As of the first half of 2024, the A-share buyback wave surged. According to incomplete statistics from Cailian Press, 48 listed companies including Andon Health, Asymchem Laboratories, Will Semiconductor, Wuxi AppTec, Sany Heavy Industry, Sanan Optoelectronics, S.F. Holding, Han's Laser Technology Industry Group, Autes Biopharm, Hisense Visual Technology, LONGi Green Energy Technology, Flat Glass Group, Ming Yang Smart Energy, JuHang Materials, Montage Technology, Haitong Securities, Shandong Nanshan Aluminium, Yabao Pharmaceutical Group, HG Technology, Chongqing Zhifei Biological Products, Sany Heavy Energy, Sunwoda Electronic, Focus Lightings Tech, Advanced Micro-Fabrication Equipment Inc. China, Jiuhao Health, Ningbo Shanshan, Autobio Diagnostics, Shanghai Wanye Enterprises, BYD Company Limited, Hangjin Technology, Huaqin Technology, Sanwei Holding Group, Zhejiang Conba Pharmaceutical, Shandong Iron and Steel, and Xilinx, have disclosed plans to repurchase their shares and the highest repurchase amount exceeds 400 million yuan. For more information, please refer to the chart below:

Among them, in the first quarter (between January 1 and March 31), 35 listed companies including Andon Health, Asymchem Laboratories, Will Semiconductor, Wuxi AppTec, Sany Heavy Industry, Sanan Optoelectronics, S.F. Holding, Han's Laser Technology Industry Group, Autes Biopharm, Hisense Visual Technology, LONGi Green Energy Technology, Flat Glass Group, Ming Yang Smart Energy, JuHang Materials, Montage Technology, Haitong Securities, Shandong Nanshan Aluminium, Yabao Pharmaceutical Group, HG Technology, Chongqing Zhifei Biological Products, Sany Heavy Energy, Sunwoda Electronic, Focus Lightings Tech, Advanced Micro-Fabrication Equipment Inc. China, Jiuhao Health, Ningbo Shanshan, Autobio Diagnostics, Shanghai Wanye Enterprises, BYD Company Limited, Hangjin Technology, Huaqin Technology, Sanwei Holding Group, Zhejiang Conba Pharmaceutical, Shandong Iron and Steel, and Xilinx have disclosed repurchase plans and the maximum repurchase amount exceeds 400 million yuan. For more details, please see Cailian Press's previous report "Over 1,000 A-share listed companies disclosed repurchase plans in the first quarter! 35 stocks plan to repurchase with the highest amount exceeding 400 million yuan, 4 listed companies including East Money Information plan to cancel more than 50 million shares".

Tongwei Co., Ltd. plans to repurchase shares with the highest repurchase amount limit, and Pharmaron and S.F. Holding released a repurchase plan.

Since April 1, listed companies that have disclosed repurchase plans include Tongwei Co., Ltd., a silicon and battery leader with a total market value of 86 billion yuan, which plans to repurchase shares with a maximum amount of 4 billion yuan. On April 29, Tongwei Co., Ltd. announced that it plans to repurchase shares with an amount of 2 billion to 4 billion yuan, and the repurchase price will not exceed 36 yuan/share, which will be used for employee shareholding plans or stock-based incentives. The latest announcement shows that as of June 28, Tongwei Co., Ltd. has accumulated repurchased 49.2602 million shares, accounting for 1.09% of the total share capital, with a repurchase amount of 1.037 billion yuan. However, in the secondary market, Tongwei Co., Ltd.'s stock price has continued to fall, with a cumulative maximum decline of 68% since its historical high in July 2022.

