decreased slightly to 0.7%, down 0.8 percentage points year-on-year [2]. - The company has maintained a strong position in the photovoltaic market, ranking eighth in China for module shipments, with approximately 14.5 GW shipped in the first three quarters of 2024 [2][7]. - The company received approval for a private placement to raise up to 4.84 billion yuan for a 20 GW high-efficiency battery project, which is expected to enhance its production capacity and market position [2][7]. Financial Performance - For the first three quarters of 2024, the company reported a revenue of 11.99 billion yuan, with a quarterly revenue of 3.88 billion yuan in Q3, reflecting a year-on-year increase of 1.9% [2]. - The net profit for Q3 2024 was 40 million yuan, a year-on-year increase of 24.7% [2]. - The company’s operating efficiency has improved, with inventory turnover days and accounts payable turnover days showing significant improvement compared to the previous year [2]. Market Outlook - The global photovoltaic demand is expected to grow steadily, with the Chinese market showing resilience despite pressures in the photovoltaic sector [2]. - The Ministry of Industry and Information Technology has proposed new standards aimed at optimizing the supply side of the photovoltaic industry, which may alleviate the current overcapacity issues [2]. - The company is actively expanding into emerging markets and is committed to transitioning to the N-TOPCon technology route to mitigate impairment risks [2]. Profit Forecast - The company is projected to achieve net profits of 110 million yuan, 270 million yuan, and 460 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to PE ratios of 161, 67, and 39 times [2][7].

点赞分享协鑫集成再度涨停，4个交易日内录得3个涨停，累计涨幅为35.92%，累计换手率为29.49%。 截至9:57，该股今日成交量4.14亿股，成交金额13.36亿元，换手率7.07%。 最新A股总市值达194.82亿元，A股流通市值194.75亿元。 证券时报•数据宝统计，两融数据来看，该股最新（11月4日）两融余额为8.07亿元，其中，融资余额 8.02亿元，较前一个交易日减少4727.84万元，环比下降5.57%，近4日累计增加1065.98万元，环比增长 1.35%。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%上榜龙虎榜1次，买卖居前营业部 中，深股通累计净买入1223.40万元，营业部席位合计净买入5254.62万元。 10月31日公司发布的三季报数据显示，前三季度公司共实现营业总收入119.90亿元，同比增长27.40%， 实现净利润0.82亿元，同比下降42.51%。 （数据宝）近日该股表现日期当日涨跌幅（%）换手率（%）主力资金净流入（万元） 2024.11.042.0212.35-30866.532024.11.0110.007.375052.582024.10.311 ...

证券代码：002506 证券简称：协鑫集成 公告编号：2024-093 协鑫集成科技股份有限公司 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。" 公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票的相关事宜，并及时履行信息 披露义务。敬请广大投资者注意投资风险。 特此公告。 协鑫集成科技股份有限公司董事会 二〇二四年十一月四日 关于向特定对象发行股票申请 获得中国证券监督管理委员会同意注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 协鑫集成科技股份有限公司（以下简称"公司"）于近日收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意协鑫集成科技股份有 限公司向特定对象发行股票注册的批复》（证监许可〔2024〕1518 号），主要内 容如下： "一、同意你公司向特定对象发行股票的注册申请。 ...

2024 1518 2020 5 206 －２－ 12 大事项,应及时报告深圳证券交易所并按有关规定处理。 202 年 10月 30 ...

证券代码：002506 证券简称：协鑫集成 公告编号：2024-092 协鑫集成科技股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动的情况介绍 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况及内外部经营环境不存在发生或预计将要发生重大变 化的情形。 4、公司以及公司控股股东、实际控制人不存在关于公司的应披露而未披露 的重大事项，或处于筹划阶段的重大事项。 5、公司控股股东、实际控制人在公司股票交易异常波动期间未买卖公司股 票。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意 向、协议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等 有关规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格产生较 大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 协鑫集成科技股份有限公司（以下简称"公司" ...

