As of today, April 30, in principle, the annual reports and quarterly reports of all listed companies should have been issued, and those that have not yet been issued are problematic.
I took a look at the financial reports of all listed companies in PV, and it was indeed miserable.
1. Polysilicon
In 2023, several major polysilicon giants are still making money, but this year is miserable.
In the first quarter of this year, GCL Technology did not issue, Daqo Energy earned 331 million, down 88.64% year-on-year, Xinte Energy earned 359 million, down 85.59% year-on-year, and Tongwei lost 647 million, down 105.91% year-on-year.
GCL Technology should not lose money, after all, the competition of granular silicon is not so fierce, and the cost is lower.
Although Xinte Energy earned 359 million yuan, I think polysilicon should not have made any profit, because the profit of the specific business segment was not announced in the first quarterly report, so I can only speculate.
In 2023, Xinte Energy's power station construction will earn a gross profit of 1.2 billion yuan, and the power station operation will earn a gross profit of 1.3 billion yuan, which adds up to a gross profit of 2.5 billion yuan, with an average of 625 million yuan per quarter.
Assuming that the gross profit of these two businesses in the first quarter of this year is also about 625 million yuan, then after deducting expenses, polysilicon may not be profitable.
Of course, there will be errors, the operation of the power station is relatively stable every quarter, and the construction of the power station is unstable.
Tongwei shares lost 647 million, because the performance of the specific business segment was not announced, but he is an integrated model, anyway, he does business with himself, no matter which link loses the same, anyway, it is a photovoltaic loss.
What surprised me was that Tongwei actually paid dividends.
The cash dividend exceeded 4 billion, 9.05 yuan per 10 shares.
Viagra, Viagra, it's really mighty.....
It's already poor like this, what's the point of red!!
Other polysilicon companies don't need to look at it.
2. Silicon wafers
Silicon wafers are really miserable!
The boss LONGi Green Energy's net profit in 2023 will be 10.7 billion, a year-on-year decrease of 27.61%, and a loss of 2.358 billion in the first quarter of this year.
It is not only the performance that has declined, but also the position of the industry.
In 2020, LONGi won the leading position of module for three consecutive years.
In 2023, JinkoSolar snatched the championship back, and the reason is very simple, LONGi Green Energy bet on BC cells this time, although it also expanded the production of TOPCon cells last year, it may be considering the depreciation and impairment problem after the future transformation, so the scale is not very large.
And now the market is dominated by TOPCon cells, so it is normal for LONGi's market share to decline.
LONGi still has 57.3 billion monetary funds on its account, and the family foundation is thick enough, it depends on when the BC battery can be boiled out.
Recently, there is such a photo that seems to be quite widespread.
It is said that this is the test data of LONGi's new Hi-MO9, and the core information is as follows:
"The module efficiency is 24.4%, the power is 625-660W, the power tolerance is between 0~3%, the power attenuation is less than 1% in the first year, and the annual power attenuation is 0.35% in 2-30 years. ”
This is purely "supposedly" and there is no official information whatsoever.
If this is true, then it is bullish, with a conversion efficiency of 24.4%, which kills TOPCon batteries in seconds.
Let's wait and see!
TCL Zhonghuan, a large silicon wafer leader, also lost nearly 1 billion yuan in the first quarter of this year, a year-on-year decrease of 138.6%.
Of course, the decline in performance was due to the significant drop in prices, and the company's position did not decline by that time.
In the first quarter of this year, PV shipments were nearly 35GW, a year-on-year increase of 40%, and N-type and large-size (210 series) products accounted for shipments
88%, export market share of more than 90%, continue to maintain a leading position.
3. Components
Last year, JinkoSolar shipped 78.52GW of PV modules, ranking first in the world.
Not only is the sales volume leading, but the technology is also leading.
The company's TOPCon cells have a maximum efficiency of 26.89%, and TOPCon perovskite cells have a maximum efficiency of 32.33%.
Last year, the average efficiency of mass production of N-type cells exceeded 25.8%, and the average efficiency of mass production in the first quarter of this year has exceeded 26%.
I have to say that this achievement is still worthy of praise.
It is precisely because of these two advantages that not only did not lose money this year, but the decline in performance was relatively not very large.
The revenue in the first quarter was 23.1 billion, almost the same as the same period last year, and the net profit also earned 1.176 billion, a year-on-year decrease of only 29%, which is really unbeatable.
Just last week, a sliced battery workshop of JinkoSolar caught fire, and it is said that the losses were heavy, and the company also issued an announcement for the first time, but there are no specific investigation results yet, which will definitely have an impact on this year's performance, and it is still unknown how much it will be affected.
JA Solar, which is somewhat similar to JinkoSolar's name, has no similar performance at all.
