abstract
Bubble Finance learned that on March 15, Daquan Energy (688303. SH) Disclosure of the annual report, 20021realized a net profit of 5.724 billion yuan, up 448.56% year-on-year, and it is planned to send 10 to 6 yuan.
scientific popularization
The photovoltaic industry chain is roughly divided into five links: silicon materials, silicon wafers, battery chips, components and power stations. Silicon material is the most upstream raw material link in the industry.
Daquan Energy's main business is polysilicon material sales and by-product sales, accounting for 99.69% and 0.3 1% of revenue respectively.
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Daquan Energy 202 1 recorded a net profit of 5.724 billion yuan, which was in line with the company's previous expectations. On June 24th, 1 year, the company had predicted a net profit of 5.58 billion yuan to 5.78 billion yuan in 20021year.
This time, the Company distributed 6 yuan (including tax) to 65,438+00 shares of all shareholders, which is equivalent to holding positions and paying dividends to 60 yuan. According to the current stock price, that is, holding a position of 5758 yuan, you will get 60 yuan interest, which is equivalent to annualized 1.04% according to the current market value.
The outstanding performance of Daquan Energy benefits from the strong demand of 202 1 photovoltaic market and the rapid expansion of downstream monocrystalline silicon wafer enterprises, which has a strong demand for high-purity polysilicon. The overall supply of high-purity polysilicon materials is in short supply, which makes the price of silicon materials continue to strengthen.
202 1, the price of silicon materials continued to rise, and the company's output exceeded expectations.
According to the data disclosed by China Photovoltaic Association, the highest increase of silicon materials in 20021year reached 224%, and the price of silicon materials dropped to 230,000 yuan/ton at the end of the year, up 177% from the beginning of the year. According to the data of the company's 202 1 annual report, the company's polysilicon output reached 86,586.60 tons, exceeding the original forecast of 83,000-85,000 tons, increasing by 12.03% compared with 77,288.26 tons in 2020, accounting for 17.75% of the domestic polysilicon output.
At present, Daquan Energy's polysilicon design capacity is 70,000 tons/year, plus 35,000 tons/year of IPO investment projects, totaling about105,000 tons/year.
Looking forward to 2022, the market is worried that the short-term price of silicon materials will rise and enterprises will increase production, which will lead to the risk of overcapacity in the long run.
According to the data disclosed by China Photovoltaic Association, the price of silicon material once fell in June of this year from 5438+ 10, but it soon recovered. On March 2nd, Silicon Branch of China Nonferrous Metals Industry Association released the latest transaction price of domestic solar-grade silicon materials. This is the seventh consecutive week that silicon materials have risen.
Since February, 20021,the polysilicon field has welcomed the investment of new and old players, with a planned total production capacity of 2.65 million tons and a total investment of 258.999 billion yuan.
The Silicon Industry Branch believes that by the end of 2022, the domestic polysilicon production capacity will be 850,000 tons/year, which basically matches the global installed demand of 230GW. However, the supply of silicon materials will still exceed the demand in the medium and long term. At present, the planned production capacity announced by silicon enterprises has exceeded 3 million tons. Great Wall Securities predicts that the price of silicon will decrease steadily in the first half of 2022, and the decline will accelerate in the second half.
On February 23rd, Ma Haitian, Deputy Secretary-General of Silicon Industry Branch of China Nonferrous Metals Industry Association, said at the "20021Online Seminar on Development Review of Photovoltaic Industry and Prospect in 2022" that it is estimated that by the end of 2025, China's polysilicon production capacity will be 3 million tons/year, and if overseas supply is included, * * * meters can meet the global photovoltaic installed capacity demand by about 1000GW. From the demand side, by 2025, the global installed photovoltaic demand will be 400GW, and the demand converted into polysilicon will be 6.5438+0.3 million tons. "The industrial increment is promising, but the planned overinvestment of 760,000 tons/year will become excess capacity."
Beijing Zheng Jun:
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Bubble Finance was informed that March 15, Zheng Jun (300223. SZ) disclosed the performance report. 202 1, the company achieved a total operating income of 5,274,059,400 yuan, a year-on-year increase of143.07%; The net profit attributable to shareholders of listed companies was 93,300 yuan, a year-on-year increase of 65,438+065,438+074.08%; Basic earnings per share 1.9842 yuan.
