Abstract By the beginning of June, the first quarter earnings reports of several PV listed companies were released. Although the figures for the financial report last year were generally good, due to various factors, the performance of the listed companies in the first quarter of this year was mixed. Among them, Artes component shipments reached 1.23 GW, compared with last year...
By the beginning of June, the first quarter earnings reports of several PV listed companies were released. Although the figures for the financial report last year were generally good, due to various factors, the performance of the listed companies in the first quarter of this year was mixed. Among them, Artes module shipments reached 1.23 GW, a significant increase compared to the same period last year. Last year's component shipments ranked first in the world, and the shipments of components in the first quarter of this year exceeded 1 GW. Due to factors such as the average selling price of components and low wafer shipments, the revenue of Huihui Sunshine declined in the first quarter of this year. Gross profit margins rose and fell. According to the financial report, in the first quarter of this year, Artes achieved a net operating income of 861 million US dollars (about 5.278 billion yuan). In the fourth quarter of last year, it was 956 million US dollars (about 5.866 billion yuan), down 10% from the previous quarter; net income in the first quarter of 2014 was 466 million US dollars (about 2.854 billion yuan), a year-on-year surge of 84.6%. The company's gross profit margin for the first quarter was 17.8%, in line with expectations of the previous 16% to 18%. In the fourth quarter of last year, the company's gross profit margin was 19.3%.
Although Trina Solar has not announced its specific revenue figures, the earnings report revealed that the company's revenue fell 20.8% from the previous quarter, but increased by 25.5% year-on-year, and the gross profit margin increased to 18%.
In the first quarter, Jinko Energy's total revenue was US$443.5 million, down 7.5% from the previous month and up 36.5% from the same period last year. The gross profit margin was 20.3%, compared with 22.8% and 24.0% in the previous quarter and the same period last year.
Jingao Solar's net revenue in the first quarter reached 2.4 billion yuan ($387.7 million), a year-on-year increase of 5.6% and a decrease of 32.8% from the previous month. Gross profit margin reached 16.1%, down 60 basis points year-on-year and 60 basis points from the previous month.
It is worth noting that the revenue of Qihui Sunshine in the first quarter fell year-on-year. The company’s operating income for the first quarter of this year was $349 million, compared to 4.
1.5 billion US dollars fell 15.9%, down 9.8% from the previous quarter's 387 million US dollars. The company's gross margin in the first quarter was 10.5%, which was basically the same as last year, but lower than the 13.2% gross margin in the fourth quarter of 2014.
Component shipments were higher than the first quarter of the year and the first quarter of the year was the off-season, and it is widely considered to be the weakest period of the PV market demand for the year. However, in the first quarter of this year, demand in Japan, India, the United Kingdom, and South America is growing. At the same time, due to the fact that many projects in the domestic market that were scheduled to be connected to the grid at the end of last year were postponed until the first quarter of this year. Therefore, in the first quarter of this year, China's PV module shipments have increased significantly year-on-year.
According to the financial report, Artes' total component shipments in the first quarter were 1.23 GW, of which the sales volume achieved was 1.03 GW. In the fourth quarter of last year, the company achieved sales of 897 megawatts in total, compared with 500 megawatts in the first quarter of last year. Of the shipments achieved in the first quarter, 124 MW was used for the company's systems and total solution business, which was much higher than the 49 MW in the same period last year.
In the first quarter, Sunshine Solar's solar wafers and module shipments totaled 691.5 megawatts, down 2.6% from the same period last year and down 7.1% from the previous quarter. Among them, component shipments were 496.4 MW, down 4.7% year-on-year and 1.6% quarter-on-quarter. Wafer shipments were 195.1 megawatts, up 3.2% year-on-year and down 23.8% from the previous month.
In the first quarter, JA Solar's total shipments reached 681.5 MW, up 6.8% year-on-year and down 28.5% from the previous month.
Component shipments and incoming processing totaled 584.1 MW, an increase of 50.5% year-on-year and a decrease of 33.6%. Cell shipments and processing of incoming materials reached 97.4 MW, down 61.1% year-on-year and 33.2% quarter-on-quarter.
Last year, Trina Solar, which ranked first in global component shipments, shipped more than 1 GW in the first quarter of this year, with a record component sales of 1026.2 MW.
The decline in prices affects the low average selling price of corporate income components, which is an important reason for the decline in operating income and low gross profit margin of some enterprises.
According to a statistical report from PVinsights, the price of photovoltaic products has been falling slightly from the beginning of this year to March. By March 25, the price of polysilicon fell to 17.38 US dollars / kg, down 9.5% from the beginning of the year; battery to 0.302 US dollars / watt, down 5.3%; components fell to 0.589 US dollars / watt, down 4.5%. Wang Yan, an online market analyst for the silicon industry, said in an interview with the China Electric Power News that domestic component prices have continued to decline slightly this year. According to the international market price index of components released online by the silicon industry, the component price index has dropped from 0.52 to 0.42 in May this year.
Although the price continued to decline slightly, under the installation target of “17.8 GWâ€, the second quarter was also seen as the growth of the shipments of various PV manufacturers in the domestic market as the enterprises were gradually stocked and the weather warmed. period.
In the earnings report, Artes expects that the company's component shipments will be around 950~1000 MW. Operating income is between US$ 570 million and US$ 620 million, and gross profit margin is expected to be between 13% and 15%.
JA Solar expects total shipments of its cells and modules to reach 680 MW to 720 MW in the second quarter of this year. Shipments in 2015 will reach 3.6 GW to 4.0 GW. Trina Solar also said in its earnings report that its annual component shipment target remains unchanged at 4.4 to 4.6 GW.
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