| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-109 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 2 关于 2024 年度公司合并报表范围内担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 1、晶澳太阳能科技股份有限公司（以下简称"公司"）于2023年12月12日 召开第六届董事会第十五次会议、2023年12月28日召开2023年第四次临时股东大 会，审议通过了《关于2024年度公司与下属公司担保额度预计的议案》，同意公 司为合并报表范围内下属公司提供担保、下属公司之间互相担保、下属公司为公 司提供担保，2024年度新增担保额度总计不超过人民币570亿元，其中向资产负 债率为70%以上的担保对象的新增担保额度为不超过379亿元，向资产负债率为 70%以下的担保对象的新增担保额度为不超过191亿元。担保范围包括但不限于 申请融资业务发生的融资类担保（包括贷款、银行承兑汇票、外汇衍生品交易、 信用证、保函等业务）以及日常经营发生的履约类担保。担 ...

Investment Rating - The report maintains a "Buy" rating for the company, with adjusted net profit expectations for 2024/2025/2026 at -12.94/28.85/43.23 billion yuan respectively [3] Core Views - The company has completed the ramp-up of its TOPcon production capacity, significantly improving production efficiency and cost structure [2] - N-type battery mass production conversion efficiency has reached 26.5%, with N-type module shipments accounting for 75% of total shipments in Q3 2024 [2] - The company's Q3 2024 gross margin improved to 8.67%, up 5.62 percentage points quarter-over-quarter [2] - The company repurchased 26.95 million shares, representing 0.81% of total shares, demonstrating confidence in its future [2] Financial Performance - Q3 2024 revenue reached 16.99 billion yuan, with net profit turning positive at 390 million yuan after two consecutive quarters of losses [6] - 2024E revenue is projected at 73.88 billion yuan, with a net loss of 1.29 billion yuan, expected to recover to 28.85 billion yuan net profit in 2025 [4] - 2026E revenue is forecasted at 106.17 billion yuan, with net profit reaching 43.23 billion yuan [4] - ROE is expected to improve from -4.1% in 2024E to 11.2% in 2026E [4] Production and Operations - The company's module production capacity is expected to reach 100GW by the end of 2024, with silicon wafer and battery capacity covering 80% of module capacity [2] - N-type battery capacity reached 57GW by Q3 2024 [2] - Total battery and module shipments exceeded 57GW in the first three quarters of 2024, with overseas shipments accounting for 52.4% [2] Market Position - The company maintains a leading position in the photovoltaic industry with its advanced N-type technology and global layout [2] - The company's cost structure has significantly improved due to scale effects from increased production and sales [2]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company achieved a turnaround in Q3 2024, with a net profit of 390 million yuan, significantly exceeding expectations despite a year-on-year revenue decline of 11.22% [1]. - The TOPCon battery project has seen a notable reduction in production costs, contributing to the improved performance in Q3 2024 [1]. - The company’s cash flow remains robust, with a net cash flow from operating activities of 2.092 billion yuan in Q3 2024 [1]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenues of 54.348 billion yuan, a decrease of 9.39% year-on-year, and a net loss of 484 million yuan, down 107.16% year-on-year [1]. - In Q3 2024, the company’s revenue was 16.991 billion yuan, with a net profit of 390 million yuan, marking a year-on-year decline of 80.02% [1][2]. Production and Efficiency - The company’s N-type battery production capacity has reached over 57 GW, with the latest production efficiency at 26.5% [1]. - The comprehensive gross margin improved to 8.67% in Q3 2024, a significant increase of 5.62 percentage points from the previous quarter [1]. Market Position and Sales - The company’s total battery module shipments reached approximately 57 GW in the first three quarters of 2024, with overseas shipments accounting for about 52.4% [1]. - In Q3 2024, the shipment of battery modules was 18.5 GW, with N-type components making up about 75% of the total shipments [1]. Future Outlook - The company expects net profits for 2024 to be -791 million yuan, with projections of 2.446 billion yuan and 3.498 billion yuan for 2025 and 2026, respectively [2]. - The company plans to increase its module production capacity to over 100 GW by the end of 2024 [1].

