Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The photovoltaic industry chain prices are at a bottom range, leading to a temporary pressure on the company's performance. In H1 2024, the company achieved operating revenue of 37.357 billion yuan, a year-on-year decrease of 8.54%, and a net profit attributable to the parent company of -0.874 billion yuan, transitioning from profit to loss [2] - The N-type capacity ramp-up is accelerating, with continuous growth in component shipments. In H1 2024, the company shipped over 38GW of battery components, with overseas shipments accounting for approximately 54%. By the end of 2024, the company's component capacity is expected to exceed 100GW [2][3] - Significant achievements in technological innovation have led to an increase in product competitiveness. The company invested 1.959 billion yuan in R&D in H1 2024, accounting for 5.24% of operating revenue, and holds 1,827 valid patents [3] - The profit forecast has been revised downwards, but the "Buy" rating is maintained. The company is a leading player in the domestic photovoltaic integration sector, with notable scale and technological advantages. The revised net profit forecasts for 2024-2026 are -1.13 billion, 2.052 billion, and 3.282 billion yuan, respectively [3][4] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 37.357 billion yuan, a decrease of 8.54% year-on-year, and a net profit of -0.874 billion yuan, transitioning from profit to loss. The gross profit margin was 3.91%, down 15.44 percentage points year-on-year [2] - The company’s N-type battery capacity has rapidly reached production targets, with significant improvements in product yield and efficiency, leading to a notable reduction in production costs [2][3] Research and Development - The company’s R&D investment in H1 2024 was 1.959 billion yuan, representing 5.24% of operating revenue. The company has a total of 1,827 valid patents, including 977 invention patents [3] Profit Forecast and Valuation - The profit forecast has been adjusted downwards, with expected net profits for 2024-2026 being -1.13 billion, 2.052 billion, and 3.282 billion yuan, respectively. The corresponding EPS estimates are -0.34, 0.62, and 0.99 yuan, with P/E ratios of /, 17, and 10 times [4][3]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨晶澳科技（002459.SZ） [Table_Title] 经营性现金流转正，安全边际突出 | --- | --- | --- | --- | |--------------------------------------------------------------------------|------------------------------------------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 晶澳科技发布 2024 年半年报， 2024H1 公司实现收入 | 373.57 亿元，同比下降 8.54% ；归母净 | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SFC：BQK482 请阅读最后评级说明和重要声明 | --- | --- | |-------------------------------------------------|------ ...

晶澳太阳能科技股份有限公司 第六届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第二十七 次会议于 2024 年 9 月 6 日在公司会议室以现场表决和通讯表决的方式召开。 召开本次会议的通知已于 2024 年 9 月 3 日以电话、电子邮件等方式通知了 各位董事。本次会议由公司董事长靳保芳先生主持，会议应参加的董事 9 名，实 到董事 9 名，符合《中华人民共和国公司法》及《公司章程》的规定。经与会董 事认真审议，会议以记名投票表决方式通过如下议案： 一、审议通过《关于不向下修正"晶澳转债"转股价格的议案》 | 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-090 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 公司股票已有十五个交易日收盘价低于"晶澳转债"当期转股价格的 85%， 已触发"晶澳转债"转股价格向下修正条款，经审议公司董事会决定本次不向下 修正"晶澳转债"转股价格，同时在未来 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-091 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于不向下修正"晶澳转债"转股价格的公告 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。 重要内容提示： 自 2024 年 8 月 19 日至 2024 年 9 月 6 日，晶澳太阳能科技股份有限公 司（以下简称"公司"）股票已有十五个交易日收盘价低于"晶澳转债"当期转 股价格的 85%，已触发"晶澳转债"转股价格向下修正条款。 经公司第六届董事会第二十七次会议审议通过，公司董事会决定本次不 向下修正"晶澳转债"转股价格，同时在未来一个月内（即 2024 年 9 月 7 日至 2024 年 10 月 6 日）如果再次触发"晶澳转债"转股价格向下修正条件，亦不提 出向下修正方案。下一触发转股价格修正条款的期间从 2024 年 10 月 8 日（2024 年 10 月 7 日为非交易日，顺延至下一交易日）重新起算，若再次触发"晶澳转 债"转股价格向下修 ...

