Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's net profit after deducting non-recurring items was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules is 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Product Development - Zhonglai Co., Ltd. has launched differentiated products in its backplane business, including FFC backplanes and transparent grid backplanes, enhancing insulation performance and reliability in extreme environments [2] - The company introduced a new N-type all-glass encapsulation solution that significantly improves module performance and production efficiency, achieving certifications for its robust characteristics [3] Market Position and Projects - The company successfully supported the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing its N-type high-efficiency modules and system design capabilities [4] - Zhonglai Co., Ltd. signed a contract for a 100 MW ecological solar energy demonstration project in Chongqing, further validating its components' adaptability in large ground power stations [4] Business Growth - The photovoltaic application business of Zhonglai Co., Ltd. saw a remarkable revenue growth of 56.86% year-on-year, primarily driven by its household distributed business [5] - The company has developed a complete business model for household distributed solar power, covering over 28 provinces and managing more than 230,000 household solar power stations [5] Industry Outlook - The photovoltaic industry is expected to enter a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]

Investment Rating - The report maintains a positive investment rating for the renewable energy sector, particularly highlighting opportunities in solar and wind energy [4][5]. Core Insights - The report emphasizes that the downstream demand for renewable energy is expected to increase, leading to a potential recovery in the pricing structure of the industry [2]. - The solar industry is experiencing a price correction after a surge in demand, with key components like silicon materials and modules seeing price adjustments, yet maintaining a buffer above the Q1 lows [4]. - The wind energy sector is projected to benefit from accelerated offshore wind project developments in 2025, supported by favorable policies [4]. Summary by Sections Weekly Market Review - From April 28 to May 9, 2025, the Shanghai Composite Index rose by 1.42%, while the Shenzhen Component Index and the ChiNext Index increased by 2.12% and 3.32%, respectively. The Shenwan Electric Power Equipment Index outperformed, rising by 3.46% [12]. - Sub-sectors such as photovoltaic equipment, wind power equipment, batteries, and grid equipment saw respective increases of 2.8%, 3.85%, 4.39%, and 1.73% [12][14]. Key Sector Tracking - The report tracks significant corporate activities, including a major asset restructuring by Foshan Fulu Technology, involving a total transaction value of 5.08 billion yuan [3][25]. - The report also highlights the performance of leading companies in the solar and wind sectors, suggesting a focus on firms like GCL-Poly Energy, JinkoSolar, and Goldwind Technology [4]. Investment Recommendations - For the solar sector, the report suggests focusing on companies that have optimized their supply chains and upgraded capacities, such as GCL-Poly Energy and JinkoSolar [4]. - In the wind sector, it recommends investing in companies like Goldwind Technology and Mingyang Smart Energy, as 2025 is expected to be a significant year for offshore wind projects [4]. - The report also notes the rapid growth of the electric vehicle supply chain in China, with a recommendation to prioritize companies benefiting from low raw material costs, such as CATL and BYD [5].

技术迭代愈演愈烈，TOPCon市占率飙至7成。 作者 | 萧瑟 编辑 | 小白 2023年，随着增量产能陆续建成，光伏制造行业"内卷"加剧，诸如隆基绿能（601012.SH）、通威股份 （600438.SH）等主产业链龙头，持续多年增长的势头均戛然而止。 对比之下，同年内一众光伏设备公司却依旧高歌猛进，不禁令人感慨卖铲人商业模式的优越性。 但来到2024年，当行业内卷发展到各家入不敷出、节衣缩食的阶段，卖铲人的日子也开始苦了起来。 汇总下各大公司的年报，增收不增利成为行业常态，半数公司在利润端都出现了下滑，但也有诸如捷佳 伟创（300724.SZ）、拉普拉斯（688726.SH）等公司，依旧维持着强劲增长。 | 公司 | 营业收入(亿元) | VOV | 净利润(亿元) | VOV | 2024合同负债 (亿元 | | --- | --- | --- | --- | --- | --- | | 捷佳伟创 | 188.9 | 116.3% | 27.6 | 69.2% | 131 1 | | 晶盛机电 | 175.8 | 2.3% | 25.1 | 44.9% | 56.2 | | 迈为股份 | 98 3 | ...

Core Viewpoint - JinkoSolar achieved a record shipment of 92.87GW in 2024, marking an 18.28% year-on-year increase, and maintained its position as the global leader in module shipments for the sixth consecutive year [1][2]. Group 1: Financial Performance - In 2024, JinkoSolar reported total revenue of 92.47 billion yuan and a net profit attributable to shareholders of 0.99 billion yuan [1]. - The company’s global module shipments reached 92.87GW, with N-type modules accounting for 81.29GW, representing approximately 88% of total shipments [2]. Group 2: Technological Advancements - JinkoSolar continued to focus on N-type technology, achieving an average efficiency of over 26.7% for mass-produced cells in its golden wafer area, and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2]. - The company introduced innovative "three superior products" designed for extreme environments, enhancing performance in hail resistance, wind load, and fire safety [3]. Group 3: Global Expansion - In 2024, nearly 70% of JinkoSolar's module sales came from overseas markets, with significant growth in the Middle East and Southeast Asia [3]. - The company is collaborating on a 10GW high-efficiency battery and module project in Saudi Arabia, expected to begin production in the second half of 2026 [3]. Group 4: Energy Storage Development - JinkoSolar's energy storage business emerged as a second growth curve, with system shipments exceeding 1GWh in 2024, reflecting substantial growth [4]. - The company plans to expand its energy storage solutions across various applications, targeting a shipment goal of 6GWh by 2025 [4][6]. Group 5: Future Outlook - The global photovoltaic market is projected to maintain a 17% growth rate in new installations in 2025, with TOPCon technology expected to remain dominant [5]. - JinkoSolar aims to achieve an annual shipment target of 85GW-100GW in 2025 while enhancing its production capacity for monocrystalline silicon wafers, high-efficiency cells, and modules [6].

Core Insights - JinkoSolar achieved a global module shipment of 92.87GW in 2024, marking an 18.28% year-on-year increase and securing the top position in global module shipments for the sixth consecutive year [1] - The company's revenue reached 92.47 billion yuan, with a net profit attributable to shareholders of 0.99 billion yuan, while N-type module shipments accounted for 88% of total shipments [1] Group 1: Market Performance - JinkoSolar's module shipment volume increased from 78.52GW in 2023 to 92.87GW in 2024, significantly outpacing the industry average growth rate [1] - The company is the only entity to surpass 90GW in annual shipments, achieving this milestone for the first time in 2024 [1] - The overseas market contributed significantly to growth, with module sales accounting for nearly 70% of total sales, particularly in emerging markets like the Middle East and Southeast Asia [2] Group 2: Strategic Developments - In 2024, JinkoSolar signed a contract with Saudi Arabia's Public Investment Fund and Vision Industries Company to establish a 10GW high-efficiency battery and module production capacity, expected to be operational by the second half of 2026 [2] - The company has successfully maintained production at a 2GW domestic production line in the U.S., despite market fluctuations [2] Group 3: Technological Advancements - JinkoSolar's N-type technology has enabled it to achieve a competitive edge, with 81.29GW of N-type module shipments in 2024 [2] - The third-generation Tiger Neo module boasts a conversion efficiency of 24.8% and a bifacial rate of 85%, with a maximum power output of 670W [2] - The company has over 3,000 patent authorizations, with the highest number of N-type TOPCon related patents globally, reinforcing its technological barriers [3]

在探访协鑫集成芜湖基地时，公司管理层对第一财经记者介绍称，截至2025年2月，公司GPC2.0电池效 率突破27.5%；预计在今年二季度推出GPC3.0产品，效率预计超过27.8%。 4月伊始，第一财经记者实地探访了协鑫集成芜湖基地，并与相关业务负责人就公司产能爬坡情况、光 伏技术迭代和新产品后续量产计划等内容作交流。 "目前公司GPC效率爬坡速度超预期，有望提前实现规模化量产。"在实地探访协鑫集成芜湖基地时，协 鑫集成管理层对第一财经记者介绍，截至2025年2月，公司GPC2.0电池效率突破27.5%，较去年12月底 提升0.4个百分点。"公司预计在今年二季度推出GPC3.0产品，效率预计超过27.8%。" 协鑫集成为协鑫集团有限公司旗下A股上市公司，光伏组件业务贡献公司的营收主要增量。近两年，该 公司组件业务收入占比增加，系统集成业务占比降低，2023年组件业务收入占比攀升至历史新高。截至 2024年底，该公司已建成合肥、芜湖、阜宁三大生产基地，形成30GW高效组件与16GW N型TOPCon电 池的年产能规模。 记者实地探访的协鑫集成芜湖一期电池产能以TOPCon为主，同时储备有BC电池及叠层技术。20 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite current challenges [4][7]. Core Insights - The company achieved a revenue of 9.95 billion yuan in 2024, a decrease of 46.66% year-on-year, and a net profit attributable to shareholders of -591 million yuan, down 172.47% year-on-year [1][2]. - The company's N-type battery shipments increased by 12.62% to 33.74 GW, ranking third globally, with N-type TOPCon battery shipments growing by 50.58% to 30.99 GW, accounting for over 90% of total shipments [2]. - The company is expanding its overseas market presence, with overseas sales increasing from 4.69% in 2023 to 23.85% in 2024, particularly in India, Turkey, and Europe [3]. - Continuous R&D investments have led to improvements in N-type technology, with a 0.5% increase in average mass production conversion efficiency and a 30% reduction in non-silicon costs [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.95 billion yuan, a significant decline from 18.66 billion yuan in 2023, with a net profit of -591 million yuan compared to a profit of 816 million yuan in 2023 [6][11]. - The gross margin fell to 0.7% in 2024 from 14.7% in 2023, reflecting the pressure on profitability due to declining battery prices [13]. Market Position - The company maintains a leading position in the N-type battery market, with a significant increase in shipments and a strong focus on overseas expansion [2][3]. - The report highlights the company's ability to control costs effectively, which is expected to support future profitability as new overseas production capacities come online [4]. Future Outlook - The company is projected to achieve net profits of 846 million yuan, 1.34 billion yuan, and 1.87 billion yuan in 2025, 2026, and 2027, respectively, with a corresponding PE ratio of 15 for 2025 [6][4]. - The ongoing development of next-generation battery technologies, including TBC and perovskite tandem batteries, positions the company for long-term competitive advantages [4].