Home 桑拿Tongwei (600438): High-speed growth in the first half of the year awaits domestic demand in the second half

Tongwei (600438): High-speed growth in the first half of the year awaits domestic demand in the second half

Tongwei (600438): High-speed growth in the first half of the year awaits domestic demand in the second half
Event: On August 14, the company announced that for the first half of 2019, the company realized revenue of 161 in the first half of 2019.2.4 billion, net profit attributable to mother 14.510,000 yuan, an increase of 58% in ten years.  The release of production capacity contributed to the growth of performance, which was in line with expectations.With the completion of the investment project last year, the company’s combined material volume has reached 8 pounds, and the cell capacity has reached 12GW. Thanks to the release of capacity, the company’s alternative material volume reached 2 in the first half of 2019.28 Initially, the annual growth rate was 162%, and the cell capacity increased by about 6GW, further increasing by about 97%.The rapid growth of sales volume is the key to the company’s performance growth. In the first half of 2019, the company achieved net profit attributable to its mother14.51 ppm, a year-on-year increase of 58%, in line with the forecast of previous results.  The ramp-up of production capacity in the first half of the year resulted in the precipitation of low-cost polycrystalline materials, and the release of high-efficiency single crystal materials in the second half of the year improved the material gross margin.In the first half of the year, the accumulated capacity of waste materials injected by the company’s Leshan and Baotou was ramping up in the early stage. In the first half of the year, a large amount of low-cost polycrystalline materials were injected, causing the company to replace the material to replace the gross profit margin.98%, a decrease of 26 per year.54.However, the new production capacity of the company’s Leshan and Baotou reached 100 tons / day in March and June 2019, respectively. The actual production capacity can reach 140% of the designed capacity, and the production cost meets the established target of less than 4 million tons / ton.It is expected that in the third quarter and the fourth quarter, the company’s new capacity of single-crystal product penetration will reach 80?85%, through the release of single crystal materials, the company’s silicon material replacement gross profit margin has improved.  The battery chip series has strong profitability in the first half of the year, and the short-term battery price reduction trend is expected to stabilize.In terms of batteries, the company’s battery capacity utilization rate in the first half of the year was about 100%, and the current new capacity capacity utilization rate has exceeded 110%.Thanks 杭州桑拿网 to strong overseas demand in the first half of the year, the perc battery sheet has been steadily at 1.More than 20 yuan / week, strong profitability.Since June, due to the release of increased perc capacity within the industry, but internal demand has not yet started, resulting in a short-term imbalance between the supply and demand of perc cells, resulting in a decline in cell prices. According to the company’s latest announcement, in August 2019 the company 156.75mm perc battery chip offer1.00 yuan / watt.In the long run, there is a short-term supply-demand imbalance in the rapid decline in battery chip prices, destocking, and subsequent gradual internal demand activation. Battery chip prices help stabilize.At the same time, the capacity of the company’s new production capacity has been continuously increased, and there is 厦门夜网 still room for subsequent costs to fall.In addition, the company’s cell capacity in Chengdu Phase IV and Meishan Phase I has been started, and it is expected to start production at the end of 2019 and the first half of 2020, which will help the company’s cell capacity and market share increase again.  Performance forecast: It is expected that the release of the company’s production capacity will be the core driving force for the company’s high performance this year.With the start of domestic demand in the second half of the year, prices in the industrial chain are expected to stabilize, and some are even expected to rise.  The company’s senior performance is highly deterministic.The company’s 2019-2021 performance is expected to be 29.12/40.97/45.8.9 billion, an increase of 44 per year.2% / 40.7% / 12.0%, corresponding to PE of 17.1/12.1/10.8 times.  Risk warning: Overseas photovoltaic demand is less than expected; the prices of alternative materials and cells have accelerated.