Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The overall market price of polysilicon is temporarily stable, but the demand side is under great pressure. The downstream photovoltaic component production schedule has been reduced, the demand has weakened marginally, and the terminal market is in a wait - and - see state. There is also uncertainty in the overseas photovoltaic market, and polysilicon inventory is at a high level. Short - term short - long operations can be considered, while medium - and long - term high - short operations are recommended [2] Summary by Relevant Catalogs Futures Market - The closing price of the polysilicon futures main contract is 34,885 yuan/ton, down 1,205 yuan; the main contract position is 78,351 lots, up 3,922 lots. The price difference between the 06 - 07 contracts is 1,105 yuan/ton, up 175 yuan; the price difference between polysilicon and industrial silicon is 27,275 yuan/ton, down 900 yuan [2] Spot Market - The spot price of polysilicon is 36,500 yuan/ton, unchanged. The average price of cauliflower - type polysilicon is 29 yuan/kg, unchanged; the average price of dense - type polysilicon is 31.5 yuan/kg, unchanged; the average price of re - feeding polysilicon is 32.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.29 US dollars/kg, down 0.01 US dollars. The basis of polysilicon is 410 yuan/ton, down 10 yuan [2] Upstream Situation - The closing price of the industrial silicon futures main contract is 7,610 yuan/ton, down 305 yuan; the spot price of industrial silicon is 8,650 yuan/ton, unchanged. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory is 582,000 tons, down 17,000 tons [2] Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume is 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon in China is 5.01 US dollars/kg, down 0.13 US dollars; the monthly average import price is 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, up 11,443,000 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB. The monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is - 2,122,260 pieces, and the monthly average import price is 9,846.12 US dollars/piece, up 0.01 US dollars. The polysilicon sub - index of the photovoltaic industry comprehensive price index (SPI) is 22.29, down 0.62 [2] Industry News - The mainstream market prices of P - type cauliflower - type polysilicon, N - type dense - type polysilicon, N - type re - feeding polysilicon, N - type granular silicon, and N - type polysilicon are all temporarily stable. The Shanghai government has issued a consumption promotion plan. On the supply side, polysilicon manufacturers are operating at reduced loads, but the expectation of new capacity release is increasing. On the demand side, the downstream is in a weak state [2] Viewpoint Summary - The polysilicon industry is facing challenges. Most enterprises are in a stage of losing cash costs, production enthusiasm is frustrated, and some enterprises have suspended the production line of delivery products. The demand side is weak, and the inventory is at a high level, suppressing the market price [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The industrial silicon market remains weak with an imbalance between supply and demand, lacking positive price drivers in the short - term. It is expected to maintain a volatile and weak consolidation, with a trading range of 8,000 - 10,000 yuan/ton, and a strategy of shorting on rallies is recommended. The polysilicon market shows both supply and demand weakness, and it will take time to relieve inventory pressure. The price is expected to have wide - range fluctuations, and cautious operation is advised [2]. 3. Summary According to the Directory 3.1 Industrial Silicon 3.1.1 Cost and Profit - As the southwest production area enters the flat - rate period, the power cost will decline. After high - cost northern enterprises shut down, the overall in - production cost of the industry will decrease, but the cost side provides insufficient support for silicon prices [2]. - In April, the average profit of national industrial silicon 553 was - 2,001 yuan/ton, a month - on - month decrease of 290 yuan/ton; the average profit of 421 was - 2,085 yuan/ton, a month - on - month decrease of 83 yuan/ton [37]. 