Investment Rating - The report has downgraded the investment rating to "Accumulate" due to intensified industry competition leading to rapid price declines in components [3]. Core Viewpoints - The company achieved a cumulative shipment of 210 components, maintaining its position as the industry leader, despite a significant decline in revenue and net profit in 2024 [1]. - The company is focusing on large-sized photovoltaic components and continuously developing new battery technologies while expanding into multiple business categories [3]. - The company plans to achieve a shipment volume of 70-75GW for photovoltaic components and 8-10GWh for energy storage systems in 2025, with a target of at least 20% year-on-year growth in system solutions and digital energy services [1]. Financial Performance Summary - In 2024, the company reported operating revenue of 80.282 billion yuan, a year-on-year decrease of 29.2%, and a net profit attributable to shareholders of -3.443 billion yuan, a year-on-year decline of 162.25% [1][4]. - For Q1 2025, the company achieved operating revenue of 14.335 billion yuan, a year-on-year decrease of 21.48%, and a net profit of -1.32 billion yuan, showing a reduction in losses compared to the previous quarter [1]. - The company plans to achieve a revenue of 75.408 billion yuan in 2025, with a projected net profit of -960 million yuan [4]. Shipment and Production Highlights - The company’s 210 component cumulative shipment exceeded 170GW, securing its top position in the industry [1]. - In 2024, the company’s component sales volume increased by 18.31% to 64.48GW, with total shipments including power stations and system products reaching 70.47GW [1]. - The company has also made significant progress in other areas, with over 5.7GW of wind and solar storage project indicators acquired and over 10GWh of energy storage sales [1]. Technological Advancements - The company achieved a breakthrough with its self-developed 210 large-size perovskite/silicon tandem battery component, reaching a peak power of 808W, marking it as the first industrial standard size photovoltaic component to exceed 800W [2]. - The efficiency of the 210mm large-area perovskite/silicon tandem solar cell reached 31.1%, establishing the company’s technological leadership in the industrial application of tandem batteries [2]. Global Supply Chain Optimization - The company has optimized its global supply chain, with over 60% of component business revenue coming from overseas in 2024 [2]. - The establishment of a production base in Indonesia helps mitigate trade barrier risks, while efforts are underway to localize operations in the U.S. [2].

瑞财经 吴文婷近日，建邦高科有限公司（以下简称"建邦高科"）在港交所递交招股书，中信建投国际为独家保荐人。 建邦高科是中国研究、开发、生产及销售银粉的企业，其银粉产品主要用于光伏银浆(生产光伏电池的关键原材料)的生产。 于往绩记录期间，公司的主要优势之一在于生产高端银粉的能力，该等银粉最终用于生产更新型的光伏电池或其零部件，包括 PERC电池及TOPCon电池的 正面细栅以及HJT电池及xBC电池的导电栅。 资料显示，陈子淳，现年33岁，于2024年12月12日获委任为公司董事，随后于2025年4月25日调任为执行董事并获委任为董事会主席兼首席执行官。陈子淳 自2022年7月起获委任为建邦胶体材料唯一执行董事。其主要负责集团整体策略规划发展、业务规划、投资规划及监督业务营运。其为公司提名委员会主 席。 陈子淳拥有逾六年投资、业务管理及行政经验。其亦为公司的控股股东。陈子淳自2018年5月至2023年2月曾担任山东建邦投资管理有限公司首席投资官。 陈子淳于2015年5月获得美国福特汉姆大学跨学科数学与经济学学士学位，于2018年5月获得美国纽约大学房地产硕士学位。 根据弗若斯特沙利文的资料，按中国光伏银粉销售收 ...

