| 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 0（募集资金已于 2023 年度使用完毕，募集资 | | | 金专户已销户） | | （2）公司募集资金项目进展是否与信息披露 文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 0，均事前或事后审阅会议文件 | | （2）列席公司董事会次数 | 0，均事前或事后审阅会议文件 | | （3）列席公司监事会次数 | 0，均事前或事后审阅会议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 1 次 ...

3月31日，钧达股份股票盘中跌停，海南钧达新能源科技股份有限公司,是一家在国内A股(002865.SZ)上市的光伏科技企业,收购捷泰科技100%股权,全面聚焦 光伏电池研发、生产与销售,成为全球领先的专业光伏电池厂商。 财报显示，万家基金旗下3只基金进入钧达股份前十大股东，且为今年一季度新进，持股比例为1.98%。3只分别是万家品质生活混合A、万家臻选混合A、 万家人工智能混合A。其中，万家品质生活混合A今年以来收益率-6.96%，同类排名2287(总2324)，万家臻选混合A今年以来收益率-6.26%，同类排名4522(总 4593)，万家人工智能混合A今年以来收益率-7.56%，同类排名4544(总4593)。 | ○ 基金经理:莫海波 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：9年又332天 | 任职起始日期：2015-05-06 现任基金公司：万家基金管理有限公司 | | 基金经理简介：莫海波先生:投资研究部总监.MBA,2010年进入财富证券责任有限公司,任分析 师、投资经理助理:2011年进 ...

具体到电池环节，经过一年多时间的市场化产能出清及技术升级迭代，国内电池环节供需情况相较2024 年度明显改善，整体处于紧平衡状况，高效电池甚至阶段性供给紧缺，有利于电池技术领先企业实现盈 利恢复及业绩增长。 钧达股份（002865）披露的投资者关系活动记录表显示，近日，公司召开了业绩说明会，钧达股份董 事、总经理张满良等参与并回答投资者提问。 数据显示，2024年度，受制于行业处于去产能周期，产业链价格下行，对公司经营业绩造成不利影响， 公司实现营业收入99.52亿元，净利润-5.91亿元。 2024年度，钧达股份实现电池产品出货33.74GW，同比增长12.62%；其N型电池出货30.99GW，占比超 90%，同比增长50.58%。据InfoLink数据统计，公司电池产品出货排名全球第三，其中N型电池产品出 货量保持行业领先。 钧达股份介绍，技术研发及储备方面，2024年度，公司通过金属复合降低、钝化性能提升、光学性能优 化、栅线细线化等多项提效降本措施的探索及导入，持续提升电池转化效率，降低非硅成本。实现电池 平均量产转化效率提升0.5%以上，单瓦非硅成本降低约30%。 同时，公司持续开展TOPCon电池 ...

投资要点 行业下行带来全年亏损，预计25 年企稳回升2024Q4 公司实现营业收入17.5 亿元，实现归母净利润-1.7 亿元，主要是受制于行业处于去产能周期，产业链价格下行，对公司经营业绩造成不利影响。目前，光 伏行业去产能周期进入后程，光伏行业供需关系逐步改善，产业链各环节价格逐步提升。行业协会持续 强化自律，呼吁光伏企业不得低于成本销售与投标，防止"内卷式"恶意竞争，促进市场优胜劣汰，一季 度电池片价格已明显上涨，预计光伏行业企稳回升。 N 型电池出货提升，保持行业领先 公司于2022 年底率先实现N 型TOPCon 电池大规模量产。截至2024 年底，公司已拥有44GW N 型电池 产能，2024 年公司实现电池产品出货33.74GW，同比增长12.62%；其中N 型电池出货30.99GW，占比 超90%，同比增长50.58%，据行业第三方调研机构InfoLink 数据统计，公司电池产品出货排名全球第 三，其中 N 型电池产品出货量保持行业领先。 海外销售占比增长，关注公司出海节奏 目前海外光伏电池产能较为短缺，海外优质光伏电池产能存在明显缺口，成为制约海外光伏本土产业链 形成和发展的关键。公司海外销 ...