3.1.2 Supply - Northern supply continues to decline, while the southwest production area is gradually starting furnaces. In Sichuan, the power price in the flat - rate period has decreased, leading to an increase in operation. The power price in the wet season is expected to decline compared to last year, and there are plans to add more silicon furnaces. In Yunnan, the negotiation of preferential power prices for the wet season is ongoing. Some enterprises have low willingness to start production due to unprofitable power costs, and the mainstream start - up time is expected to be around the end of June [2]. - In the week of May 8th, the overall start - up of silicon enterprises decreased slightly, with the number of operating furnaces decreasing by 1. The overall start - up of industrial silicon was stable, showing a pattern of increase in the south and decrease in the north [38][39]. 3.1.3 Demand - Downstream demand is weak, market transactions are low, and most are low - price transactions. Polysilicon plants maintain large - scale production cuts; the organic silicon industry maintains reduced production; the demand for silicon - aluminum alloy has weakened, and it purchases industrial silicon based on rigid demand [2]. 3.1.4 Inventory - Social inventory remains at a high level, and there is significant short - term inventory reduction pressure. As of May 8th, the social inventory of industrial silicon (warehouse inventory + delivery warehouse) was 59.6 tons, a month - on - month decrease of 0.70 tons; the total factory inventory of Xinjiang, Yunnan, and Sichuan was 26.49 tons, a month - on - month increase of 0.38 tons [2][114]. 3.1.5 Price - The spot transaction price continues to decline. As of May 9th, compared with April 30th, the prices of various types of industrial silicon in different regions have decreased to varying degrees [8]. 3.2 Polysilicon 3.2.1 Supply - The industry's self - disciplined production cuts continue. In April, the polysilicon output was 9.54 tons, a month - on - month decrease of 0.07 tons and a year - on - year decrease of 8.58 tons. In May, some silicon material plants will have new production capacity, but many enterprises also have production cut arrangements. It is expected that the production in May will decline to around 9 tons [63][64]. 3.2.2 Demand - Downstream purchasing willingness is low, and the mentality of bargaining is obvious. The long - term component orders have significantly decreased, the price of photovoltaic components has continued to decline, and the demand for battery cells from the component side has decreased [2]. 3.2.3 Inventory - As of May 8th, the polysilicon inventory was 25.7 tons, a decrease of 0.4 tons [64]. 3.2.4 Price - As of May 9th, compared with April 30th, the prices of N - type materials, re - feeding materials, dense materials, and cauliflower materials remained unchanged [8]. 3.3 Organic Silicon 3.3.1 Supply - In April, the operating rate of China's DMC was 58.58%, a month - on - month decrease of 5.11 percentage points, and the output was 17.28 tons, a month - on - month decline. Although the operating rate rebounded slightly last week, it is expected to continue to decline in May, and the subsequent operating load may be further reduced to around 55% [85]. 3.3.2 Price - Organic silicon prices have continued to decline. As of May 9th, the average price of DMC was 11,550 yuan/ton, a month - on - month decrease of 0.43%; the average price of 107 glue was 12,400 yuan/ton, a month - on - month increase of 0.81%; the average price of silicone oil was 14,250 yuan/ton, a month - on - month decrease of 1.04% [91]. 3.4 Silicon - Aluminum Alloy 3.4.1 Supply - In the week of May 8th, the operating rate of primary aluminum alloy was 55.2%, a month - on - month increase of 0.2 percentage points; the operating rate of recycled aluminum alloy was 55%, a month - on - month increase of 2.5 percentage points [100]. 3.4.2 Price - Aluminum alloy prices have decreased. As of May 8th, the average price of ADC12 was 20,300 yuan/ton, a month - on - month decrease of 0.98%; the average price of A356 was 20,050 yuan/ton, a month - on - month decrease of 2.20% [103].