With the continuous development of N-type components, this enterprise, which is older than Jingke Energy and Jingao Science and Technology, is glowing with new vitality.
On August 15, Xiexin Integration disclosed in the evening that the company realized business income of 5.61 billion yuan in the first half of the year , up 100.26% year on year; Net profit attributable to shareholders of the listed company was RMB110 million , representing a year-on-year increase of 197.35%; net profit after deduction of non-profits increased by 281.98%; basic earnings per share was RMB0.019, representing a year-on-year increase of 216.67%.
Talking about the reasons for the growth of performance, Xiexin Integration said that during the reporting period, the company fully grasped the market opportunities and continuously won the bid for the component procurement projects of state-owned enterprises. In the first half of the year, the company won the bid volume leading the industry and had sufficient reserve orders. The company will further develop the ability of resource integration, unite superior enterprises, timely layout of production capacity in key overseas markets, and achieve the development goal of global regional competitive advantage.
In fact, since the end of last year, Xiexin Integration has shown a bright future . In the fourth quarter of 2022, the company reversed the decline of small losses in the first three quarters, turned losses into profits , realized a net profit of 59 million yuan for the whole year, and ended the loss situation of the previous two years (2020-2021). In terms of
shipment, as a veteran in the field of deep-ploughing components for 20 years, after completing the iteration of component production capacity in 2021, the company achieved 6.6GW sales of photovoltaic modules in 2022, an increase of 190.8% over the same period last year, which formed a strong support for the company's performance bottoming rebound.
Since its establishment in 2003, Xiexin Integration has focused on the R & D and sales of photovoltaic module products, and continuously extended to the upstream and downstream industrial chain. Up to now, the company has formed an integrated layout of batteries + components + energy storage , and is expected to form a coordinated development of the optical storage sector in the future.
Source: Guolian Securities
In terms of components, the company began to eliminate backward 158/166 small-size components and cell production capacity through provision and technological transformation in 2020, and announced in April of that year that it would invest 18 billion yuan to build a 60GW component project in Hefei. Force 210 may be compatible with 182.
Among them, Hefei Phase I 15GW has achieved full production in 2022, and Phase II Phase I 7.5G W project is expected to be put into operation in the second half of this year. With the 12 GW component project in Funing, Jiangsu, which is expected to be put into operation at the end of October, the company's effective production capacity may exceed 30GW by the end of 2023. In terms of
cells, Xiexin Integration signed a contract with Wuhu Bay District in October 2022 to land the 20GW high-efficiency N-type TOPcon cell manufacturing project here. Up to now, the first phase of 10g W battery production capacity in Wuhu has been put into operation on July 28, and will reach full production around the end of the third quarter.
At that time, the company will initially form a synergistic competitive advantage at the end of the industrial chain in the N-type layout. The production of cells will also fully meet the capacity matching needs of the company's large component base in Hefei, strengthen the matching degree of component and cell production capacity, reduce supply chain risks, and improve the overall gross profit level of the industrial chain. So far
, benefiting from the large-size and N-type changes in the component industry, Xiexin Integration has successfully achieved a bottom reversal. In the first quarter of 2023, the Company achieved an operating income of RMB 1.55 billion, with a year-on-year increase of 20.1%; the net profit attributable to the parent company in the same period was RMB 27.1573 million, with a year-on-year increase of 24.62%; the net profit attributable to the parent company after deduction of non-profits was RMB 18.698 million, with a year-on-year increase of 155.13%.
At the same time, benefiting from the premium dividend of N-type components, the price reduction of raw materials in the first half of the year and the scale effect of Hefei Component Phase I 15GW project, the company's gross profit has been restored year-on-year. In the first half of 2023, the gross profit of the company's components rebounded from 6.02% in 2022 to 9.02% , with a significant increase.
It is worth noting that, in addition to conventional modules, Xiexin has taken the lead in the layout of BIPV modules and offshore photovoltaic modules. The company currently provides two kinds of BIPV modules, "Xin Fuding" and "Xin Yunding", to the market, and has obtained downstream orders for high-reliability anti-immersion floating modules. Haiyang City , Shandong Province, is the world's first deep-sea "wind and solar" integrated project
using Xiexin integrated sea floating components
. The company is actively promoting the energy storage business . At present, the company has planned 30GWh energy storage system capacity in Xuzhou, of which the first phase of 10GWh has taken the lead in construction and production.
In the field of energy storage, the company's products have covered KWh grade household, 100KWh grade industrial and commercial applications, MWh grade station applications, and will make full use of the company's component sales platform to promote the company's integrated energy solutions for optical storage. Guolian Securities estimates that the energy storage sector may contribute actual output to the company from 2024.
In order to consolidate its competitive advantage, Xiexin Integration set a fixed fund-raising plan of 4.857 billion yuan in early August this year, of which 3.4 billion yuan will be used to promote the construction of Wuhu Xiexin Phase II High Efficiency Battery Project (Phase II 10GW).
Looking ahead, with the gradual release of components, batteries and energy storage capacity, Xiexin Integration, a veteran of 20 years of deep cultivation, may return to the first echelon with N-type opportunities.
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