Tongwei (600438): The profit prospect of the bottom of the battery chip will be full

Tongwei (600438): The profit prospect of the bottom of the battery chip will be full
The company released the semi-annual report for 2019 and reported that the combined company’s revenue was attributed to net profit, and the net profit after deduction was 161.24, 14.51, 13.8.6 billion, an increase of 29 each year.39%, 58.01%, 55.69%.Performance continued to maintain high growth.The company has continued to increase in the field of advanced materials and high-efficiency battery chips, and has become a double leader in silicon materials and battery chips. It is expected that with the price of PERC batteries at the end of the third quarter and the bottom of the fourth quarter, the company’s battery profitability is expected to rebound, and with the capacity utilization rateThe year-on-year increase is continuously increasing, and it is expected that the amount of investment in the second half of the year will increase at least 10% from the first half.The company’s Baotou and Leshan total 6 injection of new silicon material capacity gradually released, the first half of the capacity released about 20%, it is expected that the second half of the production capacity will be fully released.We are optimistic about the company’s lean management level and excellent cost control ability, and maintain the “Highly Recommended-A” rating with a target price of 15.5-16 years old.5 yuan. Performance maintained high growth.In the first half of 2019, the company’s revenue was attributed to its net profit, and the net profit after deduction was 161.24, 14.51, 13.8.6 billion, an increase of 29 each year.39%, 58.01%, 55.69%.Among them, the income in the second quarter was attributed to net profit, and the net profit after deduction was 99.55, 9.60, 9.11 trillion, an increase of 37 each year.52%, 60.22%, 56.18%. Profitability Analysis.In the first half of the year, the company’s comprehensive gross profit margin was 22.01%, an annual increase of 2.44 per share, sales, management, and financial expense ratios are 2.70%, 6.50%, 2.11%, a decline of 0 per year.77, up 0.40, 1.For 08 shares per share, the increase in the financial expense ratio was mainly due to the conversion of solid-state construction projects into capitalization of index expenditures and the expansion of external financing.The overall decline in the company’s first half net profit was 9.05%, rising by 1 every year.57 units. Breakdown of business.In the first half of 2019, the company’s sales of silicon materials2.28 Initially, it grew by 162 per year.85%, with a price drop of 40-50%, still achieving 16.With a gross profit margin of 98%, it is one of the few companies in the industry that continues to maintain profitability.In the first half of the year, the company’s battery chip sales were about 6GW, an increase of 97% year-on-year, of which monocrystalline PERC4.4GW, polycrystalline 1.About 6GW.The company’s battery capacity utilization rate of the old line reached 110-120%, the new line 110%, and subsequently increased to 120%. Battery profitability is expected to bottom out in the third quarter, and silicon materials will be fully discharged.The price of PERC batteries has dropped significantly in the past two months, mainly due to the short-term internal demand not yet activated and the proliferation of PERC capacity. It is expected that prices will pick up at the end of the third quarter and the fourth quarter. Battery profitability is expected to bottom out.The capacity utilization rate of the completed 6gw monocrystalline cells has 合肥夜网 been increasing month by month, and it is expected that the amount of investment in the second half of the year will increase at least 10% from the first half.The company’s Baotou and Leshan totaled 6 new capacity to be gradually released. In the first half of the year, about 20% of the capacity was released. It is expected that the capacity will be fully released in the second half of the year. Investment suggestion: Maintain “Highly Recommended-A” rating, target price is 15.5-16 years old.5 yuan. Risk warning: domestic installed capacity is less than expected, overseas demand is less than expected, and battery prices are rising less than expected.