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The industrial silicon market shows a pattern of strong supply and weak demand, with high inventory pressure. It is expected to maintain a weak trend in the short - term, trading between 8,000 - 10,000 yuan/ton [1]. - Due to factors such as delivery and supply - side reform news, the polysilicon price has rebounded from a low level. In the short - term, the weak fundamentals conflict with delivery issues, leading to increased price fluctuations and a stable - to - rising price trend [1]. Summary by Related Catalogs Price Changes - **Industrial Silicon**: The average price of industrial silicon grade 553 (East China) remained flat at 9,000 yuan/ton, and the average price of 421 (East China) remained flat at 10,000 yuan/ton. The closing price of the futures main contract decreased by 1.08% to 8,230 yuan/ton. The price of grade 553 in Sichuan decreased by 1.11% to 8,900 yuan/ton, while other regions remained unchanged [1]. - **Polysilicon**: The prices of N - type dense material, polysilicon re - feed material, polysilicon dense material, and polysilicon cauliflower material remained flat. The closing price of the futures main contract decreased by 0.47% to 38,270 yuan/ton [1]. - **Silicon Wafer**: The prices of various types of silicon wafers, including N - type 210mm, N - type 210R, N - type 183mm, P - type 210mm, and P - type 182mm, remained unchanged [1]. - **Battery Chip**: The prices of single - crystal PERC battery chips M10 - 182mm and G12 - 210mm remained flat [1]. - **Component**: The prices of single - sided and double - sided single - crystal PERC components of different sizes remained unchanged [1]. - **Organic Silicon**: The prices of DMC, 107 glue, and silicone oil remained flat [1]. Industry News - On April 29, 2025, SEG Solar's battery chip intelligent manufacturing plant in Indonesia held a ceremony for the first chip offline. The average conversion efficiency of the N - type battery chips reached 26.4%. The initial phase plans 4 production lines with an annual capacity of 2GW, and it is expected to expand to 5GW in the future [1]. - On May 9, Hainan Power Grid and other units announced that the total open - capacity of distributed photovoltaic power grids in Hainan Province in the first quarter of 2025 was 1GW, mainly concentrated in 7 cities and counties [1]. - On May 12, the Shanxi Energy Bureau announced the list of the first batch of wind and photovoltaic power generation projects to be abolished in 2025, with a total scale of 591,947 kilowatts, including 10 photovoltaic projects with a total capacity of 487.95MW and 4 wind power projects with a total capacity of 104MW [1]. Investment Strategies - **Industrial Silicon**: In April, the production of industrial silicon decreased to about 300,000 tons due to production cuts in Xinjiang. In May, production is expected to increase steadily but with limited growth. On the demand side, polysilicon enterprises continue to cut production, organic silicon enterprises have a strong willingness to cut production to support prices but face weak demand, and silicon - aluminum alloy enterprises purchase on - demand. It is expected that the operating range will be 8,000 - 10,000 yuan/ton [1]. - **Polysilicon**: Silicon material enterprises continue to cut production, and some new production capacities may be put into operation, with an expected output of less than 100,000 tons. The photovoltaic market is weak, with rising inventories and falling prices of silicon wafers, battery chips, and components. Due to delivery and supply - side reform news, the price has rebounded. In the short - term, price fluctuations will intensify, and long positions can be considered [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The silicon market has a situation of strong supply and weak demand, with high inventory pressure in the industry. It is expected to maintain a weak trend in the short - term, with the industrial silicon price operating in the range of 8,000 - 10,000 yuan/ton. For polysilicon, it is expected to be weakly sorted in the short - term, and the unilateral strategy can consider shorting on rallies [1]. Summary by Relevant Catalogs Industrial Silicon and Polysilicon Price Changes - The average price of non - oxygenated 553 (East China) industrial silicon decreased by 1.08% to 9,150 yuan/ton, and the average price of 421 (East China) decreased by 0.97% to 10,200 yuan/ton. The closing price of the futures main contract dropped by 2.52% to 8,325 yuan/ton. The price of N - type polysilicon material remained unchanged at 38 yuan/kg, and the closing price of the futures main contract fell by 2.24% to 36,410 yuan/ton [1]. Supply - side Information - On April 30, a new 1,200 - ton/day photovoltaic glass furnace was added in Zhaotong, Yunnan, and the total domestic furnace production capacity increased to 125,650 tons/day. In April 2025, industrial silicon production was 301,000 tons, a 12% month - on - month and 16% year - on - year decrease. From January to April 2025, the cumulative production of industrial silicon decreased by 12.6% year - on - year. The decrease in April was mainly due to the large - scale production cut of a major factory in Xinjiang and a small amount of production cuts by silicon enterprises in Gansu and other places [1]. - In April, the domestic production of organic silicon DMC decreased by 8.04% compared with March, but the decline rate decreased. It is expected that the DMC start - up rate in May will drop to about 55% [1]. Demand - side Information - Polysilicon enterprises maintain a production - cut state, and the resumption of production may be postponed. Organic silicon enterprises have a strong willingness to cut production to support prices, but demand is weak, and downstream enterprises are mainly in a wait - and - see state. Silicon alloy enterprises purchase on demand, and the downstream's willingness to stock up at low levels is insufficient [1]. Investment Strategies - For industrial silicon, considering the supply and demand situation, it is expected to maintain a weak trend in the short - term, and continue to pay attention to the production dynamics of silicon enterprises. For polysilicon, it is expected to be weakly sorted in the short - term, and continue to pay attention to the futures warehouse receipt registration situation and the actual production situation of silicon material factories. The unilateral strategy can consider shorting on rallies [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is actively expanding its materials business to support performance amid a challenging market environment [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Financial Summary - The comprehensive gross margin for Q1 2025 was 18.8%, a decrease of 1.3 percentage points year-over-year, while the net margin was 6.74%, an increase of 1.46 percentage points year-over-year. The total expense ratio for the quarter was 21.17%, up 4.26 percentage points year-over-year [2]. - The company forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.22 RMB, 0.26 RMB, and 0.27 RMB respectively. The expected price-to-earnings (PE) ratio for 2025 is 37.5 times, leading to a target price of 8.25 RMB [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is facing downward pressure in the equipment sector due to market conditions but is actively expanding its materials business to support performance [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 18.8% and a net margin of 6.74%, with year-over-year changes of -1.3 percentage points and +1.46 percentage points respectively. The total expense ratio was 21.17%, reflecting a year-over-year increase of 4.26 percentage points [2]. - The company’s EPS for 2025 is projected to be 0.22 RMB, with expected EPS for 2026 and 2027 at 0.26 RMB and 0.27 RMB respectively [4][5]. Market Position and Outlook - The company is positioned as a leader in both equipment and materials sectors, with ongoing partnerships with major players in the new energy vehicle and data center industries, which are expected to drive growth in its materials business [3][4]. - The report anticipates that the company will maintain its earnings forecast, with a target price based on a price-to-earnings ratio of 37.5x for 2025, aligning with industry averages [4][11].

Core Viewpoint - Despite the challenges in the photovoltaic industry, the company achieved its best-ever financial results, with significant revenue and profit growth in 2024 and Q1 2025 [1][2]. Financial Performance - In 2024, the company reported a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit of 11.036 billion yuan, up 16.92% [1]. - For Q1 2025, revenue reached 19.036 billion yuan, reflecting a 50.92% year-on-year growth, while net profit was 3.826 billion yuan, up 82.52% [1]. - The company’s net profit for 2024 was the first to exceed 10 billion yuan, establishing it as the "profit king" in the photovoltaic sector [1][2]. Business Segments - The main revenue sources for the company in 2024 were photovoltaic inverters (47.904 billion yuan, 61.53%) and