Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook on its future performance [1][3] Core Views - The company's performance is under short-term pressure due to oversupply and intensified competition in the photovoltaic (PV) cell market, leading to price declines [1] - Despite the challenges, the company's overseas sales ratio has significantly increased, with a notable rise in market share in key regions such as India, Turkey, and Europe [1] - The company is accelerating its overseas capacity layout, particularly with a 5GW high-efficiency N-type cell production base in Oman, which is expected to enhance profitability by targeting high-value markets like the US, Europe, and the Middle East [1] - The company continues to optimize its TOPCon technology and is exploring future technologies like BC and perovskite, with lab efficiencies reaching industry-leading levels [1] Financial Performance - For 24Q1-Q3, the company reported revenue of RMB 8,202 million, a year-on-year decrease of 42.96%, and a net loss attributable to the parent company of RMB -417 million, a year-on-year decrease of 125.45% [1] - In 24Q3, the company's revenue was RMB 1,828 million, a year-on-year decrease of 63.14%, with a net loss attributable to the parent company of RMB -251 million, a year-on-year decrease of 136.69% [1] - The company's PV cell shipments reached 26.45GW in 24Q1-Q3, a year-on-year increase of 35.29%, with N-type cells accounting for 89.60% of total shipments [1] Future Projections - The company is expected to achieve revenue of RMB 10,764 million, RMB 15,425 million, and RMB 17,689 million in 2024, 2025, and 2026, respectively [1][2] - Net profit attributable to the parent company is projected to be RMB -481 million in 2024, turning positive to RMB 988 million in 2025 and RMB 1,513 million in 2026 [1][2] - The company's PE ratio is forecasted to be 19x in 2025 and 12x in 2026 [1][2] Technological Advancements - The company's TOPCon technology has achieved a bifacial rate of 90% and a conversion efficiency of 26.3% for its "MoNo2" product [1] - The company is also developing TBC and perovskite tandem cells, with lab efficiencies reaching 29.03%, positioning it as a leader in the industry [1]

证券代码：002865 证券简称：钧达股份 公告编号：2024-132 针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就相 关事项进行了核实，现就有关情况说明如下： 海南钧达新能源科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 1、公司股票连续 3 个交易日内收盘价格涨幅累计偏离值达 20.57%，股票交易 累计换手率为 29.8%，敬请广大投资者注意二级市场交易风险。 2、公司股票价格自 2024 年 9 月 23 日起至 2024 年 11 月 1 日止，涨幅已达 130.5%，与同期深证 A 股指数偏离度达 100.49%。公司股价短期涨幅较大，与同期 深证 A 股指数偏离度较大，敬请广大投资者注意风险。 3、公司 2024 年前三季度营业收入 82.02 亿元，同比下降 42.96%；归属于上 市公司股东的净利润为亏损 4.17 亿元，同比下降 125.45%。敬请广大投资者注意 公司经营业绩下滑风险。 一、股票交易异常波动情况的说明 公司股票连续 3 个交易日内（2024 年 ...

证券代码：002865 证券简称：钧达股份 公告编号：2024-131 海南钧达新能源科技股份有限公司 关于投资建设阿曼年产 5GW 高效电池生产基地项目的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日 召开第四届董事会第六十三次会议，审议通过《关于拟投资建设阿曼年产 5GW 高 效电池生产基地项目的议案》。 随着光伏电池转换效率持续提升，产业链成本持续下降，光伏发电相较传统化 石能源具备显著经济性，成为世界主要国家重要能源生产方式之一。海外光伏需求 快速增长，光伏新增装机增速已超国内市场。海外各国出于能源安全、促进经济发 展、当地就业等因素考虑，正逐步构建本土光伏产业链。但受制于光伏电池高技术 壁垒及对人才、研发要求较高等因素，海外光伏电池产能较为紧缺。中国光伏电池 企业凭借领先核心技术，电池产品出口持续增长，迎来较大出海发展机遇。 公司作为全球领先的光伏电池龙头企业，为深化全球客户服务能力，进一步满 足海外光伏市场需求，拟于阿曼投资建设年产 5GW 高效 N 型 ...

