The Chinese economy in the financial report ｜ Profit will "swim" again: the joy and sorrow behind the 620 billion income of photovoltaic listed companies

21st Century Economic Herald reporter Cao Enhui Shanghai report

The interim reported season ended, and the upstream and downstream of the photovoltaic industry chain once again sounded a sound of joy and sadness.

According to statistics from the 21st Century Business Herald, 85 photovoltaic listed companies (Note: 83 A -share companies, 1 H -share company, 1 US stock company) cumulative operating income of 621.493 billion yuan in the first half of this year, an increase of 60.89% over the same period last year last year last year ; Realizing net profit attributable to shareholders of listed companies was 81.797 billion yuan, an increase of 106.65%over the same period last year. On the whole, the double -rise of revenue scale and profitability is a true portrayal of the continuous growth of the domestic photovoltaic industry in the first half of this year. But behind this flowers and flowers, the profit center of the industrial chain is also an indisputable fact.

In the past two years, due to the continued rise in upstream prices, the profits distribution pattern of the photovoltaic industry chain has undergone tremendous changes. Unlike the same period last year, although the pressure on the rise in upstream prices rising, the pressure of rising costs still plagued downstream companies, and downstream companies have obviously been able to cope with calmness. Surprisingly, the performance of the auxiliary materials in the first half of the year was quite differentiated, especially the inverter link was the most significant.

Half of the profit "tour" upper end

With the increase in the number of companies in the capital market, the scale of revenue of each company has continued to expand. The overall revenue scale of 85 photovoltaic listed companies exceeds 620 billion yuan in only half a year. This also means that in 2022, the total revenue scale of these photovoltaic listed companies exceeded trillion. In 2021, the 85 photovoltaic listed companies achieved cumulative operating income of about 901.789 billion yuan.

As one of the most popular tracks, the "money -making effect" of the photovoltaic industry is not only reflected in the capital market, but also in industrial investment. Statistics from the National Energy Administration show that in the first half of this year, the national photovoltaic installation machine increased by 30.88GW, a year -on -year increase of 119%. As a result, under the impact of double the growth of the installed scale, the domestic photovoltaic industry ushered in the highlights of operations at the same time.

According to statistics from the 21st Century Business Herald, during the reporting period, the revenue and net profit of 18 photovoltaic listed companies each had exceeded 10 billion and one billion yuan respectively. In addition, the "Matthew effect" is becoming more and more vivid. Tongwei (600438.SH), Longji Green Energy (601012.SH), Special Transformer (600089.SH), Tiantuang Energy (688599.SH), Jingke Energy (688223.SH), TCL Central (0021299 The revenue during the reporting period exceeded 30 billion yuan. In terms of net profit, a total of nine listed companies made more than 2 billion yuan in the first half of the year. It is worth mentioning that, except for the Three Gorges Energy (600905.SH), the main business of the other eight listed companies involved the front end of the industrial chain.

In fact, profits are "swimming". Since the second half of 2020, due to the bottom of the upstream polycrystalline silicon material to the bottom of the rebound and the rise of the skyrocketing model, the price of silicon films and battery films has been promoted, and the entire photovoltaic industry chain has set off a wave of price increases. At the same time, in the case of the tightening of the phased supply structure of supply and demand mismatch, the upstream polycrystalline silicon materials and silicon film companies have ushered in a great situation of rising volume and prices, thus taking off the main profit of the photovoltaic industry chain. Essence

Numbers are the most vivid explanation. The four major silicon material companies (Note: the parent company of the new special energy company of the silicon material enterprise) of the four major silicon materials companies (03800.HK), the four major silicon materials companies (Note: Note: Note: Note: Note: Note: Note: Note: For example, the total net profit attributable to shareholders of listed companies was 35.563 billion yuan, accounting for 43.48%. If you count on Hesheng Silicon (603260.SH) and TCL Central, the six upstream photovoltaic companies will be divided into half of the profit, and the cumulative net profit is as high as 420.024 billion yuan.

However, unlike the "head heavy" profit pattern of the same period last year, component manufacturers located on the downstream end also showed a certain amount of pressure resistance in the first half of this year. The four major component manufacturers of Longji Green Energy, Tianhe Light Energy, Jingke Energy and Jing'ao Technology (002459.SZ) have achieved steady growth of revenue and net profit in the first half of the year. Compared with the same period last year, the four leading companies in the first half of the year have increased their net profit growth in the first half of the year. Among them, Jing'ao Technology's net profit attributable to shareholders of listed companies achieved double growth to 1.702 billion yuan.

"The shipments of mainstream component manufacturers have increased significantly year -on -year, which is one of the main reasons for the improvement of component's profitability in the first half of the year." A brokerage new energy analyst told the 21st Century Business Herald reporter.

