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]

公司代码：603687 公司简称：大胜达 第一节 重要提示 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年4月21日，公司第三届董事会第二十五次会议审议通过2024年度利润分配预案，截至2024年12月 31日，公司可供分配利润为人民币815,867,126.00元。 因公司实施了股份回购，回购专用账户所持有的股份不参与本次利润分配，董事会在综合考虑公司盈利 水平、财务状况和可供分配利润等情况，并结合自身实际经营发展需要的前提下，公司董事会决议，公 司2024年度拟以实施权益分派股权登记日登记的总股本扣除公司回购专用账户上已回购股份为基数分配 利润，向全体股东每10股派送现金红利0.5847元（含税），不送红股，不以公积金转增股本；截至2025 年3月31日，公司总股本550,031,864股，扣除公司目前回购账户 ...