What will be the profitability and product shipment performance of photovoltaic listed companies in 2023, and will the cross-border players successfully counterattack or die halfway?
作者 | Jessica
At the end of April, the annual reports and quarterly reports of listed companies were released one after another, and hundreds of photovoltaic companies announced their report cards. However, judging from the first quarterly report, the performance of photovoltaic companies in the first quarter was bleak, and most of them turned from profit to loss, and their revenue and net profit both declined. Among the 116 listed photovoltaic companies:
The performance of 30 companies lost money, and half of them were battery module companies, and most of the reasons for the losses were the rapid decline in the price of the industrial chain and the serious damage to the profitability of enterprises.
The top 5 most profitable companies in the first quarter all had net profits of more than 1 billion yuan, including 3 inverter companies of Sungrow, TBEA and Chint Electric, as well as 1 integrated enterprise of JinkoSolar and 1 equipment company of Jingsheng Electromechanical;
According to statistics, in the first quarter, only 42 companies had positive performance growth, and 74 companies had a decline in net profit; The net profit of Yihua Co., Ltd., a bracket company, increased the most compared with last year, reaching 456.11%; In 2022, the net profit of Huamin, which transformed into a photovoltaic track, decreased the most year-on-year, reaching -957.56%. The net profit ranking of 116 listed photovoltaic companies in the first quarter is as follows:
Since 2024, the price of the photovoltaic industry chain has continued to decline, and in April, the photovoltaic industry has entered the era of 0.8 yuan/W, and the transaction price of polysilicon has dropped to 35,000 yuan/ton this week, which will test the comprehensive strength of the company's capital, technology and resources even more. Looking at the 2023 year, Sobi Photovoltaic Network has sorted out the financial reports of 123 companies, and the total revenue of these companies in 2023 is about 1.6 trillion yuan, including:
The top 3 enterprises in net profit are Tongwei Co., Ltd., LONGi Green Energy, and TBEA, with a net profit of more than 10 billion;
The top 10 most profitable photovoltaic companies in 2023 will all have net profits of more than 4 billion, including 4 integrated enterprises of Tongwei, LONGi Green Energy, Jinko Solar, JA Solar, and Trina Solar, 2 inverter companies of TBEA and Sungrow, 1 silicon material company of Daqo Energy, 1 photovoltaic equipment company of Jingsheng Electromechanical, and 1 glass company of Xinyi Solar.
In addition, among the 123 companies, 98 companies made a profit and 25 companies lost money; The net profit of 76 companies increased over the previous year, and 47 companies decreased year-on-year. The net profit of silver paste company Dike Co., Ltd. increased the most compared with last year, reaching 2336.51%, and the net profit of Jiayu Co., Ltd., a cross-border player, decreased the most year-on-year, reaching -1910.86%.
From the perspective of different links, photovoltaic inverters, photovoltaic brackets, and photovoltaic equipment companies will all achieve profitability in 2023, and the net profit ranking of listed companies in 2023 is as follows:
What will be the profitability and product shipment performance of photovoltaic listed companies in 2023, and will the cross-border players successfully counterattack or die halfway? Let's find out.
Integrated enterprise
The TOP6 module shipment rankings for 2023 have been released
As the earliest enterprises in the industry to start integrated development, LONGi Green Energy, JinkoSolar, Trina Solar, JA Solar, Canadian Solar, and Tongwei have become the enterprises with the highest degree of integration in the industry, with a vertical integration rate of more than 80%, module shipments of more than 30GW in 2023, and net profit at the forefront of the industry.
Among them, JinkoSolar shipped 78.52 GW of modules and 48.41 GW of n-type modules in 2023, accounting for about 62%, a year-on-year increase of 352%. At present, Jinko's wafer, cell and module production capacity has reached 85GW, 90GW and 110GW respectively, with an integrated production capacity matching rate of more than 85%.
In 2023, LONGi Green Energy shipped 67.52 GW of modules, up 44.40% year-on-year, and 125.42 GW of wafers, up 47.45% year-on-year, ranking first in global mono-Si wafer shipments for nine consecutive years.
