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On the evening of March 28th, TCL Zhonghuan, A silicon material producer in the A-share market, released its 2022 annual performance report (hereinafter referred to as the "Annual Report"). During the reporting period, it achieved a revenue of 67.010 billion yuan, representing a year-on-year growth of 63.02%. The net profit attributable to shareholders of the listed company was 6.819 billion yuan, increasing by 69.21% year-on-year.
Driven by the high prosperity of the photovoltaic cell industry, the performance of listed silicon material companies in 2022 was impressive. According to incomplete statistics by a reporter from the Securities Daily, as of March 29, TCL Zhonghuan and Daqo New Energy have released their annual reports, clearly stating that their net profits attributable to shareholders have increased year-on-year. Additionally, four other companies are expected to achieve year-on-year growth in their net profits attributable to shareholders during the reporting period.
With the gradual recovery of the global economy and the promotion of energy transition, the demand for silicon materials and silicon wafers will continue to grow. Therefore, the expectations for the development of this industry in China this year are relatively optimistic.
Choice data shows that this is the fifth consecutive year since 2017 that TCL Zhonghuan has achieved year-on-year growth in net profit attributable to shareholders, with a compound annual growth rate of 63.45% over the past five years.
The continuous improvement of the performance of silicon material companies in 2022 is mainly related to the strong demand in the photovoltaic market. In recent years, the overall expansion of the photovoltaic industry chain has accelerated, especially in the silicon material link located at the upstream of the industry chain. The overall supply shortage has led to a continuous increase in prices.
In the first three quarters of 2022, the high price of silicon material exceeded 300,000 yuan per ton, once reaching 330,000 yuan per ton. Compared with around 85,000 yuan per ton at the beginning of 2021, the price has risen by more than three times. In 2022, the average spot price of domestic silicon material was 271,000 yuan per ton, rising by approximately 46% year-on-year and reaching a new high in the past five years. This was the fundamental reason for the significant increase in the performance of silicon material enterprises in 2022.
As raw materials for the upstream of photovoltaic cells, there is a shortage of supply in the short term. It takes about 18 months to increase investment and expand production, which has led to a mismatch between supply and demand in the market and caused the price of silicon material to rise.
It is understood that TCL Zhonghuan's main business revolves around silicon materials, focusing on the research and development and production of monocrystalline silicon. Taking monocrystalline silicon as the starting point and foundation, it delves deeply into high-tech, heavy-asset, and long-cycle national strategic science and technology industries. The company's main products include new energy photovoltaic silicon wafers, photovoltaic cells and modules, other silicon materials, and the development and operation of high-efficiency photovoltaic power station projects.
In addition, Choice data shows that several silicon material concept stocks, including TCL Zhonghuan and Daqo New Energy, achieved year-on-year growth in net profit attributable to shareholders in 2022.
Will the silicon material industry continue to forge ahead at a rapid pace in 2023? Against the backdrop of global economic recovery and the rapid development of new energy, smart phones and other fields, the silicon material industry still has positive development factors and growth potential. Furthermore, with the continuous advancement of technology, the application fields of silicon materials are also constantly expanding, and the demand for silicon materials will become increasingly diverse, thereby driving the long-term development of the silicon material industry.
As the high prosperity of the industry persists, silicon material enterprises have successively stated that they will expand their production capacity in 2023.
As a leading domestic silicon material manufacturing enterprise, TCL Zhonghuan's crystal production capacity reached 140GW by the end of 2022. With the commissioning and improvement of technical capabilities, it is expected that the company's crystal production capacity will reach 180GW by the end of 2023.
Yuan Shuai, executive vice president of the Agricultural, Cultural and Tourism Industry Revitalization Research Institute, told the Securities Daily that under the guidance of the dual carbon goals, China's photovoltaic industry has ushered in better development opportunities. All links in the photovoltaic module industry chain have significantly expanded their production capacity, and expansion has been one of the key words in the development of the photovoltaic industry in recent years.
According to the data from the China Photovoltaic Industry Association, the photovoltaic power generation industry will become one of the rapidly developing new energy industries in the coming years. It is estimated that during the "14th Five-Year Plan" period, the average annual new installed capacity of photovoltaic power in China will be between 70GW and 90GW. Further, it is predicted that by 2027, the cumulative installed capacity of China's photovoltaic power generation industry will reach 700GW to 850GW, which will also drive the overall demand of the domestic photovoltaic industry chain to grow further.
The Securities Daily reporter learned that many silicon material producers on the A-share market, including TCL Zhonghuai, have stated that they will expand their silicon material production capacity in 2023.
In response to inquiries, Orient Sunlight stated that the annualized capacity of its silicon material production lines is approximately 12,000 tons. In the future, the planned capacity will be gradually advanced based on market demand and the company's actual situation. Daqo New Energy also stated that its silicon material production capacity is 105,000 tons and it is currently operating at full capacity. The first phase of the 100,000-ton project of the Inner Mongolia base is expected to be completed and reach full production capacity in the second quarter, and the production capacity will then soar to 205,000 tons.
Whether there will be overcapacity in the silicon material industry in the future, although the overall silicon material production capacity is constantly expanding at present, the market's concerns about overcapacity are relatively small. On the one hand, with the global economic recovery and the rapid development of new energy, smart phones and other fields, the demand for silicon materials is constantly increasing. On the other hand, the production process and equipment requirements for silicon materials are relatively high, and the input of new production capacity is relatively slow, which to a certain extent alleviates the pressure of overcapacity.
There is concern about overcapacity. Due to the relatively low cost of silicon material, approximately 50,000 yuan per ton, the high profit margin of silicon material processing in 2022 attracted a large amount of investment into the silicon material industry. Currently, the planned production capacity is more than twice the demand. In November 2022, the price of silicon material experienced a sharp drop, falling below 200,000 yuan per ton in less than two months and once approaching 150,000 yuan per ton. One of the reasons for this was the market's concern over overcapacity. "With the release of new capacity, the overall silicon material market has already shown a phenomenon of oversupply. Although the price of silicon material rebounded in the first quarter, But it cannot change the overall supply and demand relationship of the industry.
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