The stock price adjustment of Junda shares is mainly due to the impact of the lifting of the ban on restricted shares on December 20, resulting in large fluctuations in the capital side. From a fundamental point of view, the demand for module procurement was weak during the year-end destocking cycle, and seasonal factors led to a decline in the profitability per watt of the cell sector. However, we believe that battery profitability is expected to gradually recover after the second quarter as the industry picks up after the Spring Festival next year and the destocking cycle ends.
At present, the actual production capacity of the company's Chuzhou project has reached 20GW, the production capacity of Huai'an 2*13GW has reached full capacity of 20GW, and the remaining 6GW is under construction. In the fourth quarter, the company expects 9GW of TOPCon cell shipments, with earnings per watt expected to be around 3-4 cents.
The company's new product MONO has applied five major technologies, such as **, J-SE, J-SE+, J-Rpoly, and J-STF, with a mass production efficiency of 26%, a storage efficiency of over 25%, and a power of 182 (72 pieces) modules up to 590-595W. It is expected that the new production line will be fully promoted by the end of the year.
It is expected that the company's TOPCon battery shipments will reach more than 40GW by 2024, with a profit of about 5 cents per watt, and the annual performance is expected to reach 2 billion yuan, corresponding to the current valuation of only 85 times. This expectation is based on the company's strong technical strength and continuous innovation capabilities, as well as the development trend and market prospects of the industry.
To sum up, although the share price of Junda has experienced some volatility recently, we believe that the company's fundamentals are still solid and the future development prospects are promising. We look forward to the company continuing to maintain its leading position in the future development and bring better returns to investors."
A shares