in 2022, can TCL Technology rebound from the bottom in 2023? According to the 2022 annual performance report of
TCL Technology, the operating income in 2022 was only 167 billion yuan to 169.6 billion yuan, with a slight increase of 2% -4%; the net profit attributable to the parent company was 255 million yuan to 358 million yuan, with a year-on-year decrease of 96% to 97%; Net profit after deduction was-2.632 billion yuan to-2.735 billion yuan, down 128% to 129% year on year. From profit to loss, increase income without increasing profits. As soon as the
report came out, the shareholders of TCL Technology could not help but be inspired. Under the cyclical influence of the panel industry, TCL Technology seems to feel a "chill" and has fallen from the altar of 10 billion profits. How can TCL prove itself this time? The
panel cycle is blamed for the worst performance of TCL Technology?
For the worst performance in recent years, the explanation given by TCL Technology is due to the impact of factors such as geopolitical conflicts, overseas inflation and epidemics.
But apart from these objective factors, TCL technology itself also has many reasons. In fact, since the third quarter of 2021, the net profit performance of TCL Technology has begun to decline, with losses in the second and third quarters of 2022. If it were not for the relatively bright performance of its holding subsidiary TCL Central, the financial report of TCL Technology would be even more ugly. The performance of TCL technology
under pressure in the capital market is also unsatisfactory. On February 10, 2023, TCL Technology's share price closed at 4.20 yuan per share, which was cut in half compared with the high level of 8.35 yuan per share in 2022. Such a big discount can not help but make the shareholders of TCL technology pinch their sweat. Back
in 2018, Li Dongsheng was full of confidence in the panel industry, and 4.76 billion yuan was the chip of TCL technology in the panel industry. The turning point occurred in 2021. With the passage of time, the surge in demand for home caused by the COVID-19 epidemic was slowly digested by the market, and the panel market, which had lost its "epidemic dividend", began to cool down. The downturn in terminal demand has also led to a decline in panel prices, and the prices of TV and IT LED products have fallen to varying degrees.
This wave of decline is more severe and longer than many panel manufacturers expected. Often, when people think that panel prices have reached the bottom and are waiting to be repaired, the market suddenly drops the price to a new bottom line again, and the industry profit margin enters the bottom of the cycle.
In this wave of structural price adjustment, the biggest impact is undoubtedly the large-size panel, taking the 55-inch panel as an example, the price exceeded $220 in July 2021, and by October 2022, the price has more than doubled.
The large panel is precisely the main product line of TCL layout. In 2021, TCL Technology has 7 panel production lines, 5 of which are large-size panels, with a shipment area of 37.747 million square meters, accounting for 95.58%; There are only two small and medium-sized panels, with a shipment area of 1.745 million square meters, accounting for only 4.41%, which to some extent explains why the performance of TCL Technology has shrunk so much.
After 15 months of continuous decline, the panel industry finally began to show warmth. Whether the price recovery can help TCL quickly repair its damaged performance is still unknown. In contrast, photovoltaics seem to be much clearer.
Compared with the panel industry, which is subject to the uncertainty and passivity of cyclical adjustment, the development of TCL Technology in the photovoltaic sector, driven by the deterministic goal of "carbon neutralization" and "carbon peak" and the policy dividend, has a bright future.
In 2020, TCL Technologies invested 10 billion yuan to acquire 100% of Zhonghuan Group and acquired 27.23% of Zhonghuan Group through Zhonghuan Group. After its establishment, TCL Zhonghuan focused on the R & D and production of monocrystalline silicon, and promoted the application of silicon materials in integrated circuits, consumer electronics, power grid transmission, wind power generation, rail transit, new energy vehicles, 5G, artificial intelligence, photovoltaic power generation, industrial control and other fields with a forward-looking vision.
In the photovoltaic business sector, the report card handed over by TCL Technology is obvious to all. In 2021, Longji Green Energy, which is known as "Photovoltaic Shuangxiong" together with TCL, won the first place in global shipments of silicon wafers, accounting for 30.1%, followed by TCL Central, which won the second place in the world, accounting for 22.3%. In 2021 and the first three quarters of 2022, TCL Zhonghuan achieved a net profit of 4.03 billion yuan and 5.001 billion yuan respectively, with a year-on-year growth rate of 142.08% and 80.68% respectively. Especially in 2021, TCL Zhonghuan ushered in the first dazzling doubling growth, and the performance of net profit and revenue were completely synchronized.
In order to accelerate the precipitation of its own competitive advantages in the market and stabilize its leading position, TCL Technology has also increased its investment in R & D, comprehensively promoted the upgrading of manufacturing and industry 4.0 level, accelerated production, steadily improved process capabilities, and continuously strengthened the core competitive advantages of products.
According to TCL Zhonghuan, by the end of 2022, the total production capacity of photovoltaic single crystal is expected to exceed 140GW. The company's crystal and wafer production capacity is compatible with N-type products, and flexible switching between N-type and P-type products can be achieved by relying on the industry 4.0 production system.
Photovoltaic sector has been regarded as the second performance growth curve by TCL Technology, but now the silicon production capacity is released, the price trend is obvious, TCL Technology may face the crisis of overcapacity.
浙公网安备33010802003254号