The data show that as of April 25, Tongwei Co.Ltd(600438) and Xinjiang Daqo New Energy Co.Ltd(688303) of the four listed companies in A-share silicon wafer industry have released the annual report of 2021 and the first quarter report of 2022, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) released the performance express report of 2021 and the performance forecast of the first quarter of 2022. According to the published data, benefiting from the high prospect of the silicon material industry, the leading performance of silicon materials achieved significant growth in 2021, and this high-speed growth trend continued to the first quarter of this year.
benefit from price increase
Tongwei Co.Ltd(600438) 4 on the evening of April 25, the annual report of 2021 was released. The company achieved an operating revenue of 63.491 billion yuan, an increase of 43.64% year-on-year; The net profit attributable to shareholders of listed companies was 8.208 billion yuan, a year-on-year increase of 127.5%. The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 8.486 billion yuan, a year-on-year increase of 252.35%.
In 2021, the photovoltaic market demand was strong, the downstream monocrystalline silicon wafer enterprises expanded production and increased speed, and there was a strong demand for high-purity crystalline silicon. However, the overall supply of high-purity crystalline silicon was in short supply, which led to the continuous rise of silicon material price. Affected by the mismatch between supply and demand in the industrial chain, the profitability of Tongwei Co.Ltd(600438) 's high-purity crystalline silicon business has increased significantly. In 2021, Tongwei Co.Ltd(600438) all production bases operated at full capacity and continued to maintain full production and sales. In the whole year, the sales volume of high-purity crystalline silicon was 107700 tons, an increase of 24.3% over the previous year. In terms of products, Tongwei Co.Ltd(600438) high purity crystalline silicon and chemical products achieved an operating revenue of 18.761 billion yuan in 2021, with a year-on-year increase of 186.89%, and the gross profit margin reached 66.69%, an increase of 31.99 percentage points over the previous year.
Xinjiang Daqo New Energy Co.Ltd(688303) performance is even brighter under the situation of shortage of silicon material market and sharp rise of silicon material price and gross profit. In 2021, Xinjiang Daqo New Energy Co.Ltd(688303) achieved an operating revenue of 10.832 billion yuan, a year-on-year increase of 132.23%; The net profit attributable to shareholders of listed companies was 5.724 billion yuan, a year-on-year increase of 448.56%.
As the price of upstream silicon materials has increased for many times, the price of silicon wafers has also risen all the way. According to the statistics of pvinfolink, the average price of 166mm, 182mm and 210mm mainstream silicon wafers at the end of 2021 increased by 55%, 46% and 46% respectively compared with the beginning of the year. The 2021 performance express disclosed by the silicon chip leader Tianjin Zhonghuan Semiconductor Co.Ltd(002129) shows that the company achieved a total operating revenue of 41.025 billion yuan, a year-on-year increase of 115.28%; The net profit attributable to shareholders of listed companies was 4.02 billion yuan, a year-on-year increase of 269.14%.
supply continues to be tight
Polysilicon is an important raw material for photovoltaic industry. Industry insiders said that in 2022, with the continuous production of several silicon material projects in China, the production capacity will increase, but the downstream production capacity will expand faster. From the perspective of capacity matching of the whole industry chain, the supply-demand relationship of silicon material link will still maintain a tight balance this year.
In the first quarter of this year, the sharp growth performance of silicon material leading companies confirmed this judgment Tongwei Co.Ltd(600438) 4 the first quarterly report released on the evening of April 25 showed that the company achieved an operating revenue of 24.685 billion yuan, a year-on-year increase of 132.49%; The net profit attributable to shareholders of listed companies was 5.194 billion yuan, a year-on-year increase of 513.01% Tongwei Co.Ltd(600438) the profit in the first quarter alone accounted for more than 60% of last year's profit.
Xinjiang Daqo New Energy Co.Ltd(688303) in the first quarter, the operating revenue was 8.129 billion yuan, a year-on-year increase of 389.28%; The net profit attributable to shareholders of listed companies was 4.312 billion yuan, a year-on-year increase of 640.85%. The company said that the silicon material price was still high in the first quarter Shanxi Securities Co.Ltd(002500) research report said that the selling price of Xinjiang Daqo New Energy Co.Ltd(688303) silicon material in the first quarter was 208000 yuan / ton, an increase of 269.01% year-on-year.