2025 年 03 月 28 日 N 型出货占比持续提升，关注出海进度 —钧达股份（002865.SZ）公司事件点评报告 买入(维持) 事件 钧达股份发布 2024 年年度报告，2024 年公司实现营业收入 99.52 亿元，同比下滑 46.66%；实现归母净利润-5.91 亿 元，同比下滑 172.47%。 投资要点 ▌行业下行带来全年亏损，预计 25 年企稳回升 2024Q4 公司实现营业收入 17.5 亿元，实现归母净利润-1.7 亿元，主要是受制于行业处于去产能周期，产业链价格下 行，对公司经营业绩造成不利影响。目前，光伏行业去产能 周期进入后程，光伏行业供需关系逐步改善，产业链各环节 价格逐步提升。行业协会持续强化自律，呼吁光伏企业不得 低于成本销售与投标，防止"内卷式"恶意竞争，促进市场 优胜劣汰，一季度电池片价格已明显上涨，预计光伏行业企 稳回升。 ▌N 型电池出货提升，保持行业领先 公司于 2022 年底率先实现 N 型 TOPCon 电池大规模量产。截 至 2024 年底，公司已拥有 44GW N 型电池产能，2024 年公司 实现电池产品出货 33.74GW，同比增长 12.62%；其中 ...

2025 年 03 月 28 日 N 型出货占比持续提升，关注出海进度 —钧达股份（002865.SZ）公司事件点评报告 买入(维持) 事件 钧达股份发布 2024 年年度报告，2024 年公司实现营业收入 99.52 亿元，同比下滑 46.66%；实现归母净利润-5.91 亿 元，同比下滑 172.47%。 ▌海外销售占比增长，关注公司出海节奏 目前海外光伏电池产能较为短缺，海外优质光伏电池产能存 在明显缺口，成为制约海外光伏本土产业链形成和发展的关 键。公司海外销售占比从 2023 年 4.69%大幅增长至 2024 年 的 23.85%，其中，印度、土耳其、欧洲等主要海外市场占有 率行业领先。除电池出口业务市场拓展以外，公司拟进一步 通过产能出海形式，构建海外稀缺电池产能，辐射海外高价 值市场需求，增强公司全球市场电池产品供应能力。 ▌盈利预测 预测公司 2025-2027 年收入分别为 132.32、170.37、204.42 亿元，EPS 分别为 3.87、6.67、8.15 元，当前股价对应 PE 分别为 14.6、8.4、6.9 倍，我们认为，公司 N 型电池出货行 业领先，出海持续推进，看好公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite current challenges [4][7]. Core Insights - The company achieved a revenue of 9.95 billion yuan in 2024, a decrease of 46.66% year-on-year, and a net profit attributable to shareholders of -591 million yuan, down 172.47% year-on-year [1][2]. - The company's N-type battery shipments increased by 12.62% to 33.74 GW, ranking third globally, with N-type TOPCon battery shipments growing by 50.58% to 30.99 GW, accounting for over 90% of total shipments [2]. - The company is expanding its overseas market presence, with overseas sales increasing from 4.69% in 2023 to 23.85% in 2024, particularly in India, Turkey, and Europe [3]. - Continuous R&D investments have led to improvements in N-type technology, with a 0.5% increase in average mass production conversion efficiency and a 30% reduction in non-silicon costs [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.95 billion yuan, a significant decline from 18.66 billion yuan in 2023, with a net profit of -591 million yuan compared to a profit of 816 million yuan in 2023 [6][11]. - The gross margin fell to 0.7% in 2024 from 14.7% in 2023, reflecting the pressure on profitability due to declining battery prices [13]. Market Position - The company maintains a leading position in the N-type battery market, with a significant increase in shipments and a strong focus on overseas expansion [2][3]. - The report highlights the company's ability to control costs effectively, which is expected to support future profitability as new overseas production capacities come online [4]. Future Outlook - The company is projected to achieve net profits of 846 million yuan, 1.34 billion yuan, and 1.87 billion yuan in 2025, 2026, and 2027, respectively, with a corresponding PE ratio of 15 for 2025 [6][4]. - The ongoing development of next-generation battery technologies, including TBC and perovskite tandem batteries, positions the company for long-term competitive advantages [4].

