On April 23, Yingli shares (300956. SZ) released its 2023 annual report and the first quarter of 2024, in which the operating income in 2023 was 1.484 billion yuan, a year-on-year increase of 8.14%, and the revenue and net profit in the first quarter of 2024 both increased, of which the net profit attributable to the parent company turned losses into profits year-on-year, showing a good momentum of development.
Revenue grew steadily, and net profit turned around in the first quarter of 2024
According to the data, Yingli shares are mainly engaged in the research and development, design, production and sales of consumer electronics structural modules and related precision molds, and at the same time, the company has entered the photovoltaic field to engage in the research and development, production and sales of high-tech photovoltaic modules, as well as the development of distributed photovoltaic power stations and household photovoltaic EPC. During the reporting period, the company's main products were notebook computer structural modules and related precision molds, photovoltaic modules.
In 2023, under the complex market environment, Yingli will operate steadily, achieving revenue of 1.484 billion yuan, a year-on-year increase of 8.14%. In 2023, the company adjusted its product structure, increased the proportion of high-margin products, and implemented strict cost control measures, resulting in a comprehensive gross profit margin of 11.49%, an increase of 4.43 percentage points over the previous year.
It is worth mentioning that on the same day, the first quarter report of 2024 released by Yingli Co., Ltd. showed that the company achieved a double increase in revenue and net profit in the first quarter, of which the revenue reached 363 million yuan, a year-on-year increase of 42.40%, mainly due to the increase in orders in the first quarter, and the net profit attributable to shareholders of listed companies was 3.6171 million yuan, achieving a year-on-year turnaround. In the first quarter, the company's net cash flow from operating activities reached 102 million yuan, a year-on-year increase of 79.86%.
Pay attention to technological innovation and consolidate market position
As a listed company in the consumer electronics industry, Yingli attaches great importance to R&D and innovation, in 2023, the company's R&D investment will be 53.7781 million yuan, accounting for 3.62% of operating income, and the number of R&D personnel will be 222.
In 2023, the company will continue to strengthen investment in technological innovation, accurately grasp the future product and technology direction through in-depth participation in the pre-research and development of customer products, carry out research and development of new technologies and new processes, and reserve key core technologies.
In terms of photovoltaic business development, Yingli attaches great importance to the construction of talent team, and introduces key leading talents and teams with strong technology and comprehensive ability from the industry, so as to accurately judge the development trend of the industry and grasp the market dynamics. In addition, the company has rich experience in intelligent manufacturing in the consumer electronics industry, which can provide comprehensive solutions for customers in the photovoltaic field and establish differentiated competitive advantages.
Through years of industry operation, Yingli has established long-term and stable cooperative relations with world-renowned notebook computer foundries such as Lianbao, Compal, Wistron, Huaqin, etc., and the laptop terminal application brands served include Lenovo, Dell, Xiaomi, Acer, HP, Honor and other global mainstream and emerging laptop brands.
Yingli has been working closely with customers such as Lianbao, Compal, Wistron and other customers for a long time, and continues to strengthen the cooperative relationship with these downstream customers by participating in the research and development process of their new products. In 2023, Lenovo Group awarded the company the honor of "Quality Operation Award", and Lianbao Technology awarded the company two honors of "Diamond Award".
Accelerate the layout of new energy business, and the two-wheel drive has begun to show results
At present, in the context of the "dual carbon" goal, the photovoltaic industry is in a stage of rapid development. Yingli has always been concerned about the development of the photovoltaic industry, and in October 2022, the company established Anhui Feimi and officially announced its entry into the photovoltaic field.
In 2023, Yingli will continue to expand the diversified scale application scenarios of photovoltaic technology, and actively deploy photovoltaic building integration, energy storage and other fields. In June, Anhui Feimi purchased a set of N-type high-efficiency photovoltaic module fully automated assembly lines from Jiangsu Hongruida New Energy Equipment Co., Ltd. and Suzhou Shengcheng Photovoltaic Equipment Co., Ltd., which have been completed and put into production one after another. In August, the company established a wholly-owned subsidiary, Hubei Feimi Energy Storage Technology Co., Ltd., which is mainly engaged in the development of source-grid-load-storage integrated platform, EMS hardware and software development, and industrial and commercial and household energy storage product development.
In the face of fierce competition in the photovoltaic industry, Yingli Co., Ltd. adjusted its development ideas in a timely manner, and through the establishment of its own distributed photovoltaic power station business team, focusing on the investment and development of industrial and commercial photovoltaic power stations and household photovoltaic EPC, it drove the sales of its own products, and initially formed a business layout of self-production and self-sale of photovoltaic modules, self-holding or resale of industrial and commercial photovoltaic power stations after investment, and settlement of household photovoltaic EPC and the bottom party according to the schedule.
At present, Yingli has formed a two-wheel drive development pattern of the main business of consumer electronics structural parts and new energy business, and the revenue of new energy business is steadily increasing. According to the China Photovoltaic Industry Association, the new installed capacity of PV will reach 216.88GW in 2023, an increase of 148.1% over the previous year. In the future, the new energy business will become the second growth curve of Yingli, and the diversified business layout will inject strong impetus into the company's long-term development.
Respond effectively to risks and show strong development potential
In recent years, the consumer electronics market has faced fierce industry competition, and the laptop market will continue to slump in 2023 due to factors such as reduced consumer PC demand. Yingli is in the upstream industry of consumer electronics, so it will also face the challenge of intensified competition in the industry. However, the company actively responds to changes in market conditions, pays attention to the development of competitors, and improves its predictability of future market changes. At the same time, it strengthens the advantages of its own products, actively responds to and quickly adjusts product development strategies to face the risk of market changes.
In recent years, affected by frequent accidents, industrial policy restrictions and price factors of bulk commodities such as oil, precious metals, and base metals, raw materials such as polysilicon, adhesive film, glass, silver paste, welding strip, aluminum frame, and backsheet have been mismatched with supply and demand to varying degrees. The company said it will pay close attention to industrial policies and stable supply of raw materials, improve operational efficiency, and increase business development efforts.
With excellent quality as the development goal, technological innovation as the development orientation, and excellence as the production goal, Yingli Co., Ltd. firmly grasps the industrial trend, fully follows the market demand, and continuously optimizes the business process of design and development, manufacturing, supply guarantee and after-sales maintenance.
Facing the future, Yingli said that it will focus on technological innovation, market expansion, industrial chain collaboration, intelligent manufacturing and other dimensions, while continuing to deepen the field of structural modules, actively respond to national policies, actively lay out the core links of the photovoltaic industry chain, and take high-efficiency photovoltaic module production, integrated manufacturing of optical storage products, investment and development of industrial and commercial photovoltaic power stations and household photovoltaic EPC as the development direction. Give full play to the company's advantages of strong customer resources, ability to respond quickly to customer needs, strong technology research and development capabilities, etc., to further improve the market share of the company's products, ensure the stable growth of the company's performance, and actively return investors.