海南钧达新能源科技股份有限公司2026年第一季度财报深度解读

一、财报关键要点

• 营业收入：2026年第一季度公司实现营业收入16.94亿元，同比下降9.63%。
• 归属于上市公司股东的净利润：1,416.36万元，同比大幅增长113.38%，扭亏为盈。
• 扣除非经常性损益后的净利润：亏损4,350.32万元，同比大幅收窄。
• 经营活动产生的现金流量净额：为-7.04亿元，同比大幅下滑128.13%。
• 基本每股收益：0.05元，同比增长110.87%。
• 加权平均净资产收益率：0.37%，同比提升36.91个百分点。
• 公司总资产：162.83亿元，较去年底微降0.73%。
• 归属于上市公司股东的所有者权益：40.29亿元，较去年底增长10.08%。

二、对股东和投资者具有价格敏感性的重大事项

• 业绩扭亏为盈：公司在2026年第一季度扭转了去年同期的亏损，实现净利润1,416万元，且基本每股收益由负转正，这对股价具有直接的正面推动作用。
• 毛利率改善：由于光伏电池片销售单价提升，盈利水平显著改善，显示公司在行业回暖周期具备价格转嫁和技术优势。
• 非经常性损益影响大：本期政府补助高达1.43亿元，带动了净利润的增长，投资者需关注补助的可持续性。
• 现金流压力加大：尽管业绩改善，但经营活动现金流净额大幅下滑，需关注公司资金链及运营安全。
• 资本运作活跃：公司2月完成H股配售，募集资金净额约3.98亿港元，股份总数由2.93亿股增至3.11亿股，为技术研发及扩展提供充足资金。
• 战略投资布局：公司参股上海星翼芯能科技有限公司（持股16.67%）、控股收购上海复遥星河航天科技有限公司（持股60%），进一步布局高端能源应用领域和培育第二增长曲线。
• 海外市场积极扩张：公司在印度、土耳其、欧洲等重点区域市场占有率领先，海外产能布局稳步推进，有望推动公司全球业务持续增长。
• 主营产品技术持续领先：持续推进N型电池降本增效，并加强xBC电池、钙钛矿叠层电池的研发，技术先发优势明显。
• 行业景气度高企：AI算力爆发、全球清洁能源转型加速推动光伏行业持续景气，公司作为电池环节龙头受益明显。

三、其他重要财务细节

• 流动资产：70.72亿元，非流动资产92.11亿元，资产结构稳健。
• 短期借款和一年内到期的非流动负债：短期借款19.32亿元，一年内到期的非流动负债21.70亿元，流动性压力需关注。
• 负债合计：122.13亿元，资产负债率较高。
• 投资活动净流出：投资现金流净流出4.37亿元，主要因加大对新业务领域的投资。
• 筹资活动净流入：7.35亿元，主要来自H股配售和新借款。
• 期末现金及现金等价物：25.49亿元，资金储备充裕。
• 股东结构：HKSCC NOMINEES LIMITED为第一大股东（26.38%），公司实际控制人为杨氏家族。

四、行业与公司展望

光伏行业在全球清洁能源转型、AI算力需求拉动下景气度持续提升，产业链供需结构优化。公司依托技术优势和全球化布局，主业市场地位强劲，同时积极拓展高端能源和新兴应用领域，有望为未来业绩持续增长提供动能。
但需警惕经营现金流下滑、补助可持续性、行业竞争加剧及海外扩张带来的运营和合规风险。

五、结论与投资建议

海南钧达新能源2026年首季业绩大幅改善，扭亏为盈，主业盈利能力恢复，资本运作与新业务布局积极，海外市场扩张明显，对公司长期增长前景构成实质利好。
但投资者需关注现金流压力、补助可持续性及行业波动风险。整体而言，该报告披露的信息具备较强的价格敏感性，或将对公司股价产生积极影响。

免责声明：本文仅基于海南钧达新能源科技股份有限公司2026年第一季度报告公开信息整理，不构成任何投资建议。投资者据此操作，风险自负。

English Version

In-depth Review of Hainan Junda New Energy Technology Co., Ltd. Q1 2026 Financial Report