energy storage (24.959 billion yuan, 32.06%) [2]. - The company’s revenue from photovoltaic inverters, energy investment development, and energy storage systems accounted for 37.41%, 26.98%, and 32.06% of total revenue, respectively [3]. Market Position - The company maintained its position as the global leader in photovoltaic inverter shipments, with a total of 147 GW shipped in 2024, a 13% increase year-on-year [3]. - The cumulative installed capacity of the company’s energy storage systems reached 28 GWh, marking a 167% year-on-year growth [3]. Strategic Focus - The company emphasized its core competitiveness and brand influence, focusing on deepening its main business areas and leveraging its global marketing service network [2]. - The company aims to ship 40-50 GWh of energy storage systems in 2025, although U.S. tariff policies may introduce uncertainties affecting this target [4][5]. Market Outlook - The company anticipates a compound annual growth rate of over 10% for the global photovoltaic market from 2024 to 2030, despite current challenges [6]. - The domestic photovoltaic market is expected to face growth pressures this year, but the long-term outlook remains optimistic [6]. Executive Compensation - The overall compensation for the company’s executives increased in 2024, with notable figures receiving substantial pre-tax salaries [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6][14]. Core Views - The company achieved a revenue of 97.87 billion yuan in 2024, a slight decrease of 0.35% year-on-year, with a net profit attributable to shareholders of 4.14 billion yuan, down 61.37% year-on-year. For Q1 2025, revenue was 23.38 billion yuan, a decrease of 0.77% year-on-year, but net profit improved to 1.6 billion yuan, a 19.74% decrease year-on-year, indicating a recovery from previous losses [1][4]. - The company plans to achieve revenue exceeding 100 billion yuan in 2025, with a focus on controlling operating costs within 84 billion yuan. Despite challenges in the silicon material business, other segments such as coal, power transmission, and gold are expected to support revenue and cost control targets [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 97.87 billion yuan, with a net profit of 4.14 billion yuan. The Q1 2025 results showed a revenue of 23.38 billion yuan and a net profit of 1.6 billion yuan [1][4]. - The company’s silicon material sales volume decreased by 1.82% to 199,200 tons, with an average selling price dropping approximately 60% to 38,400 yuan per ton, leading to a 33.94% decline in revenue from new energy products and engineering services [2]. - The gold business saw a significant revenue increase of 187.75% to 1.193 billion yuan, despite a decrease in gross margin [2]. Business Segments - The power transmission and transformation sector showed steady growth, with revenues of 22.36 billion yuan from electrical equipment, 15.69 billion yuan from wires and cables, and 4.93 billion yuan from complete power transmission and transformation projects, reflecting year-on-year growth of 20.98%, 15.81%, and 0.26% respectively [3]. - The company secured domestic contracts worth 49.1 billion yuan in the power transmission sector, a year-on-year increase of approximately 21%, and international project contracts exceeded 1.2 billion USD, with a growth rate of over 70% [3]. Future Outlook - The company aims for a revenue target of 105 billion yuan in 2025, with a focus on maintaining cost control despite ongoing pressures in the silicon material sector. The coal and power transmission segments are expected to contribute positively to the overall performance [4][5]. - The profit forecast for 2025-2027 anticipates net profits of 7.22 billion yuan, 8.39 billion yuan, and 9.13 billion yuan respectively, with a current price-to-earnings ratio of 8 times for 2025 [5][12].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - The industrial silicon market shows a pattern of increasing supply in the south and decreasing in the north, with overall limited changes. On the demand side, polysilicon and organic silicon enterprises are in a state of production reduction, and the demand for industrial silicon is weak. The silicon market has strong supply and weak demand, and the industry has high inventory pressure. The silicon price is expected to face pressure after the rebound [1]. - The polysilicon market has a situation where supply and demand are both changing. Supply-side enterprises maintain production reduction, and demand-side distributed component orders cool down while centralized orders increase. With the approaching of the 430 rush installation node, the demand is expected to weaken in May, which will drag down the polysilicon price. The polysilicon futures market is in a state of shock and then stabilizes [1]. 