换肤

主营介绍

  • 主营业务:

    单晶硅棒,硅片,电池和组件的研发,生产和销售,为光伏集中式地面电站和分布式屋顶开发提供产品和系统解决方案。

  • 产品类型:

    光伏、单晶硅棒、硅片

  • 产品名称:

    单晶硅棒 、 单晶硅片 、 单晶电池片 、 单晶组件 、 光伏制氢

  • 经营范围:

    半导体材料、太阳能电池、电子元器件、半导体设备的开发、制造、销售;商品进出口业务;光伏电站工程设计施工、光伏电站系统运行维护;LED照明灯具、节能产品的销售、维修及技术服务;合同能源管理。(以上经营范围涉及许可经营项目的,凭许可证明文件或批准证书在有效期内经营,未经许可不得经营)。

运营业务数据

最新公告日期:2023-10-31 
业务名称 2023-09-30 2023-06-30 2022-12-31 2022-09-30 2022-06-30
出货量:单晶组件(GW) 43.53 26.64 46.76 - -
出货量:单晶组件:对外(GW) 43.12 26.49 46.08 - -
出货量:单晶组件:自用(GW) 0.41 0.15 0.68 - -
出货量:单晶电池:对外(GW) 4.71 3.28 - - -
出货量:单晶硅片:对外(GW) 37.45 22.98 42.52 - -
出货量:单晶硅片:自用(GW) - 29.07 42.54 - -
出货量:单晶硅片(GW) - 52.05 85.06 - -
出货量:单晶电池(GW) - 31.50 - - -
出货量:单晶电池:自用(GW) - 28.22 - - -
销量:单晶组件(MW) - 2.65万 - - -
销量:单晶硅片(MW) - 2.30万 - - -
单晶硅片产量(MW) - - 8.59万 - -
单晶硅片销量(MW) - - 4.25万 - 3.96万
单晶组件产量(MW) - - 4.82万 - -
单晶组件销量(MW) - - 4.61万 - 1.80万
产能:设计产能:单晶组件(GW) - - 41.00 - -
产能:设计产能:单晶硅片(GW) - - 65.00 - -
产能:设计产能:单晶电池(GW) - - 63.00 - -
销售收入:单晶组件:境外(元) - - 415.31亿 - -
产量:单晶电池:自有(GW) - - 36.24 - -
产量:单晶组件:自有(MW) - - 4.82万 - -
产量:单晶硅片:自有(MW) - - 8.59万 - -
产能利用率:单晶组件(%) - - 69.21 - -
产能利用率:单晶硅片(%) - - 75.37 - -
销售收入:单晶硅片:境内(元) - - 281.38亿 - -
产销率:单晶组件(GW) - - 97.03 - -
产销率:单晶硅片(GW) - - 99.05 - -
销售收入:单晶硅片:境外(元) - - 38.23亿 - -
销售收入:单晶组件:境内(元) - - 393.51亿 - -
产能利用率:单晶电池(%) - - 98.92 - -
业务量:销售毛利率:单晶硅片:境内(%) - - 17.57 - -
业务量:销售毛利率:单晶硅片:境外(%) - - 26.88 - -
业务量:销售毛利率:单晶硅片:境外:亚太地区(%) - - 27.12 - -
业务量:销售毛利率:单晶硅片:境外:欧洲地区(%) - - 29.61 - -
业务量:销售毛利率:单晶硅片:境外:美洲地区(%) - - 21.80 - -
业务量:销售毛利率:单晶组件:境内(%) - - 11.21 - -
业务量:销售毛利率:单晶组件:境外(%) - - 14.89 - -
业务量:销售毛利率:单晶组件:境外:亚太地区(%) - - 18.21 - -
业务量:销售毛利率:单晶组件:境外:中东非地区(%) - - 17.49 - -
业务量:销售毛利率:单晶组件:境外:欧洲地区(%) - - 12.87 - -
销售收入:单晶硅片:境外:亚太地区(元) - - 31.34亿 - -
业务量:销售毛利率:单晶组件:境外:美洲地区(%) - - 15.55 - -
销售收入:单晶硅片:境外:欧洲地区(元) - - 3.51亿 - -
销售收入:单晶组件:境外:中东非地区(元) - - 36.13亿 - -
销售收入:单晶硅片:境外:美洲地区(元) - - 3.38亿 - -
销售收入:单晶组件:境外:亚太地区(元) - - 81.03亿 - -
销售收入:单晶组件:境外:欧洲地区(元) - - 209.74亿 - -
销售收入:单晶组件:境外:美洲地区(元) - - 88.41亿 - -
归属于上市公司股东的净利润上限(元) - - - 112.00亿 66.00亿
归属于上市公司股东的净利润下限(元) - - - 106.00亿 63.00亿
归属于上市公司股东的净利润同比增长率上限(%) - - - 48.00 32.00
归属于上市公司股东的净利润同比增长率下限(%) - - - 40.00 26.00
营业收入上限(元) - - - 874.00亿 510.00亿
营业收入下限(元) - - - 864.00亿 500.00亿
营业收入同比增长率上限(%) - - - 56.00 45.00
营业收入同比增长率下限(%) - - - 54.00 42.00

