Investment Rating - The investment rating for the company is "Accumulate" [3][21]. Core Views - The company reported a revenue of 139.1 billion yuan in 2023, a decrease of 2.33% year-on-year, and a net profit attributable to shareholders of 13.57 billion yuan, down 47.25% year-on-year. In Q1 2024, revenue was 19.57 billion yuan, a decline of 41.13%, with a net loss of 0.79 billion yuan, down 109.15% year-on-year. The rapid decline in prices within the photovoltaic industry has pressured both revenue and profit, but the company maintains a leading position due to its cost efficiency and strong resilience at the industry bottom [1][2]. Summary by Sections Silicon Material - The company has a current production capacity of 450,000 tons of high-purity silicon, with an additional 400,000 tons under construction. The company achieved a sales volume of 387,200 tons in 2023, a year-on-year increase of 50.79%, capturing over 25% of the global market share. Although profitability may be under pressure for 3-4 quarters, the release of advanced production capacity is expected to enhance competitive advantages in the next 2-3 years [1]. Battery Cells - The company is a leader in the development of TOPCon PECVD technology, with its TNC battery achieving an average conversion efficiency of 26.26%. The company plans to complete the transformation of approximately 38 GW of PERC capacity by 2024 and add 16 GW and 25 GW of TNC battery capacity at its Meishan and Shuangliu bases, respectively. By the end of 2024, the TNC battery capacity is expected to exceed 100 GW [2]. Profit Forecast and Investment Advice - Due to the supply-demand imbalance in the photovoltaic industry, the company has adjusted its profit forecasts for 2024 and 2025, reducing the expected net profit from 13.38 billion yuan and 19.30 billion yuan to 2.46 billion yuan and 7.54 billion yuan, respectively. However, a significant profit increase to 15.49 billion yuan is anticipated in 2026, with corresponding P/E ratios of 39.7x, 13.0x, and 6.3x for the next three years. The recommendation remains "Accumulate" [2][6].

通威股份23年报及24一季报交流20240429 全文摘要 通威股份在年度业绩解读会上对其2023年及2024年一季度的 经营情况进行了介绍，受到产业景气度下滑和成本上升的影响 公司营收同比下降2.33%，净利润同比大幅下降47.25%。面对 挑战，公司采取了诸如资产减值和增加研发投入等措施以改善经 营状况，并对未来发展保持乐观。通威太阳能部分则展现出对行 业的信心，维持了大股东增持和上市公司回购计划以提振市场信 心，并采用稳健策略应对可能的价格竞争和市场调整。在技术方 面，公司专注于光伏材料研发和新型太阳能电池技术的研究，同 时考虑国际市场拓展，展现了推动清洁、高效能源革命的决心 其他讨论点包括成本控制、国合作、技术升级和资本战略，显 示公司通过一系列措施应对当前困难，同时积极布局未来，强调 厂技术进步和市场适应的重要性。总体上，会议内容体现了公 在复杂而场坏境中应对挑战、把握机遇的能力和决心 Q&A Q：在硅料价格大幅度波动的情况下，公司是否会采取更激进的 价格策略或参与价格战?公司之前执行一体化战略规划了硅片产 能，自前是否有变化?后续在配置和节奏方面有何考虑? A:公司在硅料价格波动时，会根据市场情况 ...

业绩简评 4月 29 日公司披露2023 年报及2024 年一季报，2023年实现 营收 1391.04 亿元，同比-2.3%，实现归母净利 135.74 亿元，同 比-47.2%。23Q4/24Q1 分别实现营收 276.84、195.70 亿元，同比 -31.4%/-41.1%，环比-25.9%/-29.3%，实现归母净利-27.28、-7.87 亿元，同比-168.3%/-109.1%、环比-190.0%/-71.2%。 公司同时公告拟以自有资金回购公司股份 20-40 亿元用于员 工持股计划或股权激励，彰显对公司长期经营信心。 经营分析 多晶硅规模、成本、品质全面领先，龙头地位稳固。2023年 公司实现高纯晶硅销量38.72 万吨，同比+50.79%，全球市占率超 过 25%，连续多年居行业前列。随公司云南、内蒙40万吨高纯晶 硅项目陆续于二三季度投产，公司高纯晶硅产能将提升至85万吨， 人民币(元) 成交金额(百万元) 持续巩固规模优势。目前公司 N型产品月度产出占比已超过90%， 39.00 3,500 2023 年平均生产成本已降至4.2 万元/吨以内，大幅领先行业平均 36.00 3,000 ...

