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張智威:鈞達股份(2865)獲調入滬港通及深港通下的標的 技術領導者與全球化先鋒
Ge Long Hui·2025-06-03 22:22

Group 1: Company Overview - JunDa Co. is the world's first manufacturer to achieve large-scale production of N-type batteries, with a planned capacity of 44GW by the end of 2024, and over 90% of its shipments will be N-type products [1] - The N-type high-efficiency battery has a conversion efficiency exceeding 26.3%, significantly higher than the traditional PERC's 21%, and features advantages such as low light degradation and high bifaciality [1] - In 2024, JunDa is expected to lead global shipments of N-type batteries among professional manufacturers, holding a 17.9% share of the photovoltaic battery market, ranking among the top two globally [1] Group 2: Financial Performance and Strategy - Despite facing a loss of 591 million yuan in 2024 due to industry price wars, the company managed to significantly reduce losses in Q4 by 50% compared to Q3, indicating effective cost control and contributions from high-margin overseas orders [2] - The company successfully listed on the Hong Kong Stock Exchange in May 2025, becoming the first "A+H" stock in the photovoltaic industry, raising 1.405 billion HKD for overseas expansion [2] - The overseas sales ratio is projected to rise to 58% in Q1 2025, up from just 4.7% in 2023, as the company shifts from product export to capacity expansion abroad [2] Group 3: Technological Advancements and Collaborations - JunDa is collaborating with top institutions like the University of New South Wales to develop perovskite tandem batteries, achieving a laboratory efficiency of over 31%, laying a solid foundation for future technological competition [1] - The company plans to establish a 5GW N-type high-efficiency photovoltaic battery production base in Turkey under the HIT30 project, leveraging its advanced technology to meet the urgent demand for high-performance batteries in Turkey and other global markets [3] - The planned Oman base will benefit from tax exemptions, allowing direct supply to leading component manufacturers in the U.S., with a single watt price significantly higher than in other markets [3]