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了17.69亿元,占营业收入的48.04%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
6.45亿 17.51%
第二名
4.50亿 12.23%
第三名
3.77亿 10.24%
第四名
1.52亿 4.14%
第五名
1.44亿 3.92%
前5大供应商:共采购了9.87亿元,占总采购额的38.19%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
3.57亿 13.80%
第二名
2.89亿 11.17%
第三名
1.24亿 4.80%
第四名
1.23亿 4.77%
第五名
9430.84万 3.65%
前5大客户:共销售了11.05亿元,占营业收入的48.47%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
3.82亿 16.76%
第二名
2.95亿 12.95%
第三名
2.02亿 8.84%
第四名
1.16亿 5.10%
第五名
1.10亿 4.82%
前5大供应商:共采购了5.33亿元,占总采购额的35.35%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
1.44亿 9.58%
第二名
1.35亿 8.93%
第三名
9443.60万 6.26%
第四名
9217.22万 6.11%
第五名
6738.94万 4.47%
前5大客户:共销售了12.56亿元,占营业收入的62.22%
  • 无锡尚德及其关联方
  • MEMC
  • 江苏顺风光电科技有限公司
  • SHINSUNG HOLDINGS CO
  • Sunrise Global Solar
  • 其他
客户名称 销售额(元) 占比
无锡尚德及其关联方
8.54亿 42.32%
MEMC
1.49亿 7.39%
江苏顺风光电科技有限公司
1.13亿 5.60%
SHINSUNG HOLDINGS CO
7655.17万 3.79%
Sunrise Global Solar
6300.22万 3.12%
前5大供应商:共采购了7.81亿元,占总采购额的57.34%
  • 美国REC SOLAR GRADE SI
  • 宁夏晶隆石英有限公司
  • 山东嘉祥东洋炭素有限公司
  • 宁夏东方南兴研磨材料有限公司
  • 美国REC Advanced Silic
  • 其他
供应商名称 采购额(元) 占比
美国REC SOLAR GRADE SI
5.14亿 37.75%
宁夏晶隆石英有限公司
7855.07万 5.77%
山东嘉祥东洋炭素有限公司
6510.12万 4.78%
宁夏东方南兴研磨材料有限公司
6320.97万 4.64%
美国REC Advanced Silic
5995.57万 4.40%
前5大客户:共销售了8.57亿元,占营业收入的51.84%
  • 无锡尚德及其关联方
  • 东方电气集团(宜兴)迈吉太阳能科技有限公
  • 公元太阳能股份有限公司
  • 宁波升日太阳能电源有限公司
  • MEMC
  • 其他
客户名称 销售额(元) 占比
无锡尚德及其关联方
4.52亿 27.37%
东方电气集团(宜兴)迈吉太阳能科技有限公
1.24亿 7.53%
公元太阳能股份有限公司
1.04亿 6.30%
宁波升日太阳能电源有限公司
9647.06万 5.84%
MEMC
7934.27万 4.80%
前5大供应商:共采购了3.96亿元,占总采购额的45.45%
  • 美国REC SOLAR GRADE SI
  • 峨嵋半导体材料厂
  • 宁夏东方南兴研磨材料有限公司
  • 宁夏晶隆石英有限公司
  • 山东嘉祥东洋炭素有限公司
  • 其他
供应商名称 采购额(元) 占比
美国REC SOLAR GRADE SI
1.77亿 20.36%
峨嵋半导体材料厂
7804.16万 8.96%
宁夏东方南兴研磨材料有限公司
6437.83万 7.39%
宁夏晶隆石英有限公司
4071.57万 4.66%
山东嘉祥东洋炭素有限公司
3558.23万 4.08%
前5大客户:共销售了6.63亿元,占营业收入的86.61%
  • 无锡尚德及其关联方
  • 中电电气(南京)光伏有限公司
  • REC Solar Grade Sili
  • 宜兴迈吉太阳能科技有限公司
  • 苏州茂迪
  • 其他
客户名称 销售额(元) 占比
无锡尚德及其关联方
5.17亿 67.61%
中电电气(南京)光伏有限公司
6268.35万 8.19%
REC Solar Grade Sili
4471.57万 5.85%
宜兴迈吉太阳能科技有限公司
2086.68万 2.73%
苏州茂迪
1704.43万 2.23%
前5大供应商:共采购了2.40亿元,占总采购额的42.66%
  • 无锡尚德及其关联方
  • Sequoia Semi-Tech, I
  • 焦作煤业(集团)合晶科技有限责任公司
  • 阳光硅谷电子科技有限公司
  • 山东嘉祥东洋碳素有限公司
  • 其他
供应商名称 采购额(元) 占比
无锡尚德及其关联方
7245.41万 13.10%
Sequoia Semi-Tech, I
5642.67万 9.98%
焦作煤业(集团)合晶科技有限责任公司
5420.00万 9.56%
阳光硅谷电子科技有限公司
2833.49万 5.01%
山东嘉祥东洋碳素有限公司
2829.14万 5.01%

