Daquan Energy "swim" upward

21st Century Economic Herald Profile Reporter Fei Xinyi Shanghai Report

On the occasion of the first anniversary of the launch of the separation of the science and innovation board, Daquan Energy (688303.SH) thrown three good news one after another.

11 billion yuan fixedly increased, the net profit of the first half of the year turned three times, and invested 6 billion to build high -pure industrial silicon and organic silicon projects.

The latter was a strategic cooperation with the Baotou People's Government in December last year. At that time, the market's question of Daquan Energy was that the total assets were 20 billion yuan, and the existing funds were less than 7 billion yuan.

Three months later, while the company's performance in 2021 increased its performance in 2021, it announced the fixed increase plan, and the emergency fund raising 11 billion yuan "blood replenishment".

Extend upward tentacles

Recently, Daquan Energy Discovery announced the pre -increase in the first half of the year. It is expected that the net profit attributable to the owner of the parent company in the first half of 2021 was 9.4 billion yuan to 9.6 billion yuan, a year -on -year increase of 335.03%to 344.28%.

In the first half of the year, the performance was excellent. In addition, with a popular track, Daquan Energy recently disclosed the decisive additional results, and the actual number of issuance of shares to specific objects was 212 million shares, the issuance price was 51.79 yuan/share, and the total amount of funds raised was about 11 billion yuan. 19 issues such as Global, Caitong Fund, and Fusonmei have been distributed.

Daquan energy said that the photovoltaic market continues to grow, and high -pure polysilicon is still one of the shortage of supply in the entire industrial chain, so the price of polysilicon market continues to rise. In addition, the company's third phase B phase project reached its production at the beginning of the year, and the release of new capacity release drove sales in the first half of the year by about 80%. Thanks to the rise in the sales of silicon materials, the company's profitability has continued to increase, and its performance in the first half of the year has increased significantly.

In fact, Daquan Energy is ranked first in the manufacturing process of polycrystalline silicon materials and enjoys a leading position.

In the first quarter of this year, Daquan Energy Polycrystalline Silicon output was 31,000 tons. The company stated that it will continue to maintain full load production, and it is expected to produce 12 to 125,000 tons of annual output.

It has also stated that the company will maintain an average annual growth rate of about 50%of the year in the next three years, and it is planned to achieve the total high -purity silicon production capacity of 270,000 tons/year by the end of 2024.

The goal of expanding this time is to aim at polysilicon's more upstream industrial silicon.

The company mentioned in the "reply to the review and inquiry letter of the shares application documents to a specific object of the issuance of the stock application documents" (hereinafter referred to as the "Reply") announced by the company announced on March 29 (hereinafter referred to as "Reply") To ensure the stable supply of industrial silicon powder; ensure the supply of industrial silicon powder; quality supporting the development of organic silicon business and form a circular economy industry group.

Last year, due to electricity restrictions in some areas, industrial silicon prices soared. The industrial silicon faucet headed by He Sheng Silicon (603260.SH) ushered in the accident of the stock price under the bonus of polysilicon prices. In 2021, the stock price of Hesheng Silicon's year climbed at a historical high of 259.8 yuan/share from about 50 yuan per share.

At present, Hesheng Silicon has 790,000 tons/year industrial silicon production capacity and 930,000 tons/year of organic silicon single; 21 years of organic silicon revenue of 12.149 billion yuan, revenue accounting for 57.15%. At the same time, He Sheng Silicon Industry also announced this year that it will invest 17.5 billion yuan to build an annual output of 200,000 tons of high -pure polysilicon projects, further expanding the downstream of industrial silicon, and creating a new profit growth point.

It is worth mentioning that at the moment, companies in the photovoltaic industry chain also have a case of testing tactile tentacles in the upstream industrial silicon link.

Zhonglai (300393.SZ) announced in March that it is planned to invest 200,000 tons of industrial silicon and 100,000 tons of high -pure polysilicon projects in Gujiao City, Shanxi Province. The total investment period is expected to be 5 years, and the total investment is about 14 billion yuan.

In addition, the 21st Century Economic Herald reporter noticed that in the expansion projects of the integrated layout of the industrial chain in the first half of the year, including machine CNC (603185.SH), Tianhe Light Energy (688599.SH), and Electric Energy, etc. Putting the industrial silicon link into the capacity planning.

Silicon material "Super" is not a case

The "expensive" of polycrystalline silicon is well -known. Even if the production capacity of expanded projects requires a cycle, the hype in the capital market can always get more timely feedback.

As a quarter of today's silicon faucet, the gross profit margin and market share of Daquan Energy also enjoy a certain advantage in peers.

In 2021, my country produced a total of 505,000 tons of polysilicon. Among them, Tongwei (600438.SH), GCL Technology (3800.HK), Daquan Energy and New Special Energy (1799.HK), the total output accounted for more than 75%.

In 2021, Daquan energy polysilicon shipment was 75,400 tons, and the gross profit margin reached 65.56%. At the same time, it also strives to enhance its competitiveness in the field of silicon materials.

The CITIC Investment Research Daily pointed out that the Daquan energy silicon quality industry is the lead. The current company's single crystal silicon proportion exceeds 99%, and the batch supply of N -type silicon materials has been achieved. This year's photovoltaic industry demand exceeds expectations, the supply of silicon materials should not be significantly prolonged, and the price of silicon materials will continue to rise. It is expected that the company's performance will benefit.

In February this year, the company announced the signing of 30,000 tons of solar -level polysilicon long orders with a amount of 7.26 billion yuan.

In the case of tight silicon supply, it is not rare to lock in advance.

For example, Tongwei's recent huge orders have been "soft".According to the price of polysilicon signed by each contract, in more than three months, Tongwei has held a large list of silicon materials over 25 billion yuan in silicon, involving a polysilicon of 1.0594 million tons.However, the performance of the large factory after signing the long order needs to be further verified.

For example, Daquan Energy mentioned in the "Reply" that the number of supply in 2022 and 2023 signed by the company and customers' long -term supply agreement accounts for the company's current production capacity (or expected effective production capacity).%(Or 132.57%to 141.71%), 105.14%to 113.14%(or 71.23%to 76.65%).

In Tongwei, it was previously announced that its abroad announced that its high -pure crystal silicon capacity had reached 180,000 tons as of the end of 2021. It is expected that the production capacity will reach 230,000 tons by the end of this year, and the production capacity will reach 350,000 tons by the end of next year.In the future, the scale of high -pure crystal silicon capacity will reach 800 to 1 million tons of high -pure crystal silicon capacity from 2024 to 2026.

And this has also confirmed each other's reasons for the rise of silicon materials this year -supply is in short supply.

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