Core Viewpoint - Jianbang High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Overview - Jianbang High-Tech is a pioneer in the research, development, production, and sales of silver powder in China, primarily used in photovoltaic silver paste, a key raw material for solar cells [3][4] - The company ranks first among domestic manufacturers and second globally in silver powder sales revenue, holding a market share of 9.9% according to Frost & Sullivan [3][4] Product Development - The company has focused on silver powder for photovoltaic applications since December 2012, becoming one of the earliest companies in China to specialize in this field [4] - Jianbang High-Tech has achieved significant milestones, including building one of China's first silver powder production lines in March 2014 and being among the first to produce over 100 kilograms of silver powder in a single batch by January 2019 [4] - By the fourth quarter of 2023, the company became one of the first in China to produce silver powder compatible with TOPCon cell LECO technology [4] Financial Performance - Revenue for Jianbang High-Tech was approximately 1.759 billion RMB in 2022, projected to grow to 2.782 billion RMB in 2023 and 3.950 billion RMB in 2024 [5] - Net profit for the same years is expected to be 24.2 million RMB, 59.89 million RMB, and 79.03 million RMB respectively [5]

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 作者： 孟帅 来源： 雷达财经 在最新发布的《胡润全球富豪榜》中，阮洪良家族以235亿元身家再度夺得浙江嘉兴首富的桂 冠，但与上一年相比，其家族的财富缩水75亿元。若与2022年登榜时相比，他们的身家更是锐 减335亿元。 回顾过去，深耕玻璃行业39年的阮洪良，从嘉兴玻璃厂供销员起步，后于1998年创立福莱特前 身。凭借敏锐的市场洞察力，阮洪良于2006年带领企业进军光伏玻璃领域。如今，福莱特已成长 为全球光伏玻璃龙头，并完成"A+H"的双资本市场布局。 不过，阮洪良家族此番财富缩水，背后则是福莱特业绩承压的困境。去年，公司打破了营收持续 增长的不败神话，归母净利润锐减 63.52%，毛利率更是从2020年的46.54%降至15.5%。 对此，福莱特坦言，光伏玻璃价格持续走低、行业供需失衡及产能结构调整，是导致业绩承压的 主因。 01 嘉兴首富阮洪良，遭遇财富"滑铁卢" 胡润研究院每年发 布的《胡润全球富豪榜》，历来是财富领域的"晴雨表"。有人因财富飙升尽享 身家暴涨的荣耀，也有人因身家大幅缩水而黯然神伤。 雷达财经 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 15.455 billion in 2024, a decrease of 15.1% year-on-year, with a net profit attributable to shareholders of 267 million, down 83.9% [4][10]. - The first quarter of 2025 is projected to have a revenue of 3.069 billion, a decline of 22.3%, and a net profit of 16 million, down 95.1% [4][10]. - The company is experiencing a downturn in profitability, with a significant drop in net profit margins and gross margins across various segments [10]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.455 billion, with a gross profit margin of 16.9%, down 5.4 percentage points year-on-year [10]. - The glass industry revenue was 13.76 billion, a decline of 6.3%, while the photovoltaic glass segment saw a growth of 25.77% [10]. - The company reported a net profit margin of 1.7% for the year, down 7.4 percentage points [10]. Segment Analysis - The photovoltaic glass production capacity is expanding, with the company operating nine production lines across various locations, leading to a daily melting capacity of approximately 9,000 tons [10]. - The company is positioned as one of the earliest entrants in the photovoltaic glass market, which is expected to enhance its cost competitiveness as production scales up [10]. Future Outlook - The company anticipates continued growth in photovoltaic glass production, with a projected net profit of 710 million for 2025, corresponding to a PE ratio of 21 times [10].

Financial Performance - The company reported a basic earnings per share of -3.6817 yuan for 2024, a decrease of 119.83% compared to -1.6748 yuan in 2023 [1] - The net profit for 2024 was -7.95 billion yuan, reflecting a 119.61% decline from -3.62 billion yuan in 2023 [1] - Operating revenue dropped to 1.24 billion yuan in 2024, down 78.62% from 5.8 billion yuan in 2023 [1] - The net asset per share fell to -3.68 yuan, a significant decrease of 3166.67% from 0.12 yuan in 2023 [1] - The return on equity was reported at -25346.35% for 2023, indicating a drastic decline from 100% in 2022 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 66.5817 million shares, accounting for 30.88% of the circulating shares, with a decrease of 2.0723 million shares compared to the previous period [2] - Guangdong Ouhao Group Co., Ltd. remains the largest shareholder with 47.4984 million shares, representing 22.02% of the total share capital [3] - New entrants among the top shareholders include Li Jianwei and UBS AG, while Wu Yulong, Hong Kong Central Clearing Limited, and Xu Weidong have exited the top ten list [3] Dividend Distribution - The company has announced no distribution or transfer of shares [2]