Group 1 - The latest margin trading balance for the stock as of October 30 is 461 million yuan, with a financing balance of 456 million yuan, which increased by 11.32 million yuan compared to the previous trading day, representing a growth of 2.55% [1] - Over the past seven days, the cumulative increase in margin trading balance is 267 million yuan, reflecting a significant growth of 141.01% [1] - The stock has appeared on the龙虎榜 (Dragon and Tiger List) twice due to a cumulative price deviation of 20% over three consecutive trading days [1] Group 2 - Institutional investors have net bought 393 million yuan, while the deep stock connect has recorded a cumulative net sell of 5.13 million yuan [1] - The total net buying from brokerage seats amounts to 90.36 million yuan [1]

证券代码：002865 证券简称：钧达股份 公告编号：2024-127 海南钧达新能源科技股份有限公司 第四届董事会第六十九次会议决议公告 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、董事会会议召开情况 海南钧达新能源科技股份有限公司（以下简称"公司"）第四届董事会第六 十九次会议于 2024 年 10 月 30 日以通讯表决方式召开。公司于 2024 年 10 月 27 日以专人送达及电子邮件方式向公司全体董事发出了会议通知。公司董事共 9 人， 参加本次会议董事 9 人。会议由董事长陆小红女士主持。本次会议的召集、召开 和表决程序符合《公司法》《公司章程》及《董事会议事规则》等法律、行政法 规、部门规章的有关规定。 二、董事会会议审议情况 （二）审议通过《关于注销 2021 年股票期权激励计划预留授予部分股票期 权的议案》 根据公司《2021 年股票期权激励计划（草案）》以及 2021 年第五次临时股 东大会的授权，鉴于在 2021 年股票期权激励计划预留授予的第一个行权期内， 公司共有 2 名激励对象合计 57,889 份期权在可行权期内尚未行权 ...

北京植德律师事务所 关于海南钧达新能源科技股份有限公司 2021 年股票期权激励计划之 注销部分股票期权事项的 法律意见书 植德（证）字[2021]014-7 号 二〇二四年十月 北京植德律师事务所 Merits&Tree Law Offices 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层邮编：100007 12th Floor, Raffles City Beijing Office Tower,No.1 Dongzhimen SouthStreet, Dong cheng District,Beijing 100007 P.R.C 电话（Tel）：010-56500900 传真（Fax）：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于海南钧达新能源科技股份有限公司 2021 年股票期权激励计划之 注销部分股票期权事项的 法律意见书 植德（证）字[2021]014-7 号 致：海南钧达新能源科技股份有限公司 北京植德律师事务所（以下称"本所"）接受海南钧达新能源科技股份有限 公司（以下称"钧达股份"或"公司"）的委托，担任公司实行 2021 年 ...

证券代码：002865 证券简称：钧达股份 公告编号：2024-130 关于注销 2021 年股票期权激励计划 预留授予部分股票期权的公告 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。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于 2024 年 10 月 30 日召开第四届董事会第六十九次会议和第四届监事会第五十次 会议，审议通过了《关于注销 2021 年股票期权激励计划预留授予部分股票期权 的议案》。鉴于公司 2021 年股票期权激励计划（以下简称"本激励计划"或"《激 励计划》"）预留授予的激励对象在第一个可行权期内存在部分期权尚未行权已过 时效。根据股票期权激励计划的相关规定，公司需对 2021 年股票期权激励计划 预留授予部分股票期权进行注销，现将有关事项说明如下： 一、股权激励计划已履行的相关审批程序 1、2021 年 11 月 15 日，公司召开第四届董事会第四次会议,审议通过了《关 于公司<2021 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2021 年股票期权激励计划实施考核管理办法>的议案》《关于提请股东 ...

