Modern Express News (Reporter Gu Wei) Entering the fourth quarter, the popularity of the photovoltaic industry is still continuing. On October 18, Daquan Energy, the leader in silicon material, disclosed that it had signed a major contract of nearly 14 billion yuan with its customers. Wuxi listed company CNC also revealed that it has obtained two major orders worth nearly 10 billion yuan. The industry believes that domestic photovoltaic installed capacity demand continues to exceed market expectations, and the industry is expected to continue to grow high in the second half of the year to the first half of next year.
photovoltaic large orders are released intensively
After the National Day holiday, large orders of listed companies "good news" are coming one after another. Among them, the most eye-catching thing is the photovoltaic industry. On October 18, Daquan Energy, the leader in photovoltaic silicon materials, disclosed that the company and its subsidiary Inner Mongolia Daquan recently signed a "Silicon Material Procurement Contract" with a customer, stipulating that the customer is expected to purchase a total of 46,200 tons of solar-grade native polycrystalline silicon from the company and Inner Mongolia Daquan from 2023 to 2027, with an estimated purchase amount of approximately 13.999 billion yuan. Daquan Energy achieved revenue of 10.83 billion yuan last year, which means that the newly signed large order has exceeded the full year of last year.
Not only that, on October 14, the company also disclosed that it had signed a "Polysilicon Procurement and Supply Contract" with Shuangliang Silicon Materials (Baotou) Co., Ltd., stipulating that from 2022 to 2027, the buyer expects to purchase 155,300 tons of polysilicon material from the company and its subsidiary Inner Mongolia Daquan, with an estimated purchase amount of approximately 47.056 billion yuan.
Shuangliang Silicone Materials (Baotou) Co., Ltd. is a wholly-owned subsidiary of Shuangliang Energy Saving, a listed company in Jiangsu. Shuangliang Energy-saving, which was originally engaged in energy-saving and water-saving equipment, has made great efforts to enter the photovoltaic business in recent years, from polysilicon reduction furnaces to monocrystalline silicon wafers. In April this year, the company also announced that it plans to invest 5 billion yuan to carry out the photovoltaic module project in Baotou . As the new "dark horse" of silicon wafers, Shuangliang's energy-saving urgently needs to lock in the upstream silicon material supply. In addition to Daquan Energy, Shuangliang Energy Saving has also signed long-term procurement order contracts with silicon material companies such as Tongwei Co., Ltd. , Xinte Energy , etc., and has locked in the supply of nearly 800,000 tons of silicon material, with a total order amount exceeding 200 billion yuan.
△In-computer CNC performance in recent years. The reporter drew a chart (data source: Tonghuashun ifind)
Another Jiangsu photovoltaic company in-computer CNC also disclosed two major orders on October 18. First, the single crystal silicon wafer sales contract. From 2023 to 2024, the other party purchased a total of 825 million monocrystalline silicon wafers from its subsidiary (without more than 20% floating up or down), with an estimated sales amount of 6.204 billion yuan (including tax); second, a sales contract with Yidao New Energy signed a sales contract for "N-type silicon material products". In 2023, the other party purchased a total of 300 million N-type silicon material products from its subsidiary (without more than 20% floating up or down), with an estimated sales amount of 3.192 billion yuan (including tax). This is also the first major order for the company to acquire in its layout of "N-type silicon material products".
In addition, Wuxi listed company Aotwei also disclosed on the same day that it had signed a sales contract with the subsidiary of Jinko Energy , intending to sell the welding machine to the other party, with a contract amount of approximately RMB 140 million.
's third-quarter performance is improving, and the industry continues to be prosperous
According to the data disclosed by the National Energy Administration of , domestic photovoltaic installed capacity in January-August 2022 was 44.47GW, and increased by by 101.7% year-on-year; module exports from January-August 113.4GW, a year-on-year increase of 80.5%. With the tight supply of upstream silicon materials and rising component prices, the demand for photovoltaic installed capacity continues to exceed market expectations.
Under this background, both stock prices and performance of listed companies in the photovoltaic industry are improving. Zhongyuan Securities statistics show that in the first half of 2022, 66 A-share photovoltaic listed companies achieved a total operating income of 507.938 billion yuan, a year-on-year increase of 71.08%; attributable net profit was 62.496 billion yuan, a year-on-year increase of 101.88%. Among them, revenue and net profit growth in the second quarter reached 74.68% and 113.48% respectively. The brokerage expects that in the fourth quarter of 2022 and 2023, silicon material production capacity will continue to be released, and the price of the photovoltaic industry chain will show a downward trend, thereby increasing the internal rate of return on power station investment and driving installed capacity demand. At present, the photovoltaic industry is in the continuous expansion of capacity scale, the market penetration rate of is accelerating, and the industrialization of TOPCon/HJT batteries is improved. The industry is far from reaching the ceiling, maintaining the industry's "stronger than the market" investment rating.
Judging from the third quarter results that have been released, Jiangsu's two major photovoltaics "dark horses" have both delivered good results. According to the third quarter report of Shangji CNC, the company achieved revenue of 17.49 billion yuan and net profit attributable to 2.831 billion yuan in the first three quarters, an increase of 130.49% and 101.43% year-on-year respectively. The company said that the main reason for the sharp increase in performance is the expansion of the monocrystalline silicon business and the increase in revenue. Previous interim report showed that the company's monocrystalline silicon business achieved revenue of 11.15 billion yuan in the first half of the year, an increase of more than double the same period last year.
Shuangliang Energy Saving achieved revenue of 8.745 billion yuan and net profit of 830 million yuan in the first three quarters of this year, an increase of 286% and 369% respectively. Its performance surge is also due to the rapid growth of its silicon wafer business. In the first half of this year, Shuangliang's energy-saving monocrystalline silicon revenue reached 2.067 billion yuan, while the business's annual revenue last year was only 235 million yuan.
In addition, there are many photovoltaic companies with third-quarter report forecasts. Tongwei Co., Ltd. released its performance forecast on October 10, and is expected to achieve net profit of 21.4 billion yuan to 21.8 billion yuan in the first three quarters, a year-on-year increase of 259.98% to 266.71%. The company said that the market demand for high-purity crystalline silicon products continues to be strong, the company's new production capacity has rapidly climbed to production, achieving a significant increase in volume and profit, and the production and sales of battery cells and business are booming. TCL Central also expects to achieve net profit of RMB 4.93 billion to RMB 5.07 billion in the first three quarters, a year-on-year increase of 78.53% to 83.6%.
Southwest Securities is expected to be launched in the fourth quarter, and new silicon material production capacity will be gradually released. The resonance of demand at home and abroad will promote the increase in demand and production scheduling in all links of the industrial chain. Dongwu Securities said that demand is highly certain in the second half of the year, and the peak season in the fourth quarter is approaching, and component shipments will increase by more than 30% month-on-month.
