Jolywood(SZ:300393)2022-11-21 16:16Group 1: Company Overview - Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. operates in three main business segments: photovoltaic backsheet, high-efficiency batteries and modules, and photovoltaic application systems [2][3]. - The company has developed a transparent backsheet product since 2018 and launched the "Hauberk" 2.0 version in the first half of 2021, enhancing its market competitiveness [2][3]. Group 2: Performance Metrics - In the first half of 2021, the company achieved a revenue of CNY 2.373 billion, a year-on-year increase of 16.70% [3][4]. - The gross profit margin for the same period was 10.47%, down 10.94 percentage points from the previous year [3][4]. - The net profit attributable to shareholders was CNY 31.08 million, a decrease of 71.87% compared to the same period last year [3][4]. Group 3: Business Segment Performance - Backsheet business revenue reached CNY 806 million, accounting for 33.98% of total revenue, with a year-on-year growth of 41.33% [4]. - Battery and module sales to third parties amounted to 442.41 MW, generating CNY 736 million, which represents 31.03% of total revenue, but a decline of 18.81% year-on-year [4]. - The photovoltaic application systems segment generated CNY 776 million, making up 32.72% of total revenue, with a significant growth of 52.98% year-on-year [4]. Group 4: Market Challenges and Strategies - The company faced supply-demand imbalances in the photovoltaic industry, leading to a 37% increase in silicon wafer prices since the beginning of 2021 [3][4]. - Despite rising costs, the company maintained its commitment to fulfilling overseas orders without any breaches of contract [3][4]. - The company plans to accelerate the construction of new production capacities to achieve early production and full capacity [3][4]. Group 5: Future Outlook and Innovations - The company is expanding its production capacity for TOPCon batteries, with a 1.5 GW production line under construction and a 16 GW high-efficiency battery smart factory project in Shanxi [2][3]. - The company has a strong focus on technology development, with the TOPCon 2.0 process involving nine steps, significantly improving production efficiency [5][6]. - The company aims to enhance its market position in the Middle East by leveraging its product advantages in high-temperature and high-reflectivity environments [6][7].