Improve the layout of upstream photovoltaic industry to ensure cost advantage
In the early stage, on the basis of properly expanding the production capacity of photovoltaic modules, the company paid more attention to the capacity construction and technical training in the field of upstream silicon wafers and battery chips. At present, the production capacity of 85 million wafers, 600MW of cells and 800MW of photovoltaic modules have been formed. The maximum power of producing polysilicon components is 320W, the conversion efficiency of battery chips is 18.3%, and the conversion efficiency of components is 16.41%. After the layout in the upper reaches of the industrial chain, the gross profit margin of the company's photovoltaic module products has reached 20% in the past 15 years, slightly higher than the industry average.
Extend downstream to photovoltaic power stations, focusing on distributed project construction
By the end of 15 years, the company is working on a total of 56MW distributed photovoltaic power station projects at home and abroad, and the company will continue to invest around distributed photovoltaic power station projects in the next 2 years. Zhejiang Province, where the company is located, is the second largest installed province of distributed photovoltaic power stations in China. The installed capacity of photovoltaic power stations is 1.65GW, and the distributed project is 1.1GW. According to the photovoltaic development target released by Zhejiang Province in 2020, the cumulative installed capacity of photovoltaic in the province will reach 8GW, and the construction of industrial and commercial and residential distributed photovoltaic power stations will still be the main form.
The directional additional issuance plan has been released, and the 120MW distributed photovoltaic project is to be built.
It is planned to issue no more than 400 million shares and raise no more than 1.25 billion yuan, of which about 975 million yuan will be invested in the construction of 120MW distributed photovoltaic grid-connected power generation project and about 275 million yuan will be used to supplement the company's working capital. The company has signed framework agreements with 32 companies in Zhejiang Province, including Guxiandao New Materials Co., Ltd., using the idle roof of their existing factories as the construction site for the directional additional 120MW distributed photovoltaic investment project, with a total installation area of about 1.56 million square meters. The construction cycle of the whole project is planned to be 1.5 years. After reaching production, the average annual power generation is about 110 million kwh, the average annual net profit is about 70 million yuan, and the rate of return on project investment is 11.77%.
Participate in Weir des Keller, test the water automation
Due to the poor net profit level of the target company in 15 years, the company decided to take a stake of 2% for the time being, and the follow-up arrangement will be based on the business expansion and profits of the target company in 16 years. Wilder Skyler is an enterprise with intelligent equipment, intelligent manufacturing system and robot chip as its main business, with a good accumulation of technology and talent.
Profit forecast
Benefiting from the photovoltaic industry's rush to install, the company's 15-year net profit is expected to reach 1500-20 million yuan over the same period last year, while 15-year Q1 is expected to reach-34.5703 million yuan. Taking into account the current development of the photovoltaic industry and the subsequent layout arrangement of the company in the distributed photovoltaic field, the company is expected to earn 0.15,0.19 and 0.24 yuan per share respectively from 2016 to 2018, corresponding to 36 times, 29 times and 22 times of PE respectively, giving the company an "overweight" rating for the first time.
Risk hint: the development of the photovoltaic industry in the second half of the year is lower than expected. The company's distributed photovoltaic power plant project is slow.