董事会经营评述

  一、报告期内公司所属行业及主营业务情况说明  2023年上半年,全球新能源产业持续发展,光伏行业继续保持增长势头。随着上游多晶硅料产能的陆续释放,供给端已不再是制约行业发展的重要因素,原材料价格的回落有利于提升光伏电站的投资价值,从而进一步推动终端装机需求的快速增长。近期,中国光伏行业协会对2023年新增装机规模预测值进行了上调,其中全球光伏新增装机预期由280-330GW上调至305-350GW,我国光伏新增装机预期由95-120GW上调至120-140GW。根据Solar Power Europe预计,全球GW级装机规模的国家数量将从2022年的26个提升至2023年的32个。从我国上... 查看全部▼

  一、报告期内公司所属行业及主营业务情况说明
  2023年上半年,全球新能源产业持续发展,光伏行业继续保持增长势头。随着上游多晶硅料产能的陆续释放,供给端已不再是制约行业发展的重要因素,原材料价格的回落有利于提升光伏电站的投资价值,从而进一步推动终端装机需求的快速增长。近期,中国光伏行业协会对2023年新增装机规模预测值进行了上调,其中全球光伏新增装机预期由280-330GW上调至305-350GW,我国光伏新增装机预期由95-120GW上调至120-140GW。根据Solar Power Europe预计,全球GW级装机规模的国家数量将从2022年的26个提升至2023年的32个。从我国上半年完成情况来看,应用端方面,2023年上半年光伏发电装机78.42GW,同比增长154%,已接近2022年全年的装机水平,其中集中式装机37.46GW,分布式装机40.96GW;制造端方面,多晶硅、硅片、电池、组件四个环节产量同比增长均在60%以上。根据国家能源局发布数据,截至6月底,我国可再生能源装机量达到1,322GW,历史性超过煤电,约占我国总装机的48.8%,其中光伏发电累计装机量已达到471GW。我国《2023年能源工作指导意见》明确,2023年将大力发展太阳能发电,推动第一批以沙漠、戈壁、荒漠地区为重点的大型风电光伏基地项目并网投产,建设第二批、第三批项目,大力推进分布式光伏发电项目建设,实施光伏“千家万户沐光行动”,稳步推进整县屋顶分布式光伏开发试点,促进农村用能清洁化。
  从行业供给情况来看,在全球经济放缓的大背景下,光伏产业作为为数不多的高景气、快速增长的行业,吸引了大量新进入者和跨界资本,叠加原有企业的扩产,产业终端需求难以消化短时间过快增长的新增产能,出现阶段性和结构性过剩已成为必然,新旧产能将加速迭代,整个行业即将进入淘汰赛。2023年上半年,随着上游多晶硅料价格的快速下跌,整个产业链价格已处于下降通道,产业链利润将得到重新分配,具备全球化综合竞争能力和经营稳健的公司将会在本轮产业周期中表现出更好的韧性,行业竞争格局将重新洗牌。根据InfoLink发布的数据,产业链各产品价格今年6月底较去年年底的变动分别为:多晶硅料单价下降了73%,单晶182硅片(150μm)单价下降了43%,P型单晶182电池片单价下降了26%,单面单玻单晶182组件单价下降了26%。

