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Sooner or later, the ugly daughter-in-law will have to see her in-laws. With the passage of time, photovoltaic will also usher in an intensive annual report and quarterly report disclosure period, and the lead of some listed companies' "performance thunder" is also being pulled out one by one.
On April 17, Jingyuntong (601908) released its 2023 annual report, showing that the company's revenue in 2023 will be about 10.501 billion yuan, a year-on-year decrease of 13.92%; the net profit attributable to the parent company was about 235 million yuan, a year-on-year decrease of 44.28%; The net profit after deducting non-profits was about 32.9 million yuan, down 91.59% from 391 million yuan in the same period last year.
Jingyuntong announced at the end of January that the net profit attributable to the parent company in 2023 will be 165 million to 237 million, a year-on-year decrease of 44%-61%. From this point of view, the profit scale of the annual report is at the upper end of the forecast range, which is basically in line with the 2023 performance forecast, or even better.
However, as a measure of the true profitability of listed companies, the net profit after deducting non-profits, Jingyuntong handed over a poor answer sheet, only 32.9 million yuan, a sharp drop of nearly 3 digits from 391 million yuan in 2022.
Jingyuntong's net profit attributable to the parent company and non-net profit decreased sharply year-on-year, mainly due to the impairment of receivables, inventory decline losses, and impairment of fixed assets. In the announcement, Jingyuntong said that the company intends to make an asset impairment provision of 491.7103 million yuan.
The provision for asset impairment will reduce the company's net profit in 2023 by 410.2071 million yuan (the amount of the current period minus the amount reversed in the current period), and the corresponding reduction of the company's owner's equity at the end of 2023 by 410.2071 million yuan.
Through the 2023 annual report of Jingyuntong, it is not difficult to see that the wafer price reduction since the second half of 2023 has had a great impact on its annual performance and even the entire silicon wafer company.
The 2023 performance forecast shows that the five listed companies of TCL Zhonghuan, Hongyuan Green Energy, Jingyuntong, Shuangliang Energy Conservation and Huamin Co., Ltd., except for Shuangliang Energy Conservation (600481), the other 4 companies are expected to decrease.
TCL Zhonghuan expects a net profit of 4.2 billion to 4.8 billion in 2023, a year-on-year decrease of 29.6%-38.4%; Hongyuan Green Energy expects a net profit of 730 million to 800 million in 2023, a year-on-year decrease of 73.62%-75.93%; Huamin expects a net profit loss of 160 million yuan to 230 million yuan in 2023, and Shuangliang Energy Conservation expects a net profit of 1.48 billion yuan to 1.62 billion yuan in 2023, a year-on-year increase of 54.81%-69.45%.
LONGi Green Energy has not released a 2023 performance forecast, and the specific increase or decrease is unknown. However, judging from the industry situation and the performance of competitors, the failure to disclose the performance may indicate that its annual report figures may not be ideal. JinkoSolar and Sungrow are pleased to disclose the announcement of the 2023 performance forecast, which is very reflective.
Of course, as one of the most profitable photovoltaic leaders, LONGi's performance is not far behind, even if it is poor. According to the information disclosure rules, if there is no obvious change in performance, that is, if the increase or decrease exceeds 50%, you can choose whether to pre-disclose it at your discretion.
According to the annual report, Jingyuntong's main business is mainly divided into four parts: high-end equipment business, new material business, new energy power generation and energy conservation and environmental protection business. From the perspective of gross profit margin, the gross profit margin of new materials, including silicon wafers, has dropped to less than 10%.
In terms of sub-items, Jingyuntong's high-end equipment business will achieve a main revenue of 122.5396 million yuan in 2023, a decrease of 73.95% from the same period last year. However, the gross profit margin of this business was 25.29% during the reporting period, a slight increase from the same period last year.
The main revenue of the new materials business was 8279.9198 million yuan, a decrease of 9.30% over the same period last year; The gross profit margin for the whole year was 5.69%, a decrease of 3.98 percentage points from last year. In 2023, the company will sell about 3.1 billion photovoltaic monocrystalline silicon wafers, of which the proportion of N-type silicon wafers is growing.
