In 2021, China's photovoltaic film production capacity accounted for more than 90% of the world's total, and the rapid growth of global demand for new photovoltaic installations is expected to drive China's film shipments to continue to rise.
In the short term, with the release of polysilicon production capacity, the price of polysilicon, the raw material for photovoltaic modules, has fallen, driving the demand for photovoltaic modules upward.
As of May 3, 2023, the price of polysilicon was 180,000 yuan/ton, down 40% from the highest point in 2022.
From the perspective of demand structure, the consumption demand of double-sided modules and N-type modules expanded, which led to the increase of market share of POE film and EPE film.
In 2022, the market share of double-sided components in China increased by 26.4 PCT compared with 2019. Driven
by double-sided modules and N-type modules, the total market share of POE film and EPE film in China is 35.6% in 2022, which is expected to increase to 52
in 2025. The supply and demand of adhesive film are tightly balanced.
In 2022, the standing energy of POE and EVA photovoltaic film in China will be 14.2 billion square meters and 3 billion square meters respectively. The production capacity under construction and planned construction is 18.8 and 17 respectively.
We estimate that the excess supply of EVA film and POE film in China in 2023 will be 0.9 and 0.8 billion respectively, and the supply and demand will be tightly balanced. In 2024, the supply of EVA film in China is excessive. 6.
The price of raw materials is stable, and the profit of film enterprises is expected to be restored. Since 2023, the price of EVA and POE resin has stabilized, which helps enterprises to repair their profits.
According to Baichuan Yingfu's data, as of May 6, 2023, the average price of EVA was 15218 yuan/ton, down 9.10% annually and 40.3% year-on-year. As of May 3, 2023, the average price of POELC175 and POELC670 in East China was 24500 yuan/ton, down from the same period last year. 1.
With the stabilization of the operating rate of photovoltaic modules, the price of silicon materials declined, and the price of EVA and POE stabilized. Film enterprises are expected to achieve profit recovery.
Performance overview: The industry will not increase profits, and the future performance is expected to restore
the 2022 and 2023Q1 photovoltaic film. In terms of
business income, in 2022 and 2023Q1, the photovoltaic film industry (excluding Shenzhen Gas) realized business income of 32.344 billion yuan and 8.349 billion yuan respectively, an increase of 48.77% and 18.00
% respectively. In 2022 and 2023Q1, the net profit of the photovoltaic film industry (excluding Shenzhen Gas) was 1.818 billion yuan and 389 million yuan, respectively.
Chart 2. 2019-2023Q1 Photovoltaic Film Operating Income
Chart 3.
Specifically, Foster achieved operating income of 18.877 billion yuan in 2022. Year-on-year growth of 46.82%; in 2022, Haiyou New Material achieved an operating income of 5.307 billion yuan, a year-on-year growth of 70.90%; in 2022, Saiwu Technology achieved an operating income of 4.115 billion yuan, a year-on-year growth of 36.39%; In 2022, Lushan New Material achieved an operating income of 2.618 billion yuan, with a year-on-year increase of 54.63%; in 2022, Tianyang New Material achieved an operating income of 1.426 billion yuan, with a year-on-year increase of 33.55%; In 2022, Shenzhen Gas achieved an operating income of 30.062 billion yuan, an increase of 40.
Chart 4.
Among the six photovoltaic film enterprises, only the net profit of Saiwu Technology was basically the same as that of the previous year, while the net profit of the other five enterprises declined year on year.
Specifically, in 2022, the net profits of Foster, Haiyou New Material, Lushan New Material, Tianyang New Material and Shenzhen Gas were 1.579 billion yuan, 0.50 billion yuan, 0.75 billion yuan, 0.57 billion yuan and 1.222 billion yuan, respectively. Decreased by 28.13%, 80.14%, 33.74%, 151.37% and 9.72% respectively. In 2022, the net profit of Saiwu Technology was 171 million yuan, an increase of 0.
Chart 5.
Specifically, the gross profit rate of Foster's photovoltaic film business in 2022 was 15.58%, a decrease of 9.43 PCT compared with the same period last year. The gross profit rate of PV film business of Haiyou New Material in 2022 is 7.43%, with a year-on-year decrease of 7.49 PCT; the gross profit rate of PV film business of Saiwu Technology in 2022 is 7.75%, with a year-on-year decrease of 5.20 PCT; The gross profit rate of hot melt adhesive film business of Lushan New Material in 2022 was 7.93%, with a year-on-year decrease of 8.26 PCT; the gross profit rate of photovoltaic adhesive film business of Tianyang New Material was 3.85%, with a year-on-year decrease of 13.81 PCT; The gross profit margin of the gas-fired PV film business in Shenzhen was 12.53%, representing a year-on-year decrease of 7.
Chart 6. Specifically, the sales volume of Foster's PV film in 2022 was million square meters 132118, representing a year-on-year increase of 36.51%. In 2022, the sales volume of the PV film of Haiyou New Material will be 0.12 million square meters 43492, with a year-on-year increase of 76.88%; the sales volume of the PV film of Saiwu Technology in 2022 will be 0.08 million square meters 16844, with a year-on-year increase of 77.12%; The sales volume of hot melt adhesive film of Lushan New Material in 2022 is 0.65 million square meters 11845, with a year-on-year increase of 110.27%; the sales volume of photovoltaic adhesive film of Tianyang New Material in 2022 is 62.5771 million square meters, with a year-on-year increase of 136.34%; The sales volume of PV film of Shenzhen Gas in 2022 was 510 million square meters, with a year-on-year increase of 61.
Chart 7. In 2022, the average price of PV film of three of the six major enterprises rose.
