Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 20.76 RMB based on a 23x PE valuation for 2026 [4]. Core Views - The company has established itself as a leader in the battery cell segment over 15 years, innovating with N-type ABC technology and achieving significant sales growth in ABC components [1][2]. - The company is expected to benefit from the increasing demand for high-efficiency components, with projected sales of ABC components reaching 20GW by 2025 [3][4]. - The report highlights the company's strategic expansion of production capacity and its efforts to build a global sales network, which is crucial for its future growth [2][3]. Summary by Sections Investment Logic - The company has over 15 years of experience in the battery cell segment, having developed the tubular PERC technology in 2016 and the ABC technology in 2021, leading to a significant increase in sales volume [1]. - In the first half of 2024, the company sold 1.62GW of ABC components, a 232% increase compared to the entire year of 2023, with expectations for further growth [1]. Business Expansion - The company has planned three major production bases with a total capacity of 106GW, and as of January 2025, it has an ABC capacity of approximately 18GW [2]. - The company has established a channel system in over 30 countries, with more than 10GW of orders in hand for ABC components, indicating a growing market presence [2]. Industry Dynamics - The report notes that the industry is facing challenges due to homogenized capacity and profitability issues, but high-efficiency products like the company's ABC components are expected to stand out [3]. - The company’s ABC components achieved a conversion efficiency of 24.2% in May 2024, positioning it favorably in a competitive market [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of -5.29 billion RMB in 2024, followed by 665 million RMB in 2025 and 1.65 billion RMB in 2026, with corresponding EPS of -2.896, 0.364, and 0.902 RMB [4]. - The report emphasizes that the company is one of the few with scalable BC capacity and mature mass production technology, which will allow it to benefit from the rising demand for high-efficiency components [4].

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： 被担保人：珠海富山爱旭太阳能科技有限公司（以下简称"珠海爱旭"） 广东爱旭科技有限公司（以下简称"广东爱旭"） 天津爱旭太阳能科技有限公司（以下简称"天津爱旭"） 证券代码：600732 股票简称：爱旭股份 编号：临 2025－007 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 山东爱旭太阳能科技有限公司（以下简称"山东爱旭"） 担保人：上海爱旭新能源股份有限公司（以下简称"公司"） 担保事项及金额：公司为珠海爱旭、广东爱旭、天津爱旭、山东爱旭的综合授信、 融资租赁等业务合计提供 4.80 亿元的连带责任保证担保。 截至本公告发布日，包括本次签署的 4.80 亿元担保在内，公司为子公司、子公司 为其他子公司累计提供担保的总额为 255.00 亿元（不同担保主体对同一融资事项分 别提供担保的，担保金额不重复计算），仍在公司 2023 年年度股东大会授权的担保 总额度 438.00 亿元范围内，无需再次提交董事会及股东大会审议批准。 本次担保是否有反担 ...

Summary of Aiko Solar's Conference Call Company Overview - Aiko Solar, established in 2009, focuses on the production of crystalline silicon solar cells and has significant competitive advantages in technology, having undergone multiple major technological transformations since its inception [3][4][6]. Industry Position - Aiko Solar's cell shipment volume has consistently ranked among the top five in the industry, achieving the first position during the large-scale application of PERC technology from 2018 and maintaining a top two position from 2019 to 2023. Despite product structure adjustments in 2024, the overall shipment volume is expected to remain within the top five [3][4]. Core Competitiveness - The company's core competitiveness lies in advanced technology research and rapid application, having preemptively developed and applied new technologies such as monocrystalline PERC and BC cells, which has driven significant market share and performance growth [4][6]. Production Capacity and Efficiency - Aiko Solar currently operates five main production bases, with the most significant capacities located in Zhuhai (10GW) and Yiwu (8GW). The actual output is primarily concentrated on 18GW of BC products [5]. - In 2024, the efficiency of Aiko's BC component products reached 24.6%, ranking first globally, with a significant increase in shipment volume in Q4, achieving over 75% capacity utilization [9]. Cost Control and Profitability - The company has reduced its non-silicon costs to approximately 0.23 yuan per watt and aims to further decrease this by the end of 2025, aligning closely with the top 10 enterprises in the industry [8]. - Aiko's high capacity utilization and full order book allow it to accept high-priced orders, enhancing its pricing power. The gross margin is expected to recover, with some months in Q4 2024 nearing breakeven levels [11]. Market Trends and Future Outlook - The overall industry price trend is upward, with component bidding prices exceeding the association's guidance price, which is expected to benefit Aiko's profitability. The company anticipates shipments of over 14GW, potentially reaching 20GW in 2025 [10][12]. - New technology applications, supported by policies such as the Super Leader Project, are expected to accelerate innovation and increase market demand, further enhancing Aiko's competitive position [13][14]. Conclusion - Aiko Solar is well-positioned to capitalize on market opportunities with its advanced technology, strong production capabilities, and favorable industry trends. The company is expected to see continued growth in both shipment volume and profitability, making it a key focus for investors [15][16].

