Events:
The company released its mid-2022 report, with revenue of 754 million yuan in the first half of 2022, an increase of 2.81 percent over the same period last year, and a net profit of 65 million yuan, a decrease of 58.46 percent over the same period last year. Non-parent net profit was 57 million yuan, down 50.59 percent from the same period last year.
Comments:
Focus on photovoltaic for 20 years, multi-link layout of the industrial chain. Founded in 2002, headquartered in Shenzhen and listed on the Shenzhen Stock Exchange in 2008, the company is the first pure solar energy company to land in the domestic capital market, controlled by senior executives such as Li Fili and Chen Wukui. The company is a new energy enterprise that can produce three kinds of solar cell chips at the same time and has independent research and development core technology, with six major production bases such as Shenzhen in Guangdong and Weinan in Shaanxi Province. at present, the business covers many links, such as crystal casting ingot, power station construction, operation and maintenance, photovoltaic module / photovoltaic glass / photovoltaic film manufacturing and so on.
Revenue scale is stable, photovoltaic glass shipments are smooth, due to the sale of power station electricity revenue decreased slightly. The company's 2022H1 crystal silicon cell chip module / photovoltaic glass / electricity revenue achieved revenue of 279 million yuan / 225 million yuan / 222 million yuan respectively, up or down 5.48%, 18.19%, 8.53%, and the smooth growth rate of photovoltaic glass shipments, due to the slight decline in electricity revenue from the sale of Chengcheng Yongfu 53MW photovoltaic power station.
Profits are under pressure in the first half of the year. Under the influence of the high price of silicon material and the decline in the price of photovoltaic glass, the gross profit of photovoltaic module and photovoltaic glass decreased, and the company's profit in the first half of the year was under pressure. The gross profit of 2022H1 crystal silicon cell chip module / photovoltaic glass / electricity was 11 million yuan / 12 million yuan / 148 million yuan respectively, down 64.75% from a year earlier. 74.55% / 12.14%. With the subsequent decline in the price of raw materials such as silicon and soda ash, the company's profitability is expected to recover.
The new industrial base and self-supporting power station are worth looking forward to. In the first half of the year, the company comprehensively started the construction of Xi'an Industrial Park, planning and construction of photovoltaic film production base, solar R & D technology center, etc.; Shenzhen Guangming production base successfully built photovoltaic junction box production line; Lianzhou Hongrisheng 200MW photovoltaic power generation project construction continued to advance.
For the first time, the "overweight" rating is given. It is estimated that from 2022 to 2024, the EPS is 0.130.16pm 0.18RMB, and the corresponding PE is 46.76Universe 39.13max 34.26times.
Risk tips: raw material price fluctuations, technology iteration risk, company performance below expectations