BK0953 Photovoltaic Equipment
- 1615.099
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Chinese assets have ushered in a lot of good news!
Today, although the major indices of A-shares and Hong Kong stocks have not increased much, individual stocks have shown a general upward pattern. The money-making effect on the market is obvious, and concept stocks such as PV, real estate, and AI PCs have collectively strengthened.
A+H of Junda Co., Ltd. went one step further, and the Hong Kong listing was notified by the Securities Regulatory Commission
According to the new overseas listing and filing regulations for domestic companies that came into effect on March 31, 2023, companies chose to list H-shares in Hong Kong. The original path of big and small is a thing of the past. Companies listed overseas can directly submit a prospectus, and the roadmap will be replaced by a “filing notice”.
Goodway: The Q1 domestic household system development business contributed a lot of revenue and the industry is expected to finish in the middle or second half of the year | Direct access to performance
① Goodway executives said that inventory removal in the European inverter industry is still gradually improving. Overall market demand in Europe is still in a relatively steady upward trend, and it is expected that industry inventories will be eliminated in the middle or second half of this year. ② The company's domestic household system development business contributed a lot of revenue in the first quarter. Overseas revenue for the first quarter was about 400 million yuan, accounting for about 36%. The gross margin for the first quarter was less than 30%, down slightly from last year.
In anticipation of interest rate cuts in Europe, inverter production is scheduled to increase markedly in April
Institutional research reports indicate that in terms of photovoltaics, there was a slight decline in module production in late April and May, but inverter production began to increase markedly in April and continued in May, and the Q2 inflection point was established.
Strong inflow of foreign capital is another trend vane: Middle Eastern tycoons increase their presence in China, and multinational sovereign wealth funds continue to lay out A-shares
① The Abu Dhabi Investment Authority and the Kuwait Investment Authority held a large number of A-share listed companies in the first quarter; ② the Middle East Sovereign Fund also stepped up research on A-shares ③ Other overseas sovereign wealth funds are increasing their layout in the Chinese market.
Aero Energy: Q1 gross profit margin was 40.05% year-on-year flat, and inventory conditions improved | Direct performance report
① The company's gross margin for the first quarter of 2024 was 40.05%, the same as the previous year; sales of many new products began in April; ② Due to European inventory removal, etc., the net profit of inverter companies Goodway, Hemai Co., and Yuneng Technology have all declined to varying degrees since 2023. Li Xinfu, chairman and general manager of Aero Energy, said, “The company is in the process of helping channels jointly remove inventory, and the inventory situation has improved.”
Corrections to the 2024 First Quarter Report
2024 First Quarter Report (Revised Draft)
Saiwu Technology: Phototransfer film shipments are expected to grow in 24 years, and the first overseas base will be put into operation in mid-year | Direct performance report
① Saiwu Technology's Q1 phototransfer film product shipments increased year-on-year in 2024. The company expects that future phototransfer film shipments will also increase dramatically. ② Last year, N-type film shipments doubled year-on-year, accounting for nearly 40% of total shipments. The company aims to continue to increase the proportion of N-type film shipments in 2024. ③ The first overseas production site in Vietnam is scheduled to be put into operation by the middle of this year, while a production site in Xuancheng, Anhui is also being planned.
The last major increase in efficiency of crystalline silicon modules? Longji Green Energy's performance will push BC Technology to “break the siege” and new products are expected to be released in 2025 | Direct access to the results
① The company is about to release HPBC second-generation modules, and the module battery conversion efficiency has reached 24.4%; ② The company believes that BC technology is mainstream, and composite passivated back contact batteries are the definitive direction; ③ The company believes that according to the current market supply situation, without any special external factors, the supply chain imbalance problem will be difficult to resolve in the short term, and the elimination of backward companies will be accelerated.
Component prices fell, JinkoEnergy's Q1 net profit decreased by nearly 30% year-on-year
On the evening of April 29, JinkoEnergy released its first quarter results report. In the first quarter of this year, the company's revenue was 23.084 billion yuan, a year-on-year decrease of 0.3%; realized net profit of 1,176 billion yuan, a year-on-year decrease of 29.09%, and an increase of about 8.29% over the previous year.