第四届监事会第五十次会议决议公告 本公司及监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。 证券代码：002865 证券简称：钧达股份 公告编号：2024-128 海南钧达新能源科技股份有限公司 根据公司《2021 年股票期权激励计划（草案）》以及 2021 年第五次临时股 东大会的授权，鉴于在 2021 年股票期权激励计划预留授予的第一个行权期内， 公司共有 2 名激励对象合计 57,889 份期权在可行权期内尚未行权已过时效。公 司根据《上市公司股权激励管理办法》及公司《2021 年股票期权激励计划（草 案）》的有关规定，对上述失效期权予以注销。 一、监事会会议召开情况 海南钧达新能源科技股份有限公司（以下简称"公司"）第四届监事会第五十 次会议于 2024 年 10 月 30 日以通讯表决的方式召开。公司于 2024 年 10 月 27 日 以专人送达及电子邮件方式向公司全体监事发出了会议通知。公司监事共 3 人， 参加本次会议监事 3 人，本次会议由监事会主席刘忍妹女士召集及主持。本次会 议的召集、召开程序符合《公司法》《公司章程》及《监事会议事规则》的有关 规 ...

Financial Performance - Q3 2024 revenue was CNY 1,827,939,292.33, a decrease of 63.14% year-over-year[3] - Net profit attributable to shareholders was a loss of CNY 250,517,391.35, down 136.69% compared to the same period last year[3] - Year-to-date revenue reached CNY 8,201,899,511.06, reflecting a decline of 42.96% year-over-year[3] - Year-to-date net profit attributable to shareholders was a loss of CNY 416,853,306.70, a decrease of 125.45% compared to the previous year[3] - Basic earnings per share for Q3 2024 was -CNY 1.10, down 136.67% year-over-year[3] - Diluted earnings per share for Q3 2024 was -CNY 1.10, a decrease of 137.29% compared to the same period last year[3] - Total operating revenue for Q3 2024 was ¥8,201,899,511.06, a decrease of 43.1% compared to ¥14,380,103,531.22 in the same period last year[20] - Net profit for Q3 2024 was a loss of ¥416,853,306.70, compared to a profit of ¥1,638,235,962.50 in Q3 2023[20] - Basic earnings per share for Q3 2024 were -¥1.84, compared to ¥7.87 in the same quarter last year[21] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 16,677,088,555.69, down 9.29% from the end of the previous year[3] - Shareholders' equity attributable to the parent company was CNY 4,034,154,647.76, a decrease of 14.34% compared to the previous year[3] - The company's total liabilities decreased to ¥12,642,933,907.93 from ¥13,675,705,440.02, reflecting a reduction of 7.5%[18] - The total equity attributable to shareholders decreased to ¥4,034,154,647.76 from ¥4,709,239,865.97, a decline of 14.3%[18] - The total non-current liabilities decreased to ¥6,663,490,615.87 from ¥7,215,060,231.87, a reduction of 7.7%[18] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 698,963,551.74, an increase of 47.24% year-over-year[3] - Operating cash inflow for the current period reached ¥3,548,384,604.03, an increase of 6.9% compared to ¥3,318,126,250.43 in the previous period[22] - Net cash flow from operating activities was ¥698,963,551.74, up 47.3% from ¥474,719,704.12 year-over-year[23] - Cash inflow from investment activities totaled ¥4,105,000,405.23, significantly higher than ¥900,713,184.66 in the previous period[23] - Cash outflow for investment activities was ¥280,590,620.24, a decrease from ¥2,587,934,337.50 in the previous period[23] - Cash flow from financing activities showed a net outflow of ¥530,913,396.98, compared to a net inflow of ¥2,415,374,072.69 in the previous period[23] - The ending balance of cash and cash equivalents was ¥2,499,916,029.17, compared to ¥1,347,979,093.72 in the previous period, indicating a year-over-year increase[23] - The company received cash from investment recovery amounting to ¥4,098,000,000.00, a substantial increase from ¥900,000,000.00 in the previous period[23] Market and Industry Trends - The decline in revenue and net profit was primarily attributed to a downturn in the industry chain prices[6] - The company's battery