Core Viewpoint - The photovoltaic industry is currently experiencing significant challenges, with TCL Zhonghuan reporting its worst financial results since its listing, including a substantial decline in revenue and profit margins [1][2]. Financial Performance - In 2024, TCL Zhonghuan achieved revenue of 28.419 billion yuan, a year-on-year decline of 51.95% [1]. - The company reported a net profit attributable to shareholders of -9.818 billion yuan, a staggering year-on-year drop of 387.42% [1]. - The gross margin plummeted from 20.2% in 2023 to -9.08% in 2024, marking a historical low [1]. Operational Strategy - TCL Zhonghuan maintained a high operating rate of 80%-90% in 2024, significantly exceeding the industry average of 50%-60% [4]. - Despite this aggressive strategy, the company's market share in silicon wafers decreased from 23.4% in 2023 to 18.9% in 2024 [7]. - The company faced increased inventory pressure due to the high operating rate, leading to further financial losses [8][10]. Market Dynamics - The price of silicon wafers has dropped significantly, with the average price for monocrystalline silicon wafers (210mm) falling from 3.2 yuan/kg to 1.4 yuan/kg, a decrease of 56.25% [3]. - Competitors like Longi Green Energy have adopted a strategy of reducing operating rates and using price competition, which has negatively impacted TCL Zhonghuan's market share [6]. Inventory and Losses - As of Q3 2024, TCL Zhonghuan's inventory reached a peak of 8.965 billion yuan, with a significant portion set aside for inventory impairment [11][12]. - The company's net profit margin deteriorated from -9.58% at the beginning of 2024 to -38.03% by the end of the year [8]. Component Business - The revenue from TCL Zhonghuan's photovoltaic battery and component segment was 5.811 billion yuan in 2024, a decrease of 37.57% year-on-year [17]. - The company shipped 8.3 GW of photovoltaic components in 2024, down from 8.9 GW in 2023 [18]. - The company is facing challenges in its component business due to a lack of competitive advantage and slower product transformation compared to market demand [19][20]. Future Outlook - The company plans to upgrade its component production capacity to Topcon and BC components by 2025, but faces significant challenges due to existing technological gaps and market competition [22][23]. - The photovoltaic industry is expected to see a turning point by the end of 2025, but TCL Zhonghuan will need to navigate through continued losses in the interim [25].

Core Viewpoint - Jingao Technology reported a significant decline in revenue and a net loss for 2024, primarily due to supply-demand imbalance and price drops across the solar industry [1][2] Group 1: Financial Performance - The company achieved operating revenue of 70.12 billion yuan, a year-on-year decrease of 14.02% [1] - Net profit turned to a loss of 4.656 billion yuan, compared to a profit of 7.039 billion yuan in 2023 [1] - The gross margin for the solar module business was only 4.82% in 2024, with domestic market gross margin at -7.98% and European market gross margin at -3.51% [2] Group 2: Production and Capacity - In 2024, the company shipped 79.447 GW of battery modules, with overseas shipments accounting for approximately 49% [1] - The planned production capacity for 2024 was not fully achieved, with actual module capacity reaching 100 GW, while silicon wafer and battery capacities were only over 80% and 70% of module capacity, respectively [2] - The company did not disclose operational targets for 2025, which is unusual compared to previous years [2] Group 3: Industry Context and Challenges - The solar industry is experiencing a supply-demand imbalance due to the release of new capacities, leading to widespread losses across the supply chain [3] - The global solar industry policies significantly impact the development speed and quality of the sector, creating uncertainties in both domestic and international markets [3] - The industry is facing structural overcapacity, with domestic production capacities exceeding 1100 GW, far surpassing global installation growth [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 48.06 RMB [8][9]. Core Views - The company reported a revenue of 9.198 billion RMB in 2024, a year-on-year increase of 45.94%, while the net profit attributable to shareholders was 1.273 billion RMB, a slight increase of 1.36% [1]. However, the net profit fell short of expectations due to significant impairment losses influenced by fluctuations in the photovoltaic industry [1][2]. - In Q1 2025, the company experienced a revenue decline of 21.90% year-on-year, amounting to 1.534 billion RMB, and a net profit drop of 57.56% year-on-year, totaling 141 million RMB [1][2]. - The company is actively expanding its business in semiconductor and lithium battery equipment, which is expected to drive long-term growth despite current challenges in the photovoltaic sector [1][4]. Summary by Sections Financial Performance - In 2024, the company signed new orders worth 10.149 billion RMB, a decrease of 22.49% year-on-year, with a gross margin of 32.90%, down 3.65 percentage points [2]. The gross margin further declined to 26.97% in Q1 2025, a drop of 7.55 percentage points year-on-year [2]. - The net profit margin for 2024 was 13.84%, down 6.09 percentage points year-on-year, and further decreased to 9.21% in Q1 2025, down 7.74 percentage points year-on-year [3]. Business Development - The company has secured multiple orders for the 0BB series welding machines and is actively developing XBC battery equipment, which is expected to enhance order resilience and profitability [4]. - The semiconductor equipment orders exceeded 100 million RMB, indicating a strong performance in this segment [4]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down to 841.90 million RMB and 849.76 million RMB, representing declines of 51% and 54% respectively [5]. The estimated net profit for 2027 is projected at 911 million RMB [5]. - The target price has been adjusted to 48.06 RMB, based on an 18x PE ratio for 2025, reflecting the rapid progress in semiconductor and other business areas [5].

