Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to lead the industry in N-type shipments in 2024, with a forecasted output of 33.7 GW, representing a 13% year-on-year increase, and a significant 90%+ of this being N-type [9] - The company is anticipated to recover in 2025, with a projected operating rate of around 80% and a potential reduction in losses in Q1 2025 [9] - The company is advancing its technology and overseas expansion, with a 5 GW N-type battery project in Oman expected to be operational by 2025 [9] - The report predicts a substantial increase in net profit from 2025 to 2027, with expected growth rates of 286.14%, 56.78%, and 20.89% respectively [9] Financial Performance Summary - For 2024, the company is projected to have total revenue of 9.95 billion yuan, with a net loss of 591.11 million yuan [1] - The company’s earnings per share (EPS) is expected to improve from a loss of 2.58 yuan in 2024 to a profit of 4.80 yuan in 2025 [1] - The report forecasts a significant recovery in net profit, estimating 1.10 billion yuan in 2025, 1.73 billion yuan in 2026, and 2.08 billion yuan in 2027 [1]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of RMB 72.79, indicating a potential upside of 24.1% from the current price of RMB 58.65 [1][4][12]. Core Insights - The company's non-recurring performance met expectations, with a significant increase in the proportion of high-margin overseas revenue [2][7]. - The company experienced a 60.9% year-on-year revenue growth in 2023, but a projected decline of 46.7% in 2024, followed by modest growth in subsequent years [3][15]. - The report highlights a rapid increase in overseas revenue, which accounted for 24% of total revenue last year, up 19 percentage points year-on-year, with a peak of 47% in the fourth quarter [7][8]. - The company is focusing on improving production efficiency and reducing costs, with a target of increasing the average conversion efficiency of TOPCon batteries by over 0.5% this year [7][8]. Financial Overview - Revenue projections for the company are as follows: RMB 18,657 million in 2023, RMB 9,952 million in 2024, and expected growth to RMB 15,737 million by 2027 [3][15]. - The net profit is expected to recover from a loss of RMB 591 million in 2024 to RMB 1,718 million by 2027, reflecting a significant turnaround [3][15]. - The company’s gross margin is projected to improve significantly, with a target gross margin of 19.6% by 2026 [17]. Market Position and Strategy - The company ranks third in total shipments and first in N-type shipments within the industry, indicating a strong market position [7]. - The report emphasizes the importance of the company's overseas expansion plans, particularly the delayed project in Oman, which is expected to commence operations by the end of the year [7][8]. - The recent surge in battery prices due to increased demand is expected to support the company's recovery and profitability in the second half of the year [7].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of RMB 72.79, indicating a potential upside of 24.1% from the current price of RMB 58.65 [1][4][12]. Core Insights - The company's non-recurring performance met expectations, with a significant increase in the proportion of high-margin overseas revenue [2][7]. - The company experienced a 60.9% year-on-year revenue growth in 2023, but a projected decline of 46.7% in 2024, followed by modest growth in subsequent years [3][15]. - The report highlights a rapid increase in overseas revenue, which accounted for 24% of total revenue last year, up 19 percentage points year-on-year, with a peak of 47% in the fourth quarter [7][8]. - The company’s battery cell shipments reached 33.74 GW, a 13% increase year-on-year, with N-type cells making up 92% of the total shipments [7][8]. - Recent policy changes have led to a surge in demand for battery cells, with prices for certain specifications rising significantly, indicating a potential for breakeven in some product lines [7][8]. Financial Overview - The company’s revenue is projected to decline to RMB 9,952 million in 2024, before recovering to RMB 10,531 million in 2025 and RMB 14,914 million in 2026 [3][15]. - Net profit is expected to turn positive in 2025, with estimates of RMB 165 million, and further growth to RMB 1,696 million by 2026 [3][15]. - The report notes a significant reduction in operating expenses, with sales, management, R&D, and financial expenses decreasing by 15%, 25%, 35%, and 11% respectively [7][8]. - The company’s average gross margin for battery cells was RMB 0.001 per watt, with a notable improvement in the fourth quarter to RMB 0.007 per watt [7][8]. Market Position and Strategy - The company is focusing on expanding its overseas market presence, with ongoing projects in Oman and plans for H-share issuance [7][8]. - The report emphasizes the importance of maintaining production efficiency and cost control to navigate the challenging market conditions [7][8]. - The company aims to enhance its production efficiency by over 0.5% this year, which is expected to support the mass production of TBC batteries [7][8].

