一、重大资产重组基本情况 2021 年 7 月 16 日、2021 年 8 月 31 日，本公司召开了第三届董事会第四十二次会议、2021 年第二次临时股东大会，审议通过了重大资产重组相关议案，同意本公司通过江西省产权交易 所以支付现金的方式受让上饶市宏富光伏产业中心（有限合伙）持有的捷泰科技 47.35%股权， 通过协议转让方式受让上饶展宏新能源科技中心（有限合伙）（以下简称"上饶展宏"）持有的 捷泰科技 3.65%股权。截至 2021 年 9 月 28 日，重大资产重组事项已实施完毕，本公司持有捷 泰科技 51%股权。 二、业绩承诺情况 证券代码：002865 证券简称：钧达股份 公告编号：2024-032 关于上饶捷泰新能源科技有限公司 2023 年度业绩承诺完成情况的说明 海南钧达新能源科技股份有限公司（以下简称"本公司"）于 2021 年度完成收购上饶捷泰 新能源科技有限公司（以下简称"捷泰科技"）。根据深圳证券交易所相关规定，现将捷泰科技 2023 年度业绩承诺完成情况说明如下： 如补偿期间，捷泰科技累计实现的实际利润数低于净利润承诺数，则补偿义务人上饶展宏 应在补偿期间全部届满时按如下方式确定捷 ...

[Table_Page] 公告点评|光伏设备 [Table_Title] 钧达股份（002865.SZ） [Table_Summary] 核心观点： 充分计提 PERC 电池产能包袱，引领 TOPCon 技术升级满产满销。根 据公司业绩快报，公司 23 年电池出货量约 30GW（N 型 20.58GW， P 型 9.38GW），同比增长 179%，位列全球第四（N 型全球第一）； 其中，23Q4 电池出货量约 10.41GW（N 型 8.37GW、P 型 2.04GW）； 公司于行业盈利底部加快技术创新，通过 LP 双插、SE+、J-Rpoly、超 密细栅等技术将量产效率提升至 26%以上，效率及成本行业领先保障 出货。随着 P 型电池产能逐步出清，需求回暖带动高效 N 型电池供不 应求，公司有望率先受益电池涨价后的盈利弹性。 盈利预测与投资建议。预计 23-25 年归母净利润分别为 8.3/11.2/13.8 亿元，考虑到公司引领 TOPCon 技术创新，量产转换效率与非硅成本 行业领先，有望充分享受高效 TOPCon 电池溢价以及需求红利，给予 公司 24 年 20 倍 PE，合理价值 98.74 元/股 ...

TOPCon 领跑收官，减轻包袱进军海外 光伏主链景气下行，技术领先驱动出货。在供需宽松、库存堆积、排产羸弱 的影响下，下半年光伏电池、组件价格显著下行，截至 23 年年底 PERC、 TOPCon182 电池片单瓦价格也分别跌破 0.4、0.5 元，对比年初腰斩直接影 响公司业绩表现。而在本轮的下行周期中，新的电池技术表现出了更显著的 竞争力，公司作为 TOPCon 电池领跑者，产能、效率、量产能力稳居行业前 列，带动 2023 年全年电池出货 29.96GW（P 型 9.38GW，N 型 20.58GW）， 同比增长 179.43%，四季度单季度出货 10.41GW（P 型 2.04GW，N 型 8.37GW），环比三季度提升 27.73%，测算 Q4 的 N 型仍能保持盈亏平衡，表 现逆势坚挺。 风险提示：市场竞争加剧；产能扩张不及预期；下游需求不及预期；海外政 策变动；新技术发展不及预期等。 邮箱：yuximeng@cgws.com 联系人 曾 宁馨 钧达股份（002865.SZ） 事件：2 月 22 日，公司发布 2023 年业绩快报，报告期内公司实现营业收入 183.97 亿元，同比+58.65% ...

