Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has maintained stable shipments and has seen a recovery in profitability, with Q1 2025 revenue at 1.875 billion, down 49.52% year-on-year, and a net profit of -106 million, down 636.04% year-on-year but up 39.23% quarter-on-quarter [9] - The company is focusing on overseas markets, with 58% of sales coming from international markets, leading in regions such as India, Turkey, and Europe [9] - The company plans to invest in a 5GW high-efficiency battery production capacity in Oman, expected to be operational by the end of 2025, which will benefit from lower export tariffs and potential premium pricing in the US market [9] - The company has adjusted its profit forecasts due to increased industry competition, projecting net profits of 515 million, 1.036 billion, and 1.424 billion for 2025, 2026, and 2027 respectively, with growth rates of 187.13%, 101.14%, and 37.47% [9] Financial Summary - Total revenue for 2023 is projected at 18.657 billion, with a year-on-year growth of 60.90%, while 2024 is expected to see a decline of 46.66% [1] - The company's net profit for 2023 is estimated at 815.64 million, with a year-on-year increase of 13.77%, but a significant loss of 591.11 million is expected for 2024 [1] - The latest diluted EPS for 2025 is projected at 2.25, with a P/E ratio of 18.00 [1] - The company’s total assets are expected to reach 18.715 billion by 2025, with a debt ratio of 76.38% [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained stable shipments and has seen a recovery in profitability. In Q1 2025, the company shipped 7.15GW of TOPCon batteries, with a year-on-year decrease of 16% but stable compared to the previous quarter. The company is actively targeting overseas markets, with overseas sales accounting for 58% of total sales, leading in markets such as India, Turkey, and Europe. The company anticipates a return to profitability in April 2025 due to price increases and industry self-discipline in production control [9][10] - The company plans to invest in a 5GW high-efficiency battery production capacity in Oman, expected to be operational by the end of 2025. This project is anticipated to benefit from lower export tariffs and potential premium pricing in the U.S. market. The company is also pushing forward with its H-share issuance, which is expected to provide a favorable platform for global development [9][10] - The company has adjusted its profit forecasts due to increased industry competition, projecting net profits of 515 million, 1.036 billion, and 1.424 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 187.13%, 101.14%, and 37.47% [9][10] Financial Summary - For 2023, the total revenue is projected at 18.657 billion yuan, with a year-on-year increase of 60.90%. The net profit attributable to shareholders is expected to be 815.64 million yuan, with a year-on-year increase of 13.77% [1] - The earnings per share (EPS) for 2025 is estimated at 2.25 yuan, with a price-to-earnings (P/E) ratio of 18.00 based on the latest diluted shares [1][10] - The company’s total assets are projected to reach 18.715 billion yuan by 2025, with a debt-to-asset ratio of 76.38% [10]

2025 年 04 月 16 日 公司点评 买入/维持 钧达股份(002865) 昨收盘:40.62 钧达股份 2025 年一季报点评：盈利能力边际改善，海外产能与 新技术布局位居行业前列 ◼ 走势比较 (40%) (20%) 0% 20% 40% 60% 24/4/16 24/6/27 24/9/7 24/11/18 25/1/29 25/4/11 ◼ 股票数据 | 总股本/流通(亿股) | 2.29/2.25 | | --- | --- | | 总市值/流通(亿元) | 93.08/91.34 | | 12 个月内最高/最低价 | 84.55/34 | | (元) | | 相关研究报告 <<钧达股份 2023 年年报点评：产能 与技术持续领先，海外出货占比有望 持续提升>>--2024-03-24 <<【太平洋新能源】TOPCon 加速放量， 产能与技术持续领先>>--2023-11- 12 <<钧达股份2023年中报点评：TOPCon 产能落地与技术持续领先，盈利有望 持续高增>>--2023-09-06 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1 ...

前脚刚披露业绩边际改善的2025年一季报，后脚钧达股份（002865.SZ）便马不停蹄地再度递表了港交所。 根据弗若斯特沙利文的报告，这家在光伏电池领域排名前列的企业，按2024年的出货量计算，在专业制造商 中，钧达股份的N型TOPCon电池全球市场份额约为24.7%，排名全球第一；同年，在专业制造商和一体化制 造商中，公司的N型TOPCon电池的市场占有率约为7.5%。 虽然行业地位突出，但自2023年底开始，光伏行业出现阶段性供需错配局面，行业进入产能出清阶段。"淘 汰赛"打响，哪怕是像钧达股份这样的头部玩家亦受到了一定的影响。招股书显示，2024年该公司的收入为 99.24亿元（人民币，下同），同比下滑了46.7%；而全年净利润则为-5.91亿元，作为对比，钧达股份2023年 净利润为8.16亿元。 不过，进入2025年后，钧达股份的基本面似乎出现了一丝"转机"。数据显示，25年Q1期间，钧达股份的收入 同比下滑49.52%至18.75亿元，归母净利润为-1.06亿元；但若以环比口径看，该季度公司的收入及利润指标均 较去年四季度有所优化，其中利润指标减亏明显。同时另一个不容忽视的信号是，Q1期间，钧达股 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-029 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中国 相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券 交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内投 资者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现提 供该申请资料在香港联交所网站的查询链接供查阅： 中文： 海南钧达新能源科技股份有限公司 关于申请境外公开发行股票（H 股）并上市的进展公告 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。 海南钧达新能源科技股份有限公司（以下简称"公司"）正在进行申请境外公 开发行股票（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行上市"）的相关工作。公司已于 2024 年 2 月 6 日 向香港联交所递交了本次发行上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请版本资料集。 公司于 2024 年 5 月 17 日收到中国证券监督管理委员会（以下简称"中国证 监会"） ...

