Author | Shu Yu
With the end of the 2023 annual financial report of A-shares, under the sharp decline in the performance of the entire photovoltaic industry, the dividends of listed companies to shareholders have attracted much attention.
According to incomplete statistics from Sobi Photovoltaic Network, as of the end of April 2024, 55 listed photovoltaic companies have paid cash dividends, with a total dividend of 31.2 billion yuan.
Tongwei Co., Ltd. won the annual "dividend king" with a huge dividend of 4.074 billion yuan.
JinkoSolar, Three Gorges Solar, Quartz, JA Solar, GCL Technology, Solar, Trina Solar, LONGi Green Energy, and TCL Zhonghuan are among the top 10.
According to the annual report of Tongwei Co., Ltd., the company's net profit in 2023 will be 13.574 billion yuan and the dividend will be 4.074 billion yuan, which can be called the "most profitable and generous" enterprise in the photovoltaic industry.
JinkoSolar, whose shipments have returned to the first place in the world and the company's revenue has exceeded 100 billion yuan for the first time, plans to distribute a cash dividend of 2.234 billion yuan (tax included) in 2023, with a dividend amount nearly three times that of last year.
On April 29, 2024, JA Solar released its 2023 annual report: in 2023, the company achieved revenue of 81.556 billion yuan, a year-on-year increase of 11.74%; The net profit was 7.039 billion yuan, a year-on-year increase of 27.21%. At the same time, JA Solar announced a dividend plan, which is expected to pay a cash dividend of 1.852 billion yuan, setting a record for the highest dividend since its return to A-shares in 2019.
In the market environment where polysilicon prices continue to fall, GCL Technology, TBEA, Daqo Energy, and Hesheng Silicon have also paid good dividends of 1.44 billion yuan, 1.04 billion yuan, 893 million yuan, and 893 million yuan respectively, despite the decline in performance.
The lowest total amount of dividends is the photovoltaic auxiliary materials manufacturer - Sanchao New Materials, with a total dividend amount of 90 million yuan. Although the amount is not much, its profitability in 2023 is obvious to all. In the context of declining product prices, the gross profit margin of Sanchao New Materials still reached 27.22%, an increase of 3.19% year-on-year. Among them, the gross profit margin of electroplated diamond wire was 24.20%, an increase of 1.45% year-on-year.
From the perspective of the proportion of dividends, the cash dividends of Hoymiles, Linyang Energy, GCL Technology, Yujing and Yuneng Technology all account for more than 50% of the net profit.
It is worth noting that Hoymiles' net profit in 2023 will be 510 million yuan, and the cash dividend will be 450 million yuan, accounting for 88.09%, which can be said to give shareholders a full sense of gain.
Hongyuan Green Energy, Quartz Shares, Polymerization New Materials, Xiuqiang Shares, Solar Energy, Ovite, Hengdian East Magnetics and other 21 companies accounted for more than 30% of the dividends.
Canadian Solar, Kuike Electronics, INVT, LONGi Green Energy, Jinlang Technology, TBEA, etc., do not exceed 15% of the dividends.
From the perspective of the distribution plan, there are 5 companies that distribute cash dividends of more than 10 yuan (tax included) for every 10 shares, and 12 companies that pay more than 5 yuan (tax included).
Among them, quartz shares will pay 57 yuan for every 10 shares to 5 shares, Hoymiles shares will pay 36 yuan for every 10 shares, and Ovite will pay 20 yuan for every 10 shares to 4 shares.
The distribution intensity of most enterprises has weakened significantly compared with the previous year. TBEA will pay 11 yuan for every 10 shares converted to 3 shares in 2022 and 2 yuan for every 10 shares in 2023, less than one-fifth of the previous year.
Dividends are a necessary return for listed companies to investors, and they are also an important foundation for constituting a market value investment ecology.
For a period of time, government decision-makers and regulators have continued to encourage listed companies to increase dividends and enhance investors' sense of gain.
The "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" issued by the State Council proposes to strengthen the supervision of cash dividends of listed companies. For companies that have not paid dividends for many years or have a low proportion of dividends, major shareholders are restricted from reducing their holdings and risk warnings are implemented. Increase incentives for high-quality companies that pay dividends, and take multiple measures to promote the increase in dividend yields.
With the increase in the guidance, encouragement and supervision and restraint of regulatory policy measures, it is expected that more listed companies will respond to the policy requirements, and the follow-up dividends are expected to show more positive changes.
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