Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1] Core Insights - The photovoltaic sector is experiencing significant pressure on cash flow across the main industry chain, while the inverter segment shows high growth in performance [1] - In 2024, the photovoltaic equipment industry is projected to achieve operating revenue of 927.1 billion, a year-on-year decrease of 22.81%, and a net profit of -26.6 billion, a year-on-year decline of 127.13% [4][20] - The first quarter of 2025 shows a similar trend with operating revenue of 179.2 billion, down 22.56% year-on-year, and a net profit of -4.5 billion, down 205.49% year-on-year [4][20] - The main industry chain (silicon materials, silicon wafers, battery cells, and modules) is under pressure, with most segments experiencing declines in revenue and net profit [26] - The inverter segment, however, maintains positive growth in net profit for both 2024 and Q1 2025, benefiting from demand in Europe and emerging markets [26][46] Summary by Sections 1. Performance Review of the Power Equipment and Photovoltaic Sector - The power equipment industry achieved operating revenue of 3,340.5 billion in 2024, down 8.28% year-on-year, and a net profit of 87.4 billion, down 61.50% year-on-year [10][13] - In Q1 2025, the industry reported operating revenue of 727.1 billion, a decrease of 10.30% year-on-year, and a net profit of 28.6 billion, down 12.48% year-on-year [10][13] 2. Segment Analysis: Main Industry Chain Cash Flow Under Pressure, Inverter Performance High Growth - The main industry chain is largely in a loss-making state, with Q1 2025 operating cash flow net amounting to -5.3 billion, indicating ongoing overcapacity pressure [4][26] - The inverter segment shows resilience, with net profit growth in both 2024 and Q1 2025, driven by increased demand and global supply chain dynamics [26][46] 3. Investment Recommendations - The report suggests focusing on leading companies in the main industry chain with cash and technological advantages, such as Tongwei Co., Longi Green Energy, and Aiko Solar [4][46] - In the auxiliary materials segment, companies like CITIC Bo and those benefiting from the copper-to-silver trend are recommended [4][46] - For photovoltaic equipment, companies like Dier Laser and JinkoSolar are highlighted for their positive shipment trends [4][46]

然而，激进的产能扩张与行业供需失衡，却让这家明星企业陷入营收净利双降、负债高企的困境。 2024年，晶澳科技巨亏46亿元，市值缩水至巅峰期的五分之一，裁员25.8%的"断臂求生"背后，是光伏 行业集体狂飙后的残酷洗牌。 面对产能过剩与债务压力，晶澳科技能否通过港股IPO实现绝地反击备受市场关注。 凤凰网财经《IPO观察哨》 从体制内电力局长到光伏行业的领军者，晶澳科技创始人靳保芳用三十年时间书写了一段跌宕起伏的商 业传奇，公司一度站上1700亿元市值巅峰。 01 从电力局长到光伏教父 靳保芳1952年出生于河北邢台宁晋县，早年因家境贫寒被迫辍学务农，后通过财贸学校的学习成功进入 体制内发展。在体制内任职期间，他先后担任宁晋县农机局副局长、电力局局长等职，展现出卓越的管 理才能。特别是在电力局局长任上，他通过精简机构、改革电费制度等一系列举措，成功将亏损的电力 局扭亏为盈，为其日后创业积累了宝贵的管理经验。 这段体制内的经历为靳保芳的创业之路奠定了坚实基础。1996年，他毅然辞去公职，以350万元启动资 金创立晶隆半导体厂，并引入日本松宫技术生产单晶硅，成为国内光伏上游材料的开拓者。在此基础 上，2005年他敏 ...

Core Viewpoint - The photovoltaic industry is experiencing low prosperity, leading Hongyuan Green Energy to shift from expansion to contraction by divesting its stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for 1.245 billion yuan [1][2]. Group 1: Company Actions - Hongyuan Green Energy plans to transfer its 27.0737% stake in Inner Mongolia Xinyuan, which it initially invested 1.02 billion yuan in 2021, to Jiangsu Zhongneng for 1.245 billion yuan [1][2]. - Earlier in the year, the company sold a 49.995% stake in Jiaxing Zhongping Guoyu Equity Investment Partnership for 500 million yuan, having initially invested 555 million yuan [1]. - The company aims to optimize resource allocation, focus on its core business, and reduce investment risks through these divestments [5]. Group 2: Financial Performance - From 2020 to 2022, Hongyuan Green Energy experienced rapid revenue growth, with revenues of 3.011 billion yuan, 10.915 billion yuan, and 21.909 billion yuan, reflecting year-on-year growth rates of 273.48%, 262.51%, and 100.72% respectively [7]. - In 2023, the company reported revenues of 11.859 billion yuan, a decline of 45.87%, and a net profit of 741 million yuan, down 75.58% [8]. - For 2024, the company’s revenue further decreased to 7.302 billion yuan, a drop of 38.42%, resulting in a net loss of 2.697 billion yuan, marking its first annual loss since 2015 [8]. Group 3: Market Conditions - The photovoltaic industry is facing structural overcapacity and declining product prices, leading to significant challenges for companies, including Hongyuan Green Energy [6][8]. - The company’s stock price has seen a maximum decline of approximately 92% since its peak in 2021, with a closing price of 14.5 yuan per share on May 8, 2023, resulting in a market capitalization of about 9.85 billion yuan [8].

