Core Viewpoint - JunDa Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the company as a leading global photovoltaic battery manufacturer, with a strategic focus on "technology + globalization + capital empowerment" to drive growth [1][5]. Group 1: Company Overview - JunDa's main business involves the research, production, and sales of photovoltaic batteries, with a competitive edge rooted in rapid technological iteration [1]. - The company has established a strong position in the N-type battery segment, achieving a market share of approximately 17.9% globally, ranking second among specialized photovoltaic battery manufacturers [2]. - JunDa's self-developed "MoNo2" series batteries have a conversion efficiency exceeding 26.3%, with a bifacial rate of 90%, showcasing its technological leadership [2]. Group 2: Production and Sales - The company has built a leading N-type battery industrial base with an annualized production capacity of 44.4 GW, supported by a vertically integrated supply chain [3]. - JunDa maintains high production efficiency through automated production lines and a "sales-driven production" strategy, ensuring high capacity utilization [3]. - The company has established deep partnerships with nine of the top ten global photovoltaic module manufacturers, ensuring a stable customer base and market share [3]. Group 3: Globalization Strategy - JunDa is capitalizing on the accelerating global energy transition, with increasing demand for photovoltaic solutions in emerging markets such as the Middle East, Africa, and India [4]. - The company has successfully increased its overseas sales proportion from 4.69% in 2023 to 58% in Q1 2025, indicating significant progress in its globalization strategy [5]. - JunDa aims to further integrate into local industry chains in overseas markets through technology cooperation and capacity construction [5]. Group 4: Capital Empowerment - The company raised HKD 1.405 billion through its Hong Kong listing, with 75% allocated to overseas photovoltaic battery production projects, reducing debt pressure and enhancing global sales network development [6]. - The entry into the Hong Kong Stock Connect is expected to broaden JunDa's investor base and enhance market liquidity, attracting more capital inflow [6]. - The dual listing strategy strengthens JunDa's international brand recognition and positions it favorably for valuation enhancement amid narrowing AH share premium trends [7].

Industry Overview - The photovoltaic industry is gradually stabilizing through policy guidance, technological iteration, and capacity elimination, with many institutions indicating that a bottoming signal has been released [1] - Various securities firms predict that 2025 will mark the bottom of the photovoltaic cycle, with a recovery phase expected in the first half of 2025 due to demand recovery and supply-side optimization [1][2] - The overall improvement in the industry's fundamentals suggests that companies with comparative advantages in various segments will exhibit greater growth elasticity [1] Company Focus: Junda Co., Ltd. - Junda Co., Ltd. is a leading manufacturer of photovoltaic cells, gaining attention due to its global layout and technological barriers that provide core drivers for valuation recovery [1][4] - The company's overseas market revenue share increased from 4.69% in 2023 to 23.85% in 2024, and is expected to reach 58% in the first quarter of 2025, demonstrating strong growth [5] - Despite facing overall industry profit compression, Junda Co., Ltd. achieved a quarter-on-quarter increase in net profit attributable to shareholders of 39.23% and 43.25% for non-recurring net profit in Q1 2025 [5] Technological Advancements - Junda Co., Ltd. is the largest manufacturer of N-type TOPCon cells globally, with its self-developed "MoNo2" series achieving a conversion efficiency of 26.5% and a bifacial rate of 90% [6] - The company has a research and development team of 827 people, accounting for 26.1% of its total workforce, and has established an innovative system that includes pre-research, testing, and mass production [6] - Junda Co., Ltd. is also collaborating on the development of perovskite tandem cells, with laboratory efficiencies reaching 31%, positioning itself advantageously in the next generation of battery technology [6] Capital Strategy - The company plans to raise approximately HKD 15.54 billion through its Hong Kong listing, with 75% allocated to the construction of a 5GW high-efficiency battery project in Oman [7] - This project is strategically located to benefit from a 10% tariff advantage for exports to the U.S., with estimated profitability exceeding 7 cents per watt [7] - The dual listing enhances Junda Co., Ltd.'s international brand recognition and financing flexibility, while the liquidity advantage of the Hong Kong market supports future R&D and mergers [8] Conclusion - Junda Co., Ltd.'s strategy reflects a shift in the photovoltaic industry from "scale expansion" to "fine-tuning," emphasizing the importance of technological advantages and global capacity layout [9] - The combination of technological leadership and global execution capabilities is expected to allow Junda Co., Ltd. to stand out during the industry's recovery phase, leading to a potential "Davis double play" in performance and valuation [9]