光伏遇冷，上游陕企营收净利双降

Core Viewpoint - The photovoltaic industry is experiencing a downturn, significantly impacting all segments of the supply chain, including upstream material suppliers like Meichang Co., Ltd. [1][4] Financial Performance - Meichang Co., Ltd. reported a 49.66% year-on-year decline in revenue for 2024, totaling approximately 2.27 billion yuan, and a staggering 90.84% drop in net profit, amounting to about 145.52 million yuan [2][10][17] - In Q1 2025, the company continued to face substantial declines, with total revenue down 50.61% year-on-year to 423 million yuan and net profit down 86.46% to approximately 26.47 million yuan [3][11] Market Conditions - The company's main product, diamond wire, has seen a significant price drop from 37.64 yuan/km in 2023 to around 17 yuan/km in 2024, while silicon wafer prices only fell by 30% during the same period [7][8] - The competitive landscape has intensified, leading to a "price war" that has severely eroded profit margins [8][21] Customer Dependency - Meichang Co., Ltd. has a high customer concentration, with the top five customers accounting for 68.02% of sales in 2024, indicating a reliance on a few large clients [18][19] - The largest customer’s sales proportion decreased from over 53% in 2023 to 34.01% in 2024, yet it remains a significant contributor to revenue [19][20] Industry Dynamics - The global diamond wire production capacity is projected to exceed 300 million kilometers in 2024, while the growth rate of new photovoltaic installations is expected to slow to about 25%, leading to an oversupply situation [21] - Technological advancements in the industry, particularly the shift towards N-type batteries and larger silicon wafers, are increasing the demand for higher-quality diamond wire, presenting both challenges and opportunities for Meichang Co., Ltd. [22][23] Research and Development - The company plans to accelerate its focus on tungsten wire technology, with a 230 million yuan investment in expanding tungsten wire production capacity, although current capacity remains limited [24][28] - Despite facing challenges, the company has seen a reduction in R&D expenses by 49.86% to approximately 59.85 million yuan in 2024, with a decrease in the number of R&D personnel [24][28]