On February 15, the performance express of silicon wafer new heavyweight player Wuxi Shangji Automation Co.Ltd(603185) was freshly released. After preliminary accounting, the operating revenue in 2021 was 10.906 billion yuan, a year-on-year increase of 262.22%; The net profit was 1.637 billion yuan, a year-on-year increase of 208.01%, both reaching a new high.
The demand for silicon chips in the upper and lower reaches of 2021 will be strong, and the demand for silicon chips in the upper and lower reaches will remain high.
performance is greatly expected
In fact, the growth of Wuxi Shangji Automation Co.Ltd(603185) was already shown in the performance forecast released in January. According to the forecast at that time, the company expects the net profit level in 2021 to be between 1.63 billion yuan and 1.8 billion yuan, with a year-on-year increase of 207% to 239%. The net profit disclosed in this express is 1.637 billion yuan, which is stuck at the lower limit of the notice. In addition to the net profit data, the express also revealed more performance increment information. For example, the operating revenue was 10.9 billion yuan, a year-on-year increase of 262%; The net profit after deducting non-profit was 1.47 billion yuan, with a year-on-year growth rate of 187.18%; The basic earnings per share reached 6.08 yuan, a year-on-year increase of 163%; However, the weighted average return on net assets was 26.55%, down 0.63 percentage points from the same period last year.
For the reasons for the performance growth, Wuxi Shangji Automation Co.Ltd(603185) said that in 2021, the company continued to expand the scale of monocrystalline silicon business as planned, the production capacity continued to improve, the capacity utilization and production and marketing rate remained at a high level, and currently has a monocrystalline silicon capacity of 30GW. Starting from silicon material production equipment, Wuxi Shangji Automation Co.Ltd(603185) only set foot in the field of monocrystalline silicon production in 2019. Riding the east wind of the photovoltaic industry, it tasted the sweetness when it first entered the market, and the average annual growth rate of net profit was nearly twice.
In the hot silicon track, Wuxi Shangji Automation Co.Ltd(603185) is not alone. Since January, many silicon wafer enterprises have released performance forecasts and reported good news one after another.
"Photovoltaic veteran" Tianjin Zhonghuan Semiconductor Co.Ltd(002129) is expected to achieve revenue of 40-42 billion yuan in 2021, with a year-on-year increase of 109.9% - 120.39%; The net profit was 3.8-4.2 billion yuan, an increase of 248.95% - 285.68% over the same period of last year; Although another silicon chip leader Longi Green Energy Technology Co.Ltd(601012) did not disclose the performance forecast, it has achieved a net profit of 7.556 billion yuan in the first three quarters, with a growth rate of 19%, maintaining a steady growth trend.
"Photovoltaic rookies" Beijing Jingyuntong Technology Co.Ltd(601908) , Shuangliang Eco-Energy Systems Co.Ltd(600481) also performed well. According to the data, Beijing Jingyuntong Technology Co.Ltd(601908) is expected to realize a net profit of 770 million yuan to 920 million yuan in 2021, with a year-on-year increase of 75% - 110%, and the net profit after deduction is between 650 million yuan and 800 million yuan, with a year-on-year increase of 55% - 90%; Shuangliang Eco-Energy Systems Co.Ltd(600481) although the silicon wafer business has not yet contributed profits, based on the existing polysilicon reduction furnace and other businesses, it is expected to realize a net profit of 285-325 million yuan, with a year-on-year increase of 107.4% to 136.5%.
multiple enterprises are locked
Driven by downstream demand, silicon wafer enterprises have set off a tide of production expansion. In the process of releasing production capacity one after another, the downstream also accelerated to lock in the supply of raw materials, and large orders frequently emerged in the track.
In December 2021, Beijing Jingyuntong Technology Co.Ltd(601908) threw out an investment plan of 5.5 billion yuan to build 22gw high-efficiency monocrystalline silicon rod and chip project in Wutongqiao District, Leshan City, Sichuan Province; On the same day, the company announced that it had obtained purchase orders for 600 million monocrystalline silicon wafers from three companies including Guangdong aixu Technology Co., Ltd., with an estimated sales amount of about 3.6 billion yuan.
In February 2021, Wuxi Shangji Automation Co.Ltd(603185) plans to invest and build an annual output of 10GW monocrystalline silicon crystal drawing and supporting production project in Baotou, with a total investment of about 3.5 billion yuan. In October 2021, Wuxi Shangji Automation Co.Ltd(603185) reached a sales contract with Zhejiang aixu Cecep Solar Energy Co.Ltd(000591) Technology Co., Ltd. and planned to supply 780 million monocrystalline silicon chips to the latter, with a contract amount of about 5 billion yuan.
Shuangliang Eco-Energy Systems Co.Ltd(600481) invested and built a 40gw monocrystalline silicon project in Baotou in 2021, of which the planned production capacity of phase I is 20GW and the investment scale is 7 billion yuan; In January this year, the second phase of 20GW large-size monocrystalline silicon wafer project was launched, with a total investment of 6.2 billion yuan. The construction period of phase II project is two years. At present, although the production capacity has not been released, orders have long followed. Since the beginning of 2022, the total amount of orders has exceeded 20 billion yuan.
Since the end of 2021, the price of silicon wafer has decreased first and then increased, constantly stirring up the nerves of the photovoltaic market. On January 16 this year, Longi Green Energy Technology Co.Ltd(601012) announced to increase the quotation of G1, M6 and M10 silicon wafers by 2.5%, 2.4% and 5.1% respectively; In January 26th, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) immediately followed the price adjustment, with a thickness of 160. μ M products as an example, the price of silicon wafers of different specifications increased by 0.4 yuan / piece to -0.92 yuan / piece, with a maximum increase of 12.3%.
Citic Securities Company Limited(600030) the research report points out that the current round of silicon wafer price rise is caused by the rise of silicon material price on the one hand, and reflects the strong demand for terminals on the other hand. The price of silicon material has risen back to more than 230 yuan / kg compared with 220 yuan / kg, which is the low point in the early stage. From the perspective of terminal demand, overseas Indian and European markets are the main sources of demand. At present, silicon and EVA particles are the most tense links in the industrial chain. With the gradual expansion of silicon production capacity, the price is expected to fall further.
