Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to lead the industry in N-type shipments in 2024, with a forecasted output of 33.7GW, representing a year-on-year increase of 13% [9] - The company is anticipated to recover in 2025, with a projected net profit of 1.1 billion yuan, reflecting a significant year-on-year growth of 286.14% [9] - The company is focusing on overseas expansion, particularly in Oman, where it plans to establish a 5GW N-type battery production facility by 2025 [9] Financial Performance Summary - Total revenue for 2024 is projected at 9.95 billion yuan, a decrease of 46.66% year-on-year, with a net loss of 591.11 million yuan [1][9] - The company’s earnings per share (EPS) for 2024 is expected to be -2.58 yuan, with a recovery to 4.80 yuan in 2025 [1][9] - The company’s operating cash flow for 2024 is estimated at 654 million yuan, with a slight cash outflow in Q4 [9][10] Market Position and Strategy - The company has achieved a leading position in N-type battery shipments, with over 90% of its output being N-type [9] - The company is enhancing its technological capabilities, with N-type "MoNo 2" bifacial efficiency reaching 26.3% and plans for TBC battery production [9] - The company is also working on an H-share issuance to support its global expansion strategy [9]

钧达股份（002865.SZ）2024 年年报点评 N 型出货提升显著，海外业务持续扩张 2025 年 03 月 18 日 ➢ 事件 2025 年 3 月 17 日，公司发布 2024 年年报。根据公司公告，24 年全年公司实 现收入 99.52 亿元，同比-44.66%，归母净利润-5.91 亿元，同比转亏，实现扣 非归母净利润-11.18 亿元，同比转亏。 分季度来看，公司 24Q4 实现收入 17.50 亿元，同比-59.08%，环比-4.26%，实 现归母净利润-1.74 亿元，实现扣非归母净利润-3.83 亿元。受制于行业处于去 产能周期，产业链价格下行，公司业绩承压。 ➢ N 型出货同比高增，海外业务加速推进 24 年公司持续推进 TOPCon 技术降本增效，与 23 年相比电池平均量产效率持 续提升，单瓦非硅成本降低 30%，年内发布全新一代 N 型电池"MoNo 2"系 列产品，该产品创新性叠加 J-HEP 半片边缘钝化及 J-WBSF 波浪背场技术，实 现电池片钝化性能及双面率等多项指标的全方位升级。此外，公司 TBC 中试线 上转化效率较主流 N 型电池效率可提升 1-1.5Pcts，与外 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][7]. Core Viewpoints - The company experienced a significant decline in revenue and net profit in 2024, with total revenue of 9.952 billion yuan, down 44.66% year-on-year, and a net loss of 591 million yuan [1][4]. - Despite the challenging market conditions, the company achieved a notable increase in N-type battery shipments, with a total of 33.74 GW shipped in 2024, representing a year-on-year growth of 12.62%, and N-type battery shipments alone reached 30.99 GW, up 50.58% year-on-year [2][4]. - The company is actively expanding its overseas business, with overseas sales accounting for 23.85% of total sales in 2024, an increase of 19.16 percentage points compared to 2023 [2][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 9.952 billion yuan, a decrease of 46.66% from the previous year, and a net profit attributable to shareholders of -591 million yuan, marking a decline of 172.5% [6][11]. - The company forecasts revenue growth for 2025 to 2027, estimating revenues of 14.807 billion yuan, 18.741 billion yuan, and 21.849 billion yuan, respectively, with net profits projected at 898 million yuan, 1.662 billion yuan, and 2.109 billion yuan [4][6]. Product and Technology Development - The company has enhanced its TOPCon technology, achieving a 30% reduction in non-silicon costs and improving average mass production efficiency compared to 2023 [3][4]. - The introduction of the new generation N-type battery "MoNo 2" series showcases significant advancements in battery performance metrics [3]. Market Position and Strategy - The company ranks third globally in battery shipments, with a strong focus on expanding its production capacity for N-type batteries, which accounted for over 90% of total shipments in 2024 [2][4]. - The company is strategically positioning itself in emerging markets across Asia, Europe, North America, Latin America, and Australia, establishing stable partnerships with leading global photovoltaic component manufacturers [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 5.57, 7.70, and 9.33 RMB for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 11, 8, and 6 times [4]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 9.95 billion RMB, a year-on-year decrease of 46.7%, and a net loss of 591 million RMB [1]. - The company's battery product shipments reached 33.7 GW in 2024, a year-on-year increase of 12.6%, with N-type shipments accounting for over 90% of total shipments, reflecting a 50.6% growth [2]. - The company is actively expanding its overseas market presence, with overseas sales accounting for 23.9% of total sales in 2024, up 19.2 percentage points year-on-year, and 49.1% in Q4 alone, indicating a strong growth trajectory [2]. - The company's profitability is expected to improve, with Q4 2024 gross margin at 2.8% and net margin recovering to -10.0%, a 3.7 percentage point improvement [3]. - The report anticipates continued growth in profitability driven by cost reduction and efficiency improvements, with a projected recovery in earnings from 2025 onwards [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 9.95 billion RMB, down 46.7% year-on-year, and a net loss of 591 million RMB [1]. - Q4 2024 revenue was 1.75 billion RMB, a 4.3% decrease quarter-on-quarter, with a net loss of 170 million RMB [1]. Operational Analysis - The company successfully transitioned to N/P product structure, with N-type battery shipments reaching 31.0 GW, a 50.6% increase year-on-year [2]. - The overseas sales ratio increased significantly, with expectations to maintain around 50% in 2025 [2]. Profitability Forecast - The company is expected to recover profitability, with projected earnings of 1.275 billion RMB in 2025, 1.765 billion RMB in 2026, and 2.137 billion RMB in 2027 [4]. - The report highlights a significant reduction in non-silicon costs by 30% and an increase in production efficiency [3].