Investment Rating - The report assigns a "Buy" rating for the company, JunDa Co., Ltd. (002865 CH), with a target price of RMB 72.79, indicating a potential upside of 24.1% from the current closing price of RMB 58.65 [1][4][12]. Core Insights - The company's non-recurring performance met expectations, with a significant increase in the proportion of high-margin overseas revenue [2][7]. - The company experienced a 60.9% year-on-year revenue growth in 2023, but a projected decline of 46.7% in 2024, followed by modest growth in subsequent years [3][15]. - The report highlights a rapid increase in overseas revenue, which accounted for 24% of total revenue last year, up 19 percentage points year-on-year, with a remarkable 47% in Q4 [7][8]. - The company is focusing on improving production efficiency and reducing costs, with a target of increasing the average conversion efficiency of TOPCon batteries by over 0.5% this year [7][8]. Financial Overview - Revenue projections for the company are as follows: RMB 18,657 million in 2023, RMB 9,952 million in 2024, and expected growth to RMB 15,737 million by 2027 [3][15]. - The net profit is expected to recover from a loss of RMB 591 million in 2024 to RMB 1,718 million by 2027, reflecting a significant turnaround [3][15]. - The company’s gross margin is projected to improve significantly, with overseas gross margins reaching 9.1% in the second half of last year, compared to -6.2% domestically [7][8]. Market Position and Strategy - The company ranks third in total shipments and first in N-type shipments in the industry, with a total shipment of 33.74 GW last year, a 13% increase year-on-year [7][8]. - The report notes that recent policy changes in distributed photovoltaic systems have led to a surge in demand, driving up prices for certain battery types [7][8]. - The company is also working on establishing a factory in Oman, although progress has been slower than expected, with plans to complete the project by the end of the year [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company is expected to experience a turning point in performance, with a significant increase in overseas revenue contributing to its growth [1][7]. - The company has achieved a notable increase in the sales of TOPCon solar cells, with a 12.62% year-on-year growth in sales volume, and over 90% of sales coming from N-type TOPCon cells, which saw a 50.6% increase [7]. - The establishment of a 10GW battery production capacity in Oman is anticipated to enhance the company's global competitiveness and profitability [7]. Financial Summary - The company's revenue for 2024 is projected at 99.5 billion yuan, a decrease of 46.66% year-on-year, with a net profit attributable to the parent company of -591.11 million yuan, reflecting a decline of 172.47% [2][7]. - For the years 2025 to 2027, the company is expected to recover, with net profits projected at 783.22 million yuan, 1.14 billion yuan, and 1.38 billion yuan respectively, indicating significant growth rates of 232.50%, 45.44%, and 21.27% [2][8]. - The average earnings per share (EPS) are forecasted to improve from -2.58 yuan in 2024 to 6.03 yuan by 2027 [2][8]. Revenue and Profitability Projections - The company's revenue is expected to grow from 99.5 billion yuan in 2024 to 184.3 billion yuan by 2027, with growth rates of 30.53%, 23.40%, and 14.97% in the following years [2][8]. - The gross margin for solar cells is projected to improve significantly, from 0.5% in 2024 to 12.5% by 2027 [8]. - The company anticipates a recovery in profitability due to improved pricing in the domestic supply chain and enhanced overseas market performance [7].

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 钧达股份（002865）电力设备 目标价：——元（6 个月） | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9951.94 | 12990.00 | 16030.00 | 18430.00 | | 增长率 | -46.66% | 30.53% | 23.40% | 14.97% | | 归属母公司净利润（百万元） | -591.11 | 783.22 | 1139.13 | 1381.48 | | 增长率 | -172.47% | 232.50% | 45.44% | 21.27% | | 每股收益 EPS（元） | -2.58 | 3.42 | 4.97 | 6.03 | | 净资产收益率 ROE | -15.21% | 16.36% | 19.74% | 19.95% | | PE | -23 | 17 | 12 | 10 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to lead the industry in N-type shipments in 2024, with a forecasted output of 33.7GW, representing a year-on-year increase of 13% [9] - The company is anticipated to recover in 2025, with a projected net profit of 1.1 billion yuan, reflecting a significant year-on-year growth of 286.14% [9] - The company is focusing on overseas expansion, particularly in Oman, where it plans to establish a 5GW N-type battery production facility by 2025 [9] Financial Performance Summary - Total revenue for 2024 is projected at 9.95 billion yuan, a decrease of 46.66% year-on-year, with a net loss of 591.11 million yuan [1][9] - The company’s earnings per share (EPS) for 2024 is expected to be -2.58 yuan, with a recovery to 4.80 yuan in 2025 [1][9] - The company’s operating cash flow for 2024 is estimated at 654 million yuan, with a slight cash outflow in Q4 [9][10] Market Position and Strategy - The company has achieved a leading position in N-type battery shipments, with over 90% of its output being N-type [9] - The company is enhancing its technological capabilities, with N-type "MoNo 2" bifacial efficiency reaching 26.3% and plans for TBC battery production [9] - The company is also working on an H-share issuance to support its global expansion strategy [9]

