With the successive announcements of the 2023 performance forecasts of photovoltaic companies, photovoltaic stocks have also ushered in a period of stock price volatility.
Huaxia Energy Network learned that on January 29, the three major indexes of A-shares collectively **, photovoltaic stocks became the hardest hit area, as of the same day**, TCL Zhonghuan (SZ: 002129), JA Technology (SZ: 002459), Aiko shares (SH: 600732) and so on all fell to the limit.
According to the analysis of investors, photovoltaic stocks may be related to the performance reduction announcement issued by many photovoltaic companies such as TCL Zhonghuan last Friday (January 26).
On January 26, a total of three photovoltaic companies released their 2023 performance forecasts, of which TCL Zhonghuan, the industry leader, is expected to achieve a net profit attributable to the parent company of 4.2 billion yuan to 4.8 billion yuan for the whole year, a decrease of 29 percent from the same period last year6% to 384%；Wafer maker Jingyuntong (SH:601908) expects a net profit of 16.5 billion to 23.7 billion yuan, a year-on-year decrease of 4400% to 6100%。
The main business of the two companies with declining performance is concentrated in the silicon wafer sector. In 2023, the products of the whole photovoltaic industry chain will decline, especially in the fourth quarter, which will compress the profit margin of silicon wafers, resulting in the performance of the fourth quarter dragging down the whole year. TCL Zhonghuan's announcement shows that in the first three quarters of 2023, TCL Zhonghuan achieved a net profit attributable to the parent company of 618.8 billion yuan, a year-on-year increase of 2375%。
TCL Zhonghuan also said in the performance forecast released, "In 2023, the photovoltaic industry chain will show a fluctuating downward trend as a whole, and the main products will be rapidly in the fourth quarter to the irrational range, and the profitability of the company's main business will be under pressure; At the same time, the rapid decline of the product and the one-time book loss caused by the disposal of the equity of the shareholding company had a large negative impact on the company's performance in the fourth quarter. ”
However, it is not convincing to blame the decline in stock prices on the decline in corporate performance, because there are many people who are forecasting growth.
On the same day, another industry leader, JinkoSolar (SH:688223), released a performance forecast, which is expected to achieve an annual net profit attributable to the parent company of 72 in 2023500 million yuan to 79500 million yuan, an increase of 146 percent year-on-year92% to 17076%。
JinkoSolar's performance soared, which is believed to have benefited from the rise of TopCon cell technology. JinkoSolar itself said, "With the continuous leadership of N-type TOPCON technology and products, as well as the advantages of global operation and integrated production capacity, we have achieved rapid expansion of N-type module shipments, driving a significant increase in operating performance compared with the same period last year." ”
In addition, with the surge in production capacity and the increase in downstream installed capacity in 2023, the demand for auxiliary materials and equipment will also expand, and the performance of related enterprises will benefit. Previously, a number of photovoltaic auxiliary materials and equipment manufacturing enterprises have issued forecasts, and their performance is generally good.
For example, Sungrow (SZ: 300274), whose business is distributed in inverters, energy storage, power station system integration and other fields, announced on January 22 that it is expected to achieve operating income of 71 billion yuan to 76 billion yuan in 2023, an increase of 76% to 89% over the same period last year; The net profit attributable to the parent company was 9.3 billion yuan to 10.3 billion yuan, an increase of 159% to 187% over the same period last year.
In addition to Sungrow, quartz sand manufacturer Quartz Co., Ltd. (SH:603688) expects to achieve a net profit attributable to the parent company of 47 in 2023500 million to 53300 million yuan, an increase of 351 year-on-year44% to 40656%；Gaoce Co., Ltd. (SH: 688556), which is mainly engaged in diamond wire business, expects that the company will achieve a net profit attributable to the parent company of 14 in 2023400 million to 14800 million yuan, an increase of 82 percent year-on-year6% to 8767%；Photovoltaic equipment manufacturer Jingsheng Electromechanical (SZ:300316) expects to achieve a net profit attributable to the parent company of about 43 in 2023800 million yuan to 49700 million yuan, a year-on-year increase of 50%-70%; Arctech (SH:688408), a bracket manufacturer, is expected to have a net profit attributable to the parent company of about 3 in 20235.4 billion yuan, a year-on-year increase of about 6967%。
Next, more PV companies will announce their 2023 results. Considering the "best war" in the industry in the fourth quarter of 2023, photovoltaic companies with reduced performance will continue to appear. Some people in the industry believe that due to concerns about overcapacity, even if individual companies come up with better results, it is difficult to win back the confidence of shareholders.
*Please indicate the source, article**: Huaxia Energy Network, **hxny3060).