3. Summary by Relevant Catalogs Industrial Silicon Price Information - The average price of industrial silicon non-oxygenated 553 (East China) remained flat at 9,600 yuan/ton, and the average price of 421 (East China) remained flat at 10,550 yuan/ton. The closing price of the futures main contract rose 1.48% to 8,930 yuan/ton [1]. Supply and Demand - Supply: Furnace openings in Xinjiang decreased, while new furnace openings appeared in Sichuan. In April, some silicon enterprises in Yunnan are expected to have new production capacity put into operation, showing a pattern of increasing supply in the south and decreasing in the north, with overall limited changes [1]. - Demand: Polysilicon enterprises maintain production reduction, organic silicon enterprises have a strong willingness to reduce production and support prices, but the demand is weak, and the downstream is in a wait-and-see mood. The actual transaction price has declined. Domestic monomer enterprises in production are expected to further reduce the operating rate to below 70% in April, and the demand for industrial silicon will further decline. Silicon-aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. Investment Strategy - Considering the strong supply and weak demand in the silicon market and high inventory pressure, the strategy is to consider shorting after the price rebounds, with an operating range of 8,500 - 10,000 yuan/ton. Continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon Price Information - The price of N-type dense material remained flat at 39.5 yuan/kg, the price of polysilicon re-feeding material remained flat at 36 yuan/kg, the price of polysilicon dense material remained flat at 34.5 yuan/kg, and the price of polysilicon cauliflower material remained flat at 33.5 yuan/kg. The closing price of the futures main contract rose 2.93% to 39,135 yuan/ton [1]. Supply and Demand - Supply: Polysilicon enterprises maintain production reduction, and the output in April is expected to remain within 100,000 tons [1]. - Demand: As the 430 rush installation node approaches, the demand for distributed component orders has cooled down, while the demand for centralized orders has increased. The battery production schedule has increased to 63 - 64GW, with sufficient supply and a decline in the transaction price. On the silicon wafer side, affected by the earthquake and the cautious production schedule of leading enterprises, the silicon wafer production schedule in April may fall short of expectations. After the demand peak in the middle and late April and May ends, the upward space for silicon wafers is limited [1]. Investment Strategy - As the demand is expected to weaken in May, which will drag down the polysilicon price, the polysilicon futures market is in a state of shock and then stabilizes. The cross-period strategy can consider the 06 - 11 positive spread and the 11 - 12 negative spread. Continuously monitor the futures warehouse receipt registration situation and the actual operating situation of polysilicon factories [1]. Other Information - On April 21, according to data from the German Federal Network Agency, the newly installed solar photovoltaic capacity in Germany in March was about 787.2 megawatts, the lowest monthly performance in the German photovoltaic market since December 2022. This decline may be related to the new regulations of the "Solarspitzengesetz" that came into effect at the end of February [1].

回首IPO路程，首航新能源也经历过一些风风雨雨。 这场IPO从2022年6月16日获受理，到现在申购阶段已经历时接近3年，募资金额也随着行业的 调整开始回落，从35.12亿元降至约12.11亿元。 业绩一直是投资者参考的重要标准，招股书显示该公司2021年-2024上半年营收分别约为18.2 亿元、44.5亿元、37.4亿元、14.69亿元，扣非净利润分别约为2.6亿元、8.4亿元、3亿元、1.2 亿元，跟随者行业一起经历了大起大落。 该公司主要收入来自境外，2021年-2024上半年境外收入占比分别约为88%、89.6%、75.5%、 83%，2023年以来海外对于储能和光伏的需求区域饱和，影响了公司效益。此外该公司对于大 客户的依赖性也较高，报告期内五大客户的销售额占比均超过50%以上，且以上两种现象并不 会在短时间内解决。 也就是说，如果行业趋于稳定，那么首航新能源的基本盘就会固定，上市后也让很难会有大规 模的变动。 光伏储能双驱动的首航新能需要资本力量扩大舞台。 起点锂电获悉， 3月24日首航新能源开启申购，公开发行4123.71万股人民币普通股（A股）， 发行价格为11.80元/股，共计募资12.1 ...