4月2日，钧达股份连续6个交易日下跌，区间累计跌幅-22.09%。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。 简历显示，耿嘉洲先生:硕士,中国国籍,2012年7月加入万家基金管理有限公司,先后担任投资研究部研究员、专户投资部投资经理、投资研究部基金经理助理 等职务。2020年5月14日起担任万家人工智能混合型证券投资基金基金经理。万家成长优选灵活配置混合型证券投资基金基金经理、万家汽车新趋势混合型 证券投资基金基金经理。2024年2月8日起至2025年03月25日担任万家科创主题灵活配置混合型证券投资基金(LOF)基金经理。 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基金经理分别为莫海波、耿嘉洲。 简历显示，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年进入中银国际证券有限责任公司基金,任分 析师、环保行业研究员、策略分析师、投资经理。2015年3月入职万家基金管理有限公司,现任公司副总经理、基金经 ...

证券简称：钧达股份 证券代码：002865 海南钧达新能源科技股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动类别 □ 特定对象调研 √ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 电话会议 参与单位名称及人员姓名 万家基金王立晟；富国基金李可伦；中欧基金马文文；景顺长城 基金刘龙威；银华基金范昭楠；博时基金冯圣阳；富安达基金栾 庆帅；中信建投基金周紫光；中银基金时文博；交银施罗德基金 傅爱兵；招商信诺柴若琪；国金资管张雅楠；西安博成基金沈江 华；东证资管樊孝林；建信基金蒋超；正圆投资张琮；中金资管 周科帆；国君资管张晨洁；紫金信托魏宁伟；华西证券黄明汉； 建信养老胡杨；华宝基金刘赛赛；富荣基金钟津莹；国信资管延 姣阳；工银安盛资管甘晓瑶；国金证券张嘉文；民生证券邓永康； 平安养老张甡；混沌投资董远涵等。 时间 2025 年 4 月 1 日 (周二) 16:00～17:00 上市公司接待人员姓名 副董事长、副总经理郑洪伟；董事、董事会秘书郑彤；投资者关 系总监刘双；证券事务代表陈伟。 投资者关系活动主要内容介 绍 一、投资者交流情况 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has experienced a significant decline in revenue and net profit in 2024, with revenue at 9.95 billion yuan, down 46.7% year-on-year, and a net loss of 591 million yuan, down 172.5% year-on-year. However, there are signs of recovery in Q4 2024, with a revenue of 1.75 billion yuan, showing a sequential decline of only 4.3% [6][12]. - The company is focusing on upgrading its N-type battery technology, which has led to a 0.5% increase in average production efficiency and a 30% reduction in non-silicon costs. The shipment of batteries reached 33.7 GW in 2024, a 12.6% increase year-on-year, with N-type batteries accounting for over 90% of shipments [7]. - The overseas sales proportion has significantly increased from 4.69% in 2023 to 23.85% in 2024, with strong market presence in India, Turkey, and Europe. The company is also advancing a 5 GW battery capacity project in Oman, expected to start operations by the end of 2025 [7]. Financial Performance and Forecast - The company is projected to achieve revenues of 15.15 billion yuan, 17.03 billion yuan, and 21.15 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 970 million yuan, 1.28 billion yuan, and 1.80 billion yuan [9][12]. - The report indicates a recovery in profitability, with a forecasted net profit growth rate of 264.9% in 2025 and 41.1% in 2027, alongside a decreasing price-to-earnings ratio from 12 in 2025 to 6 in 2027 [9][12].

持续督导期内，保荐代表人分别于 2024 年 3 月 5 日、2025 （2）现场检查和培训情 保荐总结报告书 华泰联合证券有限责任公司 关于海南钧达新能源科技股份有限公司 之保荐总结报告书 保荐机构名称 华泰联合证券有限责任公司 保荐机构编号 Z26774000 一、保荐机构及保荐代表人承诺 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 法》的有关规定采取的监管措施。 二、保荐机构基本情况 情况 内容 保荐机构名称 华泰联合证券有限责任公司 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 注册地址 镇 B7 栋 401 主要办公地址 北京市西城区丰盛胡同 22 号丰铭国际大厦 A 座 6 层 法定代表人 江禹 联系人 张延鹏、胡梦婕 联系电话 010-56839300 保荐总结报告书 三、发行人基本情况 情况 内容 发行人名称 海南钧达新能源科技股份有限公司 证券代码 002865.SZ 注册资本 22,915.18 万元 注册地址 海南省海口市南海大道 168 号海口保税区内海南钧达大 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company reported a significant decline in revenue and net profit for 2024, with revenue at 9.95 billion yuan, down 46.7% year-on-year, and a net loss of 591 million yuan, down 172.5% year-on-year. However, the company is expected to benefit from an increase in overseas market share, which may help reduce losses in Q4 2024 [6][9]. - The company has improved its battery production efficiency and reduced costs, with a 0.5% increase in average conversion efficiency and a 30% reduction in non-silicon costs. The shipment of N-type batteries reached 31.0 GW, accounting for over 90% of total shipments, with a year-on-year increase of 50.6% [7]. - The report anticipates a recovery in profitability, projecting revenues of 15.15 billion yuan, 17.03 billion yuan, and 21.15 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 970 million yuan, 1.28 billion yuan, and 1.80 billion yuan [9][12]. Financial Summary - The latest closing price of the company's stock is 50.27 yuan, with a total market capitalization of 11.5 billion yuan [5]. - The company’s average P/E ratio is projected to decrease from 12 times in 2025 to 6 times in 2027, indicating an improving valuation as profitability recovers [9][12]. - The company’s overseas sales proportion increased significantly from 4.69% in 2023 to 23.85% in 2024, with strong market positions in India, Turkey, and Europe [7].

