格隆汇12月29日丨东方日升(300118.SZ)在投资者互动平台表示，公司专注于新能源、新材料的全球化 事业。公司对于异质结技术已有多年技术积累，旗下超低碳210 HJT 伏曦系列产品累计出货已超 10GW，在工艺上采用了独特的低温双面钝化接触、昇连接无应力互联技术、双面微晶技术；在材料上 采用了210半片薄硅片、低银含浆料、钢边框等材料。在拥有高功率和高转换效率的同时，伏曦系列产 品应用昇连接无应力互联技术、薄硅片、低银含浆料等降本手段控制其成本，使该系列产品的度电成本 有着较大优势。异质结技术增效的方向多样化，目前的增效方向包括但不限于钢网印刷、边缘优化、金 属化线型优化、光子烧结、光转膜等。公司将继续进取，不断巩固旗下光伏产品在市场中的比较优势， 力争将技术优势转化为公司经营成果。公司异质结产品包括n型以及p型系列，其中p型超薄异质结系列 产品为特种产品，在超薄电池应用（＜70um）、生产成本、比功率、卷迭式卫星太阳翼适配（柔 性）、抗辐射等方面具有综合比较优势。公司具备根据客户需求批量交付p型超薄HJT产品的能力，并 且该系列产品在海外地区已有小批量交付经验。 ...

格隆汇12月29日丨东方日升(300118.SZ)在投资者互动平台表示，公司专注于新能源、新材料的全球化 事业。公司对于异质结技术已有多年技术积累，旗下超低碳210 HJT 伏曦系列产品累计出货已超 10GW，在工艺上采用了独特的低温双面钝化接触、昇连接无应力互联技术、双面微晶技术；在材料上 采用了210半片薄硅片、低银含浆料、钢边框等材料。在拥有高功率和高转换效率的同时，伏曦系列产 品应用昇连接无应力互联技术、薄硅片、低银含浆料等降本手段控制其成本，使该系列产品的度电成本 有着较大优势。异质结技术增效的方向多样化，目前的增效方向包括但不限于钢网印刷、边缘优化、金 属化线型优化、光子烧结、光转膜等。公司将继续进取，不断巩固旗下光伏产品在市场中的比较优势， 力争将技术优势转化为公司经营成果。公司异质结产品包括n型以及p型系列，其中p型超薄异质结系列 产品为特种产品，在超薄电池应用（＜70um）、生产成本、比功率、卷迭式卫星太阳翼适配（柔 性）、抗辐射等方面具有综合比较优势。公司具备根据客户需求批量交付p型超薄HJT产品的能力，并 且该系列产品在海外地区已有小批量交付经验。 ...

Core Insights - Shanghai Electric's subsidiary, Shanghai Hengxi Photovoltaic Technology Co., has signed a supply contract for a 33.07 MW peak solar module project in Sierra Leone with French developer Inno Vent, marking a significant milestone for the company's international market expansion in the photovoltaic sector [1] Company Summary - The contract involves the use of Shanghai Electric's 210R-132 heterojunction high-efficiency modules, showcasing the company's technological advancements in solar energy [1] - This project represents the first breakthrough for Shanghai Electric in securing a centralized solar project order in overseas markets, indicating a successful entry into international markets for its advanced solar technology [1]

Core Viewpoint - The company is actively addressing uncertainties and financial disputes while focusing on enhancing its governance and operational strategies to improve its business conditions and achieve a delisting of risk warnings [1] Group 1: Company Governance and Risk Management - The company is committed to taking effective measures to eliminate uncertainties affecting its operations and aims to enhance its governance and internal control mechanisms [1] - The management team is focused on improving the company's operational status and is optimistic about future developments despite negative news [1] Group 2: Financial Issues and Strategies - The company is actively handling financial disputes and recovering accounts receivable [1] - In response to tight funding conditions, the company is exploring multiple channels to resolve financial issues, with further details to be provided in upcoming announcements [1] Group 3: Future Development and Market Position - The company plans to leverage its advanced heterojunction technology and integrated photovoltaic station strategy to enhance product competitiveness [1] - Strategies include improving product intrinsic value, expanding sales channels, and strengthening brand effects, with operational plans to be adjusted based on market conditions [1]

