返回投资研究台 2026-06-01
Market Context

报告对应赛道与标的

03
LANES
能源转型/储能光伏45 报告中国出口制造/利润率35 报告先进封装/HBM4 闸门178 报告

研究对象: T1

T1 财务数据复核

一、三年收入、净利润、毛利率、净利率趋势

年度 收入 毛利 净利润 / 净亏损 毛利率 净利率 核心观察
2025 $755.295 million [S1] $55.581 million [自测算：$755.295 million - $699.714 million；输入见 S1] $367.834 million [S1] 7.4% [自测算：$55.581 million / $755.295 million；输入见 S1] 48.7% [自测算：-$367.834 million / $755.295 million；输入见 S1] 收入来自收购后太阳能组件业务放量，但销售和管理费用仍压制净利润。[S1]
2024 $2.942 million [S1] .228 million [自测算：$2.942 million - .714 million；输入见 S1] $450.554 million [S1] 41.7% [自测算：.228 million / $2.942 million；输入见 S1] 15,314.5% [自测算：-$450.554 million / $2.942 million；输入见 S1] 收入基数极低，毛利率和净利率可比性弱。[S1]
2023 $0.000 million [S2] N/A [S2] $73.096 million [S2] N/A [S2] N/A [S2] 尚未形成收入，损益主要反映上市前后电池业务相关研发和管理投入。[S2]

二、ROE / ROA / ROIC 分析

口径说明：ROE = 净利润 / 平均股东权益；ROA = 净利润 / 平均总资产；ROIC = 经营利润或经营亏损 / 平均投入资本；平均投入资本 = 平均（股东权益 + 带息债务 - 现金及受限现金）。带息债务口径包含短期及长期债务、关联方债务和可转换票据，不含租赁负债。[自测算：口径定义，输入见 S1、S2]

年度 净利润 / 净亏损 平均股东权益 平均总资产 平均投入资本 ROE ROA ROIC 解读
2025 $367.834 million [S1] $219.566 million [自测算：（$250.370 million + 88.762 million）/ 2；输入见 S1] ,353.977 million [自测算：（,372.108 million + ,335.846 million）/ 2；输入见 S1] $542.075 million [自测算：（$369.755 million + $714.394 million）/ 2；输入见 S1] 167.5% [自测算：-$367.834 million / $219.566 million；输入见 S1] 27.2% [自测算：-$367.834 million / ,353.977 million；输入见 S1] 43.3% [自测算：-$234.567 million / $542.075 million；输入见 S1] 股东权益基数较薄，净亏损导致 ROE 显著为负。[自测算：输入见 S1]
2024 $450.554 million [S1] $411.739 million [自测算：（88.762 million + $634.716 million）/ 2；输入见 S1、S2] ,034.016 million [自测算：（,335.846 million + $732.185 million）/ 2；输入见 S1、S2] $536.684 million [自测算：（$714.394 million + $358.974 million）/ 2；输入见 S1、S2] 109.4% [自测算：-$450.554 million / $411.739 million；输入见 S1、S2] 43.6% [自测算：-$450.554 million / ,034.016 million；输入见 S1、S2] 14.7% [自测算：-$79.006 million / $536.684 million；输入见 S1、S2] 该年亏损规模较大，资产收益率和权益收益率均为负。[自测算：输入见 S1、S2]
2023 $73.096 million [S2] $677.422 million [自测算：（$634.716 million + $720.127 million）/ 2；输入见 S2] $779.942 million [自测算：（$732.185 million + $827.698 million）/ 2；输入见 S2] $258.028 million [自测算：（$358.974 million + 57.082 million）/ 2；输入见 S2] 10.8% [自测算：-$73.096 million / $677.422 million；输入见 S2] 9.4% [自测算：-$73.096 million / $779.942 million；输入见 S2] 55.4% [自测算：-42.985 million / $258.028 million；输入见 S2] 当年无收入，ROIC 主要反映经营亏损对投入资本的消耗。[自测算：输入见 S2]

三、杠杆与偿债能力指标

年度 总资产 总负债 总负债 / 总资产 股东权益 带息债务 带息债务 / 股东权益 流动资产 流动负债 流动比率 现金及受限现金
2025 ,372.108 million [S1] ,050.223 million [S1] 76.5% [自测算：,050.223 million / ,372.108 million；输入见 S1] $250.370 million [S1] $390.158 million [自测算：$46.357 million + 52.960 million + 37.303 million + $53.538 million；输入见 S1] 1.56x [自测算：$390.158 million / $250.370 million；输入见 S1] $663.492 million [S1] $463.588 million [S1] 1.43x [自测算：$663.492 million / $463.588 million；输入见 S1] $270.773 million [自测算：82.450 million + $81.203 million + $7.120 million；输入见 S1]
2024 ,335.846 million [S1] ,098.709 million [S1] 82.2% [自测算：,098.709 million / ,335.846 million；输入见 S1] 88.762 million [S1] $602.277 million [自测算：$42.867 million + $51.500 million + $80.698 million + 88.316 million + $238.896 million；输入见 S1] 3.19x [自测算：$602.277 million / 88.762 million；输入见 S1] $572.021 million [S1] $410.124 million [S1] 1.39x [自测算：$572.021 million / $410.124 million；输入见 S1] $76.645 million [自测算：$72.641 million + $4.004 million；输入见 S1]
2023 $732.185 million [S2] $97.469 million [S2] 13.3% [自测算：$97.469 million / $732.185 million；输入见 S2] $634.716 million [S2] $0.000 million [S2] 0.00x [自测算：$0.000 million / $634.716 million；输入见 S2] $311.954 million [S2] $49.184 million [S2] 6.34x [自测算：$311.954 million / $49.184 million；输入见 S2] $275.742 million [自测算：$253.339 million + $22.403 million；输入见 S2]

