Qingdao Gaoce(SH:688556)2024-01-26 10:30Financial Performance - The company achieved a net profit attributable to shareholders of approximately 1.44 billion to 1.48 billion CNY in 2023, representing a year-on-year increase of 82.60% to 87.67% [2] - The net profit after deducting non-recurring gains and losses is estimated to be around 1.4 billion to 1.46 billion CNY, reflecting a year-on-year increase of 86.61% to 94.61% [2] - The growth is primarily driven by strong global demand for new photovoltaic installations and the company's competitive technological advantages [2] Business Segments - The company’s photovoltaic equipment orders have significantly increased, solidifying its leading position in the market [2] - The production capacity and shipment volume of diamond wire saws have greatly increased, achieving near full production and sales [2] - The silicon wafer cutting service business continues to release production capacity, maintaining a leading edge in specialized cutting technology [2] Innovation and Market Expansion - The company’s innovative business segments, including semiconductor, sapphire, magnetic materials, and silicon carbide, have shown steady growth in orders and significant performance improvements [3] - The market penetration rate for silicon carbide diamond wire cutting machines has rapidly increased, with a substantial growth in magnetic material orders [3] Product Structure and Profitability - The majority of diamond wire shipments consist of 32 and 30 wire types, accounting for over 80% of the shipment structure [4] - Although the price of diamond wire has seen significant adjustments since Q4 2023, the company maintains good profitability through its technological advantages and cost control [4] - The company’s diamond wire production capacity is expected to exceed 100 million kilometers after the full release of the 40 million KM project in 2024, which will further enhance market share [4] Silicon Wafer Cutting Capacity - The company’s silicon wafer cutting service business has a fully operational capacity of 38 GW/year, with the Yibin (Phase I) 25 GW project expected to reach production in the first half of 2024 [5] - The anticipated capacity for silicon wafer cutting services in 2024 is projected to reach 63 GW, with a target of over 50 GW in effective shipments for the year [5]