Core Viewpoint - JunDa Co., Ltd. has announced the resignation of its Chief Financial Officer, Huang Fa Lian, due to personal work relocation, and appointed Zhou Xiao Hui as the new CFO effective from October 31, 2025, until the current board's term ends [1] Group 1 - The company has received a resignation letter from Huang Fa Lian, the CFO [1] - Zhou Xiao Hui has been appointed as the new CFO [1] - The new CFO's term will last until the current board's term expires [1]

证券代码：002865 证券简称：钧达股份 公告编号：2025-079 海南钧达新能源科技股份有限公司 关于公司财务总监辞职暨聘任财务总监的公告 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、财务总监辞职情况 二、聘任财务总监情况 经公司总经理张满良先生提名，董事会提名委员会、董事会审计委员会进行 任职资格审查并审议通过，公司于 2025 年 10 月 31 日召开第五届董事会第五次会 议，审议通过了《关于聘任财务总监的议案》，董事会同意聘任周小辉先生（简历 附后）为公司财务总监，任期自本次董事会审议通过之日起至本届董事会任期届 满之日止。 三、备查文件 海南钧达新能源科技股份有限公司（以下简称"公司"）董事会近日收到公司 财务总监黄发连女士的书面辞职报告，黄发连女士因个人工作安排，申请辞去公 司财务总监职务，辞职后不在公司或子公司担任任何职务。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》及《公司章程》有关规定，黄发连女士的辞职报告自送达董事会 之日起生效。黄发连女士原定任期为 2025 年 7 月 31 日 ...

海南钧达新能源科技股份有限公司（以下简称"公司"）第五届董事会第五 次会议于 2025 年 10 月 31 日以通讯表决方式召开。公司于 2025 年 10 月 28 日以 专人送达及电子邮件方式向公司全体董事发出了会议通知。公司董事共 10 人，参 加本次会议董事 10 人。会议由董事长陆徐杨先生主持，本次会议的召集、召开和 表决程序符合《公司法》《公司章程》及《董事会议事规则》等法律、行政法规、 部门规章的有关规定。 证券代码：002865 证券简称：钧达股份 公告编号：2025-078 海南钧达新能源科技股份有限公司 第五届董事会第五次会议决议公告 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、董事会会议召开情况 三、备查文件 （一）第五届董事会第五次会议决议； （二）第五届董事会审计委员会第五次会议决议； 二、董事会会议审议情况 与会董事审议并以记名投票表决方式通过以下决议： （一）审议通过《关于聘任财务总监的议案》 经公司总经理提名，董事会同意聘任周小辉先生担任公司财务总监，任期自 本次董事会审议通过之日起至公司第五届董事会届满之日止。 本议案 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its performance in the coming years [4][7]. Core Insights - The company reported a revenue of 5.682 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.72%, with a net loss attributable to shareholders of 419 million yuan [1]. - In Q3 2025, the company achieved a revenue of 2.018 billion yuan, reflecting a year-on-year increase of 10.42% and a quarter-on-quarter increase of 12.86%, indicating a narrowing of losses compared to the same period last year [1]. - The company has significantly increased its overseas sales proportion, rising from 24% in 2024 to 51% in Q1-Q3 2025, establishing itself as a major supplier of photovoltaic cells in several international markets [2]. - The company is actively pursuing a global strategy, including a strategic cooperation agreement with local component customers in Turkey to enhance production capacity [2]. - The company is investing in next-generation battery technologies, including N-type battery technology and process upgrades, aiming to meet market demand for high-efficiency photovoltaic products [3]. Financial Forecast - The company is projected to achieve revenues of 8.180 billion yuan, 12.135 billion yuan, and 13.750 billion yuan for the years 2025, 2026, and 2027, respectively [4][6]. - The net profit attributable to shareholders is expected to be -542 million yuan in 2025, followed by a profit of 631 million yuan in 2026 and 1.171 billion yuan in 2027 [4][6]. - The report anticipates a significant improvement in profitability, with a projected PE ratio of 19x for 2026 and 11x for 2027 [4].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a significant narrowing of losses in Q3 2025, with a net profit attributable to the parent company of -1.55 billion yuan, an improvement of 38.05% year-on-year from a loss of 2.51 billion yuan. Q3 revenue reached 20.18 billion yuan, a year-on-year increase of 10.42% [7] - Overseas sales have become a core growth driver, with the overseas sales ratio exceeding 50% in the first three quarters of 2025, a substantial increase from 23.85% for the entire year of 2024. Strong demand in the Indian and Turkish markets has supported this growth [7] - The company's capital structure has significantly improved, with a debt-to-asset ratio of 74.14% as of Q3 2025, following a successful Hong Kong listing that raised approximately 12 billion yuan [7] - The company is advancing its overseas production capacity, with a local battery project in Turkey expected to start shipments by the end of 2025 or early 2026, while the Oman 5GW project is being cautiously evaluated [7] - The report indicates an industry consolidation window, with the company positioned to leverage its A+H dual listing platform for strategic upgrades and enhanced financing capabilities [7] - The earnings forecast for 2025 and 2026 has been revised downwards due to intense industry competition, with expected net profits of -3.89 billion yuan and 5.02 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 7,965 million yuan, with a year-on-year decline of 20.0%. The net profit attributable to the parent company is expected to be -389 million yuan [6] - The gross profit margin is anticipated to improve from 1.5% in 2025 to 15.0% by 2027, reflecting operational efficiency gains [6] - The company’s return on equity (ROE) is expected to recover from -9.0% in 2025 to 16.1% in 2027, indicating a potential turnaround in profitability [6]