以下文章来源于钛媒体 ，作者胡珈萌 钛媒体 . 新鲜犀利的财经见闻，放眼国际的前沿技术，还有罕见披露的内幕消息。钛媒体 （www.tmtpost.com），引领未来商业与生活新知，一个投资者与创新者酷爱聚集的地方。还可下载钛 媒体App，24小时不间断更新和互动。 将投中网设为"星标⭐"，第一时间收获最新推送 厂商费劲心思，只为了在这波涨价中尽可能多赚点。 作者丨 胡珈萌 编辑丨 刘洋雪 来源丨钛媒体 抢装、抢货、抢生意、抢发内部政策…… 违规、伪装、违约、还能二次违约…… 近期的光伏行业异常活跃，一些"怪现象"也持续引发热议。 今年2月9日，国家发展改革委、国家能源局联合发布《关于深化新能源上网电价市场化改革 促进新 能源高质量发展的通知》（即业内所称"136号文"），全面推进新能源市场化改革。 不过，相对于未来市场化时代的前景，行业显然更关注政策的"及时雨"效果。 "136号文"设定了差价结算机制，以今年6月1日为限，此前投产的"老项目"（"存量项目"）的电价 会在市场化价格基础上补差价，此后的"新项目"（"增量项目"）全部市场化竞价。 再加之此前1月17日出台的《分布式光伏发电开发建设管理办法》，规定一 ...

JinkoSolar (JKS) Q4 2024 Earnings Call March 26, 2025 08:00 AM ET Company Participants Stella Wang - Investor Relations OfficerGener Miao - Chief Marketing Officer of JinkoSolar Company LimitedMengmeng Li - Chief Financial OfficerTyler Bisset - Equity Research AssociateHaiyun Cao - DirectorRajiv Chaudhri - President Conference Call Participants Philip Shen - Managing Director, Senior Research AnalystAlan Lau - Analyst Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding ...

Industry Overview - In 2024, global photovoltaic (PV) installed capacity increased by 35.9% year-on-year, driven by improved efficiency and reduced costs in solar power generation [2][4]. - The global PV market is experiencing high growth, with emerging markets developing independent value systems and a trend towards localized PV supply chains [3]. Company Performance - In 2024, the company achieved a battery product shipment of 33.74 GW, a year-on-year increase of 12.62%, with N-type battery shipments reaching 30.99 GW, accounting for over 90% of total shipments and growing by 50.58% [5][6]. - The company's revenue for 2024 was 9.952 billion yuan, with a net loss of 0.591 billion yuan due to industry-wide price declines during the capacity reduction cycle [6]. Technological Advancements - The company improved battery conversion efficiency by over 0.5% and reduced non-silicon costs by approximately 30% through various technical enhancements [6]. - The company is advancing TOPCon battery technology and has achieved a laboratory efficiency of 31% for perovskite tandem batteries, leading the industry [6][10]. Market Expansion - The company's overseas sales ratio increased significantly from 4.69% in 2023 to 23.85% in 2024, with leading market shares in India, Turkey, and Europe [7][9]. - The company plans to establish overseas production capacity and aims for an H-share listing in Hong Kong to support its global expansion strategy [7][15]. Future Outlook - The company anticipates continued growth in the PV industry in 2025, with improved supply-demand balance in the battery segment [8][13]. - The company will focus on enhancing its global sales network and exploring diverse models for overseas production capacity to meet rising demand [13][14].