Industry Overview - In 2024, global photovoltaic (PV) installed capacity increased by 35.9% year-on-year, driven by improved efficiency and reduced costs in solar power generation [2][4]. - The global PV market is experiencing high growth, with emerging markets developing independent value systems and a trend towards localized PV supply chains [3]. Company Performance - In 2024, the company achieved a battery product shipment of 33.74 GW, a year-on-year increase of 12.62%, with N-type battery shipments reaching 30.99 GW, accounting for over 90% of total shipments and growing by 50.58% [5][6]. - The company's revenue for 2024 was 9.952 billion yuan, with a net loss of 0.591 billion yuan due to industry-wide price declines during the capacity reduction cycle [6]. Technological Advancements - The company improved battery conversion efficiency by over 0.5% and reduced non-silicon costs by approximately 30% through various technical enhancements [6]. - The company is advancing TOPCon battery technology and has achieved a laboratory efficiency of 31% for perovskite tandem batteries, leading the industry [6][10]. Market Expansion - The company's overseas sales ratio increased significantly from 4.69% in 2023 to 23.85% in 2024, with leading market shares in India, Turkey, and Europe [7][9]. - The company plans to establish overseas production capacity and aims for an H-share listing in Hong Kong to support its global expansion strategy [7][15]. Future Outlook - The company anticipates continued growth in the PV industry in 2025, with improved supply-demand balance in the battery segment [8][13]. - The company will focus on enhancing its global sales network and exploring diverse models for overseas production capacity to meet rising demand [13][14].

Key Points - The article discusses the recent developments in the renewable energy sector, particularly focusing on solar energy, wind energy, electric vehicles, and hydrogen fuel cells, highlighting the positive trends and potential investment opportunities in these industries [1][15][43]. New Energy - Shanghai Marine Bureau released the "Shanghai Marine Industry Development Plan (2025-2035)" focusing on offshore renewable energy [1] - The National Development and Reform Commission issued guidelines to promote high-quality development of the renewable energy green power certificate market [1] - Domestic solar power installations in January-February reached 39.47 GW, a year-on-year increase of 7% [4] - The export of solar battery components remained stable, with a total export of 47.7 GW in January-February, a decrease of 3% year-on-year [8] Wind Energy - The Shanghai Marine Bureau announced plans to promote deep-sea wind power projects, indicating a strong push for offshore wind energy development [15] - The global wind turbine market saw a total installation of 121.6 GW in 2024, with offshore wind accounting for 11.7 GW [18] - Domestic wind turbine manufacturers are expected to increase their market share overseas, driven by competitive pricing [19] Electric Vehicles & Lithium Batteries - NIO and CATL signed a strategic cooperation agreement to build a comprehensive battery swap network [38] - The sales of electric vehicles in China showed significant growth, with 42.7 million units sold in the first half of March, a year-on-year increase of 41% [28] - BYD launched its new models, Han L and Tang L, with competitive pricing and advanced technology [31] Hydrogen and Fuel Cells - Central state-owned enterprises are leading green hydrogen demonstration projects, with a significant increase in project bids [43] - The installation of fuel cell systems in January-February remained stable, with a total installed capacity of 40.84 MW [44]

钧达股份 20250321 摘要 • 全球光伏需求保持高位，尤其受益于新能源车和人工智能发展，光伏作为 低成本发电方式将持续扩张，预计 2025 年行业增速维持在 15%左右，电 池环节供需关系有望改善。 • 海外光伏装机增速高于国内，各国积极构建本土组件产能，但电池环节仍 依赖中国厂商。钧达股份海外销售占比显著提升，2024 年达 24%，预计 2025 年将继续增长。 • 光伏行业经历一年多的去产能周期，中小企业退出，行业集中度提升，供 求关系改善，电池价格回升。预计 2025 年供求环境改善和集中度提升将 推动企业业绩增长。 • N 型技术市场渗透率快速提高，2024 年底已超 60%，预计 2026 年将占 据 80%以上份额，推动光伏技术效率提升和成本下降，加速旧技术淘汰。 • 钧达股份作为 N 型电池龙头，滁州和南京工厂开机率约 80%，N 型产品占 比超 90%，连续两年全球 N 型电池出货量第一，并通过加强非硅成本控制， 积极拓展海外市场。 Q&A 2024 年度光伏行业的变化及公司经营情况如何？ 2024 年全球光伏新增装机同比增长了 35.9%，这一增速出乎很多人的预料。 尽管 2020 ...