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As one of the most complete producers of monocrystalline silicon varieties in China, Zhonghuan shares its new main trend of G12 large-size cells.

Recently, the Gaoyou Economic Development Zone held a signing ceremony for the G12 PERC + solar cell line and shingle solar module project at the Central Headquarters.

The project is planned to invest a total of 5 billion yuan, of which about 3 billion yuan will be invested in equipment, to build a G12 PERC + photovoltaic cell and shingled solar module project that will achieve leapfrogging in size and performance and lead the industry trend. After the first phase of the project is completed, annual invoicing sales can reach more than 5 billion yuan.

Zhonghuan is a public company controlled by Tianjin Zhonghuan Electronic Information Group Co., Ltd. The company is committed to the semiconductor energy-saving industry and the new energy industry. It is a state-controlled high-tech enterprise integrating scientific research, production, operation and venture capital.

G12 contributes mass production technology to the entire industry chain

The G12 PERC + photovoltaic cell of Zhonghuan is the most advanced large-size solar cell at present. It has the core technical advantages of large area, high wattage and low cost, which can greatly improve the profitability of the battery link. The domestic market share of fused silicon single crystal in the Central Stock Zone is over 65%. Its output and market share have ranked first in the domestic industry for five consecutive years, and its production and sales scale ranks among the top three in the world.

Recently, Zhonghuan said that the company’s G12 photovoltaic silicon technology has broken through the traditional size of the industry, bringing higher photoelectric conversion efficiency, higher production and manufacturing efficiency, and industrial 4.0 customized flexible manufacturing can greatly reduce the cost of electricity.

Zhonghuan pointed out that the company’s G12 photovoltaic silicon technology is a mass production technology that contributes value to the entire industry chain. With the accelerated advancement of the 210 industry chain downstream, it can support various types of solar cell module technology in the future. With the promotion of the industry, the competitive advantages of photovoltaic new energy relative to other forms of energy will be further highlighted.

As of the end of 2019, Zhonghuan’s photovoltaic monocrystalline production capacity reached 33GW. With the improvement of process technology and the gradual commissioning of the fifth-phase project in 2020, it is expected that the production capacity will reach 55GW by the end of 2020; after the fifth-phase project is fully operational, the company’s overall photovoltaic single-crystal production capacity is expected to reach 85GW.

Regarding the performance in 2019, China Central’s photovoltaic and semiconductor businesses have driven two-wheeled performance growth, and the gross profit margin has increased quarter by quarter.

The performance report shows that in 2019, Zhonghuan Co., Ltd. achieved operating income of 16.887 billion yuan, an increase of 22.76% year-on-year, and realized net profit attributable to the parent company of 904 million yuan, an increase of 42.93% year-on-year. It was 621 million yuan, an increase of 98.38% year-on-year, and its performance increased steadily.

The reason for the increase in performance was mainly due to the increase in the company’s new energy production capacity and the increase in sales volume. Among them, the sales of solar wafers increased by 76.19% over the previous year, and the output increased by 68.15% over the previous year. The Q4 single-quarter gross profit increased again year-on-year. The Q4 single-quarter gross profit margin was 22%, an increase of 8.23% year-on-year, and the net profit margin was 4.1%, a decrease of 0.45% year-on-year and a decrease of 2% month-on-month.

Regarding the solar photovoltaic sector, Zhonghuan Group’s 210 large silicon wafers have accelerated their volume. In 2019, the company’s new energy industry achieved operating income of 15.439 billion yuan, a year-on-year increase of 24.24%. Among them, new energy materials achieved revenue of 14.921 billion yuan, a year-on-year increase of 24.30%, mainly due to the increase in product shipments, solar wafer sales increased by 76.19% over the previous year; the power sector achieved revenue 5 1.18 billion yuan, an increase of 54.49% year-on-year, mainly due to the increase in the scale of grid-connected power generation.

Downstream enterprises have extensive cooperation intentions

It is understood that Zhonghuan is currently increasing its capital to its subsidiary, Zhongxin GCL, and the fifth phase of the project has started to produce 210 silicon wafers, accelerating the release of 210 large-size silicon wafer production capacity, and increasing the market share of G12 silicon wafer products in the photovoltaic market. As of the end of 2019, large-diameter silicon wafers for 8-12 inch integrated circuits have been successfully put into production.

The 25GW capacity of the 5th phase of Central will be dominated by 210 silicon wafers. The release of production capacity in 2020-2021 will further consolidate the company’s leading position. The second batch of equipment procurement for Phase 5 has been completed. From the surface area, G12 silicon wafers have increased by 80.5% compared with traditional M2 silicon wafers, which are mainly produced by the Central China Phase 5 project.

Since the launch of 210mm large-size silicon wafers by Zhonghuan, the downstream has widely proposed cooperation intentions.

Since 2020, the 210 large silicon wafers have opened up profitable space for the downstream, and the downstream industrial chain has actively adapted. Both Tongwei and Aixu said that their new production capacity will achieve backward compatibility of 210 silicon wafers.

On March 27, 2020, GCL will announce an investment of 18 billion yuan to build a 60GW210 module project. Leading companies such as Dongfang Risheng, Trina Solar, and Aixu Technology also proposed a 210 expansion plan, and said that the use of large silicon wafers can obviously Reduce the cost of electricity and BOS.

In view of the current general environment, more than half of the entire photovoltaic industry was affected by the epidemic in the first quarter, resulting in a decline in net profit.

Zhonghuan shares said that the company has not stopped production or reduced production during the Spring Festival, and has continued to maintain full production so far to ensure that customer order supply continues to be in full production and full sales, and production operations have not been affected by the epidemic.

Regarding the future development of Zhonghuan, the relevant institutions expect the company to achieve net profit of 13.34, 2.067, and 2.455 billion yuan from 2020 to 2022, optimistic about the company’s “semiconductor + photovoltaic” two-wheel drive, maintaining “strongly recommended” “Rating.

Posted by Carrie Wong | WSL Solar

WSL Solar has been a quality and professional manufacturer of custom solar panel and solar solution provider in China since 2006.

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