背板产品结构持续调整与优化，提升背板产品盈利水平。公司2023H1背板业务实现营业收入 7.43 亿元，同比下降 21.41%，毛利率稳定提升。上半年，公司背板销售数量为 8,014.52 万平米，保持稳健增长态势，受原材料价格下降传导影响背板价格，公司背板业务营业收入同比下降。背板业务毛利率提升的原因在于1）公司出口到国外头部组件厂商的透明背板、透明网格背板、高阻水背板等高毛利背板产品数量增加；②公司黑色高反光背板已面向天合、阿特斯、爱旭等组件厂商陆续形成销售；③通过技术、工艺和流程改善，降低了背板产品的制造成本。occurrences
The company released its semi-annual report for 2023. 2023H1 achieved operating income of 2,221 million yuan, a year-on-year decrease of 1.66%; realized net profit of 50 million yuan, a year-on-year decrease of 71.25%; realized net profit after deduction was 42 million yuan, a year-on-year decrease of 76.12%. 2023Q2 achieved operating income of 1,180 million yuan, up 1.67% year on year and 13.35% month on month; realized net profit of 17 million yuan, down 80.17% year on year, and 48.48% month on month; realized net profit after deduction was 111 million yuan, down 87.05% year on year and 63.33% month on month.
Comment:
The backplane product structure continues to be adjusted and optimized to improve the profit level of backplane products. The company's 2023H1 backplane business achieved revenue of 743 million yuan, a year-on-year decrease of 21.41%, and a steady increase in gross margin. In the first half of the year, the company's backboard sales volume was 8014.52 million square meters, maintaining a steady growth trend. Backboard prices were affected by falling raw material prices, and the company's backboard business revenue declined year-on-year. The reason for the increase in gross margin in the backboard business is that 1) the number of high-margin backboard products such as transparent backboards, transparent grid backboards, and high water resistance backboards exported by the company to foreign head component manufacturers has increased; ② The company's black highly reflective backboard has been sold one after another to component manufacturers such as Tianhe, Artes, and Aixu; ③ Through technical, process and process improvements, the manufacturing cost of backboard products has been reduced.
The adhesive film business continues to grow, and shipments of adhesive film for N-type components have increased dramatically. The company's 2023H1 packaging film business achieved revenue of 1,301 million yuan, an increase of 13.06% over the previous year, an increase of 14.38% over the previous year. The sales volume of 2023H1's adhesive film reached 125,810,500 square meters, an increase of 57.50% over the previous year, and a year-on-year increase of 42.05%. In 2022, the company's adhesive film business completed the development of all product lines and the introduction of important customers. In 2023, H1's adhesive film solutions for TopCon double glass components have been successively introduced and sold by component manufacturers such as Jinko, Jingao, Zhengtai, Suntech, Elken, and Zhengxin, and completed the introduction and sale of single-glass film products for TopCon component manufacturers such as Artes and Zhengtai.
The HJT component phototransfer film was shipped in batches and was recognized by downstream customers. The company was the first in the industry to achieve batch shipment of phototransfer film products for HJT components in February. Currently, the company's phototransfer film customers include Huasheng New Energy, Mingyang Intelligence, Elken Technology, Runhai New Energy, and Zhongneng Innovation. Orders from existing customers are gradually increasing, and new customers are expanding smoothly. In foreign markets, all major HJT battery component manufacturers have completed or are in the process of testing, and the company is expected to sell products in the second half of the year. The company's phototransfer film products are expected to become standard for heterojunction components and core auxiliary materials to accelerate the industrialization process of heterojunction.
Profit forecast and investment rating: We expect the company's revenue for 2023-2025 to be 48.54, 57.06 and 689 billion yuan, respectively, up 17.9%, 17.6%, and 13.7% year on year; return net profit is 120, 260, and 337 million yuan respectively, up -29.8%, 116.5% and 29.4% year on year.
The current stock price corresponds to the 2023-2025 PE of 60.94, 28.15, and 21.76 times, respectively, maintaining the “buy” rating.
Risk factors: PV demand falls short of expectations, risk of continued decline in product prices, risk of worsening of the competitive landscape in the industry, etc.