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company's performance is under pressure, with a revenue decline of 13.2% year-on-year to CNY 18.683 billion in 2024, and a significant drop in net profit by 63.52% to CNY 1.007 billion [1][4]. - The gross margin decreased to 15.50%, down 6.31 percentage points year-on-year, while the net profit margin fell to 5.39%, down 7.43 percentage points year-on-year [1]. - In Q4 2024, the company reported a revenue of CNY 4.079 billion, a year-on-year decline of 27.67%, and a net loss of CNY 289 million [1]. Financial Performance Summary - The company achieved total revenue of CNY 186.83 billion in 2024, with a year-on-year decrease of 13.2% [4]. - The net profit attributable to the parent company was CNY 10.07 billion, reflecting a 63.52% decline compared to the previous year [4]. - The gross margin for 2024 was 15.50%, down from the previous year, while the net profit margin was 5.39%, also showing a decline [1][4]. - The company expects a recovery in profitability driven by a rebound in solar glass prices, with inventory levels decreasing significantly [8]. Future Projections - Revenue projections for 2025, 2026, and 2027 are CNY 19.116 billion, CNY 23.330 billion, and CNY 27.249 billion, respectively, indicating a recovery trend [4]. - The net profit forecasts for the same years are CNY 1.139 billion, CNY 1.980 billion, and CNY 2.685 billion, showing a significant rebound in profitability [4]. - The report anticipates a price recovery in solar glass, which is expected to improve the company's profitability in the coming years [8]. Market Position and Strategy - The company maintains a leading position in the photovoltaic glass industry, with a nominal capacity of 23,000 tons per day and an operational capacity of 19,400 tons per day as of the end of 2024 [8]. - The company is expanding its overseas presence, with profitable operations in Vietnam and ongoing projects in Indonesia to mitigate trade barrier risks [8]. - The report highlights the company's cost advantages and solid market position as key factors for future growth [8].

文/梧桐兄弟 2024年12月31日，深交所公布对江苏米格新材料股份有限公司（"米格新材"）创业板IPO终止审核的决定，直接原因是公司及保荐机构民生证券撤回申报。公司 IPO早在2024年1月26日上会审核通过，但迟迟未提交注册，直至IPO终止。公司本次IPO拟募资5.0177亿元。 | | | ■ 江苏米格新材料股份有限公司 | | | --- | --- | --- | --- | | 已受理 | 已问询 | 上市委会议 | 终止 | | 2023-06-27 | 2023-07-16 | 2024-01-26 | 2024-12-31 | | | | 通过 | 终止(撤回) | 米格新材是一家专业从事功能性碳基材料及制品研发、生产和销售的高新技术企业。报告期各期，发行人营业收入分别为13,601.77万元、30,301.29万元、 43,864.69万元和26,015.45万元。 | 项目 | 2023 年 6 月末 /2023 年 1-6 月 | 2022 年末/ 2022 年度 | 2021 年末/ 2021 年度 | 2020 年末/ 2020 年度 | | --- | --- | --- | - ...

股票简称：阿特斯 股票代码：688472 阿特斯阳光电力集团股份有限公司 CSI Solar Co., Ltd. （住所：苏州高新区鹿山路 199 号） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （住所：北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 联席主承销商 （住所：深圳市前海深港合作区南山街道 桂湾五路128号前海深港基金小镇 B7栋401） 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明对 本公司的任何保证。 （住所：苏州工业园区星阳街 5 号） 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）的本公司招股说明书"风险因素"章节的内容，注意风险， 审慎决策，理性投资。 2023 年 6 月 8 日 特别提示 阿特斯阳光电力集团股份有限公司（以下简称"阿特斯"、"本公司"、"发行人" 或"公司"）股 ...