Central Shares (002129): Steady Growth in Performance Borrows “Oriental Huansheng” to Deepen Industrial Chain Layout

Central Shares (002129): Steady Growth in Performance Borrows “Oriental Huansheng” to Deepen Industrial Chain Layout

Events: (1) The company announced on July 25, 2019 that the company received the “Notice” issued by the Beijing Stock Exchange, confirming that the company was the assignee of the 40% transfer project of Dongfang Huansheng.

  (2) The company released the 2019 semi-annual performance forecast, and it is estimated that the net profit attributable to shareholders of the listed company will be 4.

3 ppm-4.

80,000 yuan, an increase of 43 in ten years.

31% -59.

98%.

  1.

During the construction of the “Photovoltaic Phase Five Project”, the “Orient Huansheng” was used to deepen the layout of the industrial chain.

  The company’s fourth-phase monocrystalline silicon projects have all been put into production. As of June 2019, the photovoltaic crystal production capacity reached 30GW.

  The total investment of the fifth-phase photovoltaic project is 91.

300 million, it is expected that after the project reaches capacity in 2021, the annual production capacity of monocrystalline silicon will exceed 56GW, and the company’s industry leader position will be consolidated.

  High-efficiency shingle technology provides an efficient configuration for use as a solar cell module. It can effectively use the area of the solar module, reduce series resistance and improve module efficiency. The current shingle patent is difficult to crack.

“Dongfang Huansheng” is the only manufacturer in China authorized by SunPower’s high-efficiency shingle technology patent. Through this auction, the company owns a total of 77% equity of Dongfang Huansheng and will continue to promote “Dongfang Huansheng 5GW high-efficient shingled module project”The strategic layout of the company’s new energy sector has been deepened, and its overall competitiveness is expected to be further improved.

  2.

The cost reduction and efficiency improvement helped the company’s performance growth, and the photovoltaic leader was additionally stable.

  The company achieved net profit attributable to mothers in the first half of the year4.

3 ppm-4.

8 ppm, a ten-year rapid growth.

31% -59.

98%.

The reason for the rapid growth of the company’s performance is that the company effectively implemented lean management through cost control, the continuous upgrade of internal management and intelligent manufacturing, and the continuous release of advantageous production capacity, which effectively reduced operating costs;The monocrystalline process of the photovoltaic industry is accelerating. The company has leveraged the bargaining advantages of monocrystalline products and has steadily improved its profitability. At the same time, the company has gradually stabilized its leading position in photovoltaic wafers by continuously optimizing its product structure and concentrating on advantageous customer resources.

  3.

The application for non-public issuance of A shares has passed, and the capacity of large semiconductor wafers has gradually been released.

  The localization of 四川耍耍网 the company’s semiconductor large silicon wafers has accelerated. The Tianjin plant’s 8-inch production capacity has reached 300,000 wafers / month, and the Yixing plant began production in July.

In terms of 12 inches, the Tianjin plant has built an experimental line with a production capacity of 20,000 pieces / month and entered the customer verification stage.

The company’s application for non-public issuance of A shares has passed the review of the Securities Regulatory Commission, and the funds raised will be used for the “production line project of 8-12 inch semiconductor silicon wafers for integrated circuits”. The production capacity is expected to gradually release in the second half of 2019.

  Profit forecast: The company is a leader in the photovoltaic industry and a leader in the localization of integrated circuits.武汉夜生活 The stabilization of the global photovoltaic market and the release of the company’s semiconductor wafer capacity conversion will support the company’s second-half performance growth. We predict that the company will return to its parent company in 2019-2021The profit is 13.

1.3 billion, 19.

5.7 billion, 32.

9.7 billion; corresponding PE is 24.

03 times, 16.

12 times, 9.

57 times, maintain “overweight” rating.

  Risk reminder: Global photovoltaic installed capacity is less than expected, and semiconductor large silicon wafers advance less than expected

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