[ T able_StockInfo] 2024 年 09 月 04 日 证券研究报告•2024 年中报点评 当前价： 10.33 元 晶澳科技（002459）电力设备 目标价： ——元（6 个月） 亏损有所收窄，经营性现金流转正 [Table_Summary 事件：公司 2024H1 ] 实现营业收入 373.57 亿元，同比下降 8.54%；实现归 母净利润-8.74 亿元，同比下降 118.16%。2024Q2 实现营业收入 213.85 亿 元，同比增长 5.02%；实现归母净利润-3.91 亿元，同比下降 117.54%。 2024Q2 毛利率继续承压，出货量环比增长亏损有所收窄。2024H1 公司电 池组件出货量超 38GW（含自用 1GW），其中组件海外出货量占比约 54%。 光伏组件业务实现营业收入 353.21 亿元，同比下降 9.99%；毛利率 4.53%， 同比降低 14.13pp。上半年组件销售均价 0.95 元/W，单位毛利 0.04 元/W。 2024Q2 公司电池组件出货量 21.94GW，其中自用 472MW，2024Q2 出货 量环比增长 36.63%。2024Q2 公司综合 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company experienced a decline in revenue and net profit in the first half of 2024 due to industry-wide price drops, with a revenue of 37.357 billion yuan, down 8.54% year-on-year, and a net profit of -0.874 billion yuan [3] - In Q2 2024, the company achieved a revenue of 21.385 billion yuan, a year-on-year increase of 5.02%, but still reported a net profit of -0.391 billion yuan [3] - The company maintained high shipment volumes, with over 38 GW of battery modules shipped in the first half of 2024, of which approximately 54% were exported [3] - The company has improved its battery production efficiency and reduced costs, with the N-type battery's conversion efficiency reaching 26.5% [3] - The company has a strong cash reserve, having secured 25 billion yuan in new loans, with over 720 billion yuan in available bank credit [4] - Profit forecasts for 2024-2026 estimate net profits of -1.34 billion yuan, 2.645 billion yuan, and 3.641 billion yuan respectively, with corresponding EPS of -0.40, 0.80, and 1.10 yuan [4] Financial Summary - The company reported a total revenue of 81.556 billion yuan in 2023, with a projected revenue of 86.213 billion yuan in 2024, reflecting a year-on-year growth of 5.7% [5] - The net profit for 2023 was 7.039 billion yuan, with a forecasted net profit of -1.34 billion yuan for 2024, indicating a significant decline [5] - The gross margin is expected to drop to 5.6% in 2024, recovering to 10.5% and 11.0% in 2025 and 2026 respectively [5] Market Position - The company has a significant presence in overseas markets, with 60% of its orders in the first half of 2024 being for N-type modules, indicating a growing demand [3] - The company's stock price as of September 4, 2024, was 10.33 yuan, with a market capitalization of approximately 34.189 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decrease in revenue and net profit for H1 2024, with revenue at 37.357 billion yuan, down 8.54% year-on-year, and a net loss of 0.874 billion yuan, down 118.16% year-on-year [2] - Despite the decline in profitability due to falling prices in the industry chain, the company achieved a record high in battery module shipments, exceeding 38 GW, a year-on-year increase of approximately 59% [2] - The company is steadily advancing its integrated production capacity, expecting to exceed 100 GW in module capacity by the end of 2024, with N-type battery capacity reaching 57 GW [2] - The company holds approximately 3 GW of solar power plants and is optimizing its asset-liability structure through public REITs issuance [2] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 37.357 billion yuan, a decrease of 8.54% year-on-year, and a net loss of 0.874 billion yuan, a decrease of 118.16% year-on-year [2] - In Q2 2024, revenue was 21.385 billion yuan, an increase of 5.02% year-on-year, with a net loss of 0.391 billion yuan, down 117.54% year-on-year [2] - The gross margin for H1 2024 decreased by 15.44 percentage points to 3.91%, with Q2 gross margin at 3.05% [2] Market Position and Product Development - The company’s overseas revenue accounted for approximately 61.45% of total revenue, with overseas sales reaching 22.956 billion yuan [2] - The company is launching differentiated products to meet diverse customer needs, including offshore photovoltaic products and high-efficiency components [2] Capacity and Future Outlook - The company is expected to have over 100 GW of module capacity by the end of 2024, with 80% of silicon wafer and battery capacity aligned with module capacity [2] - Profit forecasts have been adjusted downward due to continuous price declines in the industry, with expected net profits for 2024-2026 at -1.912 billion yuan, 2.283 billion yuan, and 3.071 billion yuan respectively [2][3]

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-089 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 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 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 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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company experienced a revenue decline of 8.54% year-on-year in H1 2024, with total revenue reaching 37.357 billion yuan. The net profit attributable to shareholders was -0.874 billion yuan, a significant drop of 118.16% year-on-year [2] - Despite the revenue decline, the company achieved a 58% year-on-year increase in battery module shipments, totaling over 38 GW, with 54% of shipments going to overseas markets [3] - The company is focusing on cost reduction and efficiency improvement while investing heavily in research and innovation, launching several new products with high power and efficiency [4] Financial Performance Summary - For H1 2024, the company reported a revenue of 37.357 billion yuan, down 8.54% year-on-year, and a net profit of -0.874 billion yuan, down 118.16% year-on-year. In Q2 2024, revenue was 21.385 billion yuan, up 5.02% year-on-year and up 33.90% quarter-on-quarter [2] - The company forecasts revenues of 75.274 billion yuan, 95.260 billion yuan, and 110.731 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -1.335 billion yuan, 2.140 billion yuan, and 3.470 billion yuan [5][9] - The company aims to achieve a total production capacity of 100 GW by the end of 2024, with a focus on expanding overseas production capacity [3] Market Position and Strategy - The company is a leading player in the integrated photovoltaic module market, with a strong global marketing network and brand advantage, having established 13 sales companies overseas [3] - The company emphasizes technological advancement and product innovation, with new products featuring high power and efficiency, aimed at enhancing investment returns for offshore photovoltaic projects [4]