钧达股份（002865.SZ）2024 年年报点评 N 型出货提升显著，海外业务持续扩张 2025 年 03 月 18 日 ➢ 事件 2025 年 3 月 17 日，公司发布 2024 年年报。根据公司公告，24 年全年公司实 现收入 99.52 亿元，同比-44.66%，归母净利润-5.91 亿元，同比转亏，实现扣 非归母净利润-11.18 亿元，同比转亏。 分季度来看，公司 24Q4 实现收入 17.50 亿元，同比-59.08%，环比-4.26%，实 现归母净利润-1.74 亿元，实现扣非归母净利润-3.83 亿元。受制于行业处于去 产能周期，产业链价格下行，公司业绩承压。 ➢ N 型出货同比高增，海外业务加速推进 24 年公司持续推进 TOPCon 技术降本增效，与 23 年相比电池平均量产效率持 续提升，单瓦非硅成本降低 30%，年内发布全新一代 N 型电池"MoNo 2"系 列产品，该产品创新性叠加 J-HEP 半片边缘钝化及 J-WBSF 波浪背场技术，实 现电池片钝化性能及双面率等多项指标的全方位升级。此外，公司 TBC 中试线 上转化效率较主流 N 型电池效率可提升 1-1.5Pcts，与外 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][7]. Core Viewpoints - The company experienced a significant decline in revenue and net profit in 2024, with total revenue of 9.952 billion yuan, down 44.66% year-on-year, and a net loss of 591 million yuan [1][4]. - Despite the challenging market conditions, the company achieved a notable increase in N-type battery shipments, with a total of 33.74 GW shipped in 2024, representing a year-on-year growth of 12.62%, and N-type battery shipments alone reached 30.99 GW, up 50.58% year-on-year [2][4]. - The company is actively expanding its overseas business, with overseas sales accounting for 23.85% of total sales in 2024, an increase of 19.16 percentage points compared to 2023 [2][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 9.952 billion yuan, a decrease of 46.66% from the previous year, and a net profit attributable to shareholders of -591 million yuan, marking a decline of 172.5% [6][11]. - The company forecasts revenue growth for 2025 to 2027, estimating revenues of 14.807 billion yuan, 18.741 billion yuan, and 21.849 billion yuan, respectively, with net profits projected at 898 million yuan, 1.662 billion yuan, and 2.109 billion yuan [4][6]. Product and Technology Development - The company has enhanced its TOPCon technology, achieving a 30% reduction in non-silicon costs and improving average mass production efficiency compared to 2023 [3][4]. - The introduction of the new generation N-type battery "MoNo 2" series showcases significant advancements in battery performance metrics [3]. Market Position and Strategy - The company ranks third globally in battery shipments, with a strong focus on expanding its production capacity for N-type batteries, which accounted for over 90% of total shipments in 2024 [2][4]. - The company is strategically positioning itself in emerging markets across Asia, Europe, North America, Latin America, and Australia, establishing stable partnerships with leading global photovoltaic component manufacturers [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 5.57, 7.70, and 9.33 RMB for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 11, 8, and 6 times [4]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 9.95 billion RMB, a year-on-year decrease of 46.7%, and a net loss of 591 million RMB [1]. - The company's battery product shipments reached 33.7 GW in 2024, a year-on-year increase of 12.6%, with N-type shipments accounting for over 90% of total shipments, reflecting a 50.6% growth [2]. - The company is actively expanding its overseas market presence, with overseas sales accounting for 23.9% of total sales in 2024, up 19.2 percentage points year-on-year, and 49.1% in Q4 alone, indicating a strong growth trajectory [2]. - The company's profitability is expected to improve, with Q4 2024 gross margin at 2.8% and net margin recovering to -10.0%, a 3.7 percentage point improvement [3]. - The report anticipates continued growth in profitability driven by cost reduction and efficiency improvements, with a projected recovery in earnings from 2025 onwards [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 9.95 billion RMB, down 46.7% year-on-year, and a net loss of 591 million RMB [1]. - Q4 2024 revenue was 1.75 billion RMB, a 4.3% decrease quarter-on-quarter, with a net loss of 170 million RMB [1]. Operational Analysis - The company successfully transitioned to N/P product structure, with N-type battery shipments reaching 31.0 GW, a 50.6% increase year-on-year [2]. - The overseas sales ratio increased significantly, with expectations to maintain around 50% in 2025 [2]. Profitability Forecast - The company is expected to recover profitability, with projected earnings of 1.275 billion RMB in 2025, 1.765 billion RMB in 2026, and 2.137 billion RMB in 2027 [4]. - The report highlights a significant reduction in non-silicon costs by 30% and an increase in production efficiency [3].