Trina Solar shipped 65.21 GW of modules in 2023, up 51.30% year-on-year, and by the end of 2023, the company had 55 GW of wafer, 75 GW of cells, and 95 GW of module production capacity, respectively.
JA Solar shipped 57.094GW of modules in 2023, up 40% year-on-year, and by the end of 2023, JA Solar's module production capacity exceeded 95GW, with wafer and cell production capacity accounting for about 90% of module capacity, of which n-type cell production capacity exceeded 57GW, and the company expects wafer, cell and module production capacity to exceed 100GW by the end of 2024.
Tongwei's module sales volume in 2023 will reach 31.11GW, a breakthrough growth of 292.08% year-on-year, and the module production capacity is expected to reach 90GW by the end of the year. In 2023, the company's high-purity crystalline silicon production capacity will achieve sales of 387,200 tons, a year-on-year increase of 50.79%, a global market share of more than 25%, and battery sales of 80.66GW, a year-on-year increase of 68.11%.
Canadian Solar shipped 30.7GW of modules in 2023 and expects to reach 50.4GW, 50GW, 55.7GW and 61GW of rod, wafer, cell and module production capacity by the end of 2024.
Polysilicon and wafer links
The market share of leading enterprises has increased significantly
In terms of polysilicon and wafer raw materials, the net profits of the above four companies all declined compared with last year.
Among them, Daqo Energy shipped more than 200,000 tons of polysilicon in 2023, and sold 53,200 tons of n-type polysilicon, accounting for 59.11% of n-type polysilicon sales in December. The company's current polysilicon production capacity is 205,000 tons/year, accounting for about 13.83% of domestic polysilicon production, and the polysilicon output will reach 28~300,000 tons in 2024.
TCL Zhonghuan will ship about 114GW of wafers in 2023, a year-on-year increase of 68%, the overall wafer market share will be 23.4%, and the monocrystalline production capacity will increase to 183GW. On the other hand, the company will ship about 8.6GW of modules in 2023, a year-on-year increase of 29.8%, and its module production capacity will reach 18GW by the end of 2024.
In April 2023, Shangji CNC changed its name to Hongyuan Green Energy, moving from an equipment manufacturing enterprise to a vertically integrated enterprise in the photovoltaic industry chain, with the company shipping 28.36GW of silicon wafers, 670.72 tons of silicon materials, 942.56MW of modules, and 366.62MW of cells in 2023.
Battery components
Competition is fierce
Among the above 14 solar module companies, 10 companies are profitable. Among them, Risen Energy will ship 18.99 GW of modules in 2023, a year-on-year increase of 41%, and the company's annual module production capacity has reached 35GW.
GCL-SI shipped 16.424 GW of modules in 2023, a year-on-year increase of 147.5%, and the company has formed nearly 30 GW of high-efficiency module production capacity in 2023.
In 2023, Aiko will ship 38.2GW of cells and 489.24MW of ABC modules. It is reported that as of March 2024, the company's ABC module products have been sold in more than 18 countries and regions, and the signed agreement involves a sales scale of more than 10GW.
In addition to the above companies, Hengdian DMC will ship a total of 10GW of cells + modules in 2023, 5.48GW of EGing optoelectronic modules, 3.968GW of solar modules, 2.456GW of AKCOME Technology modules, and 2.564GW of Powerway alloy modules.
Photovoltaic auxiliary materials
The profitability of photovoltaic glass enterprises is strong
In terms of auxiliary materials, 24 of the 30 companies achieved profitability, and 18 companies achieved positive net profit growth.
From the perspective of glass, the top 3 glass companies in terms of net profit in 2023 are Xinyi Solar, Follett, and CSG A. Only one glass company, Ancai Hi-Tech, is losing money, and the photovoltaic glass production capacity of Ancai Hi-Tech will reach 2,700t/d in 2023. The company said that the reason for the loss is that the production capacity of all links in the photovoltaic industry chain will rise rapidly in 2023, the industry will face the risk of phased and structural surplus, the price of the industrial chain will decline significantly, and the profit margin of photovoltaic glass, which is the raw material of downstream modules, will be squeezed.