In the research report on May 24, Dongwu Securities' Zeng Duohong and others stated that due to the quality and finished product advantages, Tongwei Co., Ltd. shipped 100,000 tons of silicon materials (equity of approximately 75,000 tons) in 2024Q1, which was the same as the previous period. The company's silicon material production capacity will expand to 800,000 to 1 million tons from 2024 to 2026, and the cost of N-type will be reduced to within 40,000 RMB, further enhancing cost advantages. Regarding batteries, the company's shipments were about 16GW in 2024Q1, with TNC accounting for approximately 7.9GW, due to price fluctuations and P-type transformations. At the end of 2024Q1, TNC battery production efficiency reached 23.26%, non-silicon cost reduced by 0.16 RMB/W, with significant efficiency and cost improvements. It is expected that the TNC battery production capacity will exceed 100GW at the end of 2024, and the production capacity structure will remain in a leading position. Based on intensified industry competition and overall industry chain profit pressure, with prices continuously approaching the bottom, Tongwei Co., Ltd's 2024-2025 profit forecast is lowered, and net income is expected to decline by 76.92% year-on-year in 2024.

Trina Solar Co., Ltd., a provider of integrated solutions for photovoltaic energy storage systems in the photovoltaic industry, announced on June 25 that it plans to buy back shares worth RMB 1 billion to RMB 1.2 billion to convert convertible bonds issued by the company. The repurchase price does not exceed RMB 31 per share. In the secondary market, the stock price of Trina Solar has fallen by a cumulative maximum of 80% from its historical high in August 2022. Han Chen and others of Southwest Securities stated in their research report on May 9 that Trina Solar's upstream layout of N-type silicon rods and slices, the improvement of vertical and integrated production capacity, and the expansion of N-type TOPCon technology have been strengthened. The synergy development of photovoltaics, distributed, brackets, and energy storage businesses will construct a cost competitiveness for integrated energy storage and is expected to become the company's growth point.

In the mid-term strategy report for photovoltaics in 2024 titled "Clearing the Skies and Waiting for Dawn" published by Zheshang Securities’ Zhang Lei and others on June 26, it was stated that global energy transformation demand is still strong, and although the profitability of each link in the main photovoltaic industry is under pressure, each link is already in the bottom range of prices. With the continuous release of terminal demand and the continuous decline of inventory levels, photovoltaic fundamentals are expected to stabilize, and as outdated production capacity is eliminated, the industry supply and demand are expected to continue to improve, and the turning point of fundamentals is expected to accelerate after supply and demand reach a new balance.

Yili Industrial Group, a dairy product leader with a total market value of over RMB 160 billion, plans to repurchase shares up to RMB 2 billion, second only to the limit. On April 29, Yili Industrial Group announced plans to repurchase shares worth RMB 1 billion to RMB 2 billion, with a repurchase price not exceeding RMB 41.88 per share. All shares purchased will be cancelled and the company’s registered capital will be reduced. According to the latest repurchase progress announcement, as of June 12, Yili Industrial Group has repurchased 2.695 million shares, with a cumulative repurchase amount of RMB 72.6993 million. Liu Peng and others of the Great Wall Securities stated in their research report on May 9 that Yili Industrial Group plans to achieve revenue of RMB 130 billion in 2024, with a year-on-year growth of 3.0%, and plans to achieve a total profit of RMB 14.7 billion, with a stable target. Liquids are expected to stabilize in the second half of the year, while the milk powder and dairy product business is expected to benefit from the improvement of concentration in the infant formula industry and the development of the adult nutrition industry. The cold drink business is expected to maintain rapid growth; from a profit perspective, the cost dividend will continue throughout the year, and the product structure is expected to improve, with an expected increase in gross margin. At the same time, sales expenses are being invested rationally, and overall profitability is expected to further improve.

Jiangsu Hengrui Pharmaceuticals, an innovative drug leader with a total market value of nearly RMB 250 billion, announced on May 15 that it plans to repurchase shares of RMB 600 million to RMB 1.2 billion at a repurchase price not exceeding RMB 67.38 per share for employee shareholding plans. According to the latest repurchase progress announcement, as of June 20, Hengrui Pharmaceuticals has repurchased 370,000 shares with a cumulative repurchase amount of RMB 15.0453 million. Recently, Hengrui Pharmaceuticals announced that it will license the GLP-1 product combination with independent intellectual property rights to American Hercules company, obtaining 19.9% equity of Hercules company and a license fee for GLP-1 product combination. Wu Yunfei of Dongfang Securities stated in the research report on May 20 that since 2023, Hengrui Pharmaceuticals has continuously obtained favorable licensing news, reaching five licensing transactions with a total amount of more than US$4 billion. The intense overseas licensing has shown that the company’s R&D strength has gained global competitiveness and has made new breakthroughs in the quality and speed of innovative drug R&D. The internationalization process will be accelerated. In addition, Hengrui Pharmaceuticals' innovative R&D pipeline layout is comprehensive, and follow-up large varieties under research and development, such as GLP-1 and ADC, are expected to be approved for listing within the next 1-3 years, driving the company's new round of performance growth.