product shipment reached 26.45 GW, an increase of 35.29% year-on-year, with N-type battery shipments accounting for 89.60% at 23.70 GW[11] - The overseas sales ratio increased significantly from 4.69% in 2023 to 18.46% in the first three quarters of 2024[11] - The global photovoltaic demand continued to grow, with China's new installed capacity reaching 160.9 GW in the first nine months of 2024, a year-on-year increase of 24.8%[8] - The export of photovoltaic components from China reached 188.92 GW, up 30.2% year-on-year, while battery exports increased by 53.6% to 44.1 GW[8] - The photovoltaic industry is entering a recovery phase after a capacity reduction cycle, with expectations for improved supply-demand dynamics and profitability restoration[9] - The overseas photovoltaic battery capacity is projected to reach 61.6 GW by the end of 2024, indicating a significant supply gap compared to component capacity[10] Strategic Initiatives - The company is actively expanding its overseas market presence, establishing a sales network across Asia, Europe, North America, Latin America, and Australia[12] - The company's overseas sales increased significantly, accounting for 18.46% of total sales in the first three quarters of 2024, with leading market shares in India, Turkey, and Europe[13] - A new investment project in Oman aims to establish a production capacity of 5GW for high-efficiency N-type batteries by 2025, enhancing the company's global customer service capabilities[13] - The company launched the new "MoNo 2" series of N-type batteries, achieving a bifacial rate of 90% and a conversion efficiency exceeding 26.3%[13] - The company is collaborating with renowned institutions for R&D on next-generation perovskite tandem and TBC technologies, with lab efficiencies for perovskite tandem cells reaching 29.03%[14] Environmental Commitment - The company has committed to reducing greenhouse gas emissions intensity by 40% by 2030 and increasing renewable energy usage by 40%[15] Shareholder Returns - A total of 1.01 billion yuan was used for share buybacks, acquiring 1,736,176 shares, and cash dividends of 170 million yuan were distributed, marking a 100.22% increase year-on-year[15] - The company's inventory decreased from approximately 727.29 million yuan to 618.31 million yuan[17] - Research and development expenses for Q3 2024 were ¥168,960,817.34, down 27.5% from ¥233,027,702.49 in Q3 2023[20] - The company reported other income of ¥105,383,514.29, significantly up from ¥5,572,000.00 in the previous year[20] - The company's contract liabilities amounted to ¥113,969,331.41, compared to ¥474,621,712.90 in the previous period, indicating a decrease of 76.0%[18] - The company paid ¥832,511,327.35 to employees, an increase from ¥609,649,365.84 in the previous period[22] - The company reported a cash flow impact from exchange rate changes of ¥5,604,364.49, compared to ¥1,154,338.76 in the previous period[23]

证券代码：002865 证券简称：钧达股份 公告编号：2024-126 海南钧达新能源科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况的说明 海南钧达新能源科技股份有限公司（以下简称"公司"）股票连续 3 个交易 日内（2024 年 10 月 25 日、2024 年 10 月 28 日、2024 年 10 月 29 日）收盘价格 涨幅累计偏离值达 22.69%。根据《深圳证券交易所交易规则》的相关规定，属 于股票交易异常波动的情况。 二、对重要问题的关注、核实情况说明 1、针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制 人就相关事项进行了核实，现就有关情况说明如下： 2024 年 10 月 10 日，公司披露了《关于 2022 年股票期权激励计划首次授予 部分第二个行权期行权条件成就的公告》《关于 2021 年股票期权激励计划预留 授予部分第二个行权期行权条件成就的公告》 2024 年 10 月 15 日，公司披露了《关于申请境外公开发行股票（H 股）并上 市的进展公告》 2024 ...