On October 23, Hengdian Dongci released a record of investor relations activities. From January to September
2023, Hengdian Dongci achieved an operating income of 15.8 billion yuan, an increase of 11.6% over the previous year, a net profit of 1.65 billion yuan, an increase of 36.6% over the previous year, and a net profit of 1.63 billion yuan, an increase of 53.7% over the previous year. From January to September
this year, the company's photovoltaic products achieved 6.87 GW (including 1.8GW battery exports), component shipments increased by about 50% year-on-year, revenue of about 10 billion yuan. At the same time, in order to further optimize the product structure and enhance the advanced production capacity, the company's Lianyungang 5GW high-efficiency module project and Yibin 6GW TOPCon high-efficiency battery project were successively completed and put into operation in the third quarter, which will be conducive to the improvement of the company's subsequent competitiveness and maintain the sustained high growth of module shipments.
The following are questions from some investors:
the proportion of the company's PV module Q3 shipments in each market?
Answer: Q3's PV module shipments in the European market accounted for about 50%, and the decline was mainly due to the company's initiative to control inventory; the domestic market accounted for a significant increase of about 40%; the Japanese market accounted for about 10%; and the rest of the market accounted for a single-digit proportion. Component shipment planning for
next year? The shipment plan of TOPCon products?
Answer: At the beginning of the year, it was originally expected that this year's 8-9 GW shipment target, but now it is expected that the annual shipment will be appropriately revised down to about 7 GW , mainly due to the strengthening of inventory management in the European market. Next year's shipment is expected to maintain a relatively high growth rate on the basis of this year, and the specific shipment planning company needs to discuss and clarify based on the annual budget. Among them, TOPCon products will be shipped about 1GW + this year, and the proportion of TOPCon in the product structure will be further increased next year. Progress of
new TOPCon battery project?
Answer: At present, the commissioning of the production line has been basically completed, and the production capacity is in the climbing stage. The yield and efficiency are still in line with expectations. The rate of high-quality products is 94% -95% at present, and there will be a slight increase after full production. The efficiency is about 25.4% at present, and it is expected to increase to 25.8% when the laser enhanced contact optimization equipment is in place by the end of the year. The impact of
unconventional factors on the company's Q3 performance?
Answer: The losses caused by unconventional factors in Q3 of the company are mainly affected by exchange rate fluctuations and project commissioning. On the one hand, based on the principle of exchange rate neutrality, the company will lock up foreign exchange in different proportions for projects and non-projects, and Q3 exchange gains and forward settlement and sale of foreign exchange gains will lose about 50 million yuan. On the other hand, the Company's Jiangsu 5GW module and Yibin 6GW battery projects incurred a loss of more than 50 million yuan in the initial stage of production due to production line commissioning and capacity climbing, but with the subsequent production line running through and the improvement of capacity utilization rate, this loss will be narrowed and gradually generate profits. Will the single-watt profit of modules improve or some high premium orders appear
next year?
Answer: We believe that the overall profitability of battery components will not improve much in the first half of next year. It will take time to destock. The imbalance between supply and demand makes the overall price level lower. There will not be much premium difference for conventional products. There will still be a certain premium for differentiated products. There may be some profit repair in the second half of next year. Based on the company's focus on manufacturing for more than 40 years, it has its own unique advantages in lean manufacturing and cost control, combined with the company's differentiated competitive strategy, magnetic new energy two-wheel drive, we believe that the company's comprehensive competitiveness has certain advantages, from the past business situation, the company's anti-risk ability and profitability will also be better than industry average. What is the
company's current perception of European inventory and the company's own inventory situation? How to view the follow-up development of the European market?
Answer: In Q2, the company warned the European inventory and took the initiative to control the inventory. In Q3, in order to quickly reduce the channel inventory, the company made some concessions on the price. At present, the company's inventory is controlled within 50 MW. It is expected that the inefficient inventory situation in the industry will improve in the next few months. Due to the decline in module and inverter prices, the project market is better than previously expected, and its IRR may be close to double digits, so the project-based market will be boosted. At present, the trend of low-price order grabbing in Europe is more obvious, and the business terms are getting higher and higher. It is expected that the anti-forced labor and low-carbon requirements in the follow-up European market will become higher and higher, and it will be more and more difficult for enterprises that do not meet these threshold requirements to develop overseas markets, and the concentration of enterprises with good foundations in Europe may be further enhanced.
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