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Beijing Jun is a chip design company.
The company's intelligent video chip is mainly used for security. Beijing Xicheng (full name "Beijing Xicheng Semiconductor Co., Ltd.") is a company acquired by Beijing Zheng Jun in 2020. After the merger, Beijing Zheng Jun became the leading enterprise in vehicle memory chips.
On-board memory chip is one of the most widely distributed and core semiconductor components in automobiles.
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Zheng Jun's performance is consistent with the previously disclosed forecast. On October 24th, 654381,the company predicted a net profit of 808 million yuan to 984 million yuan in 20021.
Due to the merger of subsidiaries, the performance of Beijing Zheng Jun increased by over 65,438+00 times.
20 15 to 2020, the net profit attributable to Beijing Zheng Jun's mother is below 10 billion yuan. Since Beijing Silicon Industry was included in the consolidated statement on May 3, 2020, the performance of Beijing Zheng Jun has changed. 202 1 is the year when the performance of Beijing Zheng Jun broke out.
At present, memory chips have become the company's main business, accounting for nearly 70%. Zheng Jun's on-board memory chip track has a bright future. CITIC Jiantou believes that:
With the improvement of autonomous driving level, the traffic of data collection, transmission, processing and storage inside and outside the vehicle has greatly increased, and the vehicle storage market is expected to grow at a faster speed. In 2020, the global vehicle storage market will be about 4.6 billion US dollars, and the compound growth rate from 20 16 to 2020 will be 1 1.4%. It is expected that with the improvement of automobile intelligence, the vehicle storage market will grow rapidly. The vehicle storage market will reach $5.66 billion in 20021year, and it is expected to grow to $0.94 billion in 2025, with a compound growth rate of 2 1.0% from 20021to 2025.
Luoyang Molybdenum Industry:
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Bubble Finance was informed that on March 15, Luoyang Molybdenum Industry (603993. SH) Disclosure of performance report, and the operating income in 20021year was 173863 million yuan, up by 53.89% year-on-year; The net profit returned to the mother was RMB 5,654,380.06 million, a year-on-year increase of 65,438+065,438+09.26%.
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Luoyang Molybdenum Industry is one of the largest scheelite producers in the world, the second largest cobalt and niobium producer and the top seven molybdenum and copper producers in the world.
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The performance report disclosed by Luoyang Molybdenum Industry today is consistent with the previous forecast. On June 27th, 65438, the company predicted the expected range of net profit attributable to shareholders of listed companies in 20021year: 4.704 billion yuan to 565438 yuan+23 million yuan.
The main reason for the performance growth of Luoyang Molybdenum Industry is the increase in the market price of copper and cobalt and the increase in the scale of basic metal trading business.
Cobalt products are mainly used in lithium battery cathode materials, alloys, magnetic materials and other fields, while copper is used in electronic and electrical, machinery manufacturing, national defense, building materials and other fields.
Cobalt:
Dongxing Securities believes that demand exceeds supply is the key word of 202 1 Co market. The tight supply of cobalt raw materials and low inventory caused by insufficient transportation capacity have become the main driving force for the price increase, and the negative impact of the South African epidemic on the customs clearance of commodity transportation has also run through the whole year. Looking into the future, it is considered that the total global cobalt demand may increase to 17.7/20. 1 10,000 tons in 2022-2023, with a year-on-year increase of+12.1%13.5%. Considering the uncertainty of transportation and production caused by the global epidemic, the current tight balance may last until 2022; This means that the cobalt price may remain at a high level under the background of low inventory in the industrial chain.
Copper:
The industry believes that in the medium and long term, global copper mining depends on the continuous capital expenditure and exploration expenditure of copper enterprises, and the continuous sluggish copper capital expenditure will inhibit the growth of copper production capacity and output. In the past 1 year, with the strength of the copper market and the expected demand of new energy infrastructure such as photovoltaic, the capital expenditure of copper mines has gradually increased, but good projects have become increasingly scarce. The superimposed investment cycle is as long as 4- 12 years, and copper will still be worth it.
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