Third quarter performance is "abnormal"! When will irrational prices return? Longji Li Zhenguo thinks …

2023-11-01 09:31:20

Components can only achieve about 85% of the target at the beginning of the year.

On the evening of October

30, Longji Green Energy released its third quarterly report for 2023. In the first three quarters of

2023, the company's revenue was 94 billion 100 million yuan , an increase of 8.55% over the same period; Net profit of 11 billion 694 million yuan , an increase of 6.54% over the same period; The net profit deducted from non-return to the mother was 11.514 billion yuan. Year-on-year growth of 8.

, but third quarter results were disappointing .".

In the third quarter, the company realized revenue of 29 billion 448 million yuan , down 18.92% year on year; Net profit was 2 billion 515 million yuan , down 44.05% year on year; Net profit deducted from non-attributable parent was 2.454 billion yuan, down 42 from the same period last year.

As for the reasons for the year-on-year decline in the growth rate of performance in the third quarter, Longji explained in the report that investment income and exchange income decreased. Increase in inventory depreciation loss, increase in R & D investment and accelerated exercise of share-based payment.

Last week (October 26), the Silicon Branch announced the latest price of silicon wafers, and N-type silicon wafers fell sharply again, with a range of 8. The price of silicon wafers has fallen to the break-even point of most silicon wafer enterprises , and some manufacturers are even facing losses . Industry insiders said that the overall operating rate of silicon wafer factories may be less than 80%, destocking has increasingly become the main logic, and many manufacturers are eager to ship at low prices.

silicon wafers is "mosquito bite blood" for Longji, the low price impact of the component market should be a "blow to the head" for Longji! According to InfoLink's data, the execution price of components is also as low as 1. Longji's quarterly report shows that in the first three quarters of 2023, Longji Green can achieve 43.53 GW of single crystal component shipments. Component shipments in the third quarter 16.

"Irrational" low component prices not only compressed Longji's component shipments, but also caused its inventory to fall, making Longji's profit margins fall again and again .

In response, Li Zhenguo said at the performance presentation of Longji Green Energy in the third quarter of 2023 on October 31 that he did not expect the price of the industrial chain to fall to such an extent in the fourth quarter. He said that the irrational price of components approaching 1 yuan/W, at this stage, the price of the whole industry chain is difficult to make profits, which has a negative impact on the sustainable development of the whole industry. As for when we can return to relatively rational prices, it is still uncertain .

In addition, Li Zhenguo also made it clear that Longji's component shipments this year may fall short of the target at the beginning of the year, and will only achieve about 85% of the target at the beginning of the year.

BC's heart remains unchanged and its profitability is temporarily in the lower

position. If you want to select "2023

But for this industry debate, it can be said that no matter how the outside world, Longji went to BC wholeheartedly. Only half a month after the high-profile official announcement of the BC route at the semi-annual performance presentation on

September 5, Longji backhand laid out the company's first HPBC pro high-efficiency battery project, the proposed investment 39.

At present, the monthly production capacity of Longji's HPBC products is stable at more than 1.5GW, which is equivalent to an annual production capacity of about 20GW; in December this year, the monthly production capacity can be increased to 2.

In its three-quarter report and performance presentation, Longji still loves BC, and its founder Li Zhenguo once again gave a clear statement. He said: "Longji in TOPCon technology, as the market said, is to maintain a hesitant attitude.". Because Longji believes that TOPCon technology is difficult to form a unique advantage .

The three-quarter report shows that Longji focused on the iterative upgrading and industrialization of high-efficiency BC technology during the reporting period, and continuously improved the yield and conversion efficiency of HPBC products. With the deepening of the company's research and development of high-efficiency BC technology and the promotion of capacity construction, the production capacity of HPBC pro batteries with higher performance is expected to start production by the end of 2024.

Although Longji loves BC so much, BC's current earnings are not as good as TOPCon's, judging from the earnings announced in the three quarterly reports. Aixu shares ,

also a loyal supporter of BC, earned about 22.617 billion yuan in the first three quarters of this year. Decreased by 12.43% year on year; Net profit attributable to shareholders of listed companies was about 1.887 billion yuan , an increase of 35% over the same period last year . Revenue in the third quarter was 6.368 billion yuan, down 35.3% from the same period last year; Net profit was 579 million yuan, down 27 from the same period last year. For the third quarter, Aixu explained that the decline in revenue was affected by the relationship between supply and demand in the industry, and the sales price was lower.

JinkoSolar achieved a net profit of 6.354 billion yuan in the first three quarters." Among them, the net profit attributable to the parent company in the third quarter was 2.511 billion yuan, an increase of 225.

Trina Solar achieved a profit attributable to the parent company of 5.077 billion yuan in the first three quarters. Among them, the net profit returned to the parent company in the third quarter was 1.537 billion yuan, an increase of 35.

Junda shares focusing on TOPCon batteries also achieved a large increase in net profit. The company's net profit in the first three quarters increased by 299.21% year-on-year , of which the third quarter increased by 396.

From this point of view, the profitability of TOPCon enterprises is temporarily in the upper position. Whether the BC route invested by Longji can "catch up with the latecomers" remains to be tested by time.

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