Specifically, the average prices of Foster, Saiwu Technology and Shenzhen Gas 2022 Photovoltaic Film were 12.76 yuan per square meter, 12.54 yuan per square meter and 12.49 yuan per square meter, respectively, up 4.31%, 4.83% and 16.46% year on year. The average price of PV adhesive film of Haiyou New Material and Tianyang New Material in 2022 was RMB12.09 per square meter, representing a year-on-year decrease of 2.60% and 4.93% respectively; the average price of hot-melt adhesive film of Lushan New Material in 2022 was RMB12.19 per square meter, representing a year-on-year decrease of 2.
.
Specifically, the cost rates of Foster, Haiyou New Material, Lushan New Material, Tianyang New Material and Shenzhen Gas during 2022 are 4.54%, 5.47%, 7.10%, 14.58% and 9.49%, respectively. Decreased by 0.22 PCT, 0.34 PCT, 0.31 PCT, 4.75 PCT and 1.25 PCT respectively; The expense ratio of Saiwu Technology in 2022 is 7.37%, with a year-on-year increase of 0.
Figure 9.
Specifically, the R & D expense ratio of Foster in 2022 is 3.42%; the R & D expense ratio of Haiyou New Material in 2022 is 2.91%; The R & D expense ratio of Saiwu Technology in 2022 is 3.26%; the R & D expense ratio of Lushan New Material in 2022 is 3.14%; the R & D expense ratio of Tianyang New Material in 2022 is 2.60%; The R & D expense ratio of Shenzhen Gas in 2022 is 2.
Chart 10.
In 2022, the inventory turnover days of four of the six major photovoltaic film enterprises increased.
Specifically, the inventory turnover days of Foster, Haiyou New Material, Lushan New Material and Shenzhen Gas in 2022 are 67.41 days, 61.81 days, 62.61 days and 25.68 days, respectively. The inventory turnover days of Saiwu Technology and Tianyang New Material
in 2022 were 65.09 days and 101.68 days, respectively. Decreased by 4.05% and 1.
Chart 10. In 2022, the monetary capital of four of the six major photovoltaic film enterprises increased.
Specifically, the monetary funds of Foster, Haiyou New Material, Lushan New Material and Shenzhen Gas in 2022 are 6.266 billion yuan, 631 million yuan, 216 million yuan and 3.295 billion yuan, respectively. The monetary funds of Saiwu Technology and Tianyang New Material in 2022 increased by 134.77%, 48.10%, 3.82% and 3.2022
were 939 million yuan and 147 million yuan respectively.
Chart 11.
Specifically, Foster's asset-liability ratio in 2022 was 30.62%, up 19.68 PCT year-on-year. The asset-liability ratio of Haiyou New Material in 2022 is 61.69%, with a year-on-year increase of 24.48 PCT; that of Saiwu Technology in 2022 is 40.33%, with a year-on-year decrease of 12.75 PCT; that of Lushan New Material in 2022 is 46.82%, with a year-on-year increase of 2.11 PCT; The asset-liability ratio of Tianyang New Material in 2022 was 55.41%, up 19.43 PCT year on year. The asset-liability ratio of Shenzhen Gas in 2022 was 59.70%, representing a year-on-year increase of 0.
Chart 12.
In 2022, the net cash flow from operating activities of four of the six major PV film enterprises was negative.
Specifically, the net cash flow of operating activities of Haiyou New Material, Saiwu Technology, Lushan New Material and Tianyang New Material in 2022 is-29.15,-0.80,-6.91 and-255 million yuan, respectively. Decreased by 107.92%, increased by 55.03%, decreased by 5936.92% and increased by 603.27% respectively. The net cash flow of operating activities of Foster and Shenzhen Gas was 0.26 billion yuan and 1.637 billion yuan, respectively, an increase of 117.65% and 22.
Chart 13.
In terms of operating income, the operating income of major photovoltaic film enterprises generally increased in 2022. The main reason is that the sales of photovoltaic film of various enterprises have increased significantly. In terms of net
return to the mother, the net return to the mother of the main photovoltaic film enterprises declined in 2022. First, the price of EVA resin fluctuated. In the first half of 2022, the price of EVA resin rose, which caused the photovoltaic film enterprises to stock up. In the second half of 2022, the price of EVA resin fell, which caused the loss of assets impairment. At the same time, the price drop led to the price drop of photovoltaic film, and the period mismatch between raw material cost and product price squeezed the profits of enterprises. The performance of most enterprises in
02 and 2023Q1 improved on a month-on-month basis, and
five photovoltaic film enterprises achieved year-on-year revenue growth in the first quarter of 2023.
Specifically, in the first quarter of 2023, Foster, Haiyou New Material, Lushan New Material, Tianyang New Material and Shenzhen Gas realized business income of 4.913 billion yuan, 1.351 billion yuan, 707 million yuan, 337 million yuan and 7.578 billion yuan respectively. They increased by 26.48%, 9.98%, 41.17%, 5.63% and 11.67% respectively, and decreased by 7.84%, 15.02%, 11.22%, 4.38% and 0.80% respectively. Saiwu Technology realized business income of 1.041 billion yuan, a year-on-year decrease of 5.18% and a month-on-month increase of 16.
In the first quarter of 2023, the net profits of Foster, Haiyou New Material, Saiwu Technology and Tianyang New Material were 364 million yuan, 23 million yuan, 33 million yuan and 3 million yuan respectively, which increased by 706.44%, 127.31%, 157.86% and 104.15% respectively. The net profits of Lushan New Material and Shenzhen Gas were -35 million yuan and 258 million yuan respectively, down 114.41% and 28.
浙公网安备33010802003254号