The “power” of inventory and asset impairment is too great, Longji Green Energy turned profit and loss in the first quarter | Financial Report Interpretation
① Longji Green Energy's Q1 net loss was 2.35 billion yuan, and current inventory asset impairment preparations reached 2,649 billion yuan, which is an important reason for profit and loss; ② Regarding the annual target, the company head said that the overall shipping growth rate this year will not be lower than the average growth rate of the industry, and product shipments will continue to grow.
JinkoEnergy responds to the fire accident at the Shanxi factory: it is expected to have a certain impact on this year's results
① Regarding the fire accident at the Shanxi factory, Jinko Energy explained the situation today and is initially expected to have a certain impact on the 2024 annual results; ② According to Jinko Energy's previous plan, in 2024, the company will “strive to achieve an annual shipment target of 100-110GW, of which N-type shipments account for nearly 90%”.
Component prices continue to bottom out, GCL integration slows down this year's growth target | Financial Report Interpretation
① GCL integrated achieved a double increase in net revenue and profit last year, with component shipments of 16.42 GW. According to institutional statistics, GCL's integrated shipping rankings are back in the top ten in the industry; ② The company plans to increase revenue by more than 50% in 2024, which is slower than 2023. Analysts believe that the relationship between supply and demand will improve as production capacity is cleared faster.
Affected by falling product prices, Tianhe Solar's Q1 net revenue and profit both fell, and the 2024 module shipment target was 80-90GW
① Tianhe Solar said, “Affected by supply and demand in the photovoltaic industry chain, the sales price of the company's module products fell year-on-year, and the profitability of photovoltaic modules declined.” ② The reporter noticed that although many leading PV companies increased their annual performance, they all experienced a decline in performance in the fourth quarter of last year. Judging from the first-quarter data disclosed by Trina Solar this time, the performance pressure on photovoltaic companies is still under pressure, and the problem of overcapacity in the industry is prominent.
Net profit fell sharply last year, and the silicon chip leader, which suffered its first loss, spent another 5.5 billion dollars to build a battery project
① Hongyuan Green Energy's revenue and net profit both declined in 2023. The price of silicon wafers in its main business dropped significantly, while the solar module and battery business lost money. ② After several projects were implemented last year, the company also plans to invest in the construction of a 16 GW photovoltaic battery project in Baotou, with a total investment of 5.5 billion yuan. ③ The company believes that the project is conducive to industrial synergy in Baotou, but the price of photovoltaic products fluctuates greatly, and the benefits may fall short of expectations.
Science and Technology Innovation Board Evening News|Tianhe Solar's Q1 net profit fell 71% year on year, Haiguang Information's Q1 net profit increased 20.53% year on year
① Lanqi Technology: Net profit in the first quarter increased 1032.86% year on year; ② Changyang Technology plans to invest 302 million yuan to build a colorless transparent polyimide film project with an annual output of 1 million square meters; ③ New Scenery: Net profit of 394.71 million yuan in the first quarter increased 91.58% year on year; ④ China Micro: Net profit for the first quarter decreased 9.53% year on year.
Is the life of a photovoltaic “shovel seller” difficult too? Maiwei Co., Ltd.'s revenue doubled last year but overall gross margin declined | Annual Report Interpretation
① Maiwei's revenue nearly doubled last year, but net profit increased by only 6%. It is worth noting that the company's overall gross margin fell 7.79 percentage points last year; ② Last year, the company developed second-generation fence-less technology NBB and its string welding equipment, which is conducive to further cost reduction for heterojunction batteries.
“Owning silicon is king” has become a thing of the past, China Lai Co., Ltd. terminated the 14 billion yuan silicon-based project with a loss of 172 million yuan in the first quarter
① China Lai Co., Ltd. terminated the silicon-based project with a total investment of 14 billion yuan. Industry analysts believe that at a time when cash is king, it is more important to “survive”; ② The “owning silicon is king” era is over, and production capacity is being cleared at an accelerated pace. If polysilicon prices continue to decline, the profitability of silicon materials factories will decline.
JinkoEnergy's net revenue and profit double increase in 2023, and this year's shipment target is 100-110GW, calling it “accelerate the elimination of backward production capacity”
Yesterday evening (April 22), JinkoEnergy released its 2023 annual report. Benefiting from a sharp increase in PV module shipments, during the reporting period, the company achieved revenue of 118.682 billion yuan, an increase of 43.55% over the previous year; realized net profit of 7.440 billion yuan, an increase of 153.20% over the previous year.