第一太阳能 2024年度报告

First Solar, Inc. is America’s leading PV solar technology andmanufacturing company. The only US-headquartered companyamong the world’s largest solar manufacturers, First Solar isfocused on competitively and reliably enabling power generationneedswith its advanced,uniquely American thin film PVtechnology. Developed at research and development (R&D) labsin California and Ohio, the Company’s technology representsthenext generation of solar power generation,providing acompetitive,high-performance,andresponsiblyproducedalternative to conventional crystalline silicon PV modules. ABOUTFIRST SOLAR To OurShareholders! In 2024, First Solar continued to build thefoundations supporting our long-term growthstrategy. In this past year, we solidified our positionas America’s leading solar technology andmanufacturing company by expanding bothour manufacturing capacity and our researchand development (R&D) footprint. In 2024,we commissioned a new 3.5-gigawatt (GW)manufacturing facility in Alabama; progressedconstruction of a new 3.5 GW factory in Louisiana(expected to begin commercial operations inthe second half of 2025); and established theinfrastructure we anticipate will help accelerateour cycles of innovation with the new Jim NolanCenter for Solar Innovation in Ohio. While we werelaying the groundwork for future growth, in 2024we produced and shipped an historic volume ofmodules even as we exited the year with recordnameplate manufacturing capacity. Year in Review! FINANCIAL REVIEW The decrease in our net-cash balance for the fullyear 2024 was primarily due to capital expenditures,partially offset by module segment operating cashflows. Cashflows from operations were $1.2 billionin 2024, compared to $0.6 billion in 2023. Thisincrease was primarily driven by proceeds from theDecember sale of certain of our Section 45X taxcredits, partially offset by an increase in paymentsmade to suppliers compared to the prior year, andlower cash receipts from module sales in 2024. From afinancial perspective, our full-year dilutedearnings per share (EPS) for 2024 was $12.02,compared to $7.74 in 2023. Net sales for the fullyear 2024 were $4.2 billion compared to $3.3billion in the prior year. This increase was primarilydriven by a higher volume of modules sold to thirdparties. We ended 2024 with an aggregate cash, cashequivalents, restricted cash, restricted cashequivalents, and marketable securities balance of$1.8 billion, a decrease of $0.3 billion from the prioryear. Our year-end net-cash position, which includesthe aforementioned balance, less debt, was $1.2billion, a decrease of $0.4 billion from the prior year. Capital expenditures were $1.5 billion in 2024compared to $1.4 billion in 2023 primarily drivenby expenditures associated with our Alabama andLouisiana facilities. SALES & CONTRACTED BACKLOG Sales reached a new record high in 2024, with 14.1GW of modules sold during the year. In parallel, we sustained a highly selective approachto contracting, which was foreshadowed at thestart of the year. As we previously noted, the paceof bookings was expected to slow after recordcontracting years, with our contracted backlogproviding us with optionality in periods of pricing andpolicy uncertainty. 14.1GW 2024 - RecordHigh Module Sales Against this backdrop, we secured full-year netbookings of 4.4 GW at a base average selling price(ASP) of 30.5 cents per watt, excluding adjusters,India domestic sales, and terminations. Accountingfor full-year sales and net bookings in 2024, weended the year with a contracted backlog of 68.5GW, amounting to an aggregate value of $20.5billion, or approximately 29.9 cents per watt. Notably, a substantial portion of our backlogincludes opportunities to increase the base ASPthrough the application of adjusters if we realizeachievements within our current technologyroadmap as of the expected timing for deliveryof the product. By the end of 2024, we hadapproximately 37.1 GW of contracted volume withthese adjusters, which we estimate could generateup to an additional $0.7 billion, or approximately2 cents per watt, the majority of which would berecognized between 2026 and 2028. TECHNOLOGY & INNOVATION We believe that the age of electrification is upon us. Electricity is the lifeblood of themodern economy and our way of life. The future growth of industries, technologies, andnations worldwide is predicated on the availability of power. Meeting this unprecedenteddemand for electricity will require diverse sources of energy generation, and we believethat solar will be a key part of the mix, giving rise to opportunities to develop andcommercialize the next generation of disruptive, transformative solar technologies. Optimizing across efficiency, energy, and cost, we believe the future of solar will be largelydriven by thinfilm technologies. As a result, we have embarked on a focused technologystrategy concentrated on three core pillars, each underpinned by our 26 years ofexperience in developing,