The backsheet film link is "polarized", with 10 companies accounting for half of their profits and losses in 2023, and Foster, Jolywood, Lianhong Xinke, Huitian New Materials, and Cybrid Technology will achieve profits. Among them, Foster's operating income in 2023 will be 22.589 billion yuan, an increase of 19.66% over the same period of the previous year, and the net profit attributable to the parent company will be 1.85 billion yuan, an increase of 17.20% over the same period of the previous year, and the company's plastic film shipments in 2023 will be 2.25 billion square meters, an increase of more than 70% year-on-year, with a single flat price of about 8.3 yuan and a gross profit margin of about 16.7%.
It is worth mentioning that Dike Co., Ltd. will turn losses into profits year-on-year in 2023, with a main revenue of 9.603 billion yuan in 2023, a year-on-year increase of 154.94%, and a net profit attributable to the parent company of 386 million yuan, a year-on-year increase of 2336.51%, which is the largest increase in net profit in 2023. It is reported that Dike will achieve a sales volume of 1713.62 tons of silver paste in 2023, a year-on-year increase of 137.89%. Among them, the sales volume of a full set of conductive silver paste products used in N-type TOPcon batteries was 1008.48 tons, accounting for 58.85% of the total shipments.
Loss-making backsheet film companies include Mingguan New Materials, Lekai Films, Lushan New Materials, SkyOcean New Materials, Haiyou New Materials, most of the enterprises turn from profit to loss, and the reason for the loss is mostly the improvement of market technology iteration requirements, and the competition situation of photovoltaic auxiliary materials is becoming more and more severe, while the price of EVA resin continues to fluctuate downward, and the market price competition is fierce.
Photovoltaic inverters
In 2023, it will be profitable, and the prosperity will be high
16 inverter companies will all achieve profitability in 2023, and 10 companies will achieve positive net profit growth. Among them, TBEA's operating income in 2023 will be 98.1 billion yuan, a year-on-year increase of 1.79%, and its net profit will be 10.7 billion yuan, a year-on-year decrease of 32.75%. In addition to inverters, polysilicon is also another major business of TBEA, with 202,900 tons of polysilicon sales in 2023 and 300,000 tons/year of polysilicon production capacity.
Sungrow's operating income in 2023 will be 72.2 billion yuan, a year-on-year increase of 79%, and the profit attributable to the parent company will be 9.44 billion yuan, a year-on-year increase of 163%, and the profitability will be greatly improved, mainly due to the general improvement of the gross profit margin of the company's three main businesses of inverter, energy storage and new energy investment and development, In terms of inverters, the company will ship 130GW in 2023, a year-on-year increase of 69%, maintaining a leading position in the industry; In terms of energy storage business, in 2023, Sungrow will achieve energy storage shipments of 10.5GWh, a year-on-year increase of 36%.
From the perspective of net profit growth, Sineng Electric's net profit in 2023 will increase the most year-on-year, with an operating income of 4.933 billion yuan, a year-on-year increase of 110.93%, and a net profit of about 286 million yuan, an increase of 250.48% year-on-year. The company said that the sharp increase was mainly due to the significant increase in the installed capacity of projects in the photovoltaic and energy storage business, of which the sales volume of photovoltaic inverters was 23.469GW, a year-on-year increase of 132.65%.
Photovoltaic brackets
The tracking market is on the rise
The net profit of the above five bracket companies in 2023 will exceed 100 million, and most of them will achieve positive growth.
Among them, Arctech will ship 17GW of photovoltaic brackets in 2023, including 9.4GW of fixed brackets and 7.6GW of tracking brackets, an increase of 205.36% over last year, and the shipments of photovoltaic brackets of Zhenjiang Co., Ltd. and Qingyuan Co., Ltd. will also reach 5.91GW and 6.83GW respectively.
