Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company focuses on the printed circuit board (PCB) business, with production bases in Kunshan and Dongtai, and is well-positioned to benefit from trends in consumer and automotive electronics, as well as the growth in server and optical module markets driven by AI [5][10]. - The company has optimized its product structure, increasing the revenue share of multilayer boards from 24% in 2021 to 41% in 2024, which enhances profitability and market competitiveness [10][32]. - The company has established a strong customer base, including well-known domestic and international clients, which supports its revenue stability [10][52]. Summary by Sections 1. Business Overview - The company specializes in PCB production, offering single-sided, double-sided, and multilayer boards, with a focus on high-quality, flexible manufacturing to meet diverse customer needs [16]. - In 2023, the company generated revenues of 431.72 million yuan from consumer electronics and 283.77 million yuan from automotive electronics [31]. 2. Basic Business Foundation - The company has accumulated a strong client portfolio, including Delta Group, LG Group, and others, which enhances its market position [52]. - The global PCB market is expected to exceed 100 billion USD by 2026, with significant contributions from sectors like mobile phones, servers, and automotive electronics [10][52]. 3. Growth Potential - The AI boom is expected to drive demand for server and optical module PCBs, with the Chinese server PCB market projected to grow from 19.40 billion yuan in 2023 to 28.72 billion yuan by 2029 [10][11]. - The company is actively expanding into emerging applications such as storage/servers and communication, which are anticipated to be significant growth areas [10][11]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.043 billion yuan in 2024, with a year-on-year growth of 5.97%, and a net profit of 123.31 million yuan, reflecting a 4.45% increase [7][44]. - The expected net profits for 2025-2027 are 136 million, 150 million, and 171 million yuan, respectively, with corresponding P/E ratios of 34.7, 31.4, and 27.6 [8][10].

美国对从东南亚四国进口的太阳能产品加征新关税 金十数据4月22日讯，美国宣布对从柬埔寨、马来西亚、泰国和越南进口的太阳能产品征收新关税。根 据美国商务部网站当地时间周一公布的一项决定，该机构计算的有关太东南亚四国太阳能产品的反倾销 税为6.1%至271.28%，具体取决于企业和国家。反补贴税在14.64%至3403.96%之间。这四个国家目前供 应美国约77%的光伏组件，去年对美出口太阳能设备总值达129亿美元。这一关税决定是一项为期一年 的贸易调查的最终结果。这项调查是由美国国内太阳能制造商提出的，由前总统拜登发起。虽然美国本 土制造商将此视为胜利，但新关税恐将加剧可再生能源行业的成本压力——该行业本就面临政策转向与 经济逆风。特朗普政府正试图重振化石燃料产业，并持续削减对绿色项目的支持。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The industrial silicon industry continues to be in a situation of oversupply. In the short - term, the spot price of industrial silicon will maintain a downward trend. It is recommended to maintain a short position and pay attention to the 11 - 12 reverse spread. Before the wet season, attention should be paid to the changes in the downstream polysilicon start - up [58]. 3. Summary According to the Directory Policy and News - On April 10, 2025, the Administrative Office of Xing'an League, Inner Mongolia, signed a strategic cooperation agreement with Anhui Xuhe Clean Energy Technology Co., Ltd. and Honghe New Energy Technology (Nanjing) Co., Ltd. to build a 2 million kWh energy storage module PACK production base project with an investment of 200 million yuan [6]. - After the bankruptcy of SunPower in 2024, its brand name will be taken over by CompleteSolaria. In 2023, the company announced a cost - cutting plan including layoffs and sold some of its assets, including BlueRavenSolar, to CompleteSolaria for $45 million in 2024 [6]. - On April 17, the Energy Bureau of Shanxi Province solicited public opinions on the "Detailed Rules for the Development and Construction Management of Distributed Photovoltaic Power Generation (Draft for Comment)", stating three grid - connected modes for distributed photovoltaic power generation [6]. - Jiangsu Province issued a notice on the "Guide to the Major Science and Technology Special Projects in Jiangsu Province in 2025" and project application, aiming to improve the overall level of renewable energy technology [6]. - On April 17, the National Energy Administration released the issuance and trading data of national renewable energy green power certificates in March 2025. 174 million green certificates were issued, a year - on - year increase of 9.39 times, with 144 million tradable green certificates, accounting for 82.26% [6]. - On April 17, the Hainan Provincial Development and Reform Commission issued a notice on promoting the high - quality development of distributed photovoltaic power generation, including establishing a simple and efficient management mechanism [6]. - In March 2025, the output of solar cells (photovoltaic cells) of industrial enterprises above designated size in China was 78.44 million kilowatts, a year - on - year increase of 23.6%. From January to March 2025, the output was 172.67 million kilowatts, a year - on - year increase of 18.5% [6]. - The U.S. Customs and Border Protection issued a tariff update guide, and although some media reported that "solar cells" were on the exemption list, after verification, solar cells were not explicitly mentioned [6]. Spot and Futures Prices - The price difference between high - and low - grade products converged, and the north - south price difference of high - grade products widened. The basis of the main contract expanded, and the monthly spread of the main contract this week was stable [11][14][17]. - The price of silicon raw materials such as silica and silicon coal slightly decreased, while other raw material prices remained stable. The electricity prices in major production areas were stable. Although the cost decreased this week, due to the decline in silicon prices, the industry's losses expanded [22][25][28]. Supply Situation - New production capacity was put into operation in the southwest this week, and some enterprises in the north were under maintenance. The industry's operating rate remained at a low level, and the output increased slightly month - on - month. There are still expectations of maintenance in northwest enterprises, and there are also plans for resumption of production in the southwest during the wet season [31][58]. Demand Situation - In the polysilicon sector, some enterprises were under maintenance, supply slightly decreased, profit and cost changed little, downstream rush - installation demand declined, and both futures and spot prices decreased. Silicon material inventory started to accumulate again [39][42]. - Silicon wafer production remained stable, inventory started to accumulate again, rush - installation demand declined, spot prices were unstable, and profits decreased [44]. - The fundamentals of the organic silicon industry weakened. Affected by tariffs, downstream demand was cautious in procurement, spot prices further decreased, and supply continued to tighten [46]. - The price of aluminum alloy was stable with a slight upward trend, demand was still resilient, and the operating rate slightly rebounded this week after a previous decline [49]. Inventory Situation - The industry inventory increased steadily, and inventory at all links increased, with a large pressure on digestion [54][58].