  二、经营情况的讨论与分析
  报告期内,面对国际贸易壁垒、产业链价格下行等复杂多变的内外部环境,公司坚持以客户为中心,贯彻“产品领先、高效运营、唯实协作、稳健经营”的经营方针,积极走近客户,洞察客户需求,强化经营意识和忧患意识,同时加快建设科技制造和科技服务型企业,保持高强度研发投入和技术储备,为迎接行业竞争加剧做好充足的准备。2023年上半年,公司实现营业收入646.52亿元,同比增长28.36%;实现归属于上市公司股东的净利润91.78亿元,同比增长41.63%,其中归属于上市公司股东的扣除非经常性损益的净利润90.60亿元,同比增长41.46%;综合毛利率19.08%,加权平均净资产收益率为13.69%。具体完成工作如下:
  (一)积极走近客户,洞察客户需求,提升科技服务能力
  2023年上半年,公司坚持以客户为中心,积极走近客户,洞察客户需求,深入研究和输出“多业务、多国家、多场景、定制化”解决方案,构建核心竞争力。以追求客户满意的确定性为原则,应对市场、商业环境等变化的不确定性。积极打造前端客户服务组织能力,不断贴近客户,提升客户满意度。全面优化客户服务接触界面,辅以数智化等科技手段在客户端寻找创新机会,提升服务效率及质量。2023年上半年,公司实现单晶硅片出货量52.05GW,其中对外销售22.98GW,自用29.07GW;实现单晶电池出货量31.50GW,其中对外销售3.28GW,自用28.22GW;实现单晶组件出货量26.64GW,其中对外销售26.49GW,自用0.15GW。
  (二)坚持贯彻产品领先战略,蓄势打造差异化产品,构建长期竞争优势
  随着光伏行业发展成熟度的提高,用同一个产品、单一技术去做不同场景的商业模式将会成为历史。报告期内,公司坚持贯彻产品领先的经营方针,推动产品创新,以为客户创造价值为视角,基于不同场景的需求做好技术和产品的迭代和升级,本着“量产一代、开发一代、探索一代”的原则,蓄势打造差异化产品。2023年上半年,公司HBPC(高效复合钝化背接触技术)电池投入量产,经过艰难的爬坡调试过程,已达到设计的良率和效率目标,随着基于HPDC技术的高功率组件新品Hi-MO7的发布,公司已形成在大型地面电站市场应用的“Hi-MO5+Hi-MO7”和专注应用于分布式市场Hi-MO6的产品组合,以更具价值的Hi-MO全场景产品和解决方案满足全球客户需求。公司产品和技术的不断迭代源于高强度的研发投入,2023年上半年研发投入达34.20亿,占当期营业收入的5.29%。