二、实施回购股份的进展情况 截止 2024 年 10 月 31 日，公司通过股份回购专用证券账户以集中竞价方式累 计回购公司股份18,559,095股，占公司目前总股本的0.3172%，最高成交价为2.58 元/股，最低成交价为 1.75 元/股，成交总金额为 34,998,535 元（不含交易费用）， 本次回购符合相关法律法规的要求，符合既定的回购股份方案。 三、其他说明 证券代码：002506 证券简称：协鑫集成 公告编号：2024-091 协鑫集成科技股份有限公司 关于回购公司股份的进展公告 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。 一、回购股份的基本情况 协鑫集成科技股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日召开第 五届董事会第五十四次会议，审议通过了《关于回购公司股份方案的议案》，同意 公司使用自有资金回购公司已发行的人民币普通股（A 股）股票。本次以集中竞 价交易方式回购，用于回购的资金总额为不低于人民币 10,000 万元（含）且不超 过人民币 20,000 万元（含），回购价格不超过人民币 3.85 元/股。具体回购 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,877,283,429.65, representing a 1.87% increase year-over-year, while the year-to-date revenue reached ¥11,990,007,475.66, up 27.40% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥38,569,938.49, a 24.71% increase year-over-year, but the year-to-date net profit decreased by 42.51% to ¥81,904,294.45[3]. - The basic earnings per share for Q3 2024 was ¥0.007, reflecting a 40.00% increase year-over-year, while the diluted earnings per share also stood at ¥0.007[3]. - Total operating revenue for Q3 2024 reached CNY 11,990,007,475.66, an increase of 27.5% compared to CNY 9,411,507,815.83 in the same period last year[21]. - Net profit for Q3 2024 was CNY 81,530,011.59, a decrease of 42.6% from CNY 141,927,339.35 in Q3 2023[22]. - The total comprehensive income for Q3 2024 was CNY 80,397,374.87, compared to CNY 140,052,743.50 in Q3 2023, indicating a decline of 42.6%[23]. Assets and Liabilities - The company's total assets as of the end of Q3 2024 were ¥19,853,340,553.72, a 3.89% increase from the end of the previous year[3]. - As of September 30, 2024, the total assets of GCL-Poly Energy Holdings Limited amounted to approximately RMB 19.85 billion, an increase from RMB 19.11 billion at the beginning of the period, reflecting a growth of about 3.88%[17]. - The total liabilities decreased slightly to approximately RMB 11.15 billion from RMB 11.83 billion, indicating a reduction of about 5.77%[18]. - The total liabilities increased to CNY 17,384,924,758.65 in Q3 2024, compared to CNY 16,686,113,187.25 in Q3 2023, marking a growth of 4.2%[22]. - The company's total equity increased to approximately RMB 8.70 billion from RMB 7.27 billion, reflecting a growth of about 19.63%[18]. - The total equity attributable to shareholders of the parent company was CNY 2,468,419,211.66, up from CNY 2,424,247,574.67, representing a growth of 1.8%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥973,224,319.66, showing a 6.31% increase compared to the previous year[3]. - The total cash inflow from operating activities for the current period reached ¥12,924,777,480.34, a significant increase from ¥8,159,265,824.34 in the previous period, representing a growth of approximately 58.5%[25]. - Cash outflow from operating activities totaled ¥11,951,553,160.68, compared to ¥7,243,808,981.72 in the previous period, indicating an increase of about 65.7%[25]. - The net cash flow from operating activities was ¥973,224,319.66, slightly up from ¥915,456,842.62 in the previous period, showing a growth of approximately 6.8%[25]. - The net cash flow from financing activities was negative at -¥457,609,407.80, compared to a positive cash flow of ¥374,489,794.92 in the previous period[26]. Expenses - Research and development expenses increased by 103.96% year-over-year, primarily due to increased investment in battery cell project R&D[9]. - Research and development expenses for Q3 2024 amounted to CNY 268,090,404.07, which is a significant increase of 103.9% compared to CNY 131,441,059.09 in the previous year[21]. - The company reported a total operating cost of ¥8,625,965,701.36 after adjustments, up from ¥8,594,279,200.12 prior to adjustments, reflecting an increase of approximately 0.4%[27]. - Total operating costs for Q3 2024 were CNY 12,113,370,007.95, up from CNY 9,323,060,361.60, reflecting a year-over-year increase of 30.3%[21]. - The company experienced a 59.75% increase in taxes and surcharges compared to the same period last year, attributed to increased business volume[9]. Shareholder Activities - The company repurchased a total of 18,558,395 shares, accounting for 0.3172% of the total share capital, with a total expenditure of approximately RMB 34.99 million[15]. - The controlling shareholder, GCL Group, pledged approximately 466 million shares, representing 100% of its holdings, which is about 7.97% of the total share capital[16].

证券代码：002506 证券简称：协鑫集成 公告编号：2024-089 经与会监事审议，通过了如下决议： 一、会议以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过《2024 年 第三季度报告》。 根据《公司法》《深圳证券交易所股票上市规则》等相关法律法规的规定，我 们作为协鑫集成科技股份有限公司的监事，认真审核了公司提供的《2024 年第三 季度报告》，发表书面审核意见如下：公司董事会编制和审议公司《2024 年第三 季度报告》的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准 确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗 漏。 《2024 年第三季度报告》具体内容详见刊载在公司指定信息披露媒体《证券 时 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的相关公告。 特此公告。 协鑫集成科技股份有限公司监事会 二〇二四年十月三十日 协鑫集成科技股份有限公司 第六届监事会第三次会议决议公告 本公司及监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 ...

证券代码：002506 证券简称：协鑫集成 公告编号：2024-088 一、会议以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过《2024 年 第三季度报告》。 《2024 年第三季度报告》具体内容详见刊载在公司指定信息披露媒体《证券 时 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的相关公告。 特此公告。 协鑫集成科技股份有限公司董事会 二〇二四年十月三十日 协鑫集成科技股份有限公司 第六届董事会第三次会议决议公告 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。 协鑫集成科技股份有限公司（以下简称"公司"）第六届董事会第三次会议于 2024 年 10 月 19 日以电子邮件及电话方式通知全体董事，并于 2024 年 10 月 30 日以现场与通讯相结合的方式在公司会议室召开。本次会议应出席董事 9 名，实 际出席董事 9 名。会议由董事长主持，会议召开和表决程序符合《中华人民共和 国公司法》等法律、法规及本公司章程的有关规定，合法有效 ...