On the evening of January 26, TCL Zhonghuan disclosed its 2023 performance forecast. According to the performance forecast, the company expects the net profit attributable to the parent company in 2023 to be 4.2 billion yuan to 4.8 billion yuan, a year-on-year decrease of 296%-38.4%。
At first glance, it seems like nothing, after all, for the whole year, 2023 will be profitable, but in fact, in the first three quarters, TCL Zhonghuan's net profit attributable to the parent reached 618.8 billion yuan, reaching 16 in the third quarter alone5.2 billion yuan. Based on this calculation, TCL Zhonghuan is expected to lose 13 percent in the fourth quarter8.8 billion yuan-198.8 billion yuan. In other words, its fourth-quarter performance was a huge loss.
For the precipitous decline in performance in the fourth quarter, TCL Zhonghuan explained that with the release of production capacity in all links of the photovoltaic industry chain, the terminal installed capacity and upstream ** are out of balance, and the expansion of production capacity has led to intensified competition and competition, and the industrial chain has fluctuated downward, and profit margins have been further compressed.
In this regard, some people on the page said that the increase in volume and price reduction is the general status quo of the whole photovoltaic industry chain. From 2020 to 2022, silicon wafers, as a relatively scarce link, attracted many manufacturers to layout, which also led to it becoming one of the first overcapacity links. In the fourth quarter of last year, the industry's overcapacity and products declined rapidly, and the performance of silicon wafer companies shrank as expected.
The quarterly loss in the performance of silicon wafer giants is still related to the overcapacity problem of the photovoltaic industry chain. It is worth noting that, according to the data of the Silicon Industry Branch on January 24, silicon wafers have picked up recently, with a slight week-on-week increase. The industrial chain may bottom out in stages, and the start of demand after the Spring Festival is expected to drive the industrial chain
Appendix: TCL Zhonghuan - Intelligence** Analysis Report (01/30).
Listing: 2007-04-20, the company is listed on the Shenzhen ** Stock ExchangeAbbreviation: TCL Central, 002129Industry: Electrical machinery and equipment manufacturingFounded in 1958, TCL Zhonghuan New Energy Technology Co., Ltd. is the world's leading manufacturer of photovoltaic materials, photovoltaic cell modules, and smart photovoltaic solution service provider. The company has always adhered to the green ecological concept of "dedicating blue sky and white clouds to mankind", adhered to innovation-driven development, always led the industrial application of advanced technology and advanced manufacturing methods in the industry, continuously promoted the technological innovation of the photovoltaic industry, and realized the high-quality, sustainable and leapfrog development of the global green energy industry. Chairman: Li Dongsheng
Li Dongsheng graduated from South China University of Technology, majoring in radio technology. Founder, Chairman and CEO of TCL Group, Vice President of China Chamber of International Commerce, President of Guangdong Enterprise Confederation, First Rotating Chairman of China Manufacturing Innovation Alliance, Honorary President of Guangdong General Chamber of Commerce, and Deputy to the 14th National People's Congress.
Vice Chairman: Shen Haoping
Mr. Shen Haoping, male, born in 1962, Chinese nationality, bachelor degree, senior engineer, expert enjoying special allowance. He is currently the vice chairman and general manager of TCL Zhonghuan New Energy Technology Co., Ltd., and the executive director and senior vice president of TCL Technology Group Co., Ltd. He used to be the deputy general manager of TCL Zhonghuan.
Director: Zhang Changxu
Ms. Zhang Changxu's resume: born in 1975, bachelor's degree, master's degree, associate senior engineer. In the past five years, he has served as the director, deputy general manager and chief financial officer of Tianjin Zhonghuan Semiconductor Co., Ltd. and the internal position of various subsidiaries of Tianjin Zhonghuan Semiconductor Co., Ltd.
Mainly engaged in the research and development, production and sales of semiconductor discrete devices and monocrystalline silicon materials, the company's main products are high-voltage silicon stacks, silicon bridge rectifiers, fast recovery rectifier diodes, monocrystalline silicon and monocrystalline silicon wafers.
TCL Zhonghuan's 2022 annual report shows that the company's R&D investment this year is 377.1 billion yuan, accounting for 563%, the R&D expense ratio increased compared with the previous year. The company has a total of 1,252 R&D and technical service personnel, accounting for 7 of the company's total number20%。The company has newly authorized 211 patents (95 invention patents and 116 utility model patents).
In the past five years, TCL Zhonghuan's R&D investment has exceeded sales and management expenses, and the R&D investment in the past five years has been 920 billion, the ratio of R&D to operating income increased from 5 in 201864% down to 5 in 202263%
1. Comparison of industry valuations
From the perspective of industry valuation, in the current dynamic valuation indicators of TCL Zhonghuan, PE, PB and PS are lower than the industry average, and the stock price has a certain probability of being relatively undervalued and has a certain value-added potential.
2. Valuation trend analysis
From the perspective of its own valuation trend, PE, PB, PEG, PCF, and PS in the current valuation indicators of TCL Zhonghuan are at a relatively low level in the past year.
Financial Entity Graph
Performance**
As of 2024-01-30, a total of 26 institutions have made ** on TCL Central's 2024 annual results within 6 months; 2024 earnings per share of 299 yuan, with an annual growth rate of 6075%, *96% net profit in 20246.3 billion yuan, with an annual growth rate of 6721%。
Agency Ratings
In the last 6 months, 19 research reports have rated TCL Zhonghuan, with 89% recommending** and a comprehensive rating of "**."
Institutional reviews
Institutional Reviews - Essentials (Last 6 Months).
Technological innovation and manufacturing transformation provide endogenous competitiveness.
Cash flow has increased substantially.
The global integrated layout helps to expand overseas markets.
Risk Warning - Essentials (Last 6 months).
The pace of capacity expansion is less than expected.
Recently, wafer and module modules have declined significantly.
Peer competition was higher than expected.
Note: The appendix is from the intelligent report of the game digital app, which is automatically generated by AI.