截至2023年6月30日,公司累计获得各类已授权专利2,525项,多项高效电池技术和产品已处于开发、储备和中试阶段,公司正在加快推进以低成本实现高效技术研发成果的商业化量产。报告期内,国际顶级能源类期刊《Nature Energy》刊发了公司于去年11月公布的硅异质结太阳能电池世界纪录26.81%转化效率的创新成果。6月,经欧洲太阳能测试机构ESTI权威认证,公司在商业级绒面CZ硅片上实现了晶硅-钙钛矿叠层电池33.5%的转换效率。
  (三)适时调整扩产和投资节奏,强化运营管理水平,防范经营风险
  报告期内,公司根据市场变化灵活调整产能建设节奏,强化运营管理水平。对新建产能项目提前做好市场评估和系统规划,加快推进Hi-MO6、Hi-MO7等新产品的技术升级和扩产项目,实现产能建设目标不断提升。2023年上半年,公司鄂尔多斯46GW单晶硅棒硅片项目、丽江(三期)年产10GW单晶硅棒项目和越南年产3.35GW单晶电池项目已实现投产,鄂尔多斯年产30GW单晶电池项目按原计划推进,西咸乐叶年产29GW单晶电池项目和泰州乐叶年产4GW单晶电池项目加快爬坡,马来西亚年产6.6GW单晶硅棒、马来西亚年产2.8GW单晶组件等项目稳步推进。
  面对当前的产业周期和未来市场的不确定性,报告期内,公司始终要求各级员工保持危机和忧患意识,以底线思维做好基本功,持续推进高效运营和稳健经营,加强滚动预测和经营分析的质量,对经营风险及机会实现闭环管理。截至2023年6月末,公司资产负债率为55.99%,保持了良好的偿债能力,存货周转天数较2022年上半年减少13天。
  (四)深入践行ESG理念,积极履行社会责任,推动可持续发展
  报告期内,公司积极响应联合国2030可持续发展目标(SDGs)和国家“双碳”战略,继续深入推动ESG最佳实践。公司设定的基于1.5℃目标的减排目标,获得了科学碳目标(SBTi)官方审核通过,成为中国光伏行业首家完成SBTi审核的企业。2023年上半年,公司完成2022年度全价值链温室气体盘查和第三方核查,启动了“绿色可持续供应链共建行动”,深入推进价值链减排行动。公司全系列硅片产品和主流组件产品均通过了法国ECS碳足迹认证,还参与制定了《碱性水电解制氢系统碳足迹评价方法及要求》标准。凭借良好的ESG工作成果和实践,公司荣获了财富中国2022-2023ESG影响力企业、福布斯中国可持续发展工业企业TOP50、Corporate Knights2022年全球最佳可持续发展百强企业、彭博绿金2022度最受关注企业先锋和2023年“科技责任先锋”企业等荣誉。