Core Viewpoint - The photovoltaic industry is facing significant challenges in 2024, with a price drop exceeding 29% for major materials, leading to substantial losses for many companies, including leading firms like LONGi Green Energy [2][3] Group 1: Industry Performance - Nearly half of the 80 listed photovoltaic manufacturing companies in A-shares are experiencing losses, with LONGi Green Energy describing 2024 as its most difficult year since its listing [2] - Major integrated companies like JinkoSolar and LONGi Green Energy have seen revenue declines of over 20%, with JinkoSolar's net profit plummeting by 98.67% and LONGi Green Energy reporting a net loss of 8.618 billion [3][6] - The top 10 photovoltaic companies show a mixed performance, with only Sungrow Power Supply achieving growth in both revenue and net profit [3][4] Group 2: Employment Trends - Many A-share photovoltaic companies are reducing their workforce, with ST Lingda cutting 86.67% of its staff, and other companies like ST Quan reducing their workforce by nearly 52% [2] - LONGi Green Energy has the highest total number of layoffs at 49.57%, reducing its workforce from approximately 75,000 to under 38,000 [3][5] - The reduction in workforce is correlated with the companies' financial performance, with those experiencing significant profit declines also showing higher layoff rates [2][4] Group 3: Cost Management - LONGi Green Energy's reduction in workforce has led to a 7.16% decrease in direct labor costs, while total employee compensation dropped by 33.53% to 1.574 billion [6] - The company has also seen a significant reduction in management expenses by 30.22%, although R&D expenses have decreased by 20.48% [6][7] - The overall trend indicates that while companies are cutting costs, the speed of cost reduction is not keeping pace with the decline in prices and revenues [6][7] Group 4: Future Outlook - Despite the current challenges, some companies are beginning to show signs of recovery in early 2025, although concerns remain about potential demand weakness in the latter half of the year [9] - The international trade environment is becoming increasingly challenging, particularly for companies with overseas operations, as tariffs and trade barriers impact their business [9][10] - Companies are likely to continue optimizing their workforce to maintain competitiveness in a rapidly changing market [7][9]

Investment Rating - The report maintains a "Recommended" rating for Tongling Co., Ltd. [3] Core Views - The profitability of the junction box segment has significantly declined, while automotive components have become the second main business for the company [1][2] - The company achieved a revenue of 1.587 billion in 2024, a year-on-year increase of 3.04%, but the net profit attributable to shareholders dropped by 56.73% to 71.395 million [1] - The average selling price of photovoltaic junction boxes decreased by 18.0% from 15.54 yuan per unit in 2023 to 12.74 yuan in 2024, impacting profitability [1] - The automotive parts business generated 300 million in revenue in 2024, accounting for 18.9% of total revenue, with a net profit contribution of 24.386 million [2] Financial Performance Summary - In Q1 2025, the company reported a revenue of 419 million, a 2.65% increase year-on-year, but the net profit fell by 41.64% to 20.880 million [1] - The gross margin for the junction box segment dropped from 22.90% in 2023 to 15.43% in 2024 [1] - The company expects net profits for 2025, 2026, and 2027 to be 109 million, 164 million, and 208 million respectively, with corresponding EPS of 0.91, 1.36, and 1.73 [3][4] Market Position and Outlook - The market share of the company decreased from 11.7% in 2023 to 9.4% in 2024, primarily due to delays in overseas capacity expansion [2] - The company anticipates a recovery in profitability for the junction box segment in 2025 as the photovoltaic industry prices stabilize [2] - The automotive parts project has a gross margin of 27.52%, which helps alleviate the pressure from the company's single product structure [2]

Core Viewpoint - Jiangsu Zhongrun Photovoltaic Technology Co., Ltd. (Zhongrun) is attempting to restart its IPO process in Hong Kong after failing to list in A-shares, facing significant operational challenges and industry-wide issues, including a sharp decline in revenue and a substantial loss in 2024 [3][26]. Group 1: IPO Journey - Zhongrun previously submitted an IPO application to the Shenzhen Stock Exchange in May 2023, aiming to raise 4 billion RMB, with plans to invest in an 8GW high-efficiency photovoltaic cell project and supplement working capital [4][6]. - The company faced scrutiny from the Shenzhen Stock Exchange regarding the rationale behind its fundraising scale and the reasonableness of its working capital needs [5][6]. - After a significant drop in estimated valuation from 428.82-524.11 billion RMB to 200.36-244.88 billion RMB, Zhongrun adjusted its fundraising target from 4 billion RMB to 2.3 billion RMB [6][8]. Group 2: Financial Performance - In 2024, Zhongrun reported a revenue drop of 45.7% year-on-year, with total revenue falling to approximately 11.32 billion RMB, down from 20.84 billion RMB in 2023 [12][17]. - The company's photovoltaic cell revenue plummeted by 51.6% from 189.67 billion RMB in 2023 to 91.79 billion RMB in 2024, while revenue from photovoltaic modules increased slightly [12][17]. - Zhongrun's net loss for 2024 reached 1.36 billion RMB, marking a significant decline from a profit of 1.68 billion RMB in 2023 [17][19]. Group 3: Market Position and Challenges - Zhongrun is the world's largest professional photovoltaic cell manufacturer by shipment volume in 2024, holding an 18.3% market share, and the second-largest overall with a 14.6% market share [12][17]. - The company is experiencing intense competition and price declines in the photovoltaic industry, leading to a significant reduction in average selling prices of its products [14][17]. - The transition from P-type to N-type photovoltaic cells is underway, with N-type sales increasing from 15.9% in 2023 to 54.5% in 2024, reflecting industry trends [17][18]. Group 4: Operational Risks - Zhongrun's inventory surged by 5.21 billion RMB in just one month, raising concerns about liquidity and potential impairment risks due to market fluctuations [22][24]. - The company has a high dependency on a few major customers, with the top five clients accounting for 49.8%, 52.9%, and 37.2% of total revenue over the past three years [20][22]. - The company's financial health is under pressure, with a rising asset-liability ratio from 79.1% in 2022 to 83.7% in 2024, indicating increasing short-term debt challenges [23][24].

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 ...