保荐总结报告书 华泰联合证券有限责任公司 关于海南钧达新能源科技股份有限公司 2022 年向特定对象发行股票 之保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 一、保荐机构及保荐代表人承诺 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 北京市西城区丰盛胡同 22 号丰铭国际大厦 A 座 6 层 | | 法定代表人 | 江禹 | | 联系人 | 张延鹏、胡梦婕 | | 联系电话 | 010-56839300 | 1 保荐总结报告书 三、发行人基本情况 | 情况 | 内容 | | --- ...

| 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 ...

Core Viewpoint - JunDa Co., Ltd. experienced a significant stock drop, with its shares hitting the daily limit down on March 31, indicating market concerns about its recent acquisition and overall performance in the photovoltaic sector [1]. Company Overview - JunDa Co., Ltd. is a publicly listed photovoltaic technology company in China (002865.SZ) that focuses on the research, production, and sales of photovoltaic cells, aiming to become a global leader in this field [1]. Recent Developments - The company has acquired 100% of Jietai Technology, which aligns with its strategy to concentrate on photovoltaic cell development [1]. - Three funds managed by WanJia Fund have entered JunDa's top ten shareholders, with a combined holding of 1.98% [1]. Fund Performance - The three funds, WanJia Quality Life Mixed A, WanJia Selected Mixed A, and WanJia Artificial Intelligence Mixed A, have reported negative returns year-to-date, with performance rankings in the lower percentiles of their categories: - WanJia Quality Life Mixed A: -6.96%, ranked 2287 out of 2324 [1] - WanJia Selected Mixed A: -6.26%, ranked 4522 out of 4593 [1] - WanJia Artificial Intelligence Mixed A: -7.56%, ranked 4544 out of 4593 [1]. Fund Management - The fund managers for the aforementioned funds are Mo Haibo and Geng Jiazhou, both of whom have extensive experience in investment management [4][6]. - Mo Haibo has been with WanJia Fund since 2015 and currently manages multiple funds with a total asset under management of 146.58 billion yuan [5]. - Geng Jiazhou has been with WanJia Fund since 2012 and manages several funds, with a total asset under management of 59.93 billion yuan [6].

Core Viewpoint - The company is facing challenges in 2024 due to industry capacity reduction and price declines, resulting in a projected revenue of 9.952 billion and a net loss of 0.591 billion [1] Group 1: Financial Performance - In 2024, the company achieved battery product shipments 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% and growing by 50.58% year-on-year [1] - The company ranks third globally in battery product shipments, maintaining a leading position in N-type battery shipments [1] Group 2: Technological Advancements - The company is enhancing battery conversion efficiency through various measures, achieving an average production conversion efficiency improvement of over 0.5% and a reduction in non-silicon costs by approximately 30% [1] - The company is upgrading TOPCon battery technology and collaborating with renowned institutions on next-generation technologies like perovskite tandem and TBC, with TBC battery conversion efficiency expected to improve by 1-1.5 percentage points compared to mainstream N-type batteries [2][5] Group 3: Market Expansion - The company is pursuing a global development strategy, significantly increasing its overseas sales from 4.69% in 2023 to 23.85% in 2024, with leading market shares in India, Turkey, and Europe [2] - The company plans to establish overseas battery production capacity and aims to list on the Hong Kong Stock Exchange to support its global development [2] Group 4: Industry Outlook - The company anticipates continued growth in the photovoltaic industry, with improved supply-demand conditions in the battery segment expected in 2025, leading to profitability recovery for leading battery technology firms [3][4] - The company believes that the current market clearing and policy guidance will lead to a healthier development trajectory for the photovoltaic industry, with rising prices across the supply chain [5][6]

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 ...