Group 1: 恒瑞医药 - The company reported a revenue of 7.43 billion yuan in Q3 2025, representing a year-on-year growth of 12.7%. The contribution of innovative drug revenue exceeded 55% in the first three quarters of 2025 [1][2] - Management expenses increased significantly, leading to a slight decline in net profit margin by 0.5 percentage points to 17.5%. The company recorded an unrealized foreign exchange loss of 150 million yuan related to the depreciation of the US dollar [1] - Operating cash flow increased significantly by 209.8% year-on-year to 4.81 billion yuan, aided by upfront payments from major transactions with GSK and Braveheart. Contract liabilities surged from 161 million yuan in Q2 2025 to 3.97 billion yuan [1] Group 2: 安踏 - The company experienced weak revenue performance in Q3 2025, prompting management to lower the full-year guidance. Anta/FILA and other brands recorded low single-digit year-on-year revenue growth [3][4] - Management has adjusted the growth guidance for the main brand to low single-digit growth, while maintaining the guidance for FILA and other brands at mid-single-digit and over 40% growth, respectively [3] - Future revenue forecasts have been slightly reduced by 1-3%, and net profit forecasts have been lowered by 5-10% based on more conservative profit margin estimates [3] Group 3: 钧达股份 - The company reported a loss of 155 million yuan in Q3 2025, remaining stable compared to the previous quarter. The rise in upstream silicon wafer prices and silver prices has increased non-silicon costs [8] - The Indian Ministry of Commerce announced a final anti-dumping tax recommendation of 23% on imported battery cells from China, which may impact the company's exports [8] - The target price has been adjusted down to 46.34 yuan, corresponding to a 13.3 times 2026 price-to-earnings ratio, while maintaining a buy rating due to attractive valuation after the stock price correction [8] Group 4: 福莱特玻璃 - The company reported Q3 2025 revenue of 4.73 billion yuan and profit of 376 million yuan, with a quarter-on-quarter increase of 29% and 143%, respectively. This was driven by significant inventory accumulation by component customers anticipating a rebound in photovoltaic glass prices [9] - However, industry inventory days have rapidly rebounded since October, leading to expectations of a price decline for glass starting in November [9] - The target price has been raised to 12.05 HKD, but the rating has been downgraded to neutral due to limited attractiveness after recent stock price rebounds [9]

