HUAMIN(SZ:300345)2023-08-28 12:28Group 1: Company Performance - In the first half of 2023, the company achieved operating revenue of 4.34 billion, representing a growth of approximately 435% compared to the same period last year [2] - The company recorded a net loss attributable to the parent company of approximately 1 billion due to inventory impairment losses [2] - The company anticipates a significant improvement in profitability as production capacity is gradually released and orders are delivered [3] Group 2: Project Developments - The company has invested in a 20GW rod production and 14GW slicing project in Dali, Yunnan, with the first phase of 4GW rod production already reaching full capacity [3] - A joint venture, Honghui New Energy, was established to invest in a 10GW heterojunction battery-specific monocrystalline silicon project, with production expected to commence by the end of November 2023 [3] - The company is actively advancing its heterojunction project, with construction nearing completion and expected to achieve full production by March 2024 [4] Group 3: Market Trends and Strategy - As of June 2023, the cumulative installed capacity of photovoltaic power generation reached approximately 470 million kilowatts, surpassing hydropower to become the second-largest power source in China [3] - The company aims to leverage its advanced equipment and technology to establish a competitive edge in the photovoltaic sector, focusing on silicon wafers, battery components, and smart power stations [3] - The company has signed long-term contracts with several industry leaders, with a total amount exceeding 10 billion [3] Group 4: Supply Chain and Inventory Management - The company has secured stable supply of quartz crucibles through long-term contracts with suppliers [4] - The company plans to implement strict control measures to manage inventory impairment risks and reduce production cycles [4] - The average sales cycle is currently around 30-40 days, which is expected to shorten to 20-25 days as production capacity increases [7]