智通财经APP获悉，据港交所4月15日披露，海南钧达新能源科技股份有限公司(以下简称：钧达股份) (002865.SZ)递表港交所主板，华泰国际、招银国际、德意志银行为其联席保荐人。这是该公司第二次递 表，此前曾在2024年2月6日向港交所主板申请上市。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 人民幣千元 | 8 | 人民幣于元 | g | 人民幣于元 | g | | 收入 | 11.085.713 | 100.0 | 18.610.794 | 100.0 | 9.923,894 | 100.0 | | 销售成本 | (9,870,370) | (89.0) | (16.914.686) | (90.9) | (10.008.952) | (100.9) | | 毛利/(毛損) | 1.215.343 | 11.0 | 1.696,108 | 9.1 | (85.058) | (0.9) | | 其他收入 | 24.111 | 0. ...

钧达股份（002865.SZ）2025 年一季报点评 盈利能力边际改善，海外占比显著提升 2025 年 04 月 15 日 ➢ 事件 2025 年 4 月 14 日，公司发布 2025 年一季报。根据公司公告，2025 年一季度 公司实现收入 18.75 亿元，同比-49.52%，环比+7.14%；归母净利润-1.06 亿 元，实现扣非归母净利润-2.17 亿元，亏损情况环比边际改善。 ➢ 费用控制能力提升，盈利能力边际改善 根据公司公告，25Q1 公司销售毛利率/净利率分别为 5.88%/-5.65%，环比 24Q4 分别提升 3.12/4.31Pcts；25Q1 公司费用控制能力环比提升显著，其中销售费 用率为 0.58%，环比-0.62Pcts，管理费用率（含研发费用）为 6.56%，环比- 1.33Pcts。 ➢ 海外市场布局加速，港股发行有望为公司发展注入新动能 公司当前电池片资产均为 N 型 TOPCon 技术路线，产品质量得到海内外客户充 分认可，出货量持续保持行业领先，25Q1 实现 N 型 TOPCon 出货 7.15GW。 公司加速布局海外市场，海外占比由 24 年全年的 23.85%提升 ...

2025 年 4 月 14 日，公司发布 2025 年一季报。2025 年一季度公司 实现营业收入 18.75 亿元，同比-49.52%，环比+7.14%，实现归母 净利润-1.06 亿元，环比大幅减亏，业绩改善趋势符合预期。 经营分析 国内电池片盈利改善趋势显著，头部产能升级有望加速出清进程： 受分布式抢装需求拉动，一季度自 2 月中旬起光伏产业链中下游 环节价格明显修复，根据 Infolink 统计，硅片/电池/组件环节涨 幅中枢分别为 7%/13%/7%，截至 Q1 末测算光伏电池行业平均毛利 微亏，考虑到头部企业较行业具备 3 分/W 左右的非硅成本优势， 以及 TOPCon 产品各型号的出货比例，预计 3 月底公司电池片业务 国内市场盈利已修复至盈亏平衡线以上；一季度，公司实现毛利率 约 6%，环比+3PCT，实现净利率约-6%，环比+4PCT，随着头部企业 盈利率先改善，推动现有储备的电池提效和降本工艺导入，TOPCon 存量产能竞争力将进一步分化，龙头企业技术、成本优势放大，电 池环节供需关系有望持续向好。 抓紧海外本土产业链建设机遇，着力打造全球电池片供应能力： 2025 年一季度，公司不断完 ...

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

Core Viewpoint - The company reported significant declines in revenue and net profit for Q1 2025, primarily due to the ongoing capacity reduction cycle in the industry and falling prices in the photovoltaic supply chain [1][2][3]. Financial Performance - The company's operating revenue for Q1 2025 was 1.875 billion yuan, a decrease of 49.52% year-on-year [2]. - The net profit attributable to shareholders was a loss of 105.89 million yuan, representing a decline of 636.04% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses was a loss of 217.21 million yuan, a year-on-year decrease of 27.10% [2]. - The net cash flow from operating activities was -308.44 million yuan, down 353.02% year-on-year [2]. - Basic and diluted earnings per share were both -0.46 yuan, a decline of 611.11% [2]. - The weighted average return on equity was -2.76%, down 3.18% from the previous year [2]. Market Position and Strategy - The company maintained a leading position in the industry with a total shipment of 7.15 GW of N-type TOPCon batteries in Q1 2025, despite the net loss [3]. - The company significantly increased its overseas sales ratio from 23.85% in 2024 to 58.00% in Q1 2025, with leading market shares in India, Turkey, and Europe [3]. - Plans to invest in a 5 GW high-efficiency battery production capacity in Oman are underway to enhance global supply capabilities [3]. - The company aims to establish an international capital operation platform through a listing on the Hong Kong Stock Exchange to support its global development [3][4]. IPO Status - The company's IPO application submitted on October 14, 2024, automatically expired after six months without completion of the listing process, marking the second failed attempt after an initial application in August 2024 [4]. - The company stated that the Hong Kong listing project is progressing as planned, which is expected to improve its debt levels and support overseas capacity expansion [4]. Market Valuation - As of April 14, the company's stock price was 40.46 yuan per share, with a total market capitalization of 9.3 billion yuan [4].