Group 1 - The core point of the article is the strategic partnership between Shanghai Aishuo New Energy Co., Ltd. and the European solar project developer and distributor Energy3000, focusing on the supply of 300MW of N-type ABC modules [1] - Aishuo will supply Energy3000 with the latest third-generation "full-screen" series products, enhancing the efficiency of N-type ABC modules [1] - This collaboration aims to accelerate the application of high-efficiency N-type ABC modules in Europe, addressing the growing demand for renewable energy solutions in the region [1]

证券代码：600732 股票简称：爱旭股份 编号：临 2025－006 上海爱旭新能源股份有限公司 股票交易异常波动公告 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： 上海爱旭新能源股份有限公司（以下简称"公司"）股票于2025年2月5日、 2月6日、2月7日连续三个交易日内日收盘价格涨幅偏离值累计超过20%，属于《上海 证券交易所交易规则》规定的股票交易异常波动情形。 经公司自查，并书面征询公司控股股东和实际控制人陈刚先生，截至本公告 披露日，除公司已披露的再融资事项外，确认不存在其他应披露而未披露的重大信 息。 公司敬请广大投资者注意二级市场交易风险，审慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票于2025年2月5日、2月6日、2月7日连续三个交易日内日收盘价格涨幅偏 离值累计超过20%，属于《上海证券交易所交易规则》规定的股票交易异常波动情况。 二、公司关注并核实的相关情况 经核查，公司控股股东和实际控制人陈刚先生确认，截至目前，除公司已披露的 再融资事项外，控股股东、实际控制人未参与筹 ...

公司于 2025 年 2 月 7 日发来的《上海爱旭新能源股份有限公司股票交易异 常波动征询函》已收悉。作为公司控股股东和实际控制人,现针对函件问询事项 答复如下: 截至 2025年2月7日,除上市公司已披露的再融资事项外,本人未参与筹 划其他涉及上市公司的重大资产重组、股份发行、业务重组、股份回购、股权激 励、破产重整、重大交易或业务合作、引进战略投资者等应披露而未披露的重大 事项。 特此回复。 日 2025 年2月1 关于上海爱旭新能源股份有限公司 股票交易异常波动征询函的回复 上海爱旭新能源股份有限公司: ...