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company has shown significant improvement in Q3 performance, transitioning from a loss to a profit, with a strong ability to control costs [3]. - The company is expected to continue its cost reduction efforts, which may enhance profitability in the future [3]. - The forecasted earnings per share for 2024-2026 have been adjusted to -0.04, 1.06, and 1.56 RMB respectively, reflecting a significant change in expectations [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 54,347.86 million RMB, a decrease of 9.39% year-on-year, and a net profit attributable to shareholders of -4.84 million RMB, down 107.16% year-on-year [3][5]. - In Q3 2024, the company achieved a net profit of 3.90 million RMB, a decrease of 80.02% year-on-year but a recovery from previous losses [3][5]. - The gross margin for Q3 2024 improved to 8.67%, an increase of 5.62 percentage points from the previous quarter [3][5]. Production and Sales - The company shipped over 57 GW of battery modules in the first three quarters of 2024, with N-type components accounting for approximately 63% of total shipments [3]. - In Q3 2024, the company shipped 18.5 GW of battery modules, with N-type components making up about 75% of the total [3]. Cost Control and Capacity Expansion - The company plans to exceed 100 GW of module production capacity by the end of 2024, with N-type battery capacity reaching 70 GW [3]. - The sales cost of battery modules in Q3 2024 was approximately 0.84 RMB/W, reflecting a decrease of about 11% from the previous quarter [3]. Valuation - The adjusted earnings per share forecasts for 2024-2026 are -0.04, 1.06, and 1.56 RMB, with corresponding price-to-earnings ratios of -523.4, 17.4, and 11.8 times [3][4].

Investment Rating - The report gives a "增持" (Overweight) rating to JA Solar Technology (002459) [5] Core Views - JA Solar achieved a turnaround in Q3 2024, with net profit attributable to the parent company reaching 390 million yuan, a 199.61% increase QoQ [1] - The company's gross profit margin and net profit margin in Q3 were 8.67% and 2.07% respectively, up 5.62 and 4.84 percentage points QoQ [2] - JA Solar shipped approximately 57GW of photovoltaic modules in the first three quarters of 2024, with overseas shipments accounting for 52.40% [2] - The company's N-type module shipments reached 13GW in Q3, accounting for 75% of total shipments [2] - JA Solar's latest N-type Bycium+ battery has achieved a mass production conversion efficiency of 26.5% [2] - The company launched its "Stellar" series of energy storage products, including Edge controller, SCADA, and Cloud platform [2] Financial Performance - JA Solar's revenue for the first three quarters of 2024 was 54.348 billion yuan, down 9.39% YoY [1] - Net profit attributable to the parent company was -484 million yuan, a 107.16% decrease YoY [1] - Q3 revenue was 16.991 billion yuan, down 20.55% QoQ [1] - The company's revenue is expected to reach 76.419 billion yuan in 2024, 91.735 billion yuan in 2025, and 100.524 billion yuan in 2026 [5] - Net profit attributable to the parent company is forecasted to be -271 million yuan in 2024, 3.733 billion yuan in 2025, and 4.727 billion yuan in 2026 [5] Technology and Innovation - JA Solar follows a "mass production generation, reserve generation, R&D generation" strategy [2] - The company is developing Hycium heterojunction solar cells with steadily improving conversion efficiency [2] - JA Solar is actively researching and reserving technologies including full back contact cells, perovskite cells, and tandem cells [2] Market Position - JA Solar's total market capitalization is 60.07065 billion yuan [3] - The company's 52-week stock price range is 8.96-24.94 yuan [3] - JA Solar's 52-week turnover rate is 505.21% [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 54.348 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.39%. The net profit attributable to the parent company was -0.484 billion yuan. In Q3 2024, the revenue was 16.991 billion yuan, down 11.22% year-on-year and down 20.55% quarter-on-quarter, but the net profit was 0.39 billion yuan, marking a significant turnaround [4][5]. - The company completed the ramp-up of its large-scale TOPCon capacity in the second half of 2023, which had previously impacted operating profits. With the ramp-up completed in June, Q3 saw significant cost optimization, leading to better-than-expected performance. The unit cost decreased quarter-on-quarter, driven by lower silicon material prices and reduced average prices for auxiliary materials [5][6]. - The company shipped approximately 57 GW of battery modules from Q1 to Q3 2024, with overseas shipments accounting for about 52.40%. Q3 shipments were slightly lower due to industry demand, but shipments to the U.S. remained stable [5][6]. - The company demonstrated excellent cost control in Q3 2024, with operating expenses at 1.08 billion yuan, remaining stable quarter-on-quarter. After accounting for asset impairment losses, the company's profitability was better than reported. The operating cash flow turned positive for the year, with a net inflow of 2.092 billion yuan [5][6]. - The company's supply chain management capabilities are strong, and with the completion of the TOPCon ramp-up and an increase in self-supply ratios, profitability is expected to reach industry-leading levels. By the end of 2024, the company's module production capacity is projected to reach 100 GW, with silicon wafer and battery capacity at 80% of module capacity [6]. Financial Summary - For Q3 2024, the company reported a net operating cash inflow of 2.092 billion yuan, indicating a positive cash flow for the year [5][6]. - The company’s revenue for 2024 is projected to be 83.645 billion yuan, with a gross profit margin of 7% [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [15]. Core Views - The company has shown resilience in a competitive environment, with its component business turning profitable despite industry challenges. The company achieved a battery component shipment of approximately 57GW in the first three quarters of 2024, a year-on-year increase of about 51.47% [2]. - The report highlights a recovery in the photovoltaic industry, with the company expected to benefit from improved market conditions and operational stability. The company plans to exceed 100GW in component capacity by the end of the year [3]. - Financial projections indicate that the company will experience a revenue decline in 2024, followed by significant growth in subsequent years, with expected revenues of 739.23 billion yuan in 2024, 823.05 billion yuan in 2025, and 902.72 billion yuan in 2026 [3]. Financial Summary - In 2023, the company reported a revenue of 81,556 million yuan, with a year-on-year growth rate of 11.7%. However, a decline of 9.4% is expected in 2024 [1]. - The net profit attributable to shareholders for 2023 was 7,039 million yuan, with a significant projected loss of 355 million yuan in 2024, followed by a recovery to 2,573 million yuan in 2025 and 4,674 million yuan in 2026 [1][3]. - The company's operating cash flow for Q3 2024 was 20.9 billion yuan, reflecting a 24.2% increase from the previous quarter, indicating a positive cash flow trend [3].

