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Longji (601012): Profitability continues to improve, operating cash flow performance is strong

Longji (601012): Profitability continues to improve, operating cash flow performance is strong
Event: The company announced the 19-year interim report and reported that the merger realized revenue of 141.10,000 yuan, an 南京桑拿网 increase of 41 in ten years.1%; net profit attributable to mother is 20.10,000 yuan, an increase of 53 in ten years.7%; net profit after deduction is 20.0 million yuan, an increase of 59 in ten years.1%. In the first half of 19, the volume and profits rose in the first half of 2019.4.8 billion tablets, an increase of 183% in ten years, and another 7 for own use.9.5 billion tablets.Monocrystalline wafer segment operating income 82.At 4 trillion, non-silicon costs have fallen by as much as 31 in ten years.At 75%, the average gross profit margin and net profit margin increased, and the silicon wafer segment achieved a net profit of 20.0 million, contributed most of the company’s profits in the first half of the year. In addition, in the first half of the year, the company achieved monolithic module sales of 3193MW, an increase of 21% per year, and its own use was 265MW; monocrystalline cells were sold to 712MW.Among them, the overseas sales of monocrystalline modules reached 2423MW, accounting for 76%.The component segment achieved total revenue of 83.20,000 yuan, 2.700 million net profit.In addition, centralized generators and distributed generators each contributed 0.9 and 0.400 million net profit. The company has strong operating cash flow in the first half of the year.300 million, more than net profit.Our analysis strength is that accounts receivable and bills receivable are better controlled, only from 84.From 500 million US dollars to 10.1 billion US dollars, the company’s account period to customers is stable; and it increased due to the response to bills and advance receipts, which increased by 3.7 billion and 2.3 billion US dollars at the beginning of the installment respectively, which proves that the company’s industry scale has increased and it can occupy upstream fundsEnhancements. The 65GW monocrystalline silicon wafer production capacity target will be completed one year ahead of schedule. According to the current construction progress plan, the company’s silicon wafer production capacity can reach 65GW by the end of 2020, one year earlier than the original planned time.At present, Chuxiong’s annual production of 10GW single crystal silicon wafer project has reached production. Baoshan Phase 2 6GW silicon rods, Lijiang Phase 2 6GW silicon rods began to be put into operation in October, and Chuxiong Phase 2 10GW silicon wafers began to be replaced in December. Profit forecast: The company is a monocrystalline photovoltaic leader and a photovoltaic giant with a strong voice in the industry.It is expected that the EPS for 2019-2020 will be 1.31, 1.69 yuan, corresponding to 21 and 16 times the corresponding PE, maintaining the “recommended” level. Risk warning: the price of monocrystalline silicon wafers is falling too fast; the leading edge for catchers such as Central and Jinko has narrowed.