Vidro plano: a contribuição da nova linha de produção para a redução de custos é significativa

A empresa divulgou o relatório anual de 2018, com receita de 3,064 bilhões de yuans, um aumento de 2,4% em relação ao ano anterior, lucro líquido de 407 milhões de yuans, uma queda de 4,5% em relação ao ano anterior, excluindo o lucro não líquido de 370 milhões de yuans, um declínio anual de 9%, em linha com as expectativas do mercado.

Análise de negócio

O preço dos produtos de hedge com nova capacidade de produção eficiente caiu e o desempenho anual permaneceu estável: influenciados pela conhecida política 531, os preços do vidro fotovoltaico caíram acentuadamente em 2018, os baixos preços do terceiro trimestre caíram 35% nos máximos do ano, embora, no máximo, final da recuperação dos preços, mas o preço de venda ainda caiu cerca de 15% em 2017; no entanto, as empresas dependem, no final de 2017 e 2018, respectivamente, do lançamento do segundo trimestre de duas mil toneladas, valor do investimento da nova linha de produção, dobrou a capacidade por muito tempo e, ao mesmo tempo, o custo médio de produção é bastante reduzido em cerca de 10% em 2017, protege efetivamente o declínio no preço dos produtos e, para apoiar sua receita durante o ano inteiro, manteve lucros constantes.

The price of photovoltaic glass will rise in 2019: the price of photovoltaic glass started to rebound from 2018Q4 and increased more before the end of the year. In march this year, the price was raised by 10% again. Although we had expected that the price of photovoltaic glass would rise in 2019, the rate of price increase was still faster than expected. Based on the macro supply and demand dynamics of photovoltaic glass throughout the year (supply +15%vs. Demand +25~30%) and the current enterprise micro inventory situation, we expect that the price of glass still has room to rise. The company's two 1000-ton production lines put into production last year will contribute to the annual output in 2019, and it is expected that two more 1000-ton production lines will be put into production in anhui and Vietnam respectively in Q2 and Q4 this year. The company's annual glass production and sales are expected to increase by more than 50%.

The expansion cycle is long, the competition pattern is good, and the double-sided penetration is accelerated. The high prosperity of photovoltaic glass will continue in 2020: due to the expansion cycle of photovoltaic glass industry for one and a half years, the potential new production capacity in 2020 is basically clear (about 20% increase). With the gradual production of new production capacity of the two leading enterprises in the industry, the industry concentration will continue to improve, and the leading edge of the industry duopoly will further expand. At the same time, with 1)2.5/2.0mm thin glass price gradually rationalized; 2) accelerated battery lamination trend; 3) the generation gain on the back side is widely verified by the actual power station; The penetration rate of double-sided power generation modules will accelerate, so that the growth rate of photovoltaic glass demand will continue to be faster than the growth rate of photovoltaic new installations. Based on the assumption that the annual compound growth rate of new installations is 20%, the demand for photovoltaic glass is expected to achieve 100% growth in three years. Therefore, the photovoltaic glass industry is expected to continue this year's high prosperity in 2020.

Ajustes de ganhos e recomendações de investimentos

After the adjustment, the company's 2019~21E net profit forecast is 6.7(+3%), 9.8(+17%), 1.2 billion yuan. The compound growth rate of net profit in three years is 43%, and the corresponding EPS is 0.35, 0.50, 0.62 yuan.

The current a-share price of the company corresponds to 49/33xpe for 209/20. We have lowered the a-share rating to "overweight". However, the price of H shares only corresponds to 10/7xpe in 209/20, maintaining the "buy" rating on H shares.


Hora da publicação: 11/12/12