证券代码：002865 证券简称：钧达股份 公告编号：2025-024 海南钧达新能源科技股份有限公司 关于举行 2024 年年度业绩说明会的公告 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 "） 已 于 2025 年 3 月 18 日在巨潮资讯网（www.cninfo.com.cn）披露《2024 年年度报 告》。为加强与投资者交流，使投资者更全面、深入地了解公司经营情况，公司 拟于 2025 年 3 月 21 日（星期五）举办 2024 年年度业绩说明会。 一、业绩说明会安排 1、召开时间：2025 年 3 月 21 日（星期五）15:30 2、召开方式：网络+电话会议 3、召开平台：进门财经平台 4、参会人员：董事、总经理张满良；副董事长、副总经理郑洪伟；董事、 董事会秘书郑彤；独立董事马树立；财务总监黄发连；副总经理陈平 5、会议流程：（1）介绍 2024 年度光伏行业变化及公司经营情况（2）管理 层交流 二、投资者参与方式 本次业绩说明会在进门财经平台以网络+电话会议方式举行，投资者 ...

业绩简评 2025 年 3 月 17 日，公司发布 2024 年报。2024 年公司实现营业收 入 99.5 亿元，同比-46.7%，实现归母净利润-5.9 亿元，同比亏 损；其中 Q4 单季度实现营业收入 17.5 亿元，环比-4.3%；实现归 母净利润-1.7 亿元，环比减亏，我们预计海外业务占比提升是驱 动公司盈利能力环比改善的关键因素，整体业绩符合预期。 产品结构率先完成 N/P 切换、高盈利海外市场业务持续强化：2024 年公司电池产品出货 33.7GW，同比增长 12.6%，Infolink 电池片 出货排名全球第三，其中 N 型出货 31.0GW、占比超 90%，同比增 长 50.6%，单 Q4 公司电池出货 7.3GW，N 型占比达到 100%，保持 全球第一。公司积极经营海外市场，2024 年公司海外销售占比 23.9%，同比+19.2PCT，单 Q4 海外占比 49.1%，环比+14.4PCT，预 计 2025 年海外占比将继续维持 50%左右水平。除在印度、土耳其、 欧洲等主要海外市场实现高市占外，2024 年底公司规划在阿曼地 区建设高效电池产能，辐射美国等海外高盈利市场，投产后有望为 ...

海南钧达新能源科技股份有限公司 2024 年度营业收入扣除情况的专项审核说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 目 录 | | 页 次 | | --- | --- | | 一、2024 年度营业收入扣除情况的专项审核说明 | 1-3 | 二、2024年度营业收入扣除情况表 中汇会专[2025]2154号 海南钧达新能源科技股份有限公司全体股东: 我们接受委托,审计了海南钧达新能源科技股份有限公司(以下简称钧达股 份)2024年度财务报表,并于2025年3月17日出具中汇会审[2025]2146号无保留意见 的审计报告,在此基础上对后附的钧达股份管理层编制的《海南钧达新能源科技股 份有限公司2024年度营业收入扣除情况表》(以下简称营业收入扣除情况表)进行了 审核。 一、管理层的责任 ...

海南钧达新能源科技股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 您可使用手机"扫一扫"或进入"注册 E 17 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17-18 | 三、财务报表附注 19-129 .. Jint 中国杭州市钱江新城新业 ...

关于海南钧达新能源科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 关于海南钧达新能源科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中汇会专[2025]2152号 海南钧达新能源科技股份有限公司全体股东: 我们接受委托,审计了海南钓达新能源科技股份有限公司(以下简称"钓达股 份")2024年度财务报表,并出具了中汇会审[2025]2146号无保留意见的审计报告, 在此基础上对后附的钧达股份管理层编制的《2024年度非经营性资金占用及其他关 联资金往来情况汇总表》(以下简称汇总表)进行了审核。 一、管理层的责任 管理层的责任是提供真实、合法、完整的相关资料,按照中国证券监督管理委 员会、公安部、国务院 ...

海南钧达新能源科技股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn E 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 浙25874ASDV5 报告编码: 三、内部控制的固有局限性 e 内部控制审计报告 中汇会审[2025]2155号 海南钧达新能源科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了 海南钧达新能源科技股份有限公司(以下简称"钧达股份")2024年12月31日的财务报告内 部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定,建立健全和有效实施内部控制,并 ...