Tongwei (600438) semi-annual results pre-increasing comments: battery volume rises, silicon materials try to stabilize and rebound
Core budget event: On July 4, the company released a 19-year semi-annual performance forecast, and it is expected that the report will be attributed to the parent’s net profit.24 billion-15.16 billion, an annual increase of 55% -65%; deduct non-net profit13.7.9 billion-14.6.8 billion, an annual increase of 55% -65%, exceeding market expectations.  The performance 武汉夜网论坛 has grown rapidly, benefiting from high-efficiency battery chips and rising profits: synchronize the newly built Chengdu3 in the early stage.2GW and Hefei 2.3GW high-efficiency crystalline silicon battery projects have reached production one after another. In the first half of the year, the company’s gradual expansion of solar cells has increased by about 97% annually, and is expected to reach 5.9GW, the company’s overall capacity utilization of the battery business has exceeded 110%.In the first half of the year, it was driven by high-efficiency products favored by the country’s domestic front runners and overseas markets. The high-efficiency battery premium was outstanding, and the cost of non-silicon was further optimized, and the revenue surged.  High-purity crystalline silicon production capacity is fully released, and prices are expected to stabilize and rebound: in the first half of the year, the company’s Baotou and Leshan new projects will release about 20% of their production capacity.When the price of silicon material was relatively high in the first half of the year, the company’s silicon material business still maintained a continuous profitable state.With domestic parity in the second half of the year, bidding projects are about to start, overseas overseas quarterly demand, silicon material prices are expected to stabilize and rebound; at the same time, production capacity will be fully released in the second half of the year, and production and sales will be further increased.  Investment suggestion: It 南京夜网论坛 is expected that the EPS in 19-21 will be 0.80, 0.99, 1.23 yuan, corresponding to an estimate of 17 for 19-21 years.2, 14.0, 11.3 times, 23 times estimate for 19 years, maintaining “Buy” rating  Risk reminder: supplementary installation, price fluctuations, cost reductions, expansion of production, aquatic demand is not up to the expected risk