Image source @Visual China
Hong Kong stock Skywit Group's share price soared nearly 60% in one day.
This is because the unaudited performance report just released by Skyworth Group for the nine months ended September 30, 2021 performed well.
During the reporting period, the company recorded a turnover of RMB 35.891 billion, a year-on-year increase of 33.2%; gross profit of RMB 5.838 billion, a gross profit margin of 16.3%; current profit and the profit attributable to the company's equity holders were RMB 999 million and RMB 763 million, a year-on-year increase of 19.21% and 40% respectively. In terms of
business point, Skyworth Group is currently divided into four major business segments: multimedia business, intelligent system technology business, smart electrical business and modern service industry business.
Among them, the revenue of the intelligent system technology business in the mainland market was RMB 4.892 billion, an increase of 35.7% over the same period last year. The turnover of overseas markets was RMB 2.773 billion, an increase of 11.6% from RMB 2.485 billion in the same period last year.
During the reporting period, the turnover of smart appliance business in the mainland market was RMB 2.101 billion, a slight increase from the same period last year. The overseas market increased from 1.047 billion yuan to 1.213 billion yuan, an increase of 15.9%.
The overall growth of business in the modern service industry was relatively significant, with its turnover in the mainland market during the reporting period of 2.32 billion yuan, an increase of nearly 80% over the same period last year. The turnover of overseas markets was RMB 550 million, an increase of 40% from RMB 391 million in the same period last year.
multimedia business is still the cash bull of Skyworth Group, with a turnover of RMB 21.854 billion, accounting for 60% of the total turnover, an increase of RMB 5.792 billion from RMB 16.062 billion in the same period last year, an increase of 36.1% year-on-year.
multimedia service is divided into smart TV system, Cookai system Internet value-added services, photovoltaic service, etc. Among the traditional smart TV system products of
, Skyworth 's turnover in the mainland Chinese market reached RMB 8.93 billion, an increase of 10.8% year-on-year compared with the same period last year. In the overseas market, the turnover of smart TV system products reached RMB 7.279 billion, an increase of 35.0% from RMB 5.392 billion in the same period last year. It is particularly noteworthy that this year, in addition to the performance of TV system products is still gratifying, Skyworth Group also performed outstandingly in the new business growth point - photovoltaic business. In the first three quarters of this year, Skyworth's photovoltaic revenue reached 2.19 billion yuan, a year-on-year increase of 272.75 times.
Skyworth Group is well-known for its home appliance business, and its newly opened photovoltaic business is not well known. The group announced the establishment of Shenzhen Skyworth Photovoltaic Technology Co., Ltd. in early 2020, officially entering the photovoltaic industry. Skyworth Group plans to start with household photovoltaics and gradually develop business such as industrial and commercial photovoltaics and integrated smart energy management on the power side.
In Skyworth Group's previous semi-annual report, the photovoltaic business revenue was 829 million yuan. In other words, Skyworth Group's photovoltaic business revenue reached 1.361 billion yuan in the third quarter, exceeding 150% of the sum of the first two quarters.
It is worth mentioning that Skyworth chose to enter the photovoltaic field to get rid of its dependence on the TV business because of domestic policies related to environmental protection and new energy.
Skyworth Group announced its entry into the photovoltaic industry in 2020 that under the national policies, Skyworth is considering entering the clean energy industry. In clean energy, the photovoltaic system integration industry is relatively the most commercial and standardized; in the photovoltaic industry, distributed photovoltaic is closest to the terminal sinking market and Skyworth’s familiar client retail field. Therefore, distributed photovoltaic will become Skyworth’s early main business choice.
Since the 13th Five-Year Plan, the domestic policy orientation for environmental protection and new energy has been further clarified. On October 24, the Central Committee of the Communist Party of China and the State Council officially issued the "Opinions on Complete, Accurate and Comprehensive Implementing the New Development Concept to Do a Good Job in Carbon Peak and Carbon Neutrality", which represents the official release of the "1" in the "1+N" policy system of the domestic dual carbon target.
According to National Energy Administration data, domestic household photovoltaics added 2.14GW in September, a year-on-year increase of 64.7% and a month-on-month increase of 16.1%. From January to September, a cumulative new installed capacity of 11.68GW, accounting for 45.7% of the new installed capacity, a year-on-year increase of 121.4%.
In this regard, Chen Zikun, an analyst at GF Securities, said that although the prices of the industrial chain continue to be high, domestic household photovoltaic installations still maintain rapid growth. Driven by the promotion of the whole county's superimposed marketization of electricity prices, household photovoltaic demand is expected to maintain a high prosperity.
Overseas market, according to General Administration of Customs, solar cell (module) exports in September were US$2.705 billion, an increase of 35% year-on-year and a decrease of 7% month-on-month; from January to September, a cumulative exports of solar cell (module) were US$19.856 billion, an increase of 40% year-on-year. In September, the export of inverter was US$492 million, an increase of 48% year-on-year; from January to September, the cumulative export of inverters was US$3.53 billion, an increase of 55% year-on-year. The steady growth in domestic exports of solar cells and inverters also confirms the strong overseas demand.
However, Skyworth's diversified development has also aroused some doubts.
Previously, Skyworth Group set a revenue target of 100 billion this year. From the current perspective, the revenue in the first three quarters of this year was 35.9 billion yuan, which is still far from the target.
According to Lishi Business Review, in recent years, there have been few successful cross-border development of black electric enterprises, and Konka and Changhong are deeply in the dilemma of diversification. However, TCL, which has deepened the integration of the industrial chain and , which has displayed technology, have developed better. Therefore, for Skyworth Group, focusing on the home appliance industry may be more conducive to long-term development.
( Titanium Media App edit Tao Tao comprehensively from Daily Economic News , TechWeb, Cailianshe, Economic Observer)
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