Core Viewpoint - Hainan Junda New Energy Technology Co., Ltd. (Junda) is preparing for its listing on the Hong Kong Stock Exchange, with a focus on high-efficiency photovoltaic cell manufacturing and a strong market position in N-type TOPCon and P-type PERC cells [1][3]. Company Overview - Junda is a leading manufacturer specializing in photovoltaic cells, emphasizing research and development, production, and sales of high-efficiency solar cells [3]. - The company holds a competitive position in the market, with a global market share of approximately 24.7% for N-type TOPCon cells, ranking first among specialized manufacturers, and about 17.9% for photovoltaic cells, ranking second [3]. Product Offerings - Key products include: - 210-NN type TOPCon monocrystalline cell, launched in 2023, with a front efficiency of ≥26.0% and a bifaciality rate of ≥80% [3]. - 182/183-NN type TOPCon monocrystalline cell, launched in 2022, with similar efficiency and bifaciality rates [4]. - 182-PP type PERC monocrystalline cell, launched in 2021, with a front efficiency of ≥23.8% and a bifaciality rate of ≥70% [4]. Financial Performance - Revenue figures for the years 2022, 2023, and 2024 are approximately CNY 11.09 billion, CNY 18.61 billion, and CNY 9.92 billion, respectively [6]. - Net profit for the same years shows a decline, with approximately CNY 0.82 billion, CNY 0.82 billion, and a loss of CNY 0.59 billion in 2024 [6][7].

导 语：2024年至今，钧达股份连续四个季度出现单季亏损。 从财务数据来看，公司的业绩呈现出一定的波动。其收入从 2022 年的人民币 11,085.7 百万元增长 至 2023 年的人民币 186.11 亿元，然而到 2024 年又下降至人民币 99.24 亿元。 净利润方面，2022 年为人民币 6. 17 亿元，2023 年增长至人民币 8.16 亿元，但 2024 年却产生净亏 损人民币 5.91 亿元。 这种业绩波动主要归因于光伏电池市场价格的波动，特别是 2023 年第四季度至 2024 年第四季度全 行业光伏电池价格的持续下跌，对公司的利润产生了较大的负面影响。 公司此次赴港 IPO 具有一定的投资价值。在行业层面，全球对可再生能源的需求持续增长，光伏产 业作为重要的新能源领域，市场前景广阔。 海南钧达新能源科技股份有限公司在港交所递交的招股书，联席保荐人为华泰金融控股（香港）有 限公司、招银国际融资有限公司及德意志证券亚洲有限公司。若成功上市，这将是公司发展历程中 的重要里程碑，为其在光伏领域的进一步拓展提供强大的资金支持。 海南钧达新能源主要专注于高效光伏电池的研发、生产和销售，处于光伏产业 ...

Group 1: Company Overview and Market Position - Hainan Junda New Energy Technology Co., Ltd. is advancing its Hong Kong listing project to establish an international capital operation platform, integrating various shareholder resources for global development [2] - The company plans to invest in a 5GW efficient battery production capacity in Oman, enhancing its global market supply capabilities [3] Group 2: Sales and Market Performance - In Q1 2025, the company's overseas market sales increased significantly, with the overseas sales ratio rising from 23.85% in 2024 to 58.00% [4] - Major overseas markets such as India, Turkey, and Europe have seen the company achieve leading market shares [4] Group 3: Industry Outlook and Profitability - The photovoltaic industry has improved supply-demand conditions in 2025, leading to a recovery in prices across the main industry chain [5] - The company, being a technology and cost leader in the battery sector, is expected to achieve profit recovery and performance growth due to improved domestic supply-demand and increasing overseas sales [5] Group 4: Financial Management and Strategy - The company's current asset-liability ratio is at a normal level compared to peers, with plans to reduce it through improved operating performance [6] - The completion of the Hong Kong listing is anticipated to significantly improve the company's asset-liability ratio [6] Group 5: Impact of Tariff Policies - The U.S. tariff policies do not currently affect the company as it has not exported battery products to the U.S. [7] - Long-term, the high technical barriers and talent requirements in the U.S. will likely keep domestic battery production reliant on imports, benefiting Chinese companies' overseas battery production profitability [7]

