Longji shares (601012): Profits pick up quarter by quarter, single crystal faucet accelerates production expansion

Longji shares (601012): Profits pick up quarter by quarter, single crystal faucet accelerates production expansion
The company announced its 18-year annual report and 19-year quarterly 北京夜网 report: In 2018, the company realized operating income of 219 in 2018.880,000 yuan, an increase of 34 in ten years.38%, net profit attributable to parent company was 25.5.8 billion, down 28 a year.24%, net profit deducted from non-mother 23.44 trillion, down 32 a year.36%, performance is in line with expectations.In the first quarter of 2019, the company achieved operating income of 57.1 ppm, an increase of 64 in ten years.56%, net profit attributable to parent company6.11 ppm, an increase of 12 in ten years.54%, net profit deducted from non-mother 5 was achieved.96 ppm, an increase of 17 in ten years.81%, performance in line with expectations. Stable expansion of the plant is clear, and the single crystal integrated leader: To ensure the supply of high-efficiency single crystal products, the company plans to achieve single 都市夜网 crystal wafer production capacity of 36/50 / 65GW in 2019-2021, and single crystal cell slices of 10/15 / 20GW.The module production capacity is 16GW / 25GW / 30GW, further consolidating the position of high-efficiency single crystal integrated leader. Gross profit margins have picked up quarter by quarter, and profit has entered the repair channel: the company’s comprehensive gross profit margin dropped by 10 percentage points in 2018 to 22.25%, mainly due to the domestic “531” in 2018, the photovoltaic industry chain prices in the second half of 2018 fell sharply.Benefiting from the resonance of supplementary and alternative demand, the company’s gross profit margin increased for two consecutive quarters, with a single quarter gross profit margin of 18 in Q4.33%, an increase of 1 unit from the previous quarter, and the gross profit margin for the single quarter of 19Q1 was 23.5%, a month-on-month increase of 1.2 units. Monocrystalline counters adverse growth, with a 19-year revenue target of 30 billion: the monocrystalline market share will further increase to 46% in 2018, and is expected to continue to penetrate.In 2018, the company achieved single-crystal silicon implantation34.8.3 billion pieces, an increase of 59% per year compared to 2017, of which 19 was external sales.6.6 billion pieces, non-silicon controlled within 1 yuan / piece.The assembly of 7,072MW, 5,991MW of external sales, 1,962MW of overseas sales, an annual increase of 370%.The company’s 2019 single crystal silicon wafer expansion target is 6 billion (including self-use), and the module expansion target is 9.5GW (including self-use), and plans to achieve an operating income of 30 billion yuan in 2019. Investment suggestion: We have revised our profit forecast and expect the company EPS to be 1 in 2019-2021.21 yuan, 1.63 yuan, 2.04 yuan, corresponding (April 29) PE is 18.8 times, 13.9 times, 11.1x, some prudently increase the rating. Risk warnings: PV installations are less than expected; compensation policies are less than expected; international trade frictions have intensified; raw material prices have fluctuated significantly, etc.


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