A -share "Period Entrance Examination" ｜ Difficult enemy Silicon material increases the profit and erosion of profit "silicon tablets" silicon wafer and component gross profit margin all decline

21st Century Business Herald reporter Han Xun Shanghai report

In the context of the imbalance of supply and demand, the company of silicon material has made a lot of money. What will happen to the first half of the company's first half of the company?

On the evening of August 24th, Longji Green Energy (601012.SH), one of the "Silicon Film Enterprises", released the 2022 semi -annual report. The company achieved operating income of 50.417 billion yuan, an increase of 43.64%year -on -year; Yuan, a year -on -year increase of 29.79; the net profit of "deduction" was 6.405 billion yuan, an increase of 30.58%year -on -year.

At the same time, another "Silicon Film Enterprise" -TCL Central (002129.SZ) also disclosed the half -annual report in 2022. The company realized operating income of 31.698 billion yuan, an increase of 79.65%year -on -year; the net profit of the mother was 2.917 billion yuan The year -on -year increase of 92.10%; the net profit of "deduction" was 2.901 billion yuan, an increase of 116.33%year -on -year.

In contrast, the "Silicon Lifa" Tongwei (600438.SH )'s net profit at home in the first half of this year reached 12.224 billion yuan, an increase of 312.17%year -on -year.

It can be seen that when silicon materials continue to rise, the profitability of silicon film companies is obviously not as good as upstream.

The gross profit margin has decreased year -on -year

From a product perspective, Longji Green Energy "is mainly engaged in the research and development, production and sales of single crystal silicon rods, silicon wafers, batteries and components", and the main products of TCL Central "include semiconductor materials, new energy photovoltaic silicon wafers, photovoltaic batteries And components; development and operation of high -efficiency photovoltaic power stations. "

Compared to Longji Green Energy, TCL Central has more "semiconductor materials" and "high -efficiency photovoltaic power station project development and operation", and lack of "single crystal silicon rods" products.

It is worth noting that because the price of silicon materials continued to rise in the first half of this year, the gross profit margin of Longji Green Energy and TCL Central Central has decreased year -on -year.

The comprehensive gross profit margin of Longji Green Energy in the first half of 2022 was 17.61%, and its comprehensive gross profit margin in the first half of last year was 22.73, a year -on -year decrease of 5.12 percentage points.

Although Longji Green Energy did not disclose the specific sales data of the silicon wafers and components, at the performance briefing on the evening of August 24th, Liu Xiaodong, the secretary of Longji Green Energy, told investors that in the second quarter of this year, the gross profit margin of the silicon wafer was approximately the gross profit margin of about was about being approximate. 21%, a slight decrease from 24%in the first quarter. The main reason is that the price of silicon material in the second quarter has further increased. The reason is that there are some component orders delivered in the second quarter, especially the original price signed. Due to the price increases of upstream silicon materials, silicon wafers, and batteries, the price pressure of the component link is relatively large. This is a relatively important influencing factor. ","

TCL Central's half -annual report in 2022 shows that the comprehensive gross profit margin of the new energy industry was 17.07%, a year -on -year decrease of 3.78 percentage points. Among them, the "photovoltaic silicon wafers" realized operating income of 24.467 billion yuan, an increase of 10.419 billion yuan over the first half of last year, and a year -on -year increase of 74.17%. The proportion of "photovoltaic silicon wafers" accounted for 77.19%of the entire revenue of TCL Central. From this, it can be seen that the revenue growth of TCL Central basically comes from the silicon wafer business. However, the operating cost of "photovoltaic silicon wafers" reached 19.971 billion yuan, an increase of 81.01%year -on -year, which directly led to the "photovoltaic silicon film" gross profit margin dropped to 18.37%, a year -on -year decrease of 3.09 percentage points.

In addition, the "photovoltaic component" of TCL Central implemented operating income of 4.763 billion yuan, an increase of 116.41%year -on -year, and operating costs reached 4.397 billion yuan, an increase of 128.36%year -on -year, resulting in the gross profit margin of the product to 7.69%, a year -on -year decrease of 4.83 percentage points.