New Energy - JunDa Co., Ltd. reported a significant reduction in losses in Q1 and has submitted a new listing application to the Hong Kong Stock Exchange [1] - Waning floating offshore wind power trial project has signed a contract for a 100,000 kW prototype project [1] Power Grid - The State Grid is accelerating the construction of UHV projects and regional grid planning [14] - Southern Power Grid has announced a total of 30 procurement batches for 2025, highlighting its focus on energy digitalization [16] - China Western Electric's Q1 performance exceeded expectations, with strong growth in new orders for Siyi Electric [17] New Energy Vehicles & Lithium Batteries - The market for new energy vehicles remains stable with several new models launched, including Huawei's AITO M8 and Geely's Zeekr 007 GT [31][27] - In April, the penetration rate of electric vehicles reached 53%, with total sales of 18.6 million electric vehicles [24][25] Hydrogen Energy and Fuel Cells - The International Maritime Organization's net-zero framework will take effect in 2028, pushing the shipping industry into a new regulatory phase [41] - Methanol is expected to become a key fuel for shipping companies, with significant new ship orders already placed [42]

Investment Rating - The report maintains a "Buy" rating for JunDa Co., emphasizing the potential for value reshaping in the photovoltaic manufacturing chain, particularly in the battery cell segment [7][8]. Core Insights - The photovoltaic manufacturing industry is experiencing a trend of globalization, with the battery cell segment's position and leading companies' values expected to be reshaped. JunDa Co. is reiterated as a key recommendation, with a focus on the resilience of domestic and international demand post-installation rush [2][7]. - The wind energy sector is seeing significant developments, such as the signing of a 100,000 kW floating offshore wind power pilot project by WanNing, which is expected to be a major growth direction during the 14th Five-Year Plan period [2][9]. - The power grid sector is advancing with the State Grid's focus on ultra-high voltage project construction and the Southern Grid's procurement plans, indicating a strong emphasis on digitalization and smart grid upgrades [2][9]. Summary by Sections Photovoltaics & Energy Storage - The report highlights the ongoing globalization of the photovoltaic manufacturing chain, particularly in the component segment, with a focus on JunDa Co. and the observation of component production in May [2][7]. - JunDa Co. reported a significant reduction in losses in Q1 2025, with a revenue of 1.875 billion yuan, a year-on-year decrease of 49.52%, and a quarter-on-quarter increase of 7.14% [7][9]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand dynamics and the optimization of leading companies' production structures [7][9]. Wind Power - The WanNing floating offshore wind power pilot project, with a planned capacity of 1 GW, is set to be a significant development in the wind energy sector, utilizing advanced floating wind turbine technology [2][9]. - The report suggests that floating wind power is expected to be a key development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [2][9]. Power Grid - The State Grid is prioritizing the construction of ultra-high voltage projects and accelerating the planning and digital transformation of regional power grids [2][9]. - The Southern Grid has announced plans for 30 procurement batches in 2025, highlighting its commitment to energy digitalization and smart grid upgrades [2][9]. - China West Electric's Q1 performance exceeded expectations, with a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, and a net profit of 290 million yuan, a year-on-year increase of 42.1% [9][10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3][11]. - The solid-state battery industry is progressing, with Ganfeng Lithium and LGES making significant advancements in solid-state battery development [3][14]. Hydrogen Energy & Fuel Cells - The report emphasizes the importance of downstream consumption in the hydrogen energy sector, particularly in marine fuels and heavy-duty trucks, as the global shipping industry moves towards regulatory-driven emissions reductions [4][10]. - The establishment of the "Hydrogen Corridor" in Western China is expected to support logistics applications and enhance hydrogen energy utilization [4][10].

Investment Rating - The report maintains a "Buy" rating for JunDa Co., Ltd. and highlights the potential of the photovoltaic manufacturing industry under globalization [7][8]. Core Insights - The photovoltaic manufacturing supply chain, particularly in the component segment, is expected to undergo a value reshaping due to globalization, with JunDa Co., Ltd. being a key recommendation [7]. - The offshore floating wind power project in Wanning is set to become a significant development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [9]. - The report emphasizes the importance of digital transformation in the power grid sector, with significant procurement plans from Southern Power Grid and advancements in high-voltage engineering by State Grid [9][10]. Summary by Sections Photovoltaics & Energy Storage - The report reiterates the recommendation for JunDa Co., Ltd. as a leading independent battery cell supplier, highlighting its improved performance and increasing export sales [7]. - The global trend of component capacity construction is accelerating, with a notable increase in battery cell exports, indicating a shift in the supply chain dynamics [7]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand relationships and the optimization of leading companies' production structures [7]. Wind Power - The Wanning floating offshore wind power project, with a planned capacity of 1GW, is expected to significantly contribute to the development of floating wind technology in China [9]. - The project will utilize advanced floating wind turbine technology, marking a milestone in the country's offshore wind power capabilities [9]. Power Grid - The State Grid is focusing on high-voltage engineering construction and accelerating the planning and digital transformation of regional power grids [9]. - Southern Power Grid has announced a procurement plan for 30 batches of materials, emphasizing its commitment to energy digitalization [9]. - China West Electric's Q1 performance exceeded expectations, with strong growth in new orders and overseas revenue [10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3]. - The solid-state battery industry is progressing, with significant developments from Ganfeng Lithium and LGES, aiming for commercial products by 2030 [3][14]. Hydrogen Energy & Fuel Cells - The International Maritime Organization's net-zero framework will drive the shipping industry's decarbonization, with methanol emerging as a key fuel [4]. - The launch of the "Hydrogen Corridor" in Western China is expected to enhance hydrogen supply and logistics capabilities, supporting the demand for hydrogen-powered vehicles [4].

