I. Overview
In the first half of 2020, affected by COVID-19 epidemic, trade disputes, geopolitics and other factors, the global economy and financial system continued to be impacted. The economies of the United States, Europe and Japan have recovered slowly after bottoming out, but the road to recovery still faces difficulties; The economy of emerging economies has been seriously damaged and monetary policy has been greatly relaxed; China has effectively controlled the epidemic, and the economy has shown a rapid recovery.
Faced with the spread of epidemic at home and abroad, the economic and political situation is grim, and the pressure and difficulties of enterprise operation are increasing, the company strives for development in adversity, promotes growth with vitality, and takes various measures to promote the resumption of work and production. In times of crisis, it not only ensures the supply of domestic and foreign customers, but also enhances the trust of customers in us, thus enabling the company to achieve double growth in revenue and profit.
1, industry development status
There is no significant change in the development stage and future trend of the industry to which the company belongs as described in the company's 20 19 annual report. For details, please refer to the company's 20 19 annual report. The development analysis of magnetic materials, new energy and device industries in the first half of 2020 is as follows:
(1) magnetic materials industry
In the first half of 2020, the demand for traditional applications in magnetic materials industries such as home appliances and automobiles continued to decline, and the demand for new infrastructure such as 5G base stations, new energy, big data centers, Internet of Things and artificial intelligence and other fields maintained good growth. According to the statistics of the magnetic materials industry association, in the first half of 2020, affected by the COVID-19 epidemic, the overall sales volume of the magnetic materials industry decreased by about 12% and the output decreased by about 15%. The performance of the industry is that the strong are always strong and the weak are gradually weakening. Strong professionalism and weak tradition; Under the competitive pattern of strong new products and weak old products, enterprises with strong comprehensive competitiveness in the industry have shown strong anti-risk ability and achieved steady development against the trend.
Looking forward to the whole year, the demand for traditional applications in the magnetic materials industry will shrink, the demand for new infrastructure and other fields will continue to grow, and the price competition will shift from low-end products to high-end products. At the same time, with the continuous expansion of enterprises in the industry, some products will have overcapacity.
Enterprises in the industry need to improve their management ability, promote intelligent manufacturing, optimize product structure, and enhance the expansion ability of new infrastructure and other application markets in order to cultivate new performance growth points.
(2) New energy industry
1) solar photovoltaic industry
In the first half of 2020, facing the global spread of the COVID-19 epidemic, the photovoltaic industry maintained a relatively stable development trend with strong resilience. According to the statistics of photovoltaic industry association, in the first half of 2020, all links in China's photovoltaic industry chain maintained a certain growth. The output of polysilicon, silicon wafers, battery chips and components were 205,000 tons, 75GW, 59GW and 53.3GW, respectively, increasing by 32.3%, 19.0%, 15.7% and 65,438 respectively. From a technical point of view, photovoltaic enterprises in China continue to increase investment and technological transformation in R&D, and the pace of technological innovation is obviously accelerated. The average conversion efficiency of mass-produced PERC single crystal batteries is 22.4%-22.5%, and the highest conversion efficiency in mass production is close to 23%. More and more N-type HJT batteries are on the market, and new products of 600W high-power devices are released. In terms of technology research and development, the conversion efficiency of perovskite photovoltaic modules reaches 18.04%, and the conversion efficiency of N-type monocrystalline silicon single junction battery reaches 24.79%. From the market point of view, the impact of overseas epidemics on exports was lower than expected. From June to May, the export of components was 27.7GW, which was basically the same as that of the same period last year (28.2GW); The epidemic situation caused the domestic application market to basically stagnate in February and March. In the first half of the year, the installed capacity of domestic photovoltaic power generation was 1 1.5GW, up by 0.88% year-on-year. Among them, the installed capacity of centralized photovoltaic is added.
7.07GW, accounting for 61.48%; The installed capacity of distributed photovoltaic increased by 4.43GW, accounting for 38.52%.
Looking forward to the whole year, with the continuous progress of technology, the cost of photovoltaic power generation continues to decline, coupled with the technological and financial advantages of leading enterprises in the industry, the industrial concentration at the manufacturing end continues to rise, highlighting the "Evergrande" situation; The product structure will be further adjusted in the direction of large size; The application for parity/bidding projects has increased well, which is helpful to restore the growth of domestic PV installed capacity. In addition, the trend of cross-border integration of industries is becoming more and more obvious. The seven new infrastructure projects involve many industrial chains such as 5G+ photovoltaic, charging pile+photovoltaic, UHV+ photovoltaic, big data center+photovoltaic, which provides more development opportunities for photovoltaic development.
2) New energy battery industry
In the first half of 2020, driven by the market demand and the new national standard, emerging industries such as take-away/express delivery/* * travel emerged. Due to some epidemic factors, the market demand for lithium batteries for electric two-wheelers grew rapidly. According to the statistics of the Ministry of Industry and Information Technology, in the first half of 2020, the domestic output of electric bicycles was 1, 1, 70 1, 000, up by 1.3% year-on-year, and the shipment of lithium batteries for electric two-wheelers reached 3.55GWh
In addition, the demand for lithium batteries in power tools, portable energy storage, small household appliances and other market segments has also increased significantly.
Looking forward to the whole year, the market demand for lithium batteries such as electric two-wheeled vehicles and power tools is expected to increase. According to GGII's forecast, in 2020, the national shipment of lithium batteries for electric two-wheeled vehicles will increase to 8.45GWh, a year-on-year increase of 55%. It is estimated that the global power tool market will reach US$ 33.57 billion in 2020, up 5.57% year-on-year, among which the power tool market in the Asia-Pacific region is the fastest growing.