Financial Performance - The company achieved a revenue of 4.213 billion yuan, a year-on-year decrease of 13.48% [2] - The net profit attributable to shareholders was 394 million yuan, down 14.59% year-on-year [2] - The gross profit margin increased from 26.92% in the same period last year to 33.74% [2] Semiconductor Sector Strategy - The company has established a strategic layout in the semiconductor field, focusing on three key technology platforms: vacuum, laser, and precision equipment [3] - The rapid progress is attributed to a differentiated development path, targeting areas with less competition and collaborating with customers on key technological nodes [3] - The company emphasizes future technology trends in its product differentiation strategy, particularly in selective etching and atomic layer deposition [4] Selective Etching Applications - Selective etching is widely used in 3D flash memory, DRAM, and advanced logic applications [5] - The company's selective etching technology minimizes physical damage and meets customer demands for precision and low-damage etching processes [5] HJT Battery Technology - The company is making significant progress in HJT battery technologies, with goals to achieve an average power of 780W and a maximum power close to 800W by the end of the year [6] - The silver content in HJT battery back-side paste has been reduced to below 15%, with plans to transition to pure copper paste without a seed layer [8] Future Trends in Photovoltaics - The company anticipates a shift towards silver-free or low-silver technologies in battery cell back-side materials [8] - HJT technology is seen as advantageous in overseas markets due to its high automation and manufacturing yield [8] - The company believes that silicon-based perovskite tandem solar cells represent a sustainable development direction for the photovoltaic industry [8]

Core Insights - The 18th SNEC PV+ International Solar Energy and Smart Energy Exhibition showcased Huasheng's leadership in heterojunction technology, highlighting its innovative products and solutions in the green energy sector [1][3][23] Product Innovations - Huasheng launched three strategic product solutions focused on energy transition, including the Kunlun series heterojunction vertical modules, which achieve nearly 100% bifacial efficiency and are designed for urban and high-density environments [3][10] - The company introduced automotive photovoltaic products in collaboration with Jinpeng Group, featuring a rooftop solar solution that generates 1.2 kWh daily and extends vehicle range by approximately 25 kilometers [5] - A colorful balcony photovoltaic system was unveiled for urban households, allowing for quick deployment in just 15 minutes, promoting green energy accessibility [6] - Huasheng also showcased anti-glare modules and heterojunction-perovskite tandem modules, with the latter expected to exceed 800W in power, indicating advancements towards industrialization [8] Technological Advancements - At the global photovoltaic technology conference, Huasheng's chief scientist presented on efficiency breakthroughs and cost optimization strategies, achieving over 26% efficiency in heterojunction cells and over 740W in module power [10][21] - The company aims to reduce silver usage to below 1 mg/W through innovative materials and techniques, balancing high efficiency with low costs [10][21] Awards and Recognition - Huasheng received multiple prestigious awards at the exhibition, including the SNEC Top 10 Highlights "Gigawatt Gold Award" and recognition in the "Global New Energy ESG Top 100," reflecting its commitment to innovation and sustainability [13][14] Strategic Collaborations - The company established strategic partnerships with several key enterprises to create a collaborative ecosystem for the heterojunction supply chain, focusing on cost reduction and integrated energy management solutions [16][18] - International collaborations include manufacturing partnerships in Italy for BIPV products and joint efforts to standardize new photovoltaic scenarios [18] Market Positioning - Huasheng has built the world's largest heterojunction production capacity, with cumulative shipments exceeding 12GW, positioning itself for significant market penetration [21] - The company is committed to continuous innovation and global expansion, aiming to make photovoltaic energy the primary energy source and contribute to global green development [23]

Core Viewpoint - Gansu King Kong Photovoltaic Co., Ltd. (*ST King Kong*) has entered a critical phase in its restructuring process, with Guangdong Ouhao Group confirmed as the industrial investor to aid in its debt resolution and operational recovery [2][3]. Group 1: Restructuring Details - The restructuring investment agreement was signed on June 9, with Ouhao Group committing to invest between 268 million yuan and 402 million yuan at a price of 4.96 yuan per share, which is 50% of the average stock price over the previous 60 trading days [3][4]. - Following the transaction, Ouhao Group's shareholding will be between 20% and 25%, solidifying its control over *ST King Kong* [3][4]. - The restructuring process was initiated after creditors filed for bankruptcy due to *ST King Kong*'s inability to repay debts, highlighting the company's significant financial distress [3][4]. Group 2: Financial Performance and Challenges - *ST King Kong* has faced continuous losses, with net losses of 202 million yuan in 2021, 269 million yuan in 2022, and 362 million yuan in 2023. In 2024, the company reported a revenue drop of 78.69% to 124 million yuan and a net loss of 795 million yuan, marking a 119.83% increase in losses year-on-year [6][7]. - The company's total assets were reported at 2.711 billion yuan, with total liabilities of 3.635 billion yuan, resulting in a debt ratio of 134.08% and a negative net asset value of 921 million yuan [6][7]. Group 3: Future Prospects and Contracts - If the restructuring is successful, *ST King Kong* could potentially turn its net assets positive and avoid delisting risks. However, failure to restructure could lead to delisting based on its current financial status [7]. - A significant sales contract was signed with a South Asian customer for 194 MW of HJT solar cells, expected to account for over 50% of the company's audited revenue for 2024, indicating a potential boost to future performance [7].

