联系电话:010-59219558 - 传真:010-59562637 2024年09月13日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------------------| | | | | | 通威股份（600438） | 投资评级 | 增持 | | 深远布局一体化产能, 逆势扩张龙头地位稳固 | 2024年 09 月 13 日 | | | 公告：2024 上半年，公司实现总营收 437.97 亿元、同比-40.87%，归母净利润-31.29 | 收盘价(元): | 18.60 | | 亿元、同比-123.58%,扣非后净利润-31.78亿元、同比-125.19%,毛利率 7 ...

证券研究报告 | 公司动态点评 2024 年 09 月 12 日 通威股份（600438.SH） Q2 硅价下降业绩承压，一体化布局持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|---------|---------|---------|---------|------------------------------------------|------------------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 142,423 | 139,104 | 116,152 | 151,776 | 182,207 | 股票信息 | | | 增长率 yoy （ % ） | 119.7 | -2.3 | -16.5 | 30 ...

Investment Rating - The report maintains a "Buy" rating for Tongwei Co., Ltd. [4] Core Views - The photovoltaic industry is experiencing an imbalance between supply and demand, leading to a decline in the company's performance. In H1 2024, the company reported revenue of 43.797 billion yuan, a year-on-year decrease of 40.87%, and a net profit attributable to shareholders of -3.129 billion yuan, marking a shift from profit to loss [2][3] - Despite the downturn, the company continues to expand its shipment scale and maintain its competitive advantage. In H1 2024, the sales volume of high-purity silicon reached 228,900 tons, a year-on-year increase of 28.82%. The company has successfully launched its 200,000-ton polysilicon project in Yunnan and is progressing with its 200,000-ton high-purity silicon project in Baotou, expected to be operational by the end of 2024 [2] - The aquaculture segment is showing improved profitability, with the feed industry experiencing growth despite a challenging market. The company has enhanced its production capabilities and expanded its product offerings, resulting in a 7.63% increase in food business sales volume and a 13.16% increase in sales revenue [2] Financial Summary - For 2024E, the company is projected to have a revenue of 121.542 billion yuan, a decrease of 12.63% from the previous year. The net profit attributable to shareholders is forecasted to be -4.005 billion yuan, with an EPS of -0.89 yuan [3][8] - The company’s return on equity (ROE) is expected to be -5.63% in 2024E, improving to 5.31% in 2025E and 7.09% in 2026E [3][8] - The projected P/E ratios for 2025 and 2026 are 23 and 16, respectively [3][8]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨通威股份（600438.SH） [Table_Title] 硅料龙头地位稳固，HJT 解决方案有望推出 | --- | --- | --- | |-----------------------------------------------------------|--------------------------------------------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 通威股份发布 2024 年半年报， 2024H1 | 公司实现收入 437.97 亿元，同比下降 40.87% ；归母 | | | 净利 -31.29 亿元；其中， 2024Q2 实现收入 242.27 | 亿元，同比下降 40.66% ，环比增长 23.79% ； | | | 归母净利 -23.43 亿元。 | | | | | | | | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 任佳惠 SAC：S0490514040001 SAC：S049052203000 ...

证券研究报告·公司点评报告·光伏设备 通威股份（600438） 2024 年中报点评：硅价触底加速出清，电池 组件持续深化 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|----------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 142423 | 139104 | 125223 | 161135 | 190800 | | 同比（ % ） | 119.69 | (2.33) | (9.98) | 28.68 | 18.41 | | 归母净利润（百万元） | 25734 | 13574 | (4981) | 3829 | 6538 | | 同比（ % ） | 217.34 | (47.25) | (136.70) | 176.87 | 70.74 | | EPS- 最新摊薄（元 / 股） | 5.72 | 3.02 ...

2024 年 9 月 4 日 公司研究 组件销量同比翻倍，预计 2024 年底推出 HJT+铜互连解决方案 ——通威股份（600438.SH）2024 年中报点评 要点 买入（维持） 事件：公司发布 2024 年半年报，2024H1 实现营业收入 437.97 亿元，同比减少 40.87%，实现归母净利润-31.29 亿元，同比减少 123.58%；2024Q2 公司实现 营业收入 242.27 亿元，同比减少 40.66%，实现归母净利润-23.43 亿元，同比 减少 150.18%。 硅料销量保持稳健增长，稳步推进新产能+上游工业硅产能建设。2024H1 公司 实现高纯晶硅销售 22.89 万吨，同比增长 28.82%，N 型占比同比大幅提升，并 实现半导体级多晶硅批量出货，目前单位综合电耗已降至 50 度以下，硅耗已低 至 1.04kg/Kg-Si 以内。公司云南 20 万吨多晶硅项目目前已全面达产达标，包头 20 万吨项目预计于年底前建成投产，届时公司多晶硅产能将超过 85 万吨。此外 公司为提高原材料保供能力并打造产业链溯源路径，分别在内蒙古达茂旗和四川 广元启动建设工业硅配套项目，预计达茂旗一期和 ...