(3) Device industry
In the first half of 2020, the siphon effect of smart phone head brand is faster, and the production space of small and medium-sized mobile phone manufacturers is decreasing. At the same time, coupled with the economic difficulties under the influence of the epidemic, consumers' low willingness to consume, and the increasing labor costs and raw material costs in the mobile phone supply chain, the overall smart phone market is still in a downward trend, which also affects the shipment of vibration equipment. According to IDC data, in the first half of 2020, the global smartphone shipments were 58 1 10,000 units, down 10.6 1% year-on-year, and the smartphone shipments in China were about153 million units, down 17.7% year-on-year.
Due to the increasing demand for tactile feedback, game experience and user experience, there is an increasing demand for vibration devices in touch electronic products and equipment other than mobile phones, such as smart wear, car touch, medical care, beauty treatment and rapid consumption.
Looking forward to the whole year, the supply chain of mobile phone market will be more complicated in 2020, and the expansion of non-mobile phone business will be a new growth point of equipment industry.
Circulator/isolator is mainly used in base stations, which is an isolation function device to ensure one-way transmission of base station antenna signals. The 5G base station began to issue commercial licenses and put them into construction on 20 19. According to the statistics of the Ministry of Industry and Information Technology, in 20 19 years, there were 5G base stations153,000 in China. In the first half of 2020, 257,000 new 5G base stations will be built. It is estimated that more than 600,000 5G base stations will be built in China throughout the year, covering cities above prefecture level. With the continuous construction of 5G base stations, the use of circulators/isolators will greatly increase.
2, the company's operating conditions
According to the company's development strategy of "strong magnetism, energy development and moderate investment", at the beginning of 2020, the company put forward its business objectives: to achieve sales income of 76,543.8+0.2 billion yuan, up 8.48% year-on-year, and net profit attributable to shareholders of the parent company of 692 million yuan, up 0./kloc-0. 4% year-on-year.
In the face of the epidemic, the company set up a leading group for epidemic prevention and control for the first time. On the one hand, strengthen epidemic prevention and control, and do a good job in personnel control, environmental disinfection, epidemic propaganda, and material preparation. On the other hand, after becoming the first batch of foreign trade enterprises allowed to resume work in Zhejiang Province, the company quickly promoted the resumption of work and production. At the same time, according to the established development strategy and business plan, the company enhances its business strength through team building of management; Expand new products and accumulate the development potential of the company; Strive to highlight the connotation of corporate culture; Total optimization, strict control of non-production staffing; Promote the three modernizations and improve the company's production efficiency. The industrial level extends horizontally and vertically by promoting the magnetic material industry; Increase the upgrading of solar photovoltaic production line and the expansion of global market; Strategically adjust the market positioning and customer groups of new energy batteries; Increase investment in related industries and expand market space.
To sum up, the balanced layout of various industries highlights the company's strong anti-risk ability and strong development momentum. During the reporting period, the company achieved sales revenue of 365,438+07,365,438+065,438+09 900 yuan, accounting for 44.57% of the target at the beginning of the year. The net profit attributable to shareholders of listed companies is 3,437,465,438+0.7 million yuan, which is 49.67% of the target at the beginning of the year.
Three. Analysis of core competitiveness 1. The company has a leading technical advantage and strong R&D strength, which is a platform for international technical exchange of magnetic materials. There are national enterprise postdoctoral workstations, national magnetic materials technology center, provincial academician expert workstations, provincial high-tech enterprise R&D center, provincial key laboratory of magnetic materials, provincial key enterprise research institute, provincial enterprise technology center, Zhejiang scientific and technological literature sharing platform, provincial solar photovoltaic cells and. At the same time, the company has established close cooperative relations with scientific research institutes and universities in Industry-University-Research. By June 30, 2020, the company had taken the lead in formulating 4 IEC international standards, 9 IEC international standards, 1 national standards, 7 industry standards, 2 alliance standards and 4 team standards in the field of magnetic materials. The company has 640 valid patents, including 29 invention patents, 299 utility model patents and 50 design patents. 2. Scale and Market Advantage The company is the largest manufacturer of ferrite magnetic materials with the most complete industrial chain and product series in China, a leading manufacturer of vibration devices in China, and a manufacturer with a relatively complete industrial chain of solar photovoltaic and strong competitiveness. In addition, high-quality customers are the cornerstone of the company's stable operation and sustainable development. The core customers of the company's magnetic materials industry are mainly Fortune 500 companies or leading enterprises in the industry, such as Apple, Huawei, Tesla, Bosch, Valeo and Dianchan. The customers of the company's vibration device industry are mainly Huawei, Samsung, Xiaomi, vivo, OPPO and so on. Most customers in the solar energy industry are also leading enterprises in the industry, and the company promotes each other and grows together with them. 3. Advantages of management After 40 years of manufacturing management experience, the company introduced advanced management methods such as lean management, excellent performance management and 6S management, and created H management, 13 1K management, 9 10 project management, a little idea, three questions about learning ability and N+ 1 management. 4. Advantages of management team The company has a professional, rigorous, stable and efficient management team, a reasonable talent echelon structure, a hard-working and tenacious work style, strong ability to judge industry trends and teamwork, which provides a strong guarantee for the company's sustainable development. During the reporting period, the company's core competitiveness has not changed significantly.