The 21st Century Economic Herald reporter noticed that the shipments of head component manufacturers in the first half of the year have achieved a significant increase in the same period last year. Among them, Jingke Energy and Tianghe Light have the most obvious increase, with component shipments of 18.21GW and 18.05GW, respectively. Although Longji Green Energy also realized the shipments of 18.02GW, the shipments in the first half of last year have been 17.01GW. Another component manufacturer Oriental Risheng (300118.SZ) during the reporting period increased by 105.88%to 7GW. Therefore, the company's losses in the first half of the year were profitable, and the net profit attributable to shareholders of listed companies was 505 million yuan.

It is worth noting that in the new performance pattern, the throne of the "Performance King" of the photovoltaic listed company is also officially easy.

In the same period last year, Longji Green Energy and Tongwei shares have obtained the highest revenue and the highest net profit, respectively. However, in the first half of this year, Tongwei Co., Ltd. took the first place in revenue and net profit. The auxiliary materials session of the two days of ice and fire

The revenue and net profit of the photovoltaic sector in the first half of the year have achieved rapid growth, but for some links, it still tells the story of sadness. From last year's downstream components' profit pressure, to a number of manufacturers in the first half of this year, many manufacturers have encountered profit atrophy, and different links of photovoltaic supply chains have their own unspeakable pain.

The photovoltaic auxiliary materials include photovoltaic glass, inverter, back plate, glue film, bracket, etc. From the perspective of performance in the first half of the year, the net profit of photovoltaic glass manufacturers declined, inverter manufacturers profit differentiation, and supporting manufacturers collectively Waterloo.

As a popular auxiliary material for the photovoltaic industry chain in the past two years, the price of photovoltaic glass has increased slightly in the first half of this year. However, under the influence of the rise in the price of raw materials such as soda, the profit margin of photovoltaic glass has been squeezed, which has led to the general decline in net profit of major photovoltaic glass manufacturers in the first half of the year. Taking listed companies in A -share as an example, Flyt (601865.SH), South Glass A (000012.SZ), and An Cai Gao (600207.SH) three photovoltaic glass manufacturers have shrunk -during the reporting period, these three companies respectively The net profit attributable to shareholders of listed companies was 1.03 billion yuan, 1.01 billion yuan, and 61 million yuan, a year -on -year decrease of 20.48%, 25.98%, and 65.90%.

The two bracket manufacturers also encountered performance dilemma. During the reporting period, CITIC (688408.SH) and Aikang Technology (002610.SZ) lost money. Among them, although CITIC's stent shipments have stabilized the industry's leading position, they have not seen a profit turning point. In the first half of this year, the company's net profit attributable to shareholders of listed companies was -0.01 billion yuan, from profit to losses. A variety of factors have caused the profit for profit of Sino -Xinbo and other stents. On the one hand, raw materials and freight prices have risen, and cost pressures are difficult to transmit downward; on the other hand, the price of raw materials upstream of the photovoltaic industry chain continues to rise, and there is a certain wait -and -see emotion in the investment of terminal power stations, affecting the demand for the bracket.

In the entire auxiliary materials, the most watched is the photovoltaic inverter. This year, photovoltaic inverter manufacturers earned enough attention to the capital market. The valuation of listed companies climbed up, and even a 100 billion market value company Jinlang Technology (300763.SZ) was born.

However, under the valuation bubble, photovoltaic inverter manufacturers have recently fallen into data fraud. According to the media recently, the shipping data released by some photovoltaic inverter companies are different from customs data. In this regard, relevant persons of the Sunshine Power Investor Relations Department said that customs data may be inconsistent with the company's shipping caliber, but they cannot simply peer the customs data from the company's shipping data. For whether the inverter data is faked, the person said that as far as the company is concerned, it is impossible for the data to be fraudulent. There is no such situation.

In fact, as far as the performance of the entire A -share photovoltaic inverter company in the first half of the year, several people are happy and more sad.

In the field of miniature inverters, two listed companies Yuneng Technology (688348.SH) and Homai (688032.SH) realized the net profit attributable to shareholders of listed companies in the first half of the year to 129 million yuan and 202 million yuan, year -on -year, year -on -year, year -on -year The increase of 255.31%and 156.50%, respectively. From the perspective of the distribution area, the European market plays the main driving force. "Europe, Japan and other developed countries have introduced compulsory measures for the DC and high voltage of photovoltaic systems, and micro -inverse products have ushered in the outbreak of demand in overseas markets." The aforementioned analysts told reporters of the 21st Century Business Herald.

However, the highlights of the micro -inverter session cannot cover the operating pressure of other inverter categories. In the first half of this year, Gudwell (688390.SH) and Shangneng Electric (300827.SZ) had a decline in net profit. Although Jinlang Technology achieved profitability, the growth rate of net profit also declined.

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