四、现金流质量

年度 经营活动现金流 净利润 / 净亏损 OCF / 净利润 现金流质量判断
2025 $95.463 million [S1] $367.834 million [S1] 0.26x [自测算：$95.463 million / -$367.834 million；输入见 S1] 经营现金流为正而净利润为负，说明会计亏损没有转化为同向经营现金流流出；但比率因分母为亏损而不宜按常规盈利公司解读。[自测算：输入见 S1]
2024 02.817 million [S1] $450.554 million [S1] 0.23x [自测算：-02.817 million / -$450.554 million；输入见 S1] 净亏损与经营现金流流出同向，现金流质量偏弱。[自测算：输入见 S1]
2023 $87.929 million [S2] $73.096 million [S2] 1.20x [自测算：-$87.929 million / -$73.096 million；输入见 S2] 无收入阶段的经营现金流消耗高于净亏损，反映现金消耗压力。[自测算：输入见 S2]

五、关键财务指标与可比样本均值

可比样本说明：下表的“可比样本均值”仅用于 T1 的行业参照，样本为 First Solar, Inc.（FSLR）、Canadian Solar Inc.（CSIQ）和 JinkoSolar Holding Co., Ltd.（JKS）；这些公司在本报告中仅作为 T1 的可比公司，不作为独立研究对象。[S3][S5][S7]

指标 T1 2025 可比样本均值 差距 结论
毛利率 7.4% [自测算：$55.581 million / $755.295 million；输入见 S1] 20.4% [自测算：（40.62% [S3] + 18.34% [S5] + 2.15% [S7]）/ 3] 13.0 个百分点 [自测算：7.4% - 20.4%] T1 毛利率低于可比样本均值，显示组件产能爬坡和成本结构仍需改善。[自测算：输入见 S1、S3、S5、S7]
净利率 48.7% [自测算：-$367.834 million / $755.295 million；输入见 S1] 5.2% [自测算：（29.28% [S3] + -2.77% [S5] + -10.86% [S7]）/ 3] 53.9 个百分点 [自测算：-48.7% - 5.2%] T1 净亏损率明显弱于可比样本，主要问题在毛利不足和费用负担。[自测算：输入见 S1、S3、S5、S7]
ROE 167.5% [自测算：-$367.834 million / $219.566 million；输入见 S1] 3.1% [自测算：（17.45% [S4] + -3.68% [S6] + -23.01% [S8]）/ 3] 164.4 个百分点 [自测算：-167.5% - -3.1%] T1 权益收益率显著落后，且负值被较薄权益基数放大。[自测算：输入见 S1、S4、S6、S8]
ROA 27.2% [自测算：-$367.834 million / ,353.977 million；输入见 S1] 2.3% [自测算：（12.13% [S4] + 0.33% [S6] + -5.49% [S8]）/ 3] 29.5 个百分点 [自测算：-27.2% - 2.3%] T1 资产尚未产生正向利润回报。[自测算：输入见 S1、S4、S6、S8]
ROIC 43.3% [自测算：-$234.567 million / $542.075 million；输入见 S1] 1.5% [自测算：（16.42% [S4] + 0.43% [S6] + -12.37% [S8]）/ 3] 44.8 个百分点 [自测算：-43.3% - 1.5%] T1 投入资本回报仍为负，项目扩张需要依赖后续产能利用率和单位成本改善。[自测算：输入见 S1、S4、S6、S8]
带息债务 / 股东权益 1.56x [自测算：$390.158 million / $250.370 million；输入见 S1] 1.12x [自测算：（0.03x [S4] + 1.76x [S6] + 1.56x [S8]）/ 3] +0.44x [自测算：1.56x - 1.12x] T1 杠杆高于可比样本均值，偿债弹性取决于经营现金流持续性。[自测算：输入见 S1、S4、S6、S8]
流动比率 1.43x [自测算：$663.492 million / $463.588 million；输入见 S1] 1.65x [自测算：（2.67x [S4] + 1.02x [S6] + 1.25x [S8]）/ 3] 0.22x [自测算：1.43x - 1.65x] T1 短期偿债覆盖低于可比样本均值，但仍高于 1.00x [自测算：输入见 S1、S4、S6、S8]。

资料来源 / Sources

[S1] U.S. SEC, T1 Energy Inc. Form 10-K for fiscal year ended December 31, 2025 — https://www.sec.gov/Archives/edgar/data/1992243/000199224326000007/t1-20251231.htm

[S2] U.S. SEC, FREYR Battery, Inc. Form 10-K for fiscal year ended December 31, 2023 — https://www.sec.gov/Archives/edgar/data/1992243/000199224324000066/frey-20231231.htm

[S3] StockAnalysis.com, First Solar (FSLR) Financials & Income Statement — https://stockanalysis.com/stocks/fslr/financials/

[S4] StockAnalysis.com, First Solar (FSLR) Financial Ratios — https://stockanalysis.com/stocks/fslr/financials/ratios/

[S5] StockAnalysis.com, Canadian Solar (CSIQ) Financials & Income Statement — https://stockanalysis.com/stocks/csiq/financials/

[S6] StockAnalysis.com, Canadian Solar (CSIQ) Financial Ratios — https://stockanalysis.com/stocks/csiq/financials/ratios/

[S7] StockAnalysis.com, JinkoSolar Holding (JKS) Financials & Income Statement — https://stockanalysis.com/stocks/jks/financials/

[S8] StockAnalysis.com, JinkoSolar Holding (JKS) Financial Ratios — https://stockanalysis.com/stocks/jks/financials/ratios/