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 "Strong Outperform" rating for the biodiesel industry [1] Core Viewpoints - The biodiesel industry is experiencing a shift from export reliance to domestic demand stimulation, driven by policy support and the gradual resolution of export challenges [4][5] - Global biodiesel consumption is projected to grow, particularly in the EU, the US, Indonesia, and Brazil, with significant increases in demand for advanced biodiesel products [5][17] - China's biodiesel consumption remains low, but there is substantial potential for growth if B5 blending is implemented nationwide, which could create a market space exceeding 6 million tons [4][34] Summary by Sections 1. Biodiesel Market Dynamics - The global biodiesel consumption has a compound annual growth rate (CAGR) of 9.8% from 2010 to 2023, with significant contributions from the EU, US, Indonesia, and Brazil [4][15] - The EU's RED III policy aims to increase the share of advanced biofuels in transportation energy consumption to 5.5% by 2030, which is expected to enhance demand for China's HVO and SAF biodiesel [20][29] 2. Raw Material Supply and Demand - China's biodiesel production primarily relies on waste cooking oil (UCO), with a theoretical annual capacity exceeding 8 million tons, but actual collection is around 5.4 million tons [4][34] - The report anticipates a shift in UCO usage from export to domestic production, especially for second-generation biodiesel (HVO) and sustainable aviation fuel (SAF) [4][5] 3. Company Focus - The report highlights key companies in the biodiesel sector: - Zhuoyue New Energy, a leader in first-generation biodiesel with upcoming second-generation production [5] - Shangaohuan Energy, a leading supplier of UCO with significant waste cooking oil processing capacity [5] - Langkun Environment, focused on biomass waste treatment and actively expanding into biodiesel [5]

同时，在近期 ESIE 2025 ，多家储能电池企业接连斩获订单，再度印证市场的火热程度。 比如，亿纬锂能与沃太能源正式签署《战略合作协议》，双方将在 2025-2028 年达成电芯战略采购合作，预计总采购规模达 10GWh 。此 次合作将进一步强化双方在新能源产业链的协同优势，共同推动全球清洁能源转型；与威胜能源技术股份有限公司签署 1GWh 战略合作框 架。 在 2025 年初，亿纬锂能已与海博思创签 50GWh 电芯战略采购合作，至此亿纬锂能合作签单已达 61GWh 。 4 月 11 日，厦门和储与鹏辉能源签署战略合作协议，双方签订 GWh 级电芯订单。根据协议，厦门和储将采用鹏辉能源自研的高安全、长循 环、高能效风鹏电芯 314Ah ，应用于高压直挂柔性储能系统、集中式柔性储能系统等重要项目。 力神（青岛）分别与威腾电气集团股份有限公司、安徽通盛能源科技股份有限公司、中绿中科锂电容、常德昆宇、 AmpereHour 五家行业领 先企业签署合作协议，总订单量超过 3GWh 。 在全球能源格局加速变革的大背景下，储能产业正站在时代的风口浪尖，展现出前所未有的发展前景。 尤其引领储能产业市场化改革的 " 1 ...