Freshillery capacity continues to expand

According to the "In the First Half of 2022 of the National Energy Administration", the construction operation of photovoltaic power generation in 2022, in the first half of 2022, my country's new photovoltaic installation capacity was 30.88GW, a year -on -year increase of 137.4%. Among them The new installed installation capacity of the Formula Power Power Station is 19.65GW (including the newly added installed capacity of 8.91GW).

In terms of exports, according to data from the photovoltaic industry association, from January to June 2022, the export volume of photovoltaic components in my country reached 78.6GW, a year-on-year increase of 74.3%.

The China Photovoltaic Industry Association has previously expected to be installed 205-250GW this year, of which my country's installed capacity is expected to be 85-100GW. Longji Green Energy once said that the target of single crystal silicon wafers in 2022 was 90GW-100GW (including self-use), component shipment targets were 50GW-60GW (including self-use), and in 2022, the planned operating income exceeded 100 billion yuan.

Longji Green Energy's 2022 semi -annual report showed that the company realized the shipping volume of single crystal silicon wafers in the first half of the year, with 20.15GW of foreign sales and 19.47GW for its own use; BIPV components sold 87.35MW) and 0.32GW.

Relevant persons of Longji Green Energy told the 21st Century Business Herald reporter that although the US market was affected by WRO and other costs, and the cost of stagnation of Hong Kong storage increased, "the company promptly adjusted its operating strategy and turned the focus of sales to other important markets such as Europe. The long -term accumulation of product services, brand cognition, and channel layout has maintained good competitiveness, and the basic overseas business is stable. "In terms of expansion plan, the first half of this year, Longji Green Energy took the first to the entire industrial chain into Inner Mongolia for the first time in Inner Mongolia. The annual output of 46GW single crystal silicon rod and slicing, 30GW single crystal high -efficiency battery project and 5GW component project will fall in Ordos zero carbon industrial park. In addition, Shaanxi Xixian 15GW single crystal high -efficiency battery; Ningxia annual output 5GW single crystal high -efficiency battery; Taizhou annual output 4GW high -efficiency battery; Jiaxing photovoltaic annual output 10GW component; Wuhu annual output 10GW component and other projects under construction or preparation.

In the new energy photovoltaic business sector, the expansion pace of TCL Central has also begun to speed up.

TCL Central reported in the semi -annual report of 2022. As of the end of June this year, the company's crystal capacity reached 109GW. With the capacity of the transistor Ningxia Yinxia 50GW (G12) solar -grade single crystal silicon material smart factory capacity expansion, it is expected that the company's crystal production capacity will exceed 140GW at the end of 2022, becoming more than 140GW, becoming a crystal capacity of more than 140GW, becoming a crystal capacity, becoming more than 140GW, becoming a crystalline capacity. Global photovoltaic silicon single crystal scale TOP1 manufacturer.

Through a series of technological innovation and process progress, the quality and efficiency are further improved. In the first half of this year, the crystal link of TCL Central, the consumption rate of the unit product of the unit product decreased by nearly 6%year -on -year, and the monthly production capacity of the single crystal furnace increased by 19%; the chip link, silicon, silicon link The type A product rate has increased significantly, while continuously promoting fine lineization, thin slicing and other projects. The number of pins in the same thickness of silicon tablets increased by 19%to ensure product profitability.

Regarding the performance requirements of the silicon wafers required by the new battery technology, Longji Green Energy said that the company has realized compatible production from various aspects such as raw materials, equipment, and auxiliary materials, and provided sufficient technical reserves and for the supply of silicon wafers for the new battery technology. Mass production protection.

在研发投入上，隆基绿能今年上半年研发投入36.70亿元，占营业收入7.28%；TCL中环的研发投入为16.34亿元，占营业收入5.15%，主要是“在光伏材料、光伏电池组件及Multiple R & D projects are added in the field of semiconductor materials. "

On August 24, Longji Green Energy fell 2.80%to close 52.68 yuan, and the company's market value was 399.4 billion; TCL Central in Central fell 1.94%to close 54.20 yuan, and the company's market value was 175.2 billion.

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