Cybrid(SH:603212)2022-11-17 14:16Financial Performance - In Q1 2022, the company's revenue reached approximately 1.1 billion CNY, with a quarter-on-quarter growth of nearly 20% [3] - Net profit for the same period was about 88.6 million CNY, showing a year-on-year and quarter-on-quarter increase of around 80% [3] - The photovoltaic segment generated revenue of 530 million CNY from backplane sales, with a shipment volume of approximately 43 million square meters [3] - The encapsulation film segment achieved revenue of 440 million CNY, with a shipment volume of around 37 million square meters [3] Production Capacity - Current monthly production capacity for backplanes is 15 million square meters, with an annualized capacity of 180 million square meters [4] - Current monthly production capacity for encapsulation films exceeds 20 million square meters, expected to reach 30 million square meters monthly after recent expansions [4] - Non-photovoltaic segment has an annualized capacity of approximately 50 million square meters [4] Market Conditions - The price of upstream materials for photovoltaic components has increased significantly, raising concerns about future order growth [3] - The company anticipates stable growth in encapsulation film shipments in Q2, despite some impact from COVID-19 on production in Suzhou and Zhejiang [3] - The demand for backplanes in Q2 is expected to remain robust, with no significant changes in supply-demand dynamics compared to Q1 [4] Inventory and Supply Chain - The inventory cycle for particles has decreased to about one month due to ongoing supply chain disruptions [3] - The company has proactively reduced procurement volumes and raw material inventory to manage cash flow and market pricing [4] Profit Margins - The gross margin for backplanes in Q2 is expected to remain stable compared to Q1, while the gross margin for encapsulation films is projected to see a slight increase [4] - The rise in particle procurement prices from February to April has impacted margins, but subsequent price increases for encapsulation films are expected to improve profitability [4]