Core Insights - Ningde Times reported a revenue of 84.705 billion yuan for Q1 2025, a year-on-year increase of 6.18%, and a net profit of 13.96 billion yuan, up 32.85% [1] - The company has a small proportion of its business in the U.S., which has been minimally affected by recent tariff policies [1] - The emerging markets in the Middle East and Australia are experiencing rapid growth in energy storage demand, driven by renewable energy and AI data centers [1][2] Financial Performance - R&D investment reached 4.814 billion yuan in Q1 2025, a year-on-year increase of 10.92% [2] - The net cash flow from operating activities was 32.868 billion yuan, up 15.91% year-on-year [2] - As of the end of Q1, the company had a cash and cash equivalents balance of 286.3 billion yuan [2] Market Position and Strategy - Ningde Times has maintained its position as the global leader in power battery usage for eight consecutive years, with a market share of 38% in January and February 2025, and 43% in the European market, an increase of 8% year-on-year [1] - The company plans to establish 1,000 battery swap stations in 2025 and has signed a cooperation framework agreement with Sinopec to build a nationwide battery swap ecosystem [3] - Strategic partnerships have been formed with NIO to create the largest and most advanced passenger vehicle battery swap service network globally, and a joint venture with Didi to expand the battery swap market [3]

Core Insights - The company reported a revenue of 550 million yuan for 2024, representing a year-on-year growth of 20.50%, and a net profit attributable to shareholders of 93.59 million yuan, up 11.09% year-on-year [1] - The renewable energy sector continues to grow, with total installed capacity reaching 3.35 billion kilowatts, a 14.6% increase, and renewable energy accounting for 56% of total generation capacity [2] - The company maintains a leading position in power prediction services, with 4,345 renewable energy stations using its services, reflecting a net increase of 755 stations, or 21.03% year-on-year [3] Financial Performance - Revenue for the reporting period was 550 million yuan, with a net profit of 93.59 million yuan and a non-recurring net profit of 82.43 million yuan, showing growth rates of 20.50%, 11.09%, and 15.67% respectively [1] - Sales expenses, management expenses, and R&D expenses were 145 million yuan, 46.68 million yuan, and 85.32 million yuan, with year-on-year changes of +23.01%, +8.48%, and -2.40% respectively [1] - Financial expenses increased significantly by 80.02% due to reduced bank interest income and increased interest expenses on lease liabilities and loans [1] Industry Trends - The total installed capacity of renewable energy reached 1.889 billion kilowatts, a 25% increase, with solar power capacity growing by 45.2% and wind power capacity by 18% [2] - New grid-connected solar power capacity added in 2024 was 27.757 million kilowatts, a 28% increase, with centralized solar power contributing 15.939 million kilowatts and distributed solar power 11.818 million kilowatts [2] Product Development - The company’s power prediction product revenue was 309.47 million yuan, a 15.55% increase, with power prediction equipment revenue at 78.73 million yuan, up 22.94% [3] - The company expanded its distributed grid integration terminal product sales to multiple provinces, achieving a revenue of 123.95 million yuan, a 28.01% increase [4] - The company is focusing on innovative product lines, particularly in electricity trading, microgrids, and virtual power plants, which are expected to drive future growth [4] Future Outlook - The company anticipates continued growth in revenue and net profit from 2025 to 2027, projecting revenues of 695 million yuan, 895 million yuan, and 1.17 billion yuan, with net profits of 133 million yuan, 160 million yuan, and 179 million yuan respectively [5] - The company maintains a "buy" rating based on the positive outlook for the industry and its product performance [5]

金十数据4月15日讯，宁德时代在业绩说明会上表示，中东和澳洲等新兴地区储能市场快速发展，可再 生能源及AI数据中心带动的储能需求旺盛，对于储能电池的要求更高，公司在中东、澳洲等市场接连 拿到了大的储能项目。整体而言，中国及海外市场需求旺盛，目前公司产能利用率比较饱和。 宁德时代：市场需求旺盛 目前公司产能利用率比较饱和 ...

去年10月，沙特电力采购公司(SPPC)宣布了政府国家可再生能源计划(NREP)第五轮最后阶段的投标人 入围名单。项目包括位于沙特阿拉伯东部的2吉瓦的Al Sadawi太阳能光伏发电工厂，位于北部哈伊勒省 的1吉瓦的Al Masa'a太阳能光伏发电项目，位于西部麦地那省的400兆瓦的Al Henakiyah 2太阳能光伏发 电厂和位于西部麦加省的300兆瓦的Rabigh 2太阳能光伏发电项目。 在阿联酋，《2050年迪拜清洁能源战略》提出了到2050年实现75%清洁能源的目标，而阿布扎比的 《2030年愿景》则旨在5年内实现30%清洁能源的目标。今年1月，阿联酋可再生能源公司马斯达尔投用 了全天候太阳能发电设施。该设施由5.2吉瓦的太阳能光伏发电装机容量和19吉瓦时的电池存储组成， 可以24小时生产1吉瓦的可再生能源。 去年9月，卡塔尔能源公司宣布，计划在卡塔尔开发一座装机容量2吉瓦的太阳能发电厂，该发电厂项目 将令该国到2030年的太阳能发电能力可能会翻番。这家国有石油公司计划在卡塔尔的杜汗地区建造这座 设施。卡塔尔能源公司和法国道达尔能源公司于2022年启动了双方合作的第一个800兆瓦的Al-Kharsa ...