of August 28, Jingao Technologies released a record of investor relations activities. In the
first half of this year, Jingao Technology realized an operating income of 17.498 billion yuan, a year-on-year decrease of 26.8%; a net profit loss of 2.663 billion yuan, a year-on-year increase of 3.21%; a non-profit loss of 3.022 billion yuan, a year-on-year increase of 32.18%.
As for the decline in performance, Jingao Science and Technology explained that it was mainly due to the periodic imbalance between supply and demand in the industry, the intensification of market competition, the sharp decline in product prices, the new tax burden cost after the cancellation of the export tax rebate policy, and the increasingly severe international trade environment, which led to the decline of the company's profitability and the loss of operating performance. In addition, due to the impact of geopolitical conflicts, logistics was blocked, and individual overseas orders triggered performance claims, which had a certain adverse impact on the performance of the reporting period.
As for the price outlook after the implementation of follow-up energy efficiency standards and anti-involution policies, Jingao Technologies said that after the introduction of the policy, the price of upstream silicon materials was first adjusted, and the price of suppliers of some component materials was also trying to adjust back, but the supply chain transmission took time. On the terminal side, the distributed market responded positively to the price mechanism; the ground power station has not seen a clear price rebound, because the project price cycle is long and the investment income is locked. With the elimination of inefficient production capacity and the improvement of supply and demand structure, it is expected that there will be structural price and profit repair space, and the bargaining space of high-power and energy-efficient products will be better.
Looking forward to the future, Jingao Technologies said that in the next few years, it will enter a small and stable growth process, and the probability of substantial growth will not occur, but the combination of light and storage will be closer.
"Next year, the probability of China's market will be flat or grow slightly: the rush to install in 2025 and the export tax rebate policy will have a certain impact on the demand in 2026, which will be the year of adjustment and the installed capacity will be low ." There will be an increase in 2027; the average increase in 2026-2030 of the 15th Five-Year Plan is about 200 GW; The wait-and-see sentiment is expected to fade after the implementation of the policy rules, the mechanism tariff is straightened out, the green power is directly connected, the energy storage policy is released, the rate of return of power stations can be estimated, and the restrained demand will be released one after another; AI computing power and data center will be the fastest growth track of optical storage integration in the next five years, and the cancellation of UHV lines and distributed transformer capacity will open the way. Overseas markets continue to grow steadily, energy storage grows faster, driven by energy security , rapid growth of AIDC, high electricity prices in Europe and the United States, the economy of light storage enters the dual drive of parity and arbitrage, and negative electricity prices and absorption pressure in Europe create energy storage demand in reverse. In the
first half of this year, Jingao Technology's battery module shipments were 22.25 GW (including 19 MW for self-use), accounting for 68.46% of overseas module shipments. Shipments were 11.87 GW in the first quarter and 10.38 GW in the second quarter.
For the annual shipment target, Jingao Technology said: "Considering the balance of volume and price, the company's shipment target has been revised downward this year, and the annual shipment is planned to be around 50GW."
In addition, when asked about its views on base metal import technology and follow-up planning, Jingao Technologies said that it would continue to pay attention to base metal substitution technology and develop and reserve multiple routes. The silver-clad copper route is currently controlled in the pilot stage of mass production, which is based on the internal calculation. At the current silver price, the technical and economic advantages of silver-clad copper are not obvious, and the reliability of the technical route needs to be verified. At present, the company maintains continuous attention and long-term investment, and then imports according to the trend of silver price and technology maturity.
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