In 2023, the annual cumulative settlement of electricity in the new energy power generation business will exceed 1.8 billion kWh, and the main revenue will be 1235.1061 million yuan, a decrease of 3.80% compared with the same period last year, and the gross profit margin of the business will be 58.52%. By the end of 2023, the company's cumulative installed capacity of photovoltaic and wind power generation was approximately 1,340.79 MW.
Jingyuntong said that in 2023, the main business income of the energy conservation and environmental protection business JJJ will be 122.4491 million yuan, an increase of 16.39% compared with the same period last year, and the gross profit margin of the business during the year will be 25.61%, an increase of 2.22 percentage points compared with the same period last year.
In the annual report, Jingyuntong also introduced the postponement of the Leshan Phase II 22GW silicon ingot and silicon wafer fundraising project, saying that the pre-production time of the project was postponed to December 2024 only after comprehensive research and judgment of macro policies, the market environment and development expectations of the photovoltaic industry, and the actual situation of the company's production and operation.
To put it simply, the main reason for the delay of the second phase of the Jingyuntong Leshan project is overcapacity and the price of silicon wafers.
The price reductions of polysilicon, silicon wafers, cells, and photovoltaic modules are becoming unbearable pain for listed companies in the manufacturing sector.
To this end, a leading domestic wafer company opened a new round of quotations late last week, among which the quotation of N-type 182mm wafers rose to 1.63 yuan, and 183.75mm wafers rose to 1.65 yuan.
Recently, taking the price of N-type 182mm silicon wafers as an example, the price has remained around RMB 1.55, and the leading companies have signed almost no new orders since the beginning of April.
At the same time, upstream polysilicon prices remain low. According to the data of the Silicon Industry Branch, the average transaction price of polysilicon densifier fell to 48,700 yuan/ton last week, the average transaction price of N-type rod silicon fell to 58,600 yuan/ton, and the average transaction price of N-type granular silicon was 52,000 yuan/ton.
Before Jingyuntong, Daqo Energy's net profit attributable to the parent in 2023 decreased by 69.86% year-on-year, net profit in 2023 decreased by 32.75% year-on-year, and Liansheng Technology's net profit attributable to the parent in 2023 decreased by 23.36% year-on-year, and the performance was poor.
On April 15, Lingda Co., Ltd. (300125) announced that the 3.5 GW PERC cell production line of its subsidiary Jinzhai Jiayue Xinneng continued to temporarily suspend production until May 15.
Lingda Co., Ltd. also evaluated Jinzhai Jiayue's P-type equipment, and made an impairment provision of 228 million yuan for its related assets according to the preliminary valuation, of which about 219 million yuan was newly provided for the impairment of fixed assets, of which about 5.63 million yuan was newly provided for inventory decline.
Dragged down by the price reduction of the whole industry chain, photovoltaic stocks have continued to fall recently, and the Shanghai Composite Index is still standing above 3,000 points, many photovoltaic stocks have fallen to near the previous adjustment low, and Lingda shares fell to a new low of 4.71 yuan.
On April 17, the market launched a Jedi rebound, which made investors breathe a sigh of relief. Lingda shares closed up 14.17%, Jingyuntong also rose 6.45%, TCL Zhonghuan rose 3.89%, and LONGi Green Energy rose 2.20%.
Jingyuntong said in its annual report that after the second phase of the fund-raising project Leshan reaches production, the company's crystal pulling and slicing capacity will exceed 40GW, which can be used to produce N-type silicon wafers.
Today's market rebounded and rose, pressing the pause button for photovoltaic stocks to fall more than once, and initially resolving the impact of "performance thunder" on the market. However, the price of the industrial chain has not only fallen and stabilized, but it is difficult to eliminate the lead of photovoltaic "performance thunder", and the development situation of the photovoltaic market and capital market in the future is still affecting people's hearts.
Original title: The impairment was nearly 500 million yuan, the net profit plummeted by 91.59%, and the performance of silicon wafers was pulled out!
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