Photovoltaic equipment
Extending the industrial chain into the mainstream
In recent years, equipment companies have begun to expand their business routes and have entered the field of silicon wafers and battery components, such as Shuangliang Energy Saving, Maiwei Shares, Jingyuntong, Shichuang Energy, Yujing Shares, etc., and have achieved good results, but the performance of some companies has declined.
For example, Jingyuntong's revenue in 2023 will be 10.502 billion yuan, down 13.92% from the same period last year, and its net profit will be 236 million yuan, down 44.28%. The company said that due to the comprehensive factors such as the industry environment, market fluctuations, and macroeconomic situation, the market competition in the silicon wafer segment involved in the company's new materials business has intensified, the product price has been under pressure and fluctuated greatly, and the related operating income and gross profit margin have decreased year-on-year, which has had a negative impact on the company's overall profitability and led to a year-on-year decline in performance.
Among them, the equipment company with the largest year-on-year increase in net profit in 2023 is Microconductive Nano, with a total operating income of 1.68 billion yuan, an increase of 145.39% over the same period of the previous year, and a net profit of 270 million yuan, an increase of 399.33% over the same period of the previous year.
EPC enterprises
12 companies will achieve positive net profit growth in 2023
Among the above 17 EPC companies, 11 companies are profitable, and 12 companies will achieve positive net profit growth in 2023. The largest year-on-year increase in net profit is Taiji Industry, with a revenue of 39.377 billion yuan in 2023, an increase of 11.88% over the same period of the previous year, and a net profit of 730 million yuan, an increase of 198.6% over the same period of the previous year, mainly due to the company's return of 413 million yuan of electricity subsidy received in 2023. The largest year-on-year decline is Zhaoxin shares, with a revenue of 331 million yuan in 2023, an increase of 9.88% over the same period of the previous year, and a loss of 85 million yuan, a decrease of 274.08% over the same period of the previous year.
Cross-border enterprises
喜忧参半
Among the above 15 cross-border listed companies, 7 companies will be profitable in 2023, including Hebang Biotechnology, Junda Shares, Shijing Technology, Xingshuaier, Jinyang New Energy, and Saifutian, and Saifutian and Mubang Hi-Tech will rely on the transformation of photovoltaics to turn losses into profits.
Saifutian said that on the basis of maintaining the original steel cable business, the company focused on developing the photovoltaic new energy market, and made breakthroughs in the cell business, with cell shipments of 1.726GW and a net profit of 32 million yuan in 2023, a year-on-year increase of 140.05%, achieving a turnaround.
In 2023, the company's photovoltaic business operating income will account for more than ninety percent, with silicon wafer shipments reaching 237.778 million pieces, and net profit in 2023 reaching 28 million yuan, a year-on-year increase of 112.23%.
In addition, the most successful "photovoltaic upstart" in the transformation is Junda shares. In 2023, the company's cumulative battery shipments will reach 29.96GW, including 9.38GW of p-type and 20.58GW of n-type, a year-on-year increase of 179.43%. By the end of 2023, the company's Chuzhou and Huai'an n-type battery production bases have been completed and put into operation, and the company's total battery production capacity has reached more than 49GW, of which about 40GW is n-type. According to lnfolink statistics, Junda's battery shipments in 2023 will rank fourth in the industry, and N-type battery shippers will rank first in the industry.
There are good news and worries, 8 cross-border enterprises will be in a state of loss in 2023, and 3 companies will turn from profit to loss, and the reason for the decline in profitability is mostly due to the expansion of the company's industrial chain capacity and the continuous decline in industrial chain prices.
The net profit of Jiayu shares and Lingda shares fell by more than 10 times. Jiayu Co., Ltd. will lose 1.502 billion yuan in 2023, a year-on-year decrease of 1910.86%, the company will ship 200MW of modules in 2023, and the current annual module production capacity will reach 2GW. The company said that it will continue to adhere to the new energy business as the main line of development, seize the policy opportunities, make use of the technical accumulation in the field of high-efficiency photovoltaic modules, further give full play to the company's long-term accumulated project construction management experience, accelerate the market development of new energy business, and organize and implement photovoltaic and wind power station EPC projects.
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