Revenue and Profit Performance - Revenue for Q1 2024 was RMB 19.57 billion, a decrease of 41.13% year-over-year[3] - Operating revenue for Q1 2024 was 19.57 billion CNY, a decrease from 33.24 billion CNY in Q1 2023[16] - Net profit for Q1 2024 was -647.10 million CNY, compared to 10.94 billion CNY in Q1 2023[16] - Net profit attributable to shareholders was a loss of RMB 786.74 million, down 109.15% year-over-year[3] - Net profit attributable to parent company shareholders was -786.74 million yuan, compared to 8.60 billion yuan in the same period last year[17] - Comprehensive income totaled -638.91 million yuan, compared to 10.93 billion yuan in the same period last year[17] - Basic earnings per share were -0.1748 yuan, compared to 1.9108 yuan in the same period last year[17] Cash Flow and Financial Position - Operating cash flow was negative RMB 1.39 billion, a decrease of 162.08% year-over-year[3] - Net cash flow from operating activities was -1.39 billion yuan, compared to 2.25 billion yuan in the same period last year[19] - Cash received from sales of goods and services was 20.37 billion yuan, down from 32.48 billion yuan in the same period last year[18] - Cash received from investments was 7.50 billion yuan, up from 3.10 billion yuan in the same period last year[19] - Net cash flow from investing activities was -10.03 billion yuan, compared to -17.51 billion yuan in the same period last year[19] - Cash received from financing activities was 18.22 billion yuan, up from 6.75 billion yuan in the same period last year[19] - Net cash flow from financing activities was 15.73 billion yuan, compared to 6.06 billion yuan in the same period last year[20] - Net increase in cash and cash equivalents was 4.31 billion yuan, compared to -9.20 billion yuan in the same period last year[20] - The company's monetary funds increased to RMB 28.29 billion as of March 31, 2024, compared to RMB 19.42 billion at the end of 2023[12] Assets and Liabilities - Total assets increased by 9.35% to RMB 164.36 billion compared to the end of the previous year[3] - Total assets increased to 179.72 billion CNY from 164.36 billion CNY in the previous quarter[13][14] - Total liabilities increased to 106.53 billion CNY from 90.53 billion CNY in the previous quarter[14] - Fixed assets stood at 66.96 billion CNY, slightly down from 68.27 billion CNY in the previous quarter[13] - Long-term loans increased to 41.62 billion CNY from 28.76 billion CNY in the previous quarter[14] - Total equity attributable to owners of the parent company was 60.77 billion CNY, down from 61.53 billion CNY in the previous quarter[14] - The company's total current assets reached RMB 70.96 billion as of March 31, 2024, up from RMB 63.24 billion at the end of 2023[12] - Trade receivables decreased to RMB 5.16 billion as of March 31, 2024, from RMB 6.99 billion at the end of 2023[12] - Inventory increased significantly to RMB 11.27 billion as of March 31, 2024, compared to RMB 7.79 billion at the end of 2023[12] Expenses and Investments - Sales expenses rose by 67.16% due to expanded component sales[6] - Sales expenses increased to 464.44 million CNY from 277.85 million CNY in Q1 2023[16] - Financial expenses increased by 96.21% due to expanded borrowing[6] - Financial expenses rose to 277.02 million CNY from 141.19 million CNY in Q1 2023[16] - Research and development expenses were 263.77 million CNY, down from 285.53 million CNY in Q1 2023[16] - Long-term investments surged by 443.88% due to investment in Shiji Biotechnology[6] - Inventory increased by 44.72% due to business expansion[6] Shareholder and Share Repurchase Information - The company's total number of ordinary shareholders at the end of the reporting period was 353,475[8] - The controlling shareholder, Tongwei Group, plans to increase its shareholding by RMB 1-2 billion between February 1, 2024, and January 31, 2025[11] - As of the report date, Tongwei Group has already increased its shareholding by 1,692,014 A shares, with a total investment of approximately RMB 402.14 million[11] - The company plans to repurchase RMB 2-4 billion worth of A shares between April 29, 2024, and April 28, 2025, at a price not exceeding RMB 36 per share[11] - The repurchased shares are intended for employee stock ownership plans or equity incentives, and if not used, will be canceled[11] - The China Industrial and Commercial Bank-Huatai-PineBridge CSI 300 ETF held 29.14 million shares, representing 0.65% of the total shares[10] - The China Bank-Huatai-PineBridge CSI Photovoltaic Industry ETF held 27.30 million shares, representing 0.61% of the total shares[10] Other Income and Government Subsidies - Other income increased by 225.76% due to higher government subsidies[8]

