nftgameplaytoearnfree| Tongwei Co., Ltd. 2023 Annual Report: Dividend, repurchase, and increase holdings simultaneously to actively improve shareholder returns and market confidence

On the evening of April 29th, photovoltaic industry leader Tongwei shares (600438) (600438.SH) released its 2023 annual report. According to the report, the company's operating income in 2023 was 139.104 billion yuan, down 2.33 percent from the same period last year, and the net profit belonging to shareholders of listed companies was 13.574 billion yuan, down 47.25 percent from the same period last year. Although the price of the photovoltaic industry chain has been greatly adjusted and the competition intensified in 2023, Tongwei shares still show a strong anti-risk ability and continue to be the most profitable enterprise in the photovoltaic industry.

Since the beginning of the first quarter, the photovoltaic industry has ushered in the traditional off-season, and the price of the industrial chain continues to bottom out. Affected by the imbalance between supply and demand and the price downturn, the overall profitability of the photovoltaic industry fell sharply in the first quarter compared with the same period last year. On the same day, Tongwei shares disclosed that the company's operating income was 19.57 billion yuan, down 41.13% from the same period last year, and the net profit belonging to shareholders of listed companies was-787 million yuan, down 109.15% from the same period last year. From the disclosure of the first quarterly report of the leading photovoltaic enterprises, they are currently facing pressure and adjustment, and the bottom profit of the industrial chain may come quickly.

The double leader of "silicon + battery" has a solid position, and the components are among the top five in the world for the first time.

Tongwei shares continue to lean management level, expand cost advantages, expand the layout of high-end production capacity, consolidate the company's global leading position in the field of high-purity silicon and solar (000591) batteries, and cope with the risk of periodic fluctuations in the industry. show strong business resilience.

Over the past year, Tongwei shares photovoltaic business performance is very eye-catching, "silicon + battery" double leading position is further stable. According to the annual report, the company's high-purity silicon production capacity achieved sales of 387200 tons, an increase of 50.79% over the same period last year, with a global market share of more than 25%; battery sales of 80.66GW (including self-use), an increase of 68.11% over the same period last year; and component sales of 31.11GW for the whole year, a breakthrough growth of 292.08%.

The prominence of cost advantage is one of the key factors for Tongwei shares to achieve excellent performance. As far as silicon is concerned, the company promotes a number of consumption indicators to further decline, and the average production cost of high-purity silicon products has dropped to less than 42000 yuan / ton in 2023, substantially leading the industry average. As a result, Tongwei shares of high-purity silicon products in the case of a substantial reduction in prices still achieve a net profit of more than 45000 yuan per ton.

The improvement of production technology and technology also further expands the cost advantage of Tongwei shares. In terms of solar cells, Tongwei TNC cells were introduced during the reporting period with the help of new technologies such as high square barrier and advanced metallization, and the average conversion efficiency of the latest mass production reached 26.26%. Combined with fine management experience, the production process was continuously optimized and unit consumption was reduced, and the non-silicon cost has been reduced to about 0.16 yuan / W.

In 2023, as the first complete operating year of Tongwei's comprehensive layout component business, sales grew in a breakthrough and achieved component sales 31.11GW for the whole year.Nftgameplaytoearnfree, an increase of 292.08% over the same period last year, making shipments among the top five in the world. According to the company's annual report, with the advantages of quality, quantity and supply of its own industrial chain, the company has won bids, including China Resources Power, three Gorges, CLP Construction and other ground power station projects. and in the distributed market with Skyworth, Fujia, Anneng, Sunshine and other major platform customers to achieve in-depth cooperation. At the same time, the company completed in 2023NftgameplaytoearnfreeThe first 100MW overseas ground power station project has been signed, realizing the "Tongwei component" brand sailing on six continents.

Increase holdings, buybacks, dividends, and attach great importance to the interests of minority shareholders

In order to demonstrate the company's confidence in the future development space of the industry and its own comprehensive competitive advantage, despite the pressure of short-term adjustment in the photovoltaic industry, Tongwei shares have successively thrown out a series of "combination fists" such as 10-2 billion yuan for major shareholders, 20-4 billion yuan for repurchase of listed companies, and a total of more than 4 billion cash dividends in 2023, actively responding to the call of the new version of "National Nine articles". At the same time, it also injected "cardiotonic" into minority shareholders.

On the basis of continuous years of rapid growth, the new installed capacity of global photovoltaic has once again exceeded market expectations in the past year, and the global installed scale has reached 444GW. Since the beginning of this year, the newly installed scale of our country has maintained a strong growth trend. According to the data of the National Energy Administration, China's photovoltaic 45.74GW was newly installed from January to March, an increase of 35.89% over the same period last year. With the accelerated clearance of the industry, the photovoltaic industry is expected to show a strong market pattern in the future. Tongwei shares, as a global leader in high-purity silicon and solar cells, has a significant competitive advantage, and its performance in future business performance and valuation is worthy of the market's continuous attention.