专业化电池厂商，TOPCon 产能和出货行业领先公司主营光伏电池片的研产销，已成为具备N 型TOPCon 电池大规模量产能力的专业化电池厂商。2023 年，随着新增产能陆续建成投产，公司已拥有9.5GW 的PERC 电池产能和约40GW 的N 型TOPCon 电池产能，形成N 型为主的产能结构（N型占比达80%以上），公司有望凭借产能领先优势，在行业由P 型向N 型的技术升级迭代中持续享受N 型红利。occurrences
Junda Co., Ltd. issued the “Notice on Signing an Investment Intent Agreement for the Photovoltaic Cell Project in Oman”.
Key points of investment
Specialized battery manufacturers, leading companies in the TopCon production capacity and shipping industry, specialize in the R&D, production and sale of photovoltaic cells, and have become specialized battery manufacturers with large-scale mass production capacity for N-type TopCon batteries. In 2023, as new production capacity is completed and put into operation, the company already has 9.5 GW of PERC battery production capacity and about 40 GW of N-type TopCon battery production capacity, forming an N-type production capacity structure (N-type accounts for more than 80%). The company is expected to continue to enjoy N-type dividends in the industry's technological upgrading and iteration from P type to N type with its leading production capacity advantage.
In 2023, the company shipped 29.96 GW of battery products (including P type 9.38 GW and N type 20.58 GW), with a year-on-year increase of 179.48%. N-type battery shipments ranked first, achieving revenue of 18.657 billion yuan, a year-on-year increase of 60.90%, and a net profit of 816 million yuan to mother, an increase of 13.77% over the previous year; in addition, the company fully calculated and prepared 894 million yuan for depreciation of P-type PERC battery-related assets. 2024Q1 shipped 10.08 GW of battery products (including 1.52 GW for P type and 8.56 GW for type N), with a year-on-year increase of 109.56%, achieving revenue of 37.14 billion yuan, a year-on-year decrease of 6.4% and a decrease of 13.2% month-on-month; realized net profit of 20 million yuan, a year-on-year decrease of 94.4%, reversing losses month-on-month. The pressure on performance was mainly due to price reductions in the industrial chain.
Overseas market expansion has seen initial results, and plans to lay out production capacity in the Middle East
The company actively targets overseas markets and continues to build an overseas sales network. Customers cover various regions such as Asia, Europe, North America, South America, etc., and the share of overseas sales increased dramatically from 4.69% in 2023 to 11.62% in 2024Q1.
On June 13, the company signed an “Investment Intent Agreement” with the Oman Investment Authority to invest in the construction of Topcon photovoltaic cell production capacity with an annual output of 10 GW in Oman. The project investment amount is about 700 million US dollars. The project will be implemented in two phases, 5 GW each. Through this overseas investment layout in Oman, the company is expected to further strengthen the supply capacity of photovoltaic cells in overseas markets and lay the foundation for global development.
Profit forecasting
The company's revenue for 2024-2026 is 196.26, 24.526, and 29.426 billion yuan, respectively, and EPS is 5.19, 6.95, and 8.47 yuan respectively. The PE corresponding to the current stock price is 7.9, 5.9, and 4.8 times, respectively. I am optimistic that the company will maintain the leading position of TopCon batteries, and that the overseas layout will continue to advance, covering for the first time, giving it a “buy” investment rating.
Risk warning
PV installed demand falls short of expectations, risk of price fluctuations in the industrial chain, risk of increased competition, risk of overseas layout falling short of expectations, risk of exchange rate fluctuations, and systemic risks in the general market.