  三、风险因素
  1、国际贸易保护和摩擦风险
  太阳能光伏发电是目前最具发展潜力的可再生能源之一,世界各国均对其发展给予高度的关注,随着我国光伏产业在全球竞争优势的凸显,相关国家和地区纷纷出台了贸易保护措施和推动各自本土光伏制造业规模化的政策,贸易摩擦已成为影响业务全球化发展的重要因素。在贸易保护方面:2021年,美国海关依据暂扣令(WRO)相继对我国光伏企业出口到美国的组件产品进行了扣押。2022年2月,美国政府针对即将到期的太阳能电池与组件的关税保护措施(201措施)延长4年。2022年3月,美国政府对来自越南、马来西亚、泰国和柬埔寨四国的光伏产品展开反规避调查。2022年6月,美国海关和边境保护局(CBP)依据其《维吾尔强迫劳动预防法》(UFLPA)开始执法。2022年6月,欧洲议会通过《反强迫劳动海关措施决议》。
  在推动本土制造方面,2022年5月,欧盟发布了《欧盟再生能源计划》(REPowerEU Plan)以减少对于天然气的依赖,加快能源转型;2023年3月,欧盟公布《净零工业法案》草案(Net-Zero Industry Act),旨在推进欧盟在全球绿色工业技术方面处于领先地位。2022年8月,美国发布了《通胀削减法案》(Inflation Reduction Act),加大对新能源经济的补贴和政策支持力度,推动本土制造和新能源产业化发展;印度公布了《高效太阳能光伏组件国家计划》(National Programme on High Efficiency Solar PV Modules)下的第二轮产能挂钩激励(Production Linked Incentive)计划导则,该计划旨在促进印度高效太阳能光伏制造,提高本土制造产量,减少可再生能源领域的进口依赖。
  这种国际的逆全球化趋势和不断发生的贸易摩擦,对我国光伏产业发展造成了一定的冲击,未来不排除更多贸易摩擦发生,对行业可持续发展产生影响。公司将密切关注这些变化,及时采取积极的应对措施,最大程度地保证公司的持续有效运营。
  2、市场竞争风险
  随着全球碳中和趋势的加速,市场需求持续增长,同时行业内现有企业纷纷扩产,大量的跨界资本和企业涌入光伏行业,行业产能快速攀升,未来市场竞争将愈发激烈。全球贸易壁垒将导致行业制造产能分散化,企业的全球化经营能力将成为竞争的焦点。在未来行业竞争格局发生重大变化的背景下,如果公司不能利用自身的竞争优势做好应对,则可能面临竞争优势丧失和盈利能力下降的风险。公司作为太阳能单晶硅领域的一体化和全球化的公司,具有较强的战略能力、技术优势、规模优势、成本优势、品牌优势、客户资源、财务健康水平和全球化运营能力,将充分发挥上述优势,谨慎应对,力争保持行业领先地位。
  3、供应链波动风险
  一方面,近些年来光伏行业产业链发展不均衡,在产品规格、技术应用、上下游供求关系等方面发生了快速的变化,另一方面,光伏行业组件产品海外订单排产期限较长,若原材料的供需匹配、供应安全和物流效率无法保障,企业无法准确的预判供应链未来的价格走势,将不利于企业订单的交付,或对公司盈利水平产生影响,这种变化将极大考验任何一家企业的供应链管理能力,若企业无法有效应对,将可能会面临供应链波动所带来的风险。公司将加强对供应链的前瞻性管理,洞察原材料的供求变化趋势,不断提升供应链管理能力。
  4、汇率波动风险
  随着海外市场的快速增长以及公司全球化战略的顺利推进,近三年(2020年-2022年),公司海外收入占比分别为39.32%、46.89%和37.16%,海外市场已成为公司产品重要的销售市场。公司海外业务主要通过美元、欧元、日元等外币结算,虽然公司已制定了外汇管理制度,并通过运用金融工具规避了部分汇率波动风险,但如果未来人民币汇率或其他汇率出现大幅波动,一方面可能会对公司海外业务的拓展和销售目标的实现产生影响,另一方面其产生的汇兑损益也将对公司经营业绩带来不确定性。公司将加强财务资金管理,密切跟踪出口产品国家的汇率变动趋势,有效防范风险,努力降低对企业经营的影响。

  四、报告期内核心竞争力分析
  报告期内,公司在战略制定与执行、技术研发、产品品质、品牌渠道、财务稳健、ESG等方面始终保持一定的核心竞争优势。 收起▲

产品价格

数据截至(20240418)
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