On the evening of January 25, Changsha Yule New Material Technology Co., Ltd. (hereinafter referred to as “Muller New Material, 300700.SZ†announced the 2018 performance forecast. So far, a total of 25 PV companies in the A-share market announced their net profit last year.
In 2018, China's photovoltaic industry is not calm. The introduction of the “531 Photovoltaic Policy†has poured cold water into the domestic PV industry, which once spurred. The weak downstream demand has affected the entire PV industry chain to varying degrees. However, the final result may not be as bad as expected. According to the statistics of interface journalists, except for the photovoltaic companies that have not announced the range of changes in net profit, the remaining 22 companies realized a net profit of 7.406 billion yuan to 9.431 billion yuan last year. In 2017, the 22 PV companies realized a net profit of 9.221 billion yuan. This also means that the overall net profit of the 22 PV companies mentioned above varies from -19.68% to 2.28%.
25 A-share PV companies announced 2018 performance forecasts. Source: Wind, Interface News Research Department It is worth mentioning that 19 of the above 22 PV companies are profitable. Among them, 7 companies realized a positive growth in net profit, and one company realized a turnaround.
The performance of the leading A-share PV industry chain is more representative of the industry. According to the statistics of the interface journalists, as of now, from the upstream polysilicon to the downstream power station, the photovoltaic equipment suppliers are superimposed, and a total of 8 leading enterprises in the industrial chain have announced the performance forecast. The performance of these leading enterprises “a few happy ones†indicates that there are differences in the impact of the domestic PV industry chain last year.
First, at the polysilicon end, the leading company Tongwei shares (600438.SH) performance forecast shows that the company's net profit attributable to shareholders of listed companies last year was 2.012 billion yuan to 2.113 billion yuan, an increase of 0% compared with 2017. 5.00%.
The profit growth of Tongwei's PV business in 2018 slowed down, but overall it is expected to maintain growth. Among them, the company's high-purity crystalline silicon business has significant cost advantages, and the domestic demand for polysilicon, especially high-quality polysilicon, is still large, maintaining a relatively strong demand. However, due to the rapid decline in the price of polysilicon materials, the profits of Tongwei shares were squeezed.
The business segment that Tongwei Co., Ltd. performed brilliantly last year was a high-efficiency battery. Although the price of all links in the photovoltaic industry chain has declined, the price of high-efficiency crystalline silicon cells is relatively firm. As a leading company, Tongwei's 2019 battery chip production capacity is expected to reach 20GW, ranking first in the industry. Last downstream demand for high-performance batteries, so that the company 115 percent of capacity utilization, maintaining a good profitability.
Second, the components side of the middle reaches, the leading single-crystal Lungi shares (601012.SH), Central shares (002129.SZ), and polycrystalline leading integrated GCL (002506.SZ) performance, reflecting the fierce competition in the link. According to results notice, Lungi shares, the Central share is not, GCL integrated net profit last year were lower. Among them, Lungi shares net profit attributable to shareholders of listed companies from 2661 to 2761 million yuan, down 22.55 to 25.36 percent. However, the company said that in the case of poor market background, its "main product silicon wafer and component sales surged, monocrystalline market share quickly upgrade."
Since last year, poor industry environment, resulting in increased customer repayment difficulty, polycrystalline components leading integrated GCL may face a greater risk provision for bad debts. Therefore, the company's net profit last year was very uncertain: a loss of 400 million yuan to a profit of 50 million yuan, a year-on-year decline of 17.77 times to an increase of 1.10 times.
At the side of the accessories, the performance of the back-plate faucet Zhongmei (300393.SZ) fell significantly. The performance forecast shows that the company's net profit attributable to shareholders of listed companies last year was 150 million yuan to 200 million yuan, down 22.65% to 41.99% year-on-year.
The net profit of the Jinlong line leader, Muller New Materials, is also difficult to escape. Last year, the company achieved a net profit attributable to shareholders of listed companies of 34 million yuan to 36 million yuan, down 67.67% to 69.46%.
However, in 2018, some of the leading manufacturers of photovoltaic equipment maintained a good growth performance - crystal growth furnace equipment leader Jingsheng Electromechanical achieved a net profit attributable to shareholders of listed companies last year of 561 million yuan to 677 million yuan, an increase of 45.00% to 75.00 %; photovoltaic cell equipment leader Jiejia Weichuang (300724.SZ) achieved net profit attributable to shareholders of listed companies last year of 285 million yuan to 325 million yuan, an increase of 12.19% to 27.93%.
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