证券代码：002865 证券简称：钧达股份 公告编号：2024-021 海南钧达新能源科技股份有限公司 关于股份回购的进展情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股份回购基本方案 公司于 2023 年 9 月 12 日召开第四届董事会第五十一次会议,审议通过了《关 于回购股份方案的议案》，公司拟使用自有资金以集中竞价交易方式回购公司在 境内发行的人民币普通股（A 股）股票，全部用于后期实施股权激励计划或员工 持股计划。拟用于回购的资金总额不低于人民币 1 亿元（含）且不超过人民币 2 亿元（含），回购价格不超过人民币 150 元/股（含）。回购股份实施期限为自 公司董事会审议通过本次回购股份方案之日起不超过 9 个月。具体内容详见公司 于2023年9月20日在巨潮资讯网上披露的《回购报告书》（公告编号：2023-130）。 二、股份回购的进展情况 三、其他事项说明 公司后续将根据市场情况，在回购期限内实施本次回购计划，并根据相关法 律、法规和规范性文件的规定，及时履行信息披露义务。敬请广大投资者理性投 资，注意投资风险。 1 特此公告。 ...

证券代码：002865 证券简称：钧达股份 公告编号：2024-022 海南钧达新能源科技股份有限公司 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了关于公司本次发行的备案申请材料并于近日获中国证监会接收。 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港 联交所等相关政府机关、监管机构、证券交易所的备案、批准或核准，该事项仍 存在不确定性。公司将根据该事项的进展情况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。 海南钧达新能源科技股份有限公司 董事会 2024 年 3 月 2 日 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 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。 海南钧达新能源科技股份有限公司（以下简称"公司"）已于 2024 年 2 月 6 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票 并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请。具体内容详见 公司于 2024 年 2 月 7 日在巨潮资讯网（www.cninfo.c ...

Investment Rating - The investment rating for JunDa Co., Ltd. is "Buy" and is maintained [2]. Core Views - JunDa Co., Ltd. reported a net profit attributable to shareholders of 832 million yuan for 2023, representing a year-on-year increase of 16.00%. The non-recurring net profit was 575 million yuan, up 16.64% year-on-year. The company recorded a net loss of 807 million yuan in Q4 2023, with a non-recurring net loss of 997 million yuan. A provision of 900 million yuan was made for battery equipment impairment, positioning the company to navigate the rapid iteration phase in the industry [4][21]. - The company leads in TOPCon technology and is actively expanding into overseas markets, with positive profit expectations [4]. - In 2023, the company achieved a revenue of 18.397 billion yuan, a year-on-year growth of 58.65%. By the end of 2023, the total battery production capacity reached 49 GW, with shipments totaling 29.96 GW, marking a significant year-on-year increase of 179.43% [8][9]. - The company has a strong reserve of N-type batteries, with 69% of its product structure based on N-type TOPCon. The efficiency of TOPCon battery mass production has been improved to over 26% through various advanced technologies [9]. - The profit expectation for 2024 is projected at 1.6 billion yuan, corresponding to a PE ratio of 9.5 times, maintaining the "Buy" rating [10]. Summary by Sections Financial Performance - In 2023, JunDa Co., Ltd. achieved a total revenue of 18.397 billion yuan, with a gross profit of 1.957 billion yuan, resulting in a gross margin of 11% [28]. - The net profit for 2023 was 832 million yuan, with an EPS of 3.66 yuan [28]. - The company plans to continue its growth trajectory with projected revenues of 18.736 billion yuan in 2024 and 25.151 billion yuan in 2025 [28]. Market Position - JunDa Co., Ltd. ranked fourth in the industry for battery shipments in 2023 and first in N-type battery shipments [8]. - The company is expanding its overseas sales, which accounted for approximately 4.75% of total sales in 2023, a significant increase from 0% [22]. Technology and Innovation - The company is focusing on N-type battery technology, which is becoming increasingly mature in the industry. The introduction of various cutting-edge technologies has enhanced the production efficiency of TOPCon batteries [9].

