Jolywood(SZ:300393)2023-04-25 16:00Photovoltaic Industry Growth - In 2022, the global photovoltaic (PV) installed capacity increased by 230 GW, a year-on-year growth of 35.3%, while China's new installed capacity reached 87.41 GW, growing by 59.3%[35] - The company anticipates that the global PV installed capacity will reach 280 GW in 2023, with China's new installations expected to hit 95 GW[35] - In 2022, the company added 87.41 GW of new photovoltaic installations in China, marking a year-on-year growth of 59.3%[87] - The global photovoltaic market is projected to add 230 GW of new installations in 2022, reflecting a growth of 35.3% year-on-year[86] Financial Performance - The company reported a net profit attributable to shareholders of 122,714,729.87 CNY, compared to 52,569,676.61 CNY in the previous year[32] - The company's operating revenue for 2022 was ¥9,576,794,499.36, representing a 64.56% increase compared to ¥5,819,537,415.34 in 2021[52] - Net profit attributable to shareholders for 2022 was ¥401,387,963.71, a significant turnaround from a loss of ¥313,361,310.51 in the previous year, marking a 228.09% increase[52] - The basic earnings per share for 2022 was ¥0.37, compared to a loss of ¥0.29 per share in 2021, reflecting a 227.59% improvement[52] - The company reported a cash flow from operating activities net amount of -¥1,160,947,749.21 for 2022, a decline of 430.94% compared to ¥350,803,867.06 in 2021[52] - The company achieved a total revenue of CNY 957.68 million, representing a year-on-year growth of 64.56%[106] - The net profit attributable to shareholders was CNY 40.14 million, a significant increase of 228.09% year-on-year[106] Production and Capacity - In 2022, the production of polysilicon reached 827,000 tons, a year-on-year increase of 63.4%[59] - The output of silicon wafers in 2022 was approximately 357 GW, representing a year-on-year growth of 57.5%[59] - The production of battery cells in 2022 was around 318 GW, with a year-on-year increase of 60.7%[59] - The output of solar modules in 2022 reached 288.7 GW, marking a year-on-year growth of 58.8%[59] - The company has initiated the construction of a 16 GW high-efficiency monocrystalline battery intelligent factory project, with 4 GW already in production[97] - The company expanded its production capacity for solar backsheet to 220 million square meters, with cumulative shipments exceeding 210GW[135] - The company completed the ramp-up of its 1.5GW N-type monocrystalline bifacial TOPCon solar cell project and is progressing with a 16GW high-efficiency monocrystalline cell smart factory project[135] Research and Development - The company is focusing on enhancing efficiency and reducing costs through technological upgrades in the PV industry[38] - The company emphasizes a "technology-based" approach and continues to enhance its R&D capabilities in line with industry trends[81] - The company increased its R&D investment to CNY 291.83 million, a year-on-year growth of 61.59%, and has obtained a total of 218 authorized patents[115] - The company is focusing on R&D for environmentally friendly coating backsheet products, achieving significant technological breakthroughs during the reporting period[136] - The average conversion efficiency of N-type TOPCon high-efficiency modules exceeds 22.1%, with a first-year degradation of no more than 1%[80] - The company's high-efficiency battery products, specifically the N-type TOPCon, achieved a mass production average conversion efficiency of 25.2% for the 16BB main grid[106] Market Strategy and Expansion - The company is focusing on expanding its market presence and developing new technologies, including advancements in solar cell efficiency[46] - The company has established a sales layout across four major global regions: Middle East, Europe, Asia-Pacific, and South America[82] - The company has expanded its household distributed business to cover 20 provinces, 142 cities, 634 districts, and over 4,000 villages/towns, managing over 160,000 household solar power stations[109] - The company has established strategic partnerships with several large state-owned enterprises to explore commercial distributed projects in regions like Shandong, Jiangsu, and Anhui[109] - The company is actively pursuing multi-channel financing and international development to support its capacity expansion projects[140] Risk Management and Governance - The company has identified risks and countermeasures in its annual report, urging investors to pay special attention to these factors[11] - The company completed the transfer of control to Zhejiang Energy Group on February 13, 2023, which is expected to enhance governance and risk management capabilities[189] Inventory and Assets - The company's total current assets amounted to CNY 10.62 billion, an increase from CNY 6.24 billion at the beginning of the year, representing a growth of approximately 70.5%[194] - The company's cash and cash equivalents reached CNY 2.99 billion as of December 31, 2022, compared to CNY 2.49 billion at the beginning of the year, reflecting a growth of about 20.1%[194] - Inventory increased to CNY 2.74 billion by December 31, 2022, up from CNY 1.61 billion at the start of the year, indicating a rise of approximately 70.0%[194] - The company reported a significant increase in accounts receivable, which reached CNY 2.88 billion by December 31, 2022, compared to CNY 1.33 billion at the beginning of the year, marking a growth of approximately 116.3%[194] Equity and Liabilities - Total liabilities amounted to approximately $12.37 billion, an increase from $8.07 billion year-over-year, reflecting a growth of 53.5%[197] - Non-current liabilities totaled approximately $1.83 billion, up from $1.08 billion, representing a year-over-year increase of 70.1%[197] - Total equity reached approximately $4.63 billion, compared to $4.07 billion in the previous year, indicating a growth of 14%[197] - The total assets of the company were approximately $17.00 billion, an increase from $12.14 billion, marking a growth of 40.3%[197] - The total equity attributable to shareholders of the parent company was approximately $3.89 billion, compared to $3.39 billion, reflecting a growth of 14.7%[197]