2024H1，公司硅片产能达190GW，综合市占率为23.5%，居于行业第一，其中N 型外销市占率达42%，较2023 年提升6pct。公司2024H1 实现光伏材料出货约62GW，同比+18.3%，其中Q2 在27GW 左右。受光伏晶体晶片整体产能严重过剩影响，公司2024H1硅片确认收入104.32 亿元，毛利率仅-9.25%。电池组件方面，公司坚持技术创新推动，4.0 主流产品功率较竞手领先两档及以上，效率领先0.2%以上，叠瓦组件产能达22GW，2024H1 组件毛利率在0.94%。Description of the event
TCL Central released its 2024 semi-annual report. 2024H1 achieved revenue of 16.213 billion yuan and net profit of 3.064 billion yuan; of these, 2024Q2 achieved revenue of 6.281 billion yuan and net profit of 2.184 billion yuan to mother.
Incident comments
2024H1, the company's silicon wafer production capacity reached 190 GW, with a comprehensive market share of 23.5%, ranking first in the industry. Among them, N-type export market share reached 42%, an increase of 6 pcts over 2023. The company delivered about 62 GW of photovoltaic materials in 2024H1, +18.3% over the same period last year, of which Q2 was around 27 GW. Affected by serious overcapacity in the overall production capacity of photovoltaic crystal chips, the company confirmed revenue of 10.432 billion yuan for 2024H1 silicon wafers, with a gross margin of only -9.25%. In terms of battery modules, the company insists on technological innovation. 4.0 mainstream products are two levels or more ahead of competitors in power, leading efficiency by more than 0.2%, the production capacity of tiled modules reaches 22GW, and the gross margin of 2024H1 modules is 0.94%.
In terms of financial data, the net cash flow from the company's operating activities in the first half of the year was 0.128 billion yuan, and the cash flow was better than industry expectations. The price of the company's 2024H1 inventory fell by 1.109 billion yuan, of which Q2 was around 0.6 billion yuan, dragging down the company's performance. With 2024Q2, the company's expenses decreased by 0.156 billion yuan month-on-month, but due to the decrease in revenue, the cost ratio increased by 2.94 pcts month-on-month to 12.27%.
In terms of globalization, TCL Central and PIF (Saudi Arabia Public Investment Fund) and VI reached a “Shareholders' Agreement” to establish a joint venture in Saudi Arabia to build a 20 GW photovoltaic crystal chip factory with an annual output of about 2.08 billion US dollars. The three parties' shareholding ratios were TCL Central -40%, PIF -40%, and VI -20%, respectively. Based on advanced technology and advanced manufacturing capabilities, TCL Zhonghuan will further enhance the company's global influence in product standards, manufacturing technology, intellectual property rights, etc., expand domestic and foreign advantages, and take the lead in transforming domestic enterprises from product export to technical standard export; at the same time, use this as a support point to explore various cooperation opportunities in overseas markets. The project is expected to be highly competitive in terms of relevant terms, support and implementation support. According to estimates, the project yield is impressive.
Looking ahead, the current cash loss cost situation in the entire industry is unsustainable, and silicon wafer profits are expected to recover in the future. Zhonghuan adheres to technological innovation and process progress. According to semi-annual reports, the company's N-type products achieved a single monthly production lead of about 12.3%, leading the industry's second-best by about 1.15 pieces per kilogram, and leading the overall cost by about 0.033 yuan/W. Relying on Saudi Arabia's 20GW photovoltaic crystal chip project, Zhonghuan is expected to take the lead in breaking the industry.
Risk warning
1. Deterioration of the competitive landscape;
2. PV installation falls short of expectations.
