According to the company's quarterly report for 2017, the company achieved an operating income of 9.414 billion yuan in the first three quarters, an increase of 0.35% over the same period last year, and a net profit of 48 million yuan, down 76.87% from the same period last year.
In the third quarter, the company achieved revenue of 3.031 billion yuan, an increase of 13.37% over the same period last year, and a net profit of 24 million yuan, an increase of 51.13% over the same period last year. The company expects to achieve a net profit of 5000 to 15000 trillion yuan in 2017, turning losses into profits.
Demand continues to be strong, operation is good: domestic photovoltaic installation enthusiasm continues unabated in the third quarter, new installed 42.3GW was achieved in the first three quarters, sales of the company remained stable in the third quarter, net cash flow of operating activities increased by 107.78% over the same period last year, financial expenses of a single quarter were 93 million yuan, year-on-year and month-on-month improvements were greatly improved, and business continued to improve.
"Black Silicon + PERC" battery mass production, product competitiveness enhancement: the company makes use of the group's whole industry chain background and R & D advantages, actively open up differentiation routes, through the layout of efficient battery business to achieve the integration of the upstream and downstream of the industry. In the first half of the year, the company achieved mass production of black silicon PERC batteries, with an average production efficiency of 20.4%. At this stage, the company's high-efficiency battery capacity is 900MW, and it is expected to reach 2000MW by the end of 2017. With the further layout of high-efficiency cells, the overall competitiveness of photovoltaic products will continue to improve and increase the overall gross profit margin.
Open up distributed business and speed up the global layout: based on the main photovoltaic industry, the company develops energy storage systems to provide users with comprehensive energy solutions. The company opens the energy storage distribution channel by holding Australia's OSW company. With the production of Vietnam battery 600MW, it can effectively evade the "double reverse" policy and accelerate the entry of products into European and American markets. In the first half of the year, the company achieved overseas sales revenue of 923 million yuan, an increase of 64.54% over the same period last year. The company will comprehensively build five platforms: distributed differential technology research and development, integrated energy product integration, warehousing and logistics, intelligent monitoring big data and online trading, and realize the interactive development online and offline through the "Internet + financial service" model.
Profit forecast: the company's EPS from 2017 to 2019 is expected to be 0.02,0.07 and 0.11 yuan respectively, the company strengthens its differentiated layout in the photovoltaic industry chain, and at the same time devotes itself to building a comprehensive energy system integration service provider, giving the company an overweight rating.
Risk hint: the growth of the photovoltaic industry is not as expected, and the new business expansion is not as expected.