Core Viewpoint - The solar industry, particularly companies like Huasheng New Energy, is facing significant challenges due to a sharp decline in prices across the entire photovoltaic supply chain in 2024, leading to production cuts and layoffs among first and second-tier firms [2][3]. Group 1: Company Performance and Adjustments - Huasheng New Energy has achieved operational profitability in 2023 and raised over 4 billion yuan in financing, totaling over 5 billion yuan since its establishment three years ago [1]. - The company is adjusting its strategies by reducing production, joining industry alliances, and exploring new markets to navigate the current challenges [3]. - The establishment of the "760W+ Club" aims to stabilize pricing and address internal competition among HJT manufacturers, with current pricing around 0.85 yuan/W for HJT products [3][5]. Group 2: Market Dynamics and Technology - HJT technology is gaining traction, with a reported 333% year-on-year increase in HJT component bidding capacity, reaching 13.56 GW [6]. - HJT components are priced higher than TOPCon, with a potential profit increase of 1.356 billion yuan for every penny increase in price [6]. - The company is transitioning to 0BB technology to reduce production costs while maintaining competitive pricing with TOPCon products [7]. Group 3: Innovation and Market Expansion - Huasheng New Energy is exploring vertical installation of solar panels, which maximizes the efficiency of HJT technology while minimizing land use [8]. - The company has established a dedicated solutions department to promote vertical power generation, which is expected to gain traction post-531 policy [8]. - The carbon footprint of HJT technology is currently around 366 gCO2eq/W, with plans to reduce it below 300 gCO2eq/W [9].

Core Viewpoint - The company is currently facing significant financial challenges and is in the process of restructuring and optimizing its operations to ensure sustainability and growth in the photovoltaic industry [4][5][6]. Group 1: Company Operations and Financial Status - The company is in the preliminary planning stage for a major asset sale, with further details to be disclosed in accordance with legal and regulatory requirements [2]. - The company is actively working to control its debt levels and optimize its debt structure while continuing to focus on the photovoltaic sector and exploring other business growth opportunities [5]. - The company has been issued a risk warning for its stock due to negative net profit figures, but it does not currently face any immediate delisting risks [4][6]. Group 2: Management and Governance - The company is in the process of recruiting new independent directors and a board secretary following the departure of some board members due to personal reasons [3]. - The company has confirmed that its current management, including the general manager, remains in place despite rumors of potential resignations [9]. Group 3: Strategic Direction and Technology - The company is committed to green development and is focusing on advancing its photovoltaic technology, particularly in heterojunction technology and cost-reduction techniques [4][13]. - The company has established a competitive advantage through its high-efficiency heterojunction technology and plans to expand its market presence internationally, with 45% of its revenue coming from overseas in 2024 [13]. Group 4: Shareholder and Market Engagement - The company acknowledges the low number of shareholders and the impact of its financial performance on investor confidence, emphasizing its commitment to improving future growth prospects [5][6]. - The company is actively engaging with investors and has maintained a 100% response rate to inquiries during its recent performance briefing [1].

Group 1: Business Overview - The company primarily focuses on the research, production, and sales of solar cell modules, with related businesses in photovoltaic power station EPC, operation, and energy storage. In 2024, the revenue from solar power station-related businesses reached 12.43 billion yuan, accounting for 25% of total revenue [1][2]. Group 2: Smart Manufacturing Initiatives - The company has implemented smart manufacturing initiatives, integrating IoT, 5G, and big data technologies. This includes automation and digitalization of production lines, resulting in a 50% reduction in logistics costs and a 30% increase in efficiency through the AGV intelligent scheduling system [2]. Group 3: Financing and Investment - The company is progressing with a 500 million euro financing project, preparing materials and maintaining communication with potential investors [3]. Group 4: Project Developments - Key projects include the "5GWN ultra-low carbon high-efficiency heterojunction battery and 10GW high-efficiency solar module project" in Ninghai and a "4GW high-efficiency solar cell and 6GW high-efficiency solar module project" in Jiangsu [3]. Group 5: Cost Control and Efficiency - In response to industry challenges, the company is enhancing the efficiency of existing photovoltaic power stations and optimizing procurement and logistics costs through long-term purchasing agreements and supplier collaborations [4][10]. Group 6: Technological Advancements - The company is focusing on heterojunction technology, which has shown significant cost advantages. The 210 HJT series products utilize innovative techniques to maintain high power and conversion efficiency while controlling costs [5][19]. Group 7: Market Expansion Strategies - The company has established 24 marketing service centers globally, focusing on market globalization, manufacturing globalization, capital globalization, and talent globalization to enhance customer service and core competitiveness [7][9]. Group 8: Future Growth and Sustainability - The company aims to leverage its expertise in energy storage and photovoltaic integration as a key growth driver, targeting commercial and large-scale energy storage systems [11].