In the first quarter of this year, the revenue was not kept, only 15.97 billion, a year-on-year decrease of 22%, and the net profit was a loss of 756 million, a year-on-year decrease of 124.26%.
JA Solar has always been a global giant, ranking third in the world in terms of module shipments from 2017~2021, and fourth in the world in 2022 and 2023.
Canadian Solar's performance this year is also good, with revenue of 9.6 billion in the first quarter, a year-on-year decrease of 18.88%, which is really an auspicious number, and the net profit earned 555 million, a year-on-year decrease of 39.6%.
It doesn't matter how much it falls, as long as it doesn't lose money now, it's all okay.
You see that Risen's volume is much smaller, and its performance is not very good, with revenue of 4.933 billion in the first quarter of this year, down 27% year-on-year, and a net profit loss of 280 million, down 187% year-on-year.
The worst thing is Aiko shares, no matter how miserable people are, they will basically grow in 2023, and their performance will not decline until this year.
Aiko is different, his revenue in 2023 will be 27.2 billion, a year-on-year decrease of 22.5%, and his net profit will be 760 million, a significant decrease of 68%.
Of course, the first quarter of this year was even worse, with revenue of 2.5 billion, down 68% year-on-year, and net profit directly lost nearly 100 million, down 113% year-on-year.
I don't seem to have talked about this company, this company is mainly made of ABC batteries, which is said to be the technical route with the highest conversion efficiency in theory.
At present, the conversion efficiency of the company's mass-produced modules can reach up to 24.2%, and the bifaciality rate of ABC modules can reach 70%, which is indeed a good performance, but this is a high-end product and the price is a bit expensive.
Finally, there is the big brother "Trina Solar", which is a giant that has passed through the last round of cruel cycles, I have talked about Trina Solar in detail separately before, and the helmsman "Gao Jifan" is very stable.
He can't understand his kind of stability, which is not a company himself, and I also believe that Trina Solar will still be able to successfully pass through this cycle this time.
In the first quarter of this year, Trina Solar's revenue was 18.3 billion, down 14% year-on-year, and its net profit earned 5 billion, down 73% year-on-year.
The decline is indeed very large, but the company's strength is also very strong, and the overall solution of his photovoltaic storage system is the only private photovoltaic enterprise participating in the photovoltaic project of the national large base.
Moreover, the technology is not weak, and it is the first company in the industry to achieve mass production of TOPCon modules with a power of more than 700W.
Fourth, equipment
As the upstream of the industrial chain, equipment is generally the last to be affected by the twists and turns of the industry cycle.
The two giants of photovoltaic equipment, Jingsheng Electromechanical and North Huachuang, prove this.
Jingsheng Electromechanical had a revenue of 4.5 billion in the first quarter of this year, a year-on-year increase of 25%, and a net profit of 1.3 billion, a year-on-year increase of 33%.
Finally, the words "year-on-year growth" appeared, which is too rare.
Of course, the performance of equipment companies has the characteristics of "post-position", that is, the company's performance is still in the execution of previous orders.
There are two risks here, one is that when the entire industrial chain is in a downturn, it is doubtful whether it can successfully recover the payment, and the second is that when the industry's production capacity is cleared, it may face the problem of insufficient new orders.
NAURA is a little different, he takes into account semiconductors and photovoltaics, which are two completely different logics.
In the first quarter of this year, NAURA had a revenue of 5.9 billion, a year-on-year increase of 51%, and a net profit of 1.1 billion, a year-on-year increase of 82%.
In contrast, it is obvious that the growth rate of North Huachuang is more than 2 times that of Jingsheng Electromechanical, which is the difference.
5. Summary
Today, it is just a simple combing of some of the main companies in the photovoltaic industry chain, and I believe everyone has felt the tragic situation of the industry.
But I can't stress enough that the PV industry is perfectly fine.
In 2023, the new installed capacity of domestic PV will be 216.88GW, ranking first in the world for 11 consecutive years, with a year-on-year increase of 148.1%, and the cumulative installed capacity will reach 609.5GW.
Even in the first quarter of this year, the new installed capacity of PV in mainland China reached 45.74GW, a year-on-year increase of 35.8%.
With such a growth rate, there is no reason to say that the photovoltaic industry is bad.
The problem now is simply overcapacity in the industry, which is a normal part of competition.
Among the existing giants, there will definitely be some companies that will choose the right path to run out, and when the time comes, they will climb to another peak when they cross this valley.
So if you are interested in the photovoltaic industry, it is a good time to enter the market when the industry is at a low point.
Later, I will also analyze the companies mentioned today one by one, and strive to find a little possibility in the melee!
I made the following table of "A-share Core Assets Research Summary", which selects hundreds of high-quality companies and attaches tens of thousands of words of analysis methods.
All companies analyzed will update their data in the table above.
Exploring the study of corporate fundamentals together, the gains are bound to be huge.
#财经##新能源##光伏#