Longi Green Energy Technology Co.Ltd(601012) (601012)
1.158 billion silicon wafers are long and single landing, and the photovoltaic leader highlights its strength
Announcement of the company: the company and Yidao new energy technology (Quzhou) Co., Ltd. (hereinafter referred to as "Yidao new energy") ）The framework contract for silicon wafer sales was signed on November 23. The framework contract stipulates that from January 1, 2022 to December 31, 2023, the company will sell 1.158 billion monocrystalline silicon chips to a new energy source. The actual monthly sales quantity shall be subject to the quantity determined in the supplementary agreement of this contract. The long order of silicon wafers is priced monthly at the unit price. According to the announcement of pvinfolink on November 17, 2021, the monocrystalline silicon wafer is 182mm6 Based on the average price of 87 yuan / piece, it is estimated that the total contract amount is about 7.041 billion yuan (excluding tax), accounting for about 12.9% of the company's revenue in 2020. We maintain the profit forecast unchanged. We expect the net profit attributable to the parent company to be 11.612, 14.704 and 18.855 billion yuan from 2021 to 2023, and EPS to be 215, 2.72 and 3.48 yuan. The current share price corresponds to 42.3, 33.4 and 26.1 times of PE, maintaining the "buy" rating.
In 2022, the new capacity of silicon wafer will be released more, and the company will guarantee the sales of silicon wafer in advance
From 2021 to 2022, there are many new entrants in the silicon wafer sector, and the short-term market pattern is relatively scattered. According to our statistics, there are at least 12 silicon wafer manufacturers with expansion plans in 2022, and it is expected that the new silicon wafer production capacity will exceed 299gw in the future. Looking forward to 2022, new silicon wafer production capacity will be launched one after another. At present, the company is located in the first echelon of silicon wafer link, has excellent cost control ability and large-size silicon wafer production capacity, has significant advantages in silicon wafer end, and is expected to continue to maintain a leading position in the future. This long order signing will help ensure the company's silicon wafer sales from 2022 to 2023, reflect the good cooperative relationship between the company and downstream high-quality customers, and have a positive impact on the development of the company's silicon wafer business.
The company has strong comprehensive strength and is expected to continue high-quality development in the future
From the beginning of 2021 to November 24, 2021, the company has signed long supply orders for silicon materials and photovoltaic glass and long sales orders for silicon wafers, demonstrating the company's excellent supply chain control and sales ability. At present, the company has become the leader in silicon wafers and components. Looking forward to 2022, it is expected that the company's supply of raw materials such as silicon and glass will be relatively stable, the silicon wafer and module business will be well promoted, the battery technology will continue to make breakthroughs, the company's comprehensive capabilities such as technology and management team and cost control ability will be superimposed, the photovoltaic leader will develop with high quality, the market competitiveness will be steadily improved, and the leading position will be stable.
Risk tip: the installed capacity of photovoltaic is not up to expectations, the technical promotion is not as expected, and the competition in photovoltaic market is intensified.