2023年年度报告 公司代码：600438 公司简称：通威股份 通威股份有限公司 2023 年年度报告 ...

| 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2024-015 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 | 22 转债 | | 通威股份有限公司 2024 年度第三期绿色中期票据（科创票据）发行结果公告 本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。 通威股份有限公司（以下简称"公司"）第八届董事会第十次会议及 2022 年 年度股东大会审议通过了《关于申请注册发行债务融资工具（DFI）的议案》，准 许公司根据公司实际资金需求情况，在中国银行间市场交易商协会注册有效期内 择机一次或分期发行规模不超过（含）人民币 100 亿元的债务融资工具（DFI）， 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 2023 年 8 月 16 日，公司收到中国银行间市场交易商协会（以下简称"交易 商协会"）下发的《接受注册通知书》（中市协注[2023]DFI42 号）。《接受注册 通知书》中明确：交易商协会决定接受公司债务 ...

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 3 月 1 日—2024 年 3 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：公司下属多家全资子公司：通威太阳能 （四川）有限公司、通威太阳能（眉山）有限公司、通威太阳能（彭山）有限公司等； 公司下属 4 家控股子公司：云南通威高纯晶硅有限公司、通威太阳能（金堂）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 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 3 家战略合作客户：广 东大家食品有限公司、江西军山湖生态农业发展有限公司、西双版纳潜鲲水产科技有 限公司；公司除战略合作客户以外的部分其他客户。 股票代码：600438 股票简称：通威股份 公告编号：2024-013 债券代码：110085 债券简称：通 22 转债 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 ...

证券代码：600438 证券简称：通威股份 公告编号：2024-014 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 本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： 累计转股情况：自"通 22 转债"2022 年 9 月 2 日进入转股期截至 2024 年 3 月 31 日，累计有 163,190 张"通 22 转债"转为通威股份有限公司（以下简称"公司"、"本公 司"）A 股股票，累计转股金额 16,319,000.00 元，累计转股股数 425,870 股，累计转股 股数占"通 22 转债"转股前公司已发行股份总额 4,501,548,184 股的 0.00946%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"通 22 转债"金额为 人民币 11,983,681,000.00 元，占"通 22 转债"发行总额的比例为 99.86401%。 根据《上海证券交易所股票上市规则》有关规定及《通威股份有限公司公开发 行 A ...

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2024-012 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 转债 22 | | 通威股份有限公司 2024 年度第二期绿色中期票据（科创票据）发行结果公告 本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。 | 债券名称 | 通威股份有限公司 2024 年度第二期绿色中期票据 （科创票据） | 债券简称 | 24 通威 GN003(科创票据) | | --- | --- | --- | --- | | 代码 | 132480021 | 期限 | 2+1 年 | | 起息日 | 2024 年 3 月 15 日 | 兑付日 | 2027 年 3 月 15 日 | | 计划发行总额 (万元) | 50,000.00 | 实际发行总额(万元) | 50,000.00 | | 发行利率 | 2.60% | 发行价(百元面值) | 100.00 | | 主承销商 | 兴业银行股份有限公司 | 联席主承销商 | 招商银行股份有限公司 ...

股票代码：600438 股票简称：通威股份 公告编号：2024-011 债券代码：110085 债券简称：通 22 转债 本次期间，公司及下属子公司相互提供担保金额为 18.50 亿元；公司为合营、联营 公司提供担保金额为 0.13 亿元；公司未对战略合作客户提供担保；公司子公司通威农 业融资担保有限公司（以提供担保为主营业务的持有金融牌照的公司子公司，以下简 称"农业担保公司"）为其他客户提供担保的担保责任金额为 0.37 亿元。 截至 2024 年 2 月 29 日，公司及下属子公司相互提供担保实际余额为 217.22 亿元； 公司为合营、联营公司提供担保实际余额为 0.26 亿元；公司为战略合作客户提供担保 实际余额为0.41亿元，农业担保公司为其他客户提供担保的担保责任余额为1.69亿元。 上述各项担保在任一时点均未超过 2022 年度股东大会对应已审批授权担保额度。 本次担保是否有反担保： 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： 20 ...