1. Overview of performance in 2013
The income realized during the period was 2.15 billion yuan, an increase of 115.7% over the same period last year, the gross profit was 150 million yuan, the operating loss during the period was 39.7 million yuan, and the net profit attributable to shareholders was about 136 million yuan (a loss of 1.277 billion yuan in 2012), or 4.57 cents per share.
2. Arrangements for the repayment of 300 million dim sum debts in August 2013
With the exception of the Golmud power plant, the company's assets are not mortgaged, the main assets are land and plant, valued at 18-1.9 billion. As long as Jinzhou local banks provide asset collateral, they can give us about 1.2 billion of the credit. In addition, the company will insist on internal and external loans and strive for loans from the Bank of East Asia or other foreign banks. The interest rate is about 7% at home and half overseas. Efforts will be made to reduce financial costs in 2014.
3. Gross profit margin of each product segment of the company
In the contract manufacturing part, the gross profit of N-type silicon Anchorage is 25%, the silicon wafer is 8%, the component is 13% (starting with silicon material), and the sales of single crystal components are 15%.
Due to the current lack of production capacity of polycrystalline components, 60% of self-bought battery chips have a gross profit margin of 6-6.5% and 40% gross profit margin of external processing is 2%.
In the part of the power station, because the electricity price is 1.15 yuan / kWh, the depreciation and operating cost is 0.5 yuan / kWh, and 1.17 * electricity generation is electricity revenue, with a gross profit margin of about 50%.
4. Conversion efficiency of N-shaped sheet
The efficiency of mass production is 22-23%, and the efficiency of R & D is 24-25%.
5. Whether to consider producing N-type silicon wafers
Mainly depends on customer demand, according to the progress of research and development, to improve diamond cutting.
6. Market and sales distribution
Japan accounts for 73.89%, the main customers are SHARP and Kyocera, China accounts for 17.13%, mainly for the processing business of China Power Investment, because it does not contain materials, the production capacity is relatively large, but the turnover is small. Taiwan accounts for 7.72%, mainly customers of Taiwan battery factories. The others are Europe and North America. It is expected that China's market share will increase in 2014, and Japanese market shipments will increase, with a market share similar to that in 2013.
7. Distributed project planning
The company acquired EPC silicon material for the development of domestic distributed projects. The distributed and surface power plant projects currently being applied for are 10MW, located in Liaoning Province, and are in talks with the government. There should be no problem. The company's solar energy projects are all self-built, the cost is 9 yuan / watt, the total investment of 20MW is 180 million, the company's 20% capital plus 49% equity contribution is only 18 million yuan (51% is Jinzhou government investment), 80% is CDB loan.
In addition, there are some small projects in which the government spends 200 million yuan on rural projects, such as street lighting projects with 40 million income, and so on.
Power plant assets can be held or sold. If money is needed in the short term, the company is also considering a sale, with at least 10 per cent of the plant's IRR.
8. Details of the full cost of components
The sales of corporate components is different from other companies, and SHARP is a strategic partnership. SHARP designated suppliers, the price is relatively strict. Based on the 2013 cost, the silicon consumption per watt is 5.6g, the wafer processing cost is US $0.15 / W, the battery processing cost is US $0.14 / W, and the module processing cost is US $0.19 / W. In the future, SHARP will Qualify more suppliers and implement joint procurement to reduce production costs, so the price of the company will be higher than that of the Japanese market. Although Japanese prices are on a downward trend in 2014, the company will be able to lock in gross margins. And through the production of 280W components, through seamless docking, it is higher than 250W components without increasing cost, this unique product helps SHARP to increase competitiveness, while the company can also lock in gross profit.
9. Capital expenditure
In addition to the capital expenditure of the power plant, it is mainly the expansion of component capacity. The company has signed a 3-year long-term cooperation agreement with SHARP. At present, the production capacity can not be met, part of it has to be outsourced, and little capital is needed for component capacity expansion.
10. Component shipments in 2014
500MW, which is produced by 400MW itself and outsourced by 100MW, accounts for 60-65% of the revenue of components and 35-40% of silicon wafers. China plans to install photovoltaic 14GW in 2014, and the company will deploy 280W unique products in China to expand its market share in China.
11. judgment on the annual price of silicon.
24-25 US dollars / kg, the company silicon material 70% long order, 30% spot, long unit price close to the spot price, long single waker accounts for 30%.
12. Our suggestion
The successful sale of the company's components in 2013 made it very rare to make a positive profit in the second half of the year. Component sales are expected to double in 2014, while financial costs may fall, and the company is expected to make a positive profit for the whole of 2014.
