The PV industry has already reached the lowest level, and it entered the recovery cycle in 2013. The industry boom is gradually transmitted from the terminal power station market to the midstream industrial chain and upstream equipment. The three quarterly reports of photovoltaic companies have all been announced, and the performance has mostly improved, and the industry has recovered further.
Terminal PV power plant is the largest profit point in the industry
In the case of severe overcapacity in the industry before this, components such as components in the middle reaches of the manufacturing sector were underperforming, and many photovoltaic companies have transformed their power plants downstream. The performance of the company also performed well.
Power station leading aerospace electromechanical realized net profit of 200 million yuan in the first three quarters, turning losses into profits. Wang Huili, deputy general manager of the company, told the Great Wisdom News Agency that the company has begun its transition from a manufacturing link to a terminal power station since last year and is expected to transfer 200MW of power plants throughout the year. In 2013, the company could achieve profitability. The photovoltaic power station is still the company's business focus in the later period.
According to an analyst at Haitong Securities, the power station business is the biggest attraction for the future growth of aerospace machinery, and it has entered a harvest period, which will drive the company's operating income to grow rapidly.
Another power plant leader Zhongli Technology lost 203 million yuan in the first three quarters, but industry insiders told Dazhizhixun News Agency that the loss in the first three quarters was due to the fact that the power station was not transferred, and after the concentrated recognition of its power station transfer revenue in the fourth quarter, it would contribute 400 million yuan to the company. Above net profit, performance is expected to break out.
Wang Yawei also likes Zhongli Technology. Its "private equity" private equity fund newly entered Zhongli Technology's 200.76 million shares in the third quarter, accounting for 0.75% of the outstanding shares, ranking eighth in the top ten tradable shareholders.
In addition, companies such as Hairun Solar, Zhonghuan, Beijing Express, Ai Kang Technology, and Oriental Sunrise have also transformed their power plant operations.
Midstream product sales are booming and performance is expected to improve further
After the introduction of the photovoltaic price subsidy policy, the progress of photovoltaic power plant construction in the western region has been accelerated, which has driven a large number of component manufacturers and wafer manufacturers to increase their shipments. The gross margin of products has also increased, which is expected to provide support for the growth of annual performance.
Wang Haisheng, general manager of the Ping An Securities Energy Finance Department, said that in the second half of the year, shipments of component suppliers increased, domestic component prices rose to 4.2 yuan/watt to 4.5 yuan/watt, and the gross profit rate of some project components could reach 10%, compared with 5% in the first half of the year. about. And benefit from the rush to install the power station, it is expected that the performance of the component business will be further improved in the fourth quarter.
Hairun Solar suffered a loss of 221 million yuan in the first three quarters, but realized a net profit of 34.04 million yuan in the third quarter, which was a year-on-year loss. Yang Huaijin, the company's CEO, told the Great Wisdom News Service that the installation of power plant rushed to bring the company's component shipments to increase, and the gross profit rate of components has increased. After the release of the three quarterly reports, Hairun Solar acquired a number of agencies to join forces and its share price was strong, rising by more than 30% from the 17th to the 29th.
Oriental Sunrise also turned a profit, with a profit of 50.86 million yuan in the first three quarters. Guotai Junan, an analyst, said that based on the transmission of the prosperity of the photovoltaic recovery, the rising trend of Oriental Risheng's performance was higher than expected. In addition, the company integrated upstream EVA film and participated in the construction of downstream power stations, breaking through the midstream manufacturing industry, and the upward trend in business performance was optimistic.
In addition, the net profit of Zhonghuan, Longji, and Sunflower also increased significantly in the first three quarters, up by 1962%, 188.07%, and 123.83% respectively year-on-year.
Upstream equipment business performance remains to be improved
The PV industry has gradually recovered, but for the time being it has not been fully transmitted to the upstream photovoltaic equipment, and the performance of equipment manufacturers is still facing difficulties. The net profit of Jinggong Technology, Jingsheng Mechatronics and Tianlong Optoelectronics in the first three quarters of the previous year decreased by 175.95%, 70.72% and 59.53% respectively.
However, Jingsheng Electromechanics said on the investor interaction platform on Monday that currently the PV downstream industry has an upward trend, and the demand for new equipment is still lagging behind, but the customer's ordering intention is increasing. It is expected that the situation will improve at the end of the year and the next spring.
Guotai Junan, an analyst, said that the current industry boom in accordance with the "terminal application market - the main industry chain - supporting industries - equipment" to the entire industry chain transmission. A photovoltaic industry analyst told the Great Wisdom News Agency that it will take time for the growth of downstream demand to drive up the demand for upstream equipment. After all, the current overall production capacity is still in excess, and companies are cautious about expanding production. Even if you expand your production, you may consider buying used or leased equipment for financial reasons.
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