On April 15, Shuangliang Eco-Energy Systems Co.Ltd(600481) released the first quarter report of 2022. During the reporting period, the operating revenue was 1.734 billion yuan, a year-on-year increase of 299.50%; The net profit attributable to the parent company was 121million yuan, a year-on-year increase of 340.80%; The non net profit deducted was 101 million yuan, a year-on-year increase of 638.43%. Both profits and revenues of the company have reached a new high in the first quarter since its listing.
According to the financial report, the revenue of RMB 1.734 billion has reached nearly half of the total revenue of RMB 3.830 billion in 2021, which is equivalent to the revenue of nearly half of last year in one quarter. On the list of the top ten shareholders in the first quarterly report of the company, the 412 portfolio of the national social security fund was significantly added, with a total position of 9.03 million shares.
Public information shows that Shuangliang Eco-Energy Systems Co.Ltd(600481) ‘s main business can be divided into two parts: energy-saving and water-saving system and new energy system. Among them, the energy-saving and water-saving business can be classified as the general machinery industry (Shenwan class II). Looking back at the proportion of the industry’s revenue in the first quarter of 20182021 to the whole year, we can see that the off-season characteristics are more obvious, which is determined by the supply and demand characteristics of the industry.
According to the first quarterly report, Shuangliang Eco-Energy Systems Co.Ltd(600481) the significant increase in performance in the first quarter is mainly due to the new energy system sector, including polysilicon reduction furnace business, monocrystalline silicon ingot and silicon wafer business. The polysilicon reduction furnace business of the company signed many huge sales orders as early as last year, which provided a solid guarantee for the company’s continuous revenue generation.
According to statistics, from 2021 to the end of the first quarter of 2022, Shuangliang Eco-Energy Systems Co.Ltd(600481) signed polycrystalline silicon reduction furnace and related orders with a total amount of 3.5 billion yuan, while the revenue of this business in 2021 was 980 million yuan, that is to say, even if there are no new orders, the subsequent probability can bring polycrystalline silicon reduction furnace revenue of 2.5 billion yuan in succession. In addition, the capacity of the monocrystalline silicon chip business newly arranged by the company in 2021 also climbed smoothly, contributing a considerable part of the company’s revenue in the first quarter.
According to the announcement, at present, 5 Aluminum Corporation Of China Limited(601600) single crystal furnaces (equivalent to about 8GW of annual production capacity) of Shuangliang Eco-Energy Systems Co.Ltd(600481) in the first single crystal plant in Baotou have been fully put into operation. In the first quarter of 2022, about 0.9gw of silicon rods / wafers (182 / 210mm) have been shipped The construction progress of the second single crystal plant also exceeded expectations and is gradually put into operation. In 2022, the company will realize the annual production capacity of 20GW + ingots / silicon wafers in phase I as soon as possible.
Whether it is the energy-saving and water-saving business of Shuangliang Eco-Energy Systems Co.Ltd(600481) years of intensive cultivation and layout, or the photovoltaic new energy business promoted by Shuangliang Eco-Energy Systems Co.Ltd(600481) , it will benefit from the high prosperity development of the industry for a considerable period of time in the future. On the one hand, driven by the national and even global “double carbon” plan, more and more high energy consuming departments are transforming into green enterprises, and Shuangliang Eco-Energy Systems Co.Ltd(600481) ‘s energy-saving and water-saving business will continue to benefit deeply. On the other hand, the prosperity of photovoltaic is still accelerating, which will continue to boost the market demand of polysilicon reduction furnace, silicon wafer, module and other businesses. Since the beginning of this year, China’s photovoltaic installation demand has improved and its export has increased rapidly. According to the data released by the national energy administration, the installed capacity of power generation in China from January to February was about 2.39 billion kw, a year-on-year increase of 7.8%.
In order to seize the industry opportunity, the company’s polysilicon reduction furnace and other photovoltaic equipment have been busy recently, and actively prepare for more centralized delivery in the second half of the year. In the first quarter, Shuangliang Eco-Energy Systems Co.Ltd(600481) officially launched the investment and construction plan of phase II monocrystalline silicon project (20GW), with a total investment of 6.2 billion yuan and a construction period of two years, and strive to achieve a total annual production capacity of 40gw + by 2023, giving full play to the scale advantage of the company. At the same time, Shuangliang Eco-Energy Systems Co.Ltd(600481) announced to extend the photovoltaic industry chain in depth and appropriately, invest abroad, and plan to sign the cooperation framework agreement for phase I 5GW project of Baotou photovoltaic module.
The company said that Shuangliang Eco-Energy Systems Co.Ltd(600481) existing business has formed a strategic layout of “energy conservation and emission reduction + new energy business”, which is in line with national policies. It is the company’s long-term competitive advantage and provides an important guarantee for the sustainable growth of future performance.