晶澳太阳能科技股份有限公司 关于 2024 年度公司合并报表范围内担保的进展公告 | 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-108 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 2、向资产负债率为70%以下担保对象提供的担保 | 序 | 担保方 | 被担保方 | 实际发生日期 | 担保金额 | 担保期 | 担保事由 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | （万元） | | | | 1 | 晶澳太阳能科技股份有 | 曲靖晶澳光伏科技有限 | 2024/10/1 | 40,000.00 | 3.75 年期 | 为其融资 | | | 限公司 | 公司 | | | | 提供担保 | | 2 | 晶澳太阳能科技股份有 | 北京晶澳太阳能光伏科 | 2024/10/1 | 5,000.00 | 0.94 年期 | 为其融资 | | | 限公司 | 技有限公司 | | | | 提供担保 | | 3 | 晶澳太阳能科技股份有 | 义乌晶澳太阳能科技有 | 20 ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing significant profit recovery in Q3 and potential market share growth due to accelerated global expansion and technological advancements [1][3] Core Views - The company's Q3 performance exceeded expectations, with a notable improvement in profitability and cash flow [1] - The company's global market presence and brand strength have driven a significant increase in battery module shipments, with overseas shipments accounting for 52.40% of total shipments [1] - The company is actively developing energy storage products, which are expected to become a second growth curve alongside its core photovoltaic business [1] Financial Performance - In Q3 2024, the company reported revenue of RMB 16.991 billion, a YoY decrease of 11.22%, but a QoQ decrease of 20.55% [1] - Q3 net profit attributable to the parent company was RMB 390 million, a YoY decrease of 80.02%, but a QoQ increase of 199.61% [1] - The gross margin in Q3 improved to 8.67%, up 5.62 percentage points QoQ, and the net margin reached 2.07%, up 4.84 percentage points QoQ [1] - Operating cash flow in Q3 was RMB 2.092 billion, showing continued improvement [1] Shipments and Capacity - Battery module shipments for Q1-Q3 2024 reached approximately 57GW, a YoY increase of 51%, with Q3 shipments at 19GW [1] - The company plans to expand its module production capacity to over 100GW by the end of 2024, with N-type battery capacity reaching 57GW [1] Energy Storage Development - The company launched its first self-developed 5MW/10MWh commercial energy storage system in May 2023, and successfully connected a similar project to the grid in August 2024 [1] - In October 2024, the company introduced three new energy storage products, enhancing its energy management solutions [1] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 73.212 billion, RMB 94.594 billion, and RMB 109.646 billion, respectively [1][2] - Net profit attributable to the parent company is expected to be RMB -214 million in 2024, RMB 4.191 billion in 2025, and RMB 5.322 billion in 2026 [1][2] - The PE ratio for 2025 and 2026 is forecasted at 15x and 12x, respectively [1][2] Valuation Metrics - The company's PB ratio is expected to be 1.9 in 2024, 1.7 in 2025, and 1.5 in 2026 [2] - The EV/EBITDA ratio is projected to be 14.12 in 2024, 7.13 in 2025, and 6.17 in 2026 [5]

证券研究报告·公司点评报告·光伏设备 晶澳科技（002459） 2024 年三季报点评：Q3 成本改善拉动利润 回归，明年盈利修复可期 2024 年 10 月 31 日 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） | 72989 | 81556 | 73544 | 92181 | 106200 | | 同比（ % ） | 76.72 | 11.74 | (9.82) | 25.34 | 15.21 | | 归母净利润（百万元） | 5,533.79 | 7,039.49 | (186.20) | 3,554.91 | 5,776.70 | | 同比（ % ） | 171.45 | 27.21 | (102.65) | 2,009.16 | ...