特此公告。 截至本公告披露日，何达能先生持有公司股份237,654股。辞职后，何达能先生 将会继续遵守《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规 则》《上海证券交易所上市公司自律监管指引第15号——股东及董事、监事、高级管 理人员减持股份》等相关规定。 何达能先生在任职期间，恪尽职守、勤勉尽责，公司及公司董事会对何达能先生 在担任副总经理期间为公司发展所做的贡献表示衷心感谢！ 上海爱旭新能源股份有限公司 关于公司副总经理辞职的公告 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。 上海爱旭新能源股份有限公司（以下简称"公司"）董事会于2025年2月7日收到 公司副总经理何达能先生提交的书面辞职报告，何达能先生因到龄退休的原因申请 辞去公司副总经理职务。根据《公司法》《公司章程》等有关规定，何达能先生提交 的辞职报告自送达董事会之日起生效。何达能先生辞去副总经理职务后，将不再担任 公司其他职务。 证券代码：600732 股票简称：爱旭股份 编号：临 2025－005 上海爱旭新能源股份有限公司董事会 2025年 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to face significant losses in 2024, with a projected net profit loss of 47.5 to 58.5 billion RMB, and a further decline in operational performance due to industry price pressures and low operating rates [7] - Despite the challenges, the company is seeing high growth in ABC component shipments, with an estimated 3.4 to 3.5 GW expected in Q4 2024, and a target of 20 GW for 2025 [7] - The company’s profitability is anticipated to gradually improve in 2025 as industry prices stabilize and cost reductions are achieved [7] - The forecast for net profit has been revised downwards for 2024-2026, with expected losses of 53.7 billion RMB in 2024, followed by a profit of 7.7 billion RMB in 2025 and 17.9 billion RMB in 2026 [7] Financial Summary - Total revenue for 2024 is projected at 12,063 million RMB, a decline of 55.60% year-on-year, with a recovery expected in subsequent years [1][8] - The company’s net profit for 2024 is forecasted to be a loss of 5,367.70 million RMB, reflecting a year-on-year decrease of 809.30% [1][8] - The earnings per share (EPS) is expected to be -2.94 RMB in 2024, with a recovery to 0.42 RMB in 2025 and 0.98 RMB in 2026 [1][8] - The company’s total assets are projected to decrease from 33,996 million RMB in 2023 to 29,120 million RMB in 2024, before increasing to 45,652 million RMB by 2025 [8]

Core Viewpoint - Aishuo Co., Ltd. (600732.SH) anticipates a significant net loss of between 4.75 billion to 5.75 billion yuan for the fiscal year 2024 due to structural overcapacity and supply-demand imbalances in the photovoltaic industry, leading to intensified market competition and a substantial decline in prices [1][2]. Group 1: Financial Performance - The company expects a net profit loss attributable to shareholders after deducting non-recurring gains and losses, projected between 4.75 billion to 5.75 billion yuan for 2024 [1]. - The decline in main business revenue and profitability is attributed to increased inventory depreciation and significant impairment of long-term assets [1]. Group 2: Industry Context - The photovoltaic industry is currently facing structural overcapacity and phase-specific supply-demand imbalances, resulting in intensified competition and a sharp drop in prices across the main industry chain [1]. Group 3: Strategic Initiatives - Aishuo Co., Ltd. is focusing on technological innovation to navigate industry cycles, promoting the development of new products and technologies [1]. - The ABC business segment has seen a significant breakthrough, with sales volume of ABC components more than doubling in the fourth quarter compared to the third quarter, alongside a continuous reduction in production costs [1]. - The company plans to launch high-value products in 2025 to meet diverse customer needs, aiming to increase sales volume and gross margins while further reducing manufacturing costs and operating expenses [2]. Group 4: Future Outlook - With sufficient orders for ABC products and an anticipated improvement in the industry ecosystem and stabilization of supply chain prices, Aishuo Co., Ltd. is positioned to leverage its leading advantage in photovoltaic conversion efficiency to potentially experience a turnaround [2].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -475 million and -585 million RMB, indicating a shift from profit to loss compared to the previous year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -475 million and -575 million RMB for 2024 [4]. - In the previous year, the total profit was 699.4 million RMB, with a net profit attributable to shareholders of 756.8 million RMB and a net profit after deducting non-recurring gains and losses of 322.8 million RMB [5]. Reasons for Expected Loss - The main reasons for the expected loss in 2024 include structural overcapacity in the photovoltaic industry, intensified market competition, and significant price declines in the main industry chain [6]. Sales and Production Insights - The company has seen a more than doubling of ABC component sales in Q4 compared to Q3, with a continuous decrease in production costs and stabilization of gross profit margins [6]. - Current orders for ABC products are sufficient, and the company anticipates better development opportunities as the industry ecosystem improves and prices stabilize [6]. Future Plans - The company plans to continue launching high-value products to expand sales volume and improve sales margins in 2025, while also reducing manufacturing costs and operating expenses [6]. Financial Data and Risks - The financial data in the performance forecast has not been audited by a registered accountant, and investors are advised to be aware of related risks [7]. - The preliminary forecast data is subject to change, and the accurate financial data will be disclosed in the officially audited 2024 annual report [8].