On February 21, Junda Co., Ltd. (002865), a leading TOPCon battery leader known as "Xiaojinko" in the industry, released its 2023 performance report.
According to the announcement, during the reporting period, Jun Dajia achieved operating income of 1839.7 billion yuan, a year-on-year increase of 5865%；Net profit attributable to shareholders of listed companies83.2 billion yuan, a year-on-year increase of 1600%。
As for the reasons for the improvement of performance, Junda shares attributed it to three aspects: first, the production capacity has been greatly expanded, and the N-type battery shipment industry is the first; Second, the product structure is optimized and adjusted, and the n-type battery technology leads the industry; The third is to actively explore overseas markets, and the proportion of overseas sales has increased significantly.
In terms of production capacity, in 2023, Junda's Chuzhou and Huai'an n-type battery production bases will be completed and put into operation one after another. By the end of 2023, the total production capacity of Junda batteries will reach more than 49GW (P-type 9.).5GW, N-type about 40GW), an increase of more than 180 compared to 202200%。In 2023, the company's cumulative battery shipments will reach 2996GW (P type 9.)38GW, n-type 2058GW), an increase of 179 compared to 202243%。According to lnfolink statistics, the company's battery shipments will rank fourth in the industry in 2023, and the company will rank first in the industry in terms of n-type battery shipments.
In 2023, the technology of N-type batteries based on TOPCon in the industry will gradually mature, and the company, as the leader of N-type batteries, will have a product structure dominated by N-type TOPCon (accounting for 69%). The company continues to increase R&D investment, continues to carry out TOPCon product upgrades and iterations, and further improves the mass production efficiency of TOPCon cells to more than 26% through the introduction of a number of cutting-edge technologies such as LP ** laser improvement, J-RPOLY, Neon Poly, J-STF ultra-dense fine gate, etc., which is significantly better than P-type PERC batteries 235% conversion efficiency. With the leading N-type technology and product structure, the profitability of the company's battery products continues to improve.
In 2023, the company will increase its efforts to develop overseas markets and continue to build an overseas customer system. At present, the company has completed the development of customers in Asia and Europe, and actively completed the certification of customers in emerging markets such as North America, Latin America, and Australia, and the company's overseas sales proportion in 2023 will increase from 0% to about 4A significant increase of 75%. The development of overseas markets has effectively helped the company to improve its business performance.
In the case of the slowdown in the annual performance growth of some photovoltaic manufacturers in 2023, Junda shares achieved 5865% revenue growth and 1600% net profit increase, it seems that the performance answer sheet handed over is not bad. It is not difficult to compare the performance of the first three quarters of 2023 and find that the Q4 performance of Junda shares has also shown a "regression" phenomenon.
According to the third quarter report of 2023, Junda shares achieved revenue of about 143800 million yuan, an increase of 93 percent year-on-year59%；The net profit attributable to shareholders of the listed company was about 163.8 billion yuan, a year-on-year increase of 29921%。
Referring to the 2023 full year of revenue, it will achieve revenue of 1839.7 billion yuan, net profit of 83.2 billion, Junda shares achieved revenue of about 40 in the fourth quarter1.7 billion yuan, net profit not only increased, but sharply decreased by 80.6 billion yuan.
Specific to the operating profit and total profit, Junda shares these two indicators decreased year-on-year. In 2023, the company achieved an operating profit of about 74.1 billion yuan, up from about 8 percent in the same period last year9.1 billion yuan, down 1685%。The total profit is about 74 billion yuan, compared with 89.1 billion yuan, down 1691%。
In the report, Junda explained the reasons for the year-on-year decline in operating profit and total profit, mainly because the company made an impairment provision of about 900 million yuan for P-type PERC battery assets.
Junda Co., Ltd. said that after evaluation, the company intends to make an impairment provision for fixed assets related to P-type PERC batteries as of December 31, 2023. The amount of the above-mentioned impairment provision is about 90 billion yuan, which will have a greater impact on the company's performance in the fourth quarter, and the final data will be determined by the audit institution after auditing.
In this way, after the impairment of PERC equipment of 900 million yuan, Junda shares will achieve a net profit of 8 in 20233.2 billion, which achieved 40 in Q4The revenue of 1.7 billion yuan is still earned, and it is expected to achieve a net profit of about 100 million yuan. However, from the perspective of net profit margin, under the impact of the industry-wide price reduction tide, the net profit growth rate of Junda shares, which is the leader of TOPCON, has also lost the momentum of Q3 soaring.
From an automotive interior and exterior manufacturer to a photovoltaic company, Junda is one of the successful crossovers, and its TOPCON cell production capacity ranks among the best among professional cell manufacturers, far higher than Runyang Co., Ltd., which is valued at 40 billion yuan, and Zhongrun Solar, which is valued at 23 billion yuan, and has the smallest PERC production capacity.
According to statistics, by the end of 2023, Runyang's cell production capacity will be 39GW, and TOPCON's cell production capacity will be 14GW. The total cell production capacity of Zhongrun Solar is 50GW+, and the cell production capacity of TOPCON is 26GW. This means that the PERC cell production capacity of Runyang Co., Ltd. and Zhongrun Solar may be around 25GW and 24GW respectively.
9From the perspective of the impairment of 5GW PERC production capacity of 900 million yuan, Runyang Co., Ltd. and Zhongrun Solar, which are preparing for IPO, may face a lot of PERC capacity impairment pressure in the future. At the same time, the Q4 performance growth of Junda Co., Ltd. slowed down month-on-month, indicating that the downward cycle of photovoltaic has been transmitted to leading manufacturers. If the PV module is still maintained at 0With a low price of about 8x, the performance of Junda shares may also be under pressure in the future.
As the industry leader with the largest market share of n-type batteries, Junda's production capacity and technical advantages will provide a buffer for its performance growth.
First of all, the advanced TOPCon battery production capacity is being released intensively, and the TOPCon battery production capacity will reach about 500GW by the end of 2023.
Secondly, Junda Co., Ltd. is mainly engaged in cells, but has not been involved in silicon wafers and modules, and has the advantages of focused, professional and refined operation in business concentrationWith 2GW of module production capacity, the shortcomings of Junda's relatively single profit point are also obvious.
In the face of intensified competition in the domestic market, Junda is planning to "go to sea" to broaden the development space. On January 19, Junda announced that it would plan to issue H shares to be listed on the Hong Kong Stock Exchange, and the funds raised will be used for the construction of overseas production capacity of high-efficiency batteries, overseas market expansion and overseas sales and operation system construction.
After cutting into the photovoltaic track, Junda shares reversed the decline in performance, and this cross-border was undoubtedly a success. In the long run, Junda shares still have a long way to go. Under the strongest involution in history, even the leading manufacturers dare not slack off! (Grassroots PV).