Guosheng Securities believes that with the gradual entry of photovoltaic installation into the peak season and the acceleration of European energy transformation process, it is expected that the downstream demand will increase rapidly. Throughout the year, the tight supply and demand pattern of silicon material is difficult to change, and the price is expected to remain high. In China, since the fourth quarter of last year, Tongwei Co.Ltd(600438) , Xinjiang Daqo New Energy Co.Ltd(688303) and other new silicon production capacity have been put into operation successively, but the actual supply growth is lower than expected due to factors such as lower release progress and capacity maintenance. According to the prediction of the silicon industry branch, China's silicon material output in April was 54 Jiangling Motors Corporation Ltd(000550) 00 tons, which was basically the same as that in March. Overseas, affected by maintenance, epidemic and other factors, the import volume since the beginning of the year has been lower than expected. Overall, the total supply of silicon materials in April was 6 Shenzhen Huaqiang Industry Co.Ltd(000062) 000 tons, which was basically the same as the silicon wafer output of 24gw-25gw according to the statistics of the silicon industry branch, and the supply remained tight.
leading enterprises increase production expansion
In the case of tight supply of silicon, the silicon tap continues to promote the expansion of production.
According to the investment and construction arrangement, Tongwei Co.Ltd(600438) at present, the high-purity crystalline silicon project under construction has a total annual capacity of 170000 tons. Among them, the 50000 ton project of Baotou phase II is expected to be put into operation in 2022, and the 120000 ton project of Leshan phase III is expected to be put into operation in 2023. At that time, the annual production capacity of the company's high-purity silicon will reach 350000 tons.
On December 18, 2021, Xinjiang Daqo New Energy Co.Ltd(688303) signed a strategic cooperation framework agreement with Baotou Municipal People's government, which agreed that the company planned to invest 33.25 billion yuan in the construction of 300000 t / a high-purity industrial silicon project, 200000 t / a silicone project, 200000 t / a high-purity polysilicon project and 21000 t / a semiconductor polysilicon project in Baotou city. Among them, the phase I Project (100000 t / a high-purity polysilicon and 1000 t / a semiconductor polysilicon) is expected to have a total investment of 8.55 billion yuan, which will be started in the first quarter of 2022 and put into operation in the second quarter of 2023.
In addition to expanding production, the upstream silicon material enterprises also sign long order purchase agreements with the downstream silicon wafer enterprises, which not only ensures the stable supply of downstream raw materials, but also provides support for the active expansion of production.
On the evening of March 21, 2022, Tongwei Co.Ltd(600438) announced that four subsidiaries of the company planned to sign long-term polysilicon purchase agreements with Longi Green Energy Technology Co.Ltd(601012) 8 subsidiaries, and the polysilicon trading volume between the two sides was 203600 tons from January 2022 to December 2023. According to the calculation of the average transaction price of 245300 yuan / ton of China single crystal compact announced by the silicon branch of China Nonferrous Metals Industry Association on March 16, 2022, the total sales volume is expected to be 44.2 billion yuan (excluding tax), accounting for about 100% of the audited operating revenue of the company in 2020.
Xinjiang Daqo New Energy Co.Ltd(688303) 2 on the evening of February 27, it was announced that the company recently signed a sales contract for long polysilicon single crystal with a customer. From 2022 to 2026, a customer is expected to purchase 30000 tons of Cecep Solar Energy Co.Ltd(000591) grade polycrystalline silicon super grade wash free single crystal materials from the company, and it is expected to purchase an average of 500 tons per month (floating ± 10% of the current month is allowed). Assuming that the price quotation of Cecep Solar Energy Co.Ltd(000591) grade polycrystalline silicon in China issued by silicon branch of China Nonferrous Metals Industry Association on February 23, 2022 is temporarily calculated according to the average price of 242 yuan / kg, the total sales amount is expected to be 7.26 billion yuan (including tax).
