, Maiwei released a record of recent investor relations activities. On August 25, 2023, the company received a survey from 366 institutions, including QFII, insurance companies, others, fund companies, overseas institutions, securities companies and sunshine private equity institutions. In the
first half of this year, the Company achieved an operating income of 2.869 billion yuan, an increase of 62.98% over the same period last year, and a net profit of 425 million yuan, an increase of 7.13% over the same period last year; The operating cash flow was 512 million, with a year-on-year increase of 21.33%; the total assets increased from 14.527 billion at the beginning of the year to 20.351 billion, with an increase of 40.09%; the net assets attributable to shareholders of the listed company increased from 6.452 billion at the beginning of the year to 6.629 billion.
In the first half of the year, the overall development was steady and the scale was expanding. With the rapid development of HJT in the first half of this year, the company's equipment has accelerated its pace of moving into the client and capacity climbing. Customers and companies can achieve 5GW or even larger workshop layout and equipment commissioning. All these indicate that the whole line equipment of HJT has entered a relatively mature stage.
Technically, 110 um thin silicon wafer, half-rod and half-wafer process, double-sided microcrystal, silver-coated copper paste and light conversion film have been put into mass production at customers and achieved good returns. In the second half of this year, the industrialization of the three technologies of NBB, steel mesh and non-indium TCO lamination for pre-welding will further promote the cost reduction and efficiency enhancement of HJT. At present, HJT has become the most mainstream technology in the industry, and the goal of the lowest cost and the highest power is close at hand. We hope that by combining the above technologies and through the efforts in the next few months of the second half of the year, HJT can achieve parity on the basis of higher power than other technologies and bring more returns to investors.
Q & a session
: Q: What is the outlook for the volume of heterojunction bidding this year and next year?
Answer: The company still maintains the judgment of 50-60GW for the whole industry bidding this year. In the first half of the year, the bidding volume of the whole industry has exceeded 20GW, and generally the bidding volume in the second half of the year will be larger. At the end of this year, the company will give a judgment on the bidding volume of the industry next year.
Ask: How about the company's heterojunction equipment revenue and gross profit margin in the first half of the year?
Answer: After years of efforts, the proportion of heterojunction equipment revenue in the company has increased year by year. At the present stage, the gross profit margin of heterojunction is relatively low, on the one hand, because there are many production line transformations in the early stage of heterojunction, the speed of client equipment commissioning is accelerating, and the production line is becoming more and more stable; on the other hand, the manufacturing side has not yet produced scale effect, the company is actively taking measures to reduce costs, and this part of the results will be reflected in the subsequent delivery orders.
Ask: What new technological changes will the company have in the second half of the year to promote the cost reduction and efficiency enhancement of heterojunction?
Answer: The company actively promotes the front welding technology without main grid (NBB), and the relevant mass production equipment is expected to move into customers in September. Later in the second half of this year, the expansion of HJT components will focus on NBB. The steel mesh and the non-indium TCO target can be matched with each other. In theory, the efficiency of non-indium TCO targets will be affected by the slightly poor conductivity. On the one hand, the use of steel mesh can make the efficiency of non-indium TCO target basically unchanged, and can also improve the efficiency of the battery by 0.2%, on the other hand, the amount of slurry also has a certain decline.
Ask: After the introduction of new technologies, what level of power will the components reach next year?
Answer: The company has observed that the current average power level of heterojunction modules is 705-710 W (210 board type, 132 pieces). In 2024, the company expects to optimize the texturing process by using new texturing additives, optimize the CVD process and equipment, optimize the PVD equipment and materials, improve the efficiency of batteries by using new steel plate printing and slurry, and improve the power of NBB modules. In combination, the average power of heterojunction modules can reach 730-735 W.
Q: What is the demand for heterojunction overseas?
Answer: The overseas demand for HJT is very strong, because HJT has the advantages of high efficiency, high power, suitable for tropical areas, relatively low installation cost, simple production and manufacturing, and few production workers. Through the company's efforts in automation and unmanned, customers have saved a lot of labor on the production line. The company judges that heterojunction technology is expected to become the mainstream of overseas cell development.
Q: What is the company's progress and outlook for copper electroplating?
Answer: By the end of this year, the company will have a copper electroplating pilot line running on the client side, and the film will be produced by the end of this year or early next year. The company still maintains the judgment that next year's copper electroplating is the year of pilot test, and the mass production of equipment will take until the end of next year or even the year after next. The company believes that copper electroplating is not a means of reducing costs, but a means of increasing efficiency. Subsequent copper plating products can achieve a power gain of about 15 W at the module end, which is equivalent to an increase of about 0.5% in battery efficiency. However, the metallization cost of electroplating copper will be much higher than that of silver-clad copper. Therefore, for the future pattern after 2025, the company judges that the products of metallization using copper electroplating process are mainly positioned in high-power products.
Q: What is the length of the copper electroplating line?
Answer: At present, the screen printing line is about 80 meters. In the future, if it is a copper electroplating production line of more than 600 MW, it should be more than 200 meters. At present, it is difficult to shorten the length by increasing the production capacity of a single machine.
Ask: The competitor has the plan of big productivity, does the company have a plan to do single line bigger productivity?
Answer: The company's double-sided microcrystal products have been introduced to many customers. The efficiency of the VHF power supply scheme used by the company is 0.2% higher than that of the RF power supply scheme in the N-side microcrystal. If the P-side microcrystal is added, there will be at least 0.3% efficiency gain. In addition, if RF power supply is used, the coating speed will be reduced a lot, and the goal of large production capacity can not be achieved in the end. If the cavity is added, it is not suitable economically, so the company chooses VHF power supply as the high-efficiency heterojunction battery of 600MW standard scheme. The main challenge for VHF power supply to achieve greater production capacity is the uniformity of coating, which is the direction of the company's efforts. The company has made breakthroughs in major technical bottlenecks, but it still takes some time from technological breakthroughs to the formation of mass production technology.
Q: Will the downstream heterojunction manufacturers adopt the non-full-line bidding method for the subsequent expansion of production?
Answer: Maiwei is the mainstream equipment supplier of photovoltaic cells. In the direction of heterojunction, the company has a first-mover advantage. The company respects the customer's choice, actively cooperates with the customer's bidding method, and strives to make every product of the whole line the best and improve the cost performance.
Ask: What are the reasons for the increase in sales expenses in the first half of the year?
Answer: The main reason is the increase in personnel costs. With the increase of company orders, the demand for personnel stationed at clients has increased, and the salary of employees and the subsequent after-sales expenses such as training, debugging, maintenance and travel expenses have increased.
Ask: What is the current industrialization progress of perovskite, including the research and development of tandem batteries?
Answer: The company believes that the heterojunction stacked perovskite battery technology is the main track for the future development of the industry. The process will be divided into three steps, the first step is the industrialization of heterojunction, the second step is the industrialization of heterojunction plus copper electroplating, and the third step is the industrialization of heterojunction stacked perovskite. The company is firmly optimistic about the heterojunction and perovskite stack, and is expected to achieve industrialization in 2027. By the end of this year, the company's laboratory will have a wafer-level heterojunction and perovskite stack R & D line in operation. In the first half of next year, the company will give guidance on the development of the industry.
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