Hengrui Pharmaceuticals recently announced that the GLP-1 product combination with independent intellectual property rights will be licensed to American Hercules company in exchange for 19.9% of Hercules company's equity and authorized license fees. Wu Yunfei of Dongfang Securities stated in the research report on May 20 that since 2023, Hengrui Pharmaceuticals has continuously obtained favorable licensing news, reaching five licensing transactions with a total amount of more than US$4 billion. The intense overseas licensing has shown that the company’s R&D strength has gained global competitiveness and has made new breakthroughs in the quality and speed of innovative drug R&D. The internationalization process will be accelerated. In addition, Hengrui Pharmaceuticals' innovative R&D pipeline layout is comprehensive, and follow-up large varieties under research and development, such as GLP-1 and ADC, are expected to be approved for listing within the next 1-3 years, driving the company's new round of performance growth.

Beijing-Shanghai High-Speed Railway, a railway passenger transport leader with a total market value of over RMB 260 billion, announced on May 30 that it plans to repurchase shares worth RMB 1 billion, with a repurchase price not exceeding RMB 5.87 per share, for the cancellation and reduction of the company's registered capital. Luo Yali of Haitong International stated in the research report on May 8 that as a transportation corridor connecting north and south and an economic bridge, Beijing-Shanghai High-Speed Railway has a golden line asset, which lays a good foundation for stable and robust performance. With the recovery and development of the company's transportation business, plus the "increase income and reduce expenses and costs" strategy, the gross profit margin is expected to steadily increase. In addition, market-oriented ticket prices will contribute elasticity to the business of this line, and the continuous improvement of the high-speed rail network will contribute to incremental growth of cross-line business.

In addition to Inner Mongolia Yili Industrial Group and Beijing-Shanghai high-speed railway, according to incomplete statistics, A-share listed companies that have disclosed cancellation-based share repurchase plans since April 1st include Pharmaron, Langxin Group, Xishan Technology, Liqun Commercial Group, Shanxi Lanhua Sci-Tech Venture, Gleebo, Shenzhen Capchem Technology, Yixintang Pharmaceutical, Shanghai DZH Limited, Xi'an International Medical Investment, Jinlei Technology, Suzhou Hailu Heavy Industry, Hubei Biocause Pharmaceutical, ST Longyu, Sichuan Meifeng Chemical Industry, Top Resource Energy, Jiangyin Zhongnan Heavy Industries, Huaru Technologies, Shanghai Challenge Textile, Guizhou Transportation Planning Survey&design Academe, Zero Dot Digital Intelligence, Suzhou Institute of Building Science Group, Shanghai Titan Scientific Co.,Ltd., ST Weidi, and Shaanxi Fenghuo Electronics. See the chart below for details:

It is worth noting that SF Holding, the comprehensive logistics industry leader with a total market value of more than 170 billion yuan, has announced two repurchase plans in the first half of the year. After announcing a buyback plan of 500 million to 1 billion yuan on January 30 to repurchase shares for cancellation and to reduce registered capital, SF Holding announced on April 29 another share buyback plan for the second phase in 2024. It plans to repurchase shares for 500 million to 1 billion yuan at a repurchase price not exceeding 53 yuan per share, which will be used for the employee stock ownership plan or stock-based incentive plan that it plans to launch in the future. In addition to SF Holding, according to an incomplete statistics by Cai Lian News, 10 A-share listed companies, including Jiangsu Eazytec Co., Ltd., Wuxi Chipown Micro-Electronics, Wuxi AppTec, Yubang Electric Power, Jingwei Hengrun, Reed Electronics, Top Score Fashion, Joyvio, Guangzhou Ruoyuchen Technology, and Toread Holdings Group, have disclosed second-round repurchase plans in the first half of this year. See the chart below for details: