Core Viewpoint - The photovoltaic junction box is a critical component in photovoltaic power generation systems, responsible for collecting and connecting multiple photovoltaic strings, enhancing system reliability and operational convenience, and experiencing significant market growth driven by increasing demand for renewable energy solutions [1][6]. Industry Overview - The photovoltaic junction box market in China is projected to grow from 3.25 billion yuan in 2017 to 9.25 billion yuan in 2024, with a compound annual growth rate (CAGR) of 16.12% [1][6]. - The rapid expansion of photovoltaic installed capacity in China, which reached 88.7 million kilowatts in 2024, is a key driver for the junction box industry [4][6]. Industry Development Background - The global push for carbon neutrality and the increasing focus on renewable energy have led to a surge in photovoltaic power generation, benefiting the junction box market [4][6]. - In 2024, China's newly installed photovoltaic capacity is expected to be 27.7 million kilowatts, a year-on-year increase of 28% [4]. Industry Chain - The upstream of the photovoltaic junction box industry includes raw materials and components such as stainless steel, aluminum alloy, and various protective devices [5]. - The downstream applications encompass residential, commercial, agricultural photovoltaic systems, and photovoltaic power plants [5]. Industry Development Trends - The industry is moving towards greater intelligence and digitalization, integrating advanced data collection, remote monitoring, and intelligent diagnostic functions [9]. - Enhancements in efficiency and reliability are becoming core objectives for manufacturers, focusing on optimizing circuit design and using high-performance components [10]. - Environmental sustainability is increasingly integrated into the design and manufacturing processes, with a focus on recyclable materials and energy-efficient production methods [12]. Key Companies - Major companies in the photovoltaic junction box industry include Sungrow Power Supply Co., Ltd., Kstar Science & Technology Co., Ltd., and others, which are actively involved in the development and production of photovoltaic equipment [2][7]. - Sungrow reported a revenue of 22.513 billion yuan in the photovoltaic sector for the first half of 2025, reflecting a year-on-year growth of 4.84% [8]. - Kstar's revenue for the same period was 2.163 billion yuan, showing a year-on-year increase of 14.35% [8].

Core Viewpoint - The credit rating agency has maintained a stable credit rating of A+ for Clenergy Technology Co., Ltd, reflecting its focus on photovoltaic bracket systems and global expansion strategy, despite challenges in the global photovoltaic market [3][6][8]. Company Overview - Clenergy Technology Co., Ltd specializes in the research, design, production, and sales of photovoltaic bracket systems, as well as the investment, development, and operation of photovoltaic power stations [8][15]. - The company has a strong market presence in Australia and Europe, maintaining leading market shares in distributed photovoltaic bracket systems [3][6][15]. Financial Performance - The company's total assets as of March 2025 were 31.47 billion, with total liabilities at 13.58 billion and net profit of 0.32 billion [4][6]. - The operating income for 2024 was 19.19 billion, showing a slight decrease compared to 19.36 billion in 2023 [4][6]. - The net profit for 2024 is expected to decline significantly due to reduced sales in Australia and Europe, alongside increased foreign exchange losses [5][6]. Market Environment - The global photovoltaic market is experiencing a slowdown, with the growth rate of new installed capacity expected to decline significantly in 2024 and 2025 [10][11]. - In China, the photovoltaic installed capacity growth rate has decreased to 27.89% in 2024, with expectations of further decline in 2025 [11][12]. Operational Challenges - The company faces challenges related to accounts receivable, which significantly occupy working capital, and the need to monitor collection situations [5][6]. - Fluctuations in the prices of key raw materials such as aluminum and steel pose cost control pressures for the company [5][14][19]. Future Outlook - The credit rating agency expects the company to continue developing integrated photovoltaic power station solutions, indicating potential growth opportunities [6][8]. - The company is investing in a smart factory project for distributed photovoltaic brackets, which is expected to enhance production capacity [17][18].

Investment Rating - The report gives a positive recommendation for the company's convertible bond, suggesting active participation in the new bond subscription with an expected listing price of around 124 yuan, reflecting a 25% premium on the first day of trading [3][13]. Core Viewpoints - The company is positioned as a leader in distributed photovoltaic (PV) brackets, with a strong international market strategy and a focus on product quality and technological innovation [5][35]. - The company has shown resilience in a challenging market, with a slight increase in revenue despite a decline in net profit, indicating potential for recovery and growth [4][29]. - The report highlights the significant growth potential in the photovoltaic industry, driven by increasing installation capacities and favorable market conditions [19][41]. Summary by Sections Convertible Bond Basic Situation Analysis - The convertible bond has an issuance scale of 500 million yuan, with a bond and issuer rating of A+/A+. The conversion price is set at 12.93 yuan, and as of April 3, 2025, the conversion value is 99.3 yuan. The bond has a maturity of 6 years and an average annual coupon of 1.23 yuan, with a maturity compensation rate of 14% [1][10]. Subscription Value Analysis - The company operates in the photovoltaic auxiliary materials industry, with a current PE (TTM) of 29 times and a PB (MRQ) of 3 times, placing it above average among peers. The company's market capitalization is 3.516 billion yuan, and it has shown a stock price increase of 2.88% year-to-date [3][13]. Company Operating Situation Analysis - For the first three quarters of 2024, the company achieved revenue of 1.319 billion yuan, a year-on-year increase of 2.76%. However, the net profit attributable to shareholders decreased by 32.49% to 98 million yuan [4][29]. Competitive Advantage Analysis - The company has established a strong international presence with marketing headquarters and service centers in multiple countries. It has also achieved various international certifications for its products, enhancing its competitive edge [5][35][36]. Industry and Market Analysis - The photovoltaic industry is experiencing significant growth, with a projected increase in installed capacity. The report anticipates that by 2030, China's photovoltaic installed capacity could reach 317 GW, driven by declining costs and improved technology [19][41]. Fundraising Project Analysis - The funds raised from the convertible bond issuance will be allocated to projects such as the establishment of an intelligent factory for distributed photovoltaic brackets and an energy research and development center, indicating a strategic focus on enhancing production capabilities and innovation [40][41].