从财务数据来看，钧达股份近年来在光伏电池领域取得了显著的成绩。据公开资料显示，钧达股份的主 营业务为光伏电池片的研发、生产与销售，2024年电池产品出货量为33.74GW，其中N型电池出货 30.99GW，占比超90%。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。 然而，值得注意的是，尽管钧达股份在出货量和市场份额上表现优异，但公司近期业绩却出现了一定波 动。2025年一季度，钧达股份实现收入18.75亿元，归母净利润却为-1.06亿元。 对于钧达股份此次H股上市申请，市场反应积极。分析人士指出，钧达股份作为全球领先的光伏电池制 造商，具备强大的技术实力和市场竞争力。若成功上市，将有助于公司进一步提升品牌影响力和融资能 力，推动公司的长期发展。 然而，值得注意的是，钧达股份的H股上市申请仍需获得香港证券及期货事务监察委员会及香港联交所 等机构的最终批准，存在一定的不确定性。投资者应密切关注相关进展，谨慎做出投资决策。 注：本文结合AI生成，文中观点不构成投资建议，仅供参考。市场有风险，投资需谨慎。 4月15日，钧达股份发布关于申请境外公开发行股票（H股）并上市的进展公告。公告称 ...

日前，钧达股份因递交的港股招股书满6个月未完成上市程序自动失效，这也是公司第二次冲击港股IPO未果。 2024年2月6日，钧达股份首次向港交所递表申请上市，后因未取得进展于同年8月6日失效；第二次递表为2024年10月14日，最终同样因时效问题终止。不 过，钧达股份随后在投资者互动平台表示，公司港股IPO项目仍在持续推进中。 钧达股份原主业是汽车零部件，2017年在A股中小板挂牌。2022年，公司通过定增募资27.8亿并购捷泰科技，布局光伏赛道。 尽管钧达股份电池片出货量和市占率继续上升，但受以价换量市场策略拖累，叠加行业景气高点跨界，转型后公司业绩大幅下滑，收现比畸低，负债率不断 走高。 业绩和资金压力下，钧达股份大幅缩减费用支出，其中研发投入力度显著偏低，研发人数更是大降76%，盈利能力下滑的同时，或将进一步影响产品的长期 竞争力。 更令人担忧的是，作为纯光伏电池片厂商，钧达股份正面临晶科、天合、隆基、通威等几大光伏组件厂商一体化布局以及BC、HJT、钙钛矿等新技术的双 重冲击。两度受阻后，公司赴港IPO前景越发堪忧。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 电池片产品年度售 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 1.875 billion and a net profit attributable to shareholders of -106 million for Q1 2025, indicating a reduction in losses compared to the previous quarter [5]. - The company has a leading position in battery shipments, achieving 7.15 GW in Q1 2025, all of which are TOPCon batteries. The overseas sales ratio increased to approximately 58% in Q1 2025, up from 23.85% in 2024, with significant market shares in India, Turkey, and Europe [9]. - The gross margin improved to 5.88% in Q1 2025, benefiting from price increases in battery cells and cost reduction efforts [9]. - Long-term borrowings increased by around 900 million, reflecting confidence from banks in the company's financials, while operating cash flow was -308 million due to increased inventory levels [9]. - The company is expanding its global footprint, with plans to invest in a 5 GW high-efficiency battery production capacity in Oman, expected to be operational by the end of 2025 [9]. Financial Data Summary - For 2024, total revenue is projected at 9.952 billion, with a net profit of -591 million. By 2025, revenue is expected to decrease to 9.327 billion, with a turnaround to a net profit of 705 million in 2025E [15]. - The company’s cash flow from operating activities is expected to improve significantly, reaching 1.982 billion in 2025E [15]. - The company’s earnings per share (EPS) is projected to recover to 3.07 in 2025E, with a net profit margin of 7.6% by 2025E [15].

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]