Investment Rating - The investment rating for the company is "Accumulate" with an expectation that the company's stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [1][14]. Core Views - The company is expected to achieve a profit of 832 million RMB in 2023, representing a year-on-year growth of 16% [4]. - The company has a leading position in the N-type battery shipment industry, with a total battery production capacity exceeding 49 GW by the end of 2023, showing a year-on-year growth of over 180% [4]. - The company maintains a strong technological advantage in TOPCon battery research and development, with mass production efficiency exceeding 26%, significantly better than the P-type PERC battery's 23.5% conversion efficiency [4]. - The company has fully accounted for impairment losses related to P-type battery production capacity, amounting to approximately 900 million RMB, which will impact the company's earnings [4]. - The company's valuation is considered low, with adjusted earnings per share forecasts for 2023-2025 at 3.66, 4.72, and 5.55 RMB, corresponding to price-to-earnings ratios of 17.9, 13.9, and 11.8 times respectively [4]. Summary by Sections Financial Performance - The company reported a total revenue of 18,397 million RMB for 2023, with a growth rate of 58.7% [6]. - The EBITDA for 2023 is projected to be 1,173 million RMB, with a slight decrease from the previous year [6]. - The net profit for 2023 is expected to be 832 million RMB, reflecting a growth rate of 16% [6]. Production Capacity and Market Position - The company has expanded its N-type battery production capacity significantly, with a total of 40 GW, and has achieved a cumulative shipment of 29.96 GW in 2023, marking a year-on-year growth of 179.43% [4]. - The company ranks fourth in the industry for total battery shipments and first in N-type battery shipments according to InfoLink data [4]. Technological Advancements - The company is continuously upgrading its TOPCon products, implementing several advanced technologies to enhance production efficiency and reduce costs [4]. - The company has successfully reduced the non-silicon costs of TOPCon batteries through various improvements in production processes [4]. Valuation Adjustments - Due to significant impairment provisions and a temporary decline in battery prices, the company's earnings per share forecasts have been adjusted downwards from previous estimates [4]. - The company is positioned as a leading player in the N-type battery segment, which is expected to maintain high capacity utilization rates and navigate through market cycles effectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 months [4][8]. Core Insights - The company leads the industry in N-type technology and plans to ramp up production capacity in Chuzhou and Huai'an, targeting approximately 40GW of N-type capacity by the end of 2023, which accounts for over 80% of its total capacity [1]. - The company has improved TOPCon mass production efficiency to over 26% through various technological advancements, including LP dual insertion and laser improvements [1]. - The company is planning an H-share listing to raise funds for overseas production capacity, with an initial target of 7GW by 2025, aiming to capitalize on strong overseas demand and high market premiums [5]. Financial Performance Summary - The company forecasts a total revenue of 18,295 million yuan for 2023, representing a year-on-year increase of 57.78% [4]. - The net profit attributable to the parent company is projected to be 831.65 million yuan for 2023, reflecting a 16% increase compared to the previous year [4]. - The company expects to ship 29.96GW of batteries in 2023, with N-type shipments reaching 20.58GW, which is a significant increase of 179% year-on-year [9]. - The report anticipates a recovery in profitability for N-type batteries by the end of February 2024, driven by increased demand [9].

证券代码：002865 证券简称：钧达股份 公告编号：2024-019 海南钧达新能源科技股份有限公司 关于向香港联交所递交境外上市股份（H 股）上市申请 并刊发申请资料的公告 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。 2024 年 2 月 6 日 中文：https://www1.hkexnews.hk/app/sehk/2024/106224/documents/sehk24020601162_c.pdf 英文：https://www1.hkexnews.hk/app/sehk/2024/106224/documents/sehk24020601163.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解公司本次发行上市 的相关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料不构成也 不得被视作对任何个人或实体收购、购买或认购公司本次发行上市的境外上市股 份（H 股）的要约或要约邀请。 1 公司本次发行上市的申请尚需取得中国证券监督管理委员会、香港证券及 期货事务监察委员会和香港联交所等相关政府机关、监管机构、证券交易所的 备案、批准或核 ...

北京植德律师事务所 关于海南钧达新能源科技股份有限公司 2024 年第一次临时股东大会的 法律意见书 植德京（会）字[2024]0011 号 致：海南钧达新能源科技股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席 并见证贵公司 2024 年第一次临时股东大会（以下简称"本次会议"）。 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 1 网络投票结果均由深圳证券交易所交易系统和互联网投票系统予以认证； 3．本所律师已经按照《股东大会规则》的要求，对贵公司本次会议所涉及的相 关事项进行了必要的核查和验证，所发表的结论性意见合法、准确，不存在虚假记 载、误导性陈述或者重大遗漏； 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股东大会规则》（以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务 管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执 业规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关 ...