2025年5月，随着钧达股份（002865.SZ/02865.HK）成功登陆港交所，并预计将在6月3日纳入港股通， 这家全球光伏电池龙头企业的战略价值迎来资本市场的深度审视。作为首家实现"A+H"双平台布局的光 伏主材企业，钧达股份的全球化布局和核心技术壁垒，正在为投资者勾勒出一幅"技术+出海+资本赋 能"的三重增长蓝图，三重引擎打造"光伏宁王"。 钧达股份的主营业务为光伏电池的研发、生产与销售，而光伏行业的竞争本质是技术迭代速度的较量。 钧达股份在行业从P型向N型技术转型的关键期，凭借超前布局的眼光、持续的技术创新和关键工艺的 突破，确立了不可撼动的行业领先地位，港股成功上市，助力公司全球化战略加速。本次顺利入通，港 股流动性增加，随着AH股溢价的持续收窄，公司有望受益于两地市场估值差异的收敛，吸引更多国际 资本关注，进一步打开估值提升空间。 技术引领，N型电池领跑者地位持续巩固 钧达股份在全球范围内拥有强大的研发技术实力，率先完成了首款N型高效电池的量产，并通过低银浆 工艺、智慧工厂等实现降本增效。根据招股书披露，公司已凭借技术领先优势持续拉开与竞争对手的身 位，其自主研发的"MoNo2"系列电池量产转换 ...

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]