Financial Status and Capital Management - The company has a strong financial position with over 34 billion yuan in cash and short-term financial assets, and a manageable debt level with short-term borrowings of 2.5 billion yuan and non-current liabilities due within one year of 4.2 billion yuan [2] - The company's debt-to-asset ratio is approximately 67%, which can be further reduced by excluding certain financial instruments [2] - The company has a robust financing capability with access to various financial tools, ensuring sufficient liquidity and financial security [2] - The company has repurchased 87,009,742 shares, accounting for 1.9327% of the total shares, with a total expenditure of 1.73 billion yuan [4] Technological Advancements and R&D - The company is actively researching and developing new battery technologies, including TOPCon, HJT, XBC, and perovskite tandem cells, to drive industry innovation [2] - The 1GW HJT pilot line has achieved an average power output of 735W, with an A-grade rate exceeding 97% and a breakage rate below 0.5% [3] - The company's HJT technology has shown a 3%-4% power generation gain over TOPCon in specific environments [3] - The company has successfully reduced non-silicon costs in the HJT pilot line by 20% through process improvements and material optimizations [4] Market and Industry Outlook - Global PV installations reached 444GW in 2023, a 76% year-on-year increase, with strong growth in Europe, the Americas, and emerging markets [5] - China's PV installations in the first half of 2024 reached 102.48GW, a 30.68% year-on-year increase, with module exports growing by 34% [5] - The company expects the PV industry to recover as supply-demand dynamics rebalance, with prices gradually rising after the current cyclical bottom [7] - The company has expanded its overseas market presence, securing orders in South Africa, Spain, and Romania, and maintaining a strong position in the BNEF Tier1 PV module manufacturer rankings [8] Operational and Strategic Updates - The company is maintaining full production capacity for polysilicon, leveraging favorable electricity prices during the wet season [5] - The company is considering overseas capacity expansion in response to increasing trade uncertainties, particularly with the US [5] - The acquisition of Runyang is progressing, with the company aiming to secure at least 51% of its shares, pending further negotiations and regulatory approvals [6] - The company plans to continue focusing on its feed business, which has shown steady growth in production and sales, contributing to overall profitability [9] Cost Management and Efficiency - The company has implemented cost-saving measures across its operations, including the use of silver-coated copper paste and low-indium targets in the HJT pilot line [4] - The company's TOPCon non-silicon costs have decreased by nearly 20% in the first half of 2024, maintaining a leading position in the industry [8] - The company is closely monitoring market conditions and internal cost structures to optimize production and manage inventory levels effectively [6]

股票代码：600438 股票简称：通威股份 公告编号：2024-075 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 关于对外提供担保的进展公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称： 2024 年 8 月 1 日—2024 年 8 月 31 日期间（以下简称"本次期间"）公司担保事项被 担保人均为非上市公司关联人。被担保人如下：公司下属 5 家全资子公司：内蒙古通 威硅能源有限公司、通威太阳能（南通）有限公司、前江通威有限责任公司、越南通威 有限责任公司、和平通威有限责任公司；公司下属 3 家控股子公司：四川永祥能源科 技有限公司、越南天邦饲料有限公司、通威（海南）水产食品有限公司；公司 1 家合营 公司：通威拜欧玛（无锡）生物科技有限公司；公司 2 家联营公司：贵港史记生物技术 有限公司、湖北史记种猪畜牧有限公司；公司部分客户。 本次期间担保金额及已实际为其提供的担保余额： 本次期间，公司及下属子公司相互提供担保金额为 19.51 亿元；公司及子公司为合 营、联营 ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 电力设备及新能源 2024 年 09 月 02 日 通威股份(600438.SH) 盈利水平短期承压，持续推进产能扩张 推荐（维持） 股价：18.21 元 | --- | --- | |----------------------------|--------------------------| | | | | 主要数据 | | | 行业 | 电力设备及新能源 | | 公司网址 | www.tongwei.com.cn | | 大股东 / 持股 | 通威集团有限公司 /44.73% | | 实际控制人 | 刘汉元 | | 总股本 ( 百万股 ) | 4,502 | | 流通 A 股 ( 百万股 ) | 4,502 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 820 | | | | | 流通 A 股市值 ( 亿元 ) | 820 | | 每股净资产 ( 元 ) | 11.41 | | 资产负债率 (%) | 67.2 | | 行情走势图 | | 证券分析师 皮秀 投资咨询资格编号 S1060517070004 P ...

通威股份（600438.SH）2024 年半年报点评 业绩阶段性承压，收购润阳完善产业链布局 2024 年 09 月 02 日 ➢ 事件：2024 年 8 月 30 日，公司发布 2024 年半年度报告。2024 年上半 年，公司实现收入 437.97 亿元，同比-40.87%；实现归母净利-31.29 亿元，同 比-123.58%；实现扣非净利-31.78 亿元，同比-125.19%。受到光伏产业链供 过于求、产品价格大幅下降影响，以及计提资产减值损失 22.55 亿元（其中存 货跌价准备 22.53 亿元）、计提信用减值损失 1.15 亿元，公司业绩短期承压。 24Q2 公司实现收入 242.27 亿元，同比-40.66%，环比+23.79%；实现归母净 利-23.43 亿元，同比-150.18%，环比-197.78%；实现扣非净利-23.88 亿元， 同比-158.02%，环比-202.24%。 ➢ 多晶硅：销量稳步增长，产品品质和成本优势显著。2024H1，公司实现 高纯晶硅销量 22.89 万吨，同比增长 28.82%，国内市占率超过 25%，连续多 年产量位居全球第一；在 N 型比例大幅提升的背景 ...