1. Key Highlights from the Report

• Revenue: RMB 1.694 billion in Q1 2026, down 9.63% YoY.
• Net Profit Attributable to Shareholders: RMB 14.16 million, a dramatic turnaround (+113.38%) from a loss last year.
• Net Loss After Non-recurring Items: RMB -43.5 million, but the loss narrowed sharply YoY.
• Net Cash Flow from Operating Activities: -RMB 703.64 million, a significant YoY decline of 128.13%.
• Basic EPS: RMB 0.05, up 110.87% YoY.
• Weighted Average ROE: 0.37%, up 36.91 percentage points YoY.
• Total Assets: RMB 16.28 billion, down 0.73% from last year-end.
• Shareholders’ Equity: RMB 4.03 billion, up 10.08% from last year-end.

2. Price-Sensitive and Shareholder-Relevant Highlights

• Turnaround to Profit: The company turned a loss into a RMB 14.16 million profit, with EPS positive again, which is directly positive for the share price.
• Improved Gross Margin: Higher selling prices for solar cells drove profitability, highlighting pricing and technical advantages as the sector recovers.
• Large Non-recurring Gains: Government subsidies of RMB 142.82 million boosted net profit; investors should note the sustainability of such subsidies.
• Cash Flow Pressure: Despite improved earnings, operating cash flow worsened sharply, requiring attention to the company’s liquidity and operational safety.
• Active Capital Operations: In February, the company completed an H-share placement, raising HKD 398 million, increasing total shares from 292 million to 311 million, providing ample funding for R&D and expansion.
• Strategic Investments: The company acquired 16.67% of Shanghai Xingyixineng Technology and 60% of Shanghai Fuyao Xinghe Aerospace, broadening its presence in high-end energy and emerging application fields.
• Overseas Expansion: Market share leadership in key regions such as India, Turkey, and Europe, with overseas capacity ramp-up supporting global business growth.
• Ongoing Technology Edge: Continuous cost reduction and efficiency improvements in N-type cells, plus R&D in xBC and perovskite tandem cells, reinforce its technological leadership.
• Strong Industry Fundamentals: AI and clean energy transitions are keeping the solar industry robust, and the company, as a cell leader, is a direct beneficiary.

3. Other Key Financial Details

• Current Assets: RMB 7.07 billion; Non-current Assets: RMB 9.21 billion; Solid asset structure.
• Short-term Loans & Current Portion of Long-term Debt: RMB 19.32 billion and RMB 21.7 billion, indicating liquidity pressure.
• Total Liabilities: RMB 122.13 billion; Leverage remains high.
• Net Investing Cash Outflow: RMB -436 million, mainly due to increased investment in new businesses.
• Net Financing Cash Inflow: RMB 734 million, mainly from H-share placement and new loans.
• End-Q1 Cash & Equivalents: RMB 2.55 billion; solid cash reserves.
• Shareholder Structure: HKSCC NOMINEES LIMITED is the largest shareholder (26.38%); actual controller is the Yang family.

4. Industry and Company Outlook

The solar sector remains buoyant on the back of global clean energy transition and AI-driven demand, with the supply-demand balance improving. Leveraging technological strengths and global layout, the company’s main business retains a strong market position while new investments in high-end energy and emerging fields could drive future growth.
However, investors should be cautious of negative operating cash flow, the sustainability of government support, intensifying competition, and overseas expansion risks.

5. Conclusion and Investment View

Hainan Junda New Energy’s first quarter of 2026 saw a strong turnaround, with core business profitability restored, active capital operation, and new business and overseas expansion laying a foundation for long-term growth.
Nonetheless, cash flow pressure, subsidies sustainability, and sectoral risks warrant close monitoring. Overall, the information disclosed is highly price-sensitive and likely to impact the company’s share price positively.

Disclaimer: This article is based solely on publicly available information from Hainan Junda New Energy Technology Co., Ltd.’s Q1 2026 report. It does not constitute investment advice. Investors should act at their own risk.

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