钧达股份(002865.SZ)：预计2025年亏损12亿元～15亿元

Core Viewpoint - The company, Junda Co., Ltd. (002865.SZ), anticipates a loss of 1.2 billion to 1.5 billion yuan in 2025, with a non-recurring loss projected between 1.4 billion and 1.8 billion yuan due to industry challenges and operational pressures [1] Industry Overview - The global photovoltaic (PV) installed capacity continues to grow significantly, with particularly strong demand for PV cells in overseas markets [1] - Despite the high growth in demand, the industry is experiencing an imbalance between supply and demand, remaining at the bottom of the cycle [1] Company Performance - The company is facing operational challenges leading to a temporary phase of losses, influenced by multiple factors including poor price transmission along the main industry chain [1] - The company plans to make asset impairment provisions based on a cautious principle, which will impact its current performance [1] Strategic Initiatives - In response to the industry's adjustment cycle, the company is committed to advancing its globalization strategy, with overseas sales now accounting for over 50% of its total sales [1] - The company has become a core supplier of PV cells in overseas markets and is simultaneously working on localizing its production capacity abroad [1] Capital Market Developments - The company successfully listed on the main board of the Hong Kong Stock Exchange in May 2025, becoming the first in the photovoltaic industry to achieve dual-platform listing (A+H shares), which provides strong capital support for its long-term sustainable development [1] Growth Opportunities - The company is also focusing on cultivating new business growth points through investment collaborations [1]