星标 ★ IPO日报 精彩文章第一时间推送 近期，江苏中润光能科技股份有限公司（以下简称"中润光能"）向港交所递交招股书，拟香港主板IPO上市。 据招股书，中润光能成立于2011年，是全球领先的专业化光伏电池制造商，同时提供光伏组件，从而扩大其在光伏产业价值链中的影响力。 这家来自江苏徐州的企业，曾于2023年5月向深交所创业板提交A股上市申请，在多轮审核后于2023年12月过会。然而，2024年6月，时任保 荐人海通证券因公司2024年第一季度亏损以及对当时的A股市场情况考虑，撤回对中润光能A股上市申请的保荐。 公司开发了多元的产品组合，涵盖N型电池（一种由N型硅片制成的光伏电池片）和P型电池（一种由P型硅片制成的光伏电池片）及光伏组 件，满足市场主流需求。 值得注意的是，中润光能以18.3%的市场份额在全球专业光伏电池制造商中独占鳌头。 在经历2023年深交所创业板过会却因保荐机构撤回而折戟后，创始人龙大强"卷土重来"，逆周期操作出击IPO市场。 这在一定程度上，或折 射出光伏行业深度调整期的生存博弈现状。 制图：佘诗婕 业绩亏损 招股书来看，中润光能是全球领先的专业化光伏电池制造商，其亦提供光伏组件，从 ...

文 ｜ 华鹏伟 林劼 我们认为光伏板块值得重点关注，并基于产业链价格、行业需求预期、供给侧政策和产业细节变 化四个维度看多光伏板块。产业链价格触底回升且企业行为的变化对产业链价格形成支撑；在 2 0 3 0年全国可再生能源消费目标的指引下需求具有韧性；供给侧改革政策预期对于推动去产能和 产品效率提升具有支撑；产业中技术升级还在持续，产品质量的升级可以预见，甚至部分企业的 转型可以期待。在上述四个方面的影响下，我们认为光伏板块在今年会出现明显的变化，行业的 变化也将带来明显的投资机会。 ▍ 产业链价格触底回升，关键是企业行为发生了变化。 在装机旺季来临之后，我们看到光伏产业链的价格有不同程度的触底上升，根据SMM，分布式 TOPCo n组件价格已从0 . 6 5元/W上涨至0 . 7 1元/W；光伏胶膜价格从0 . 9 2万元/吨上涨至1 . 1 4万元/ 吨；光伏玻璃价格从1 2元/m2上涨至1 4元/m2。2 0 2 4Q2以来，光伏产业链价格下探到现金成本以 下，对整个光伏产业链的盈利造成了比较大的冲击，持续的现金流的压力也改变了企业的行为。 2 0 2 4Q3以来，大部分光伏产业链的企业采取了一定的收缩 ...

插播 ：历时数月深度调研，行家说储能联合天合光能参编，工商业储能产业首份调研级报告发布！点 击下方" 阅读原文 "订阅 2025年刚开年，阿特斯先后拿下多个储能订单： 1月 ，阿特斯储能宣布将为 哥本哈根基础设施基金（ CIP在苏格兰的两大标志性项目提供 2GWh（直流）储能系统（ 点这里 ）； 2 月 再 次 联 手 哥 本 哈 根 基 础 设 施 基 金 （ CIP ） ， 将 为 南 澳 大 利 亚 的 萨 默 菲 尔 德 项 目 （Summerfield）提供240MW/960MWh储能系统（ 点这里 ）。 往期精选 ： 今日（27日），阿特斯阳光电力集团发布2024年度业绩快报， 其中2024年储能业务出货同比涨5 倍。 ■ 6.5GWh！2024年储能业务出货增长5倍 公告显示，阿特斯2024年实现营业收入461.61亿元，同比下降10.03%；归母净利润22.91亿元， 同比下降21.09%。 对于业绩影响，阿特斯指出，"受光伏行业大环境影响，光伏组件价格相比去年同期大幅下降，挤 压了整个光伏行业的利润。但公司海外大型储能业务的爆发增长及利润贡献，起到了较好的支撑作 用；地缘政治和海外贸易保护等 ...

股票简称：时创能源 股票代码：688429 常州时创能源股份有限公司 Changzhou Shichuang Energy Co.,Ltd. （溧阳市溧城镇吴潭渡路 8 号） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （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） 二〇二三年六月二十八日 1 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。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅本公司招股说明书全文。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在科创板上市招股说明书中的相同。 特别提示 常州时创能源股份有限公司（以下简称"时创能源"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 6 月 29 日在上海证券交易所科创板上市。本 公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 第一 ...