Core Viewpoint - The photovoltaic industry is showing significant signs of recovery, particularly among silicon material companies, which are leading the way in improved performance, while other segments like batteries, silicon wafers, and modules are also showing positive trends [2][4]. Group 1: Performance of Silicon Material Companies - Major silicon material companies such as Daqo Energy and Shuangliang Energy reported profitability in Q3 2025, with Daqo Energy achieving a revenue of 1.773 billion yuan, a year-on-year increase of 24.75%, and a net profit of 73.48 million yuan, ending a continuous loss since Q2 2024 [4][3]. - Shuangliang Energy also turned profitable in Q3, with a revenue of 1.688 billion yuan, a year-on-year decrease of 49.86%, but a net profit increase of 164.75% [4]. - Tongwei Co. reduced its losses significantly in Q3, with a loss of 315 million yuan compared to over 2 billion yuan in the previous quarter [4]. Group 2: Price and Cost Dynamics - The recovery in silicon material companies' performance is attributed to rising silicon prices and decreasing production costs, alongside favorable industry policies [5][6]. - The average selling price of multi-crystalline silicon increased significantly, with prices rising from 41,500 yuan per ton in Q3 2025 compared to 30,330 yuan per ton in Q2 2025, marking an increase of over 28% [5]. - Daqo Energy reported a unit sales price of 41.49 yuan per kilogram in Q3, while its cash cost decreased to 34.63 yuan per kilogram [5][6]. Group 3: Overall Industry Trends - Other segments of the photovoltaic supply chain, including battery and module manufacturers, are also experiencing reduced losses, indicating a broader industry recovery [9][10]. - For instance, Junda Co. reported a net loss of 155 million yuan in Q3, a reduction of 38.05% year-on-year, while Dongfang Risheng reported a net loss of 254 million yuan, down 57.39% year-on-year [9]. - TCL Zhonghuan's revenue for the first nine months of 2025 was 21.572 billion yuan, a decrease of 4.48%, but it also reported a reduced net loss of 5.777 billion yuan, indicating a trend towards recovery in the industry [10].

格隆汇10月27日丨钧达股份(002865.SZ)公布三季度报告，前三季营业收入56.8亿元，同比下降30.72%， 净亏损4.19亿元，扣非净亏损7.15亿元，基本每股收益-1.64元。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [4][11]. Core Insights - The company is experiencing stable losses in Q3 2025, with a loss of 155 million RMB, which is consistent with the previous quarter. The increase in upstream silicon prices and silver prices has led to higher non-silicon costs, but battery prices have not significantly increased due to limited acceptance of price hikes by end customers [2][7]. - The report highlights potential impacts on exports due to India's anti-dumping measures, which could affect the company's market share in that region. The final decision on the tax rates is still pending [7][8]. - The company is adjusting its overseas shipment forecasts for 2026 and 2027 downwards due to changing trade conditions and cautious progress on the Oman project [7][8]. - Following a stock price correction, the valuation is considered attractive, and the target price has been adjusted to 46.34 RMB, corresponding to a 13.3x P/E ratio for 2026 [7][8]. Financial Overview - Revenue projections show a significant decline from 18,657 million RMB in 2023 to 8,281 million RMB in 2025E, with a projected growth rebound in 2026 to 12,634 million RMB [3][13]. - Net profit is expected to turn negative in 2024 and 2025, with estimates of -591 million RMB and -534 million RMB respectively, before recovering to 1,018 million RMB in 2026 [3][13]. - The company’s gross margin is projected to be 14.7% in 2023, dropping to 2.0% in 2025E, and recovering to 15.5% in 2026E [15]. Valuation Metrics - The target price of 46.34 RMB reflects a potential upside of 15.8% from the current price of 40.02 RMB [1][11]. - The company’s market capitalization is approximately 8,929.66 million RMB, with a 52-week high of 80.40 RMB and a low of 36.08 RMB [6][11]. - The report indicates a projected P/E ratio of 11.2 for 2023, with estimates for future years remaining non-significant until 2026 [3][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has diversified its production capacity and maintained a high proportion of overseas sales, which increased from approximately 24% in 2024 to 51% in 2025 [7] - The company is facing short-term profit pressure in its battery segment, but industry improvements are expected as competition stabilizes [7] - The company has a strong cash position with sufficient liquidity, despite experiencing negative operating cash flow in recent quarters [7] Financial Performance Summary - Total revenue for 2023 is projected at 18.657 billion, with a year-on-year growth of 60.90%. However, a decline of 46.66% is expected in 2024 [1] - The net profit attributable to shareholders is forecasted to be 815.64 million in 2023, with a significant drop to -591.11 million in 2024, followed by a gradual recovery in subsequent years [1] - The earnings per share (EPS) is expected to be 2.79 in 2023, dropping to -2.02 in 2024, and recovering to 4.36 by 2027 [1] Operational Insights - The company shipped approximately 22GW in the first three quarters of 2025, representing a year-on-year increase of 6%, with Q3 shipments estimated at 8.1GW, up 11% year-on-year [7] - The gross margin for Q3 2025 was reported at 0.7%, showing a slight improvement from previous quarters [7] - The company is actively investing in technology, with a new battery efficiency improvement project showing promising results [7] Market Positioning - The company is expanding its market presence in India and Turkey, where demand remains strong, and is working on a joint project in Turkey to enhance production capacity [7] - The company is also addressing potential risks related to international trade and tariff policies, particularly concerning its operations in Oman [7]