As listed companies disclosed the end of 2022, more photovoltaic companies have disclosed their performance in the first half of the year, and their performance has almost increased.

The Red Star Capital Bureau sorted out and found that some photovoltaic companies in the upper and middle reaches no longer follow the "professional" development route. Instead, they extend the industrial chain upstream and downstream to change the "vertical integration" development route.

↑ Photovoltaic industry map according to IC Photo

"Vertical integrated development" has become a trend

The upstream winner eats it, downstream may be reduced to foundry

From the perspective of the industrial chain of the entire photovoltaic industry, there are five main links from upstream to downstream, namely: silicon material -silicon wafer -battery sheet -component -solar power plant.

↑ Screenshot from the research report of Qianhai Securities in East Asia

In the past, the development route of photovoltaic companies in the industry has been controversial:

Some people think that photovoltaic companies should follow the "professional" development route and focus on one of them; but some people think that the "vertical integrated" development route should be taken, and the company's own production line covers the entire photovoltaic industry chain.

However, the Red Star Capital Bureau noticed that the controversy seemed to usher in the answer this year.

As the price of silicon materials rose to more than 300,000 yuan/ton, the industry's opinions believed that the silicon material links squeezed the profit margin of the downstream of the industry chain, and even the upstream enterprises have strongly entered the downstream component link.

Taking Tongwei (600438.SH) as an example, as one of the "Silicon Delta", it also has a layout in the fields of battery films and components. Especially in mid -August, its subsidiaries became the first bid candidate for the state -owned enterprise component, which was also regarded by the outside world as a signal of its strong break into the component link. (For details, please refer to the previous report "Tongwei shares enrolled component links, or the low -priced unique and solid central enterprises to collect large orders, and the component stocks collectively plummeted"))

At present, Tongwei has an annual capacity of 230,000 tons of high pure crystal silicon and 54GW solar cells. In the first half of this year, Tongwei's net profit was about 12.224 billion yuan, a year -on -year increase of about three times.

In contrast, Daquan Energy (688303.SH), which is also a "faucet of silicon material", has a slightly less profit. According to the announcement, the production capacity of Daquan Energy is 105,000 tons/year, and the output in the first half of this year was 66,700 tons.

Midstream enterprise extension industry chain

The component "Four King Kong" is released, and Jingke won the championship

Not only the upstream "silicon faucet", the Red Star Capital Bureau noticed that the photovoltaic enterprise located in the midstream is also continuing to extend the industrial chain downward, such as the TCL Central (002129.SZ), one of the "double oligarchs" of the silicon wafer link.

The Hongxing Capital Bureau flipped through TCL Central's financial report and found that in 2021, photovoltaic silicon wafers contributed 77.35%of the revenue for TCL Central, while photovoltaic component products contributed only 14.89%.

By June 29, the TCL Central announced that its holding subsidiary, Huansheng New Energy (Jiangsu) Co., Ltd., will be increased by 1 billion yuan, so that it will invest as the project implementation subject investment and build an annual output of 3GW high -efficiency stack solar energy. Battery component projects, build G12 high -efficiency stacking production lines and supporting facilities.

Like Tongwei Co., Ltd., TCL Central's actions are also interpreted by the outside world as "extending the industrial chain".

According to the recent financial report, TCL Central's revenue in the first half of the year was 31.698 billion yuan, a year -on -year increase of 79.65%; net profit attributable to mother was 2.901 billion yuan, an increase of about 92.10%year -on -year.

Another "oligopoly" in the silicon session is Longji Green Energy (601012.SH). It should be noted that Longji Green Energy produces both silicon pieces and components.

↑ The component products of Longji Green Energy, the screenshot is from its official website

According to the incomplete statistics of the Hongxing Capital Bureau, the situation of component shipments is sorted. The situation of the top four listed companies is as follows:

Jingke Energy (688223.SH) sells about 18.21GW to global sales components. The revenue in the first half of the year was about 33.407 billion yuan, an increase of 112.44%year -on -year; the net profit of the home was about 905 million yuan, an increase of 60.14%year -on -year. The photovoltaic products of Tiantu Optical Energy (688599.SH) are photovoltaic components, which shipped 18.05GW in the first half of the year. In the first half of the year, the revenue was about 35.731 billion yuan, an increase of 76.99%year -on -year; the net profit of the home was about 1.269 billion yuan, an increase of 79.85%year -on -year. Longji Green Energy realizes component shipments of 18.02GW. The revenue in the first half of the year was about 50.417 billion yuan, an increase of 43.64%year -on -year; the net profit of returning home was about 6.481 billion yuan, a year -on -year increase of 29.79%of Jing'ao Technology (002459.SZ) components of 15.67GW. The revenue in the first half of the year was about 28.469 billion yuan, an increase of 75.81%year -on -year; the net profit of the mother -in -law was about 1.702 billion yuan, an increase of about 138.64%year -on -year. It is worth mentioning that enterprises such as Jing'ao Technology also have the production capacity of the photovoltaic industrial chain of Conglai Crystal -silicon wafers -battery -battery -component.

Rarely seen downstream enterprises extend the industry chain

Brokerage: Mid -reunion manufacturers adopt vertical integration

The downstream of the photovoltaic industry is a solar power station. Among them, the inverter is a key device in the power generation system, which can convert variable -DC output to AC power, which can directly affect the efficiency of power generation.

In this session, listed companies involved are mainly sunlight power (300274.SZ) and special transformation (600089.SH).

Among them, the revenue of Sunshine Power in the first half of this year was approximately 12.281 billion yuan, an increase of 49.58%year -on -year; the net profit of home mother was about 900 million yuan, an increase of about 18.95%year -on -year. Sunshine power has attributed the growth of revenue to the growth of inverters and energy storage business.

The revenue of special transformers in the first half of the year was approximately 3.872 billion yuan, an increase of about 72.15%year -on -year; the net profit of returning home was about 6.905 billion yuan, an increase of about 122.29%year -on -year.

The Red Star Capital Bureau found that the downstream photovoltaic enterprises rarely appeared in the extension of the industrial chain, and the increase in their revenue and net profit attributable to the mother could not be compared to upstream and midstream companies.

Central Plains Securities also stated in the recently released review report on the photovoltaic industry that in order to ensure the stability of the supply chain and the maximum profit interception of the industrial chain, the main photovoltaic midstream manufacturers have adopted vertical integration models to achieve upstream or downstream. extend.

Red Star News reporter Yang Peiwen

Edit Yu Dongmei Yang Cheng