The first listed company of the aerospace system, Shanghai Aerospace Automotive Electromechanical Co., Ltd. (hereinafter referred to as aerospace electromechanical, 600151.SH) once again faced difficulties in its photovoltaic business for 17 years.
This year's photovoltaic industry, "6.30 grab tide," the remaining temperature has not been exhausted, aerospace electromechanical July 28 issued an interim results bulletin but reveals chill. According to this announcement, the total operating revenue and net profit attributable to shareholders of listed companies in the first half of this year were approximately RMB 2.646 billion and RMB -1.99 billion respectively, an increase of 9.96% and a drop of 305.99% respectively from the same period last year.
According to statistics from Wind Information, as of July 28, among the listed A-share companies that have disclosed interim results announcements (Express Reports), the number of net profit pre-inventories reached 22, accounting for over 80% of the total. Aerospace electromechanical cooperated with Tianlong Optoelectronics and Yinxing Energy as the only loss-making enterprises. In the photovoltaic industry continues to pick up in the first half of this year, Aerospace disclosed a loss of nearly 200 million yuan, can be described as "contrarian".
From the perspective of the main revenue structure, the share of the aerospace electromechanical photovoltaic business is quite high, resulting in the revenue of this business can affect the company's overall performance. As of the end of 2016, aerospace's main photovoltaic revenue accounted for close to 60%.
Aerospace began its involvement in polysilicon and components from its initial stage, and later deployed EPCs and operations of photovoltaic power plants. After more than a decade of operation, the company now constructs a photovoltaic industry chain that runs through the upstream and downstream industries. However, the long-term deep plowing process is not always smooth.
In the early days of aerospace, photovoltaic products were dominated by crystalline silicon and component products. Affected by falling prices of crystalline silicon and components, in 2011 and 2012, the gross profit of the aerospace photovoltaic business for two consecutive years was negative. In 2012, the company suffered the most serious losses. Its gross profit was as low as -4.447 billion yuan, and contributed to the company's overall black hole of nearly 900 million yuan in loss.
At a critical time, Aerospace has urgently raised funds and cashed in, and invested heavily in photovoltaic power plants. According to the announcement on the interface news, in 2013, Aerospace Electric announced three announcements of financial support, and successively obtained comprehensive credit lines and entrusted loans from China Aerospace Science and Technology Finance Co., Ltd., commercial banks, and China Development Bank Co., Ltd. Shanghai Branch. The total amount is as high as 5.025 billion yuan. At the same time, aerospace electromechanical also sold more than 800 million yuan through the frequent sale of shares of several subsidiaries including Inner Mongolia Zhonghuan Photovoltaic Materials Co., Ltd. and Gaotai County Taike Photovoltaic Power Co., Ltd.
The aerospace electromechanical with abundant capital has increased its investment in photovoltaic power station projects in 2013. It has successively launched a 150MW grid-connected photovoltaic project in Gansu and a 500MW photovoltaic power station cooperation project in Ningxia. It has also set up a number of projects to serve regional power station projects. Subsidiaries.
This investment effect is immediate. In 2013, Aerospace completed the construction of an ultra-500MW photovoltaic power station project, the transfer of a 150WM photovoltaic power station, and the maintenance of a power plant with a scale of more than 280MW. The annual EPC revenue of the power station increased by more than 11 times year-on-year. Thanks to this, Aerospace Machinery turned losses in 2013.
As of the second quarter of this year, aerospace currently operates power plants in China across 10 provinces and autonomous regions including Gansu, Ningxia, Xinjiang, Inner Mongolia, and Hebei, with cumulative installed capacity of 414 MW. Under heavy investment, Aerospace Electronics quickly became one of the most famous photovoltaic EPC companies in the industry.
However, the longevity was not long and the profitability of the aerospace photovoltaic business was tested again. In 2015 and 2016, the gross profit of the aerospace photovoltaic business continued to decline year-on-year. Two factors have contributed to the pressure on the aerospace photovoltaic business operation: On the one hand, component prices in the photovoltaic industry have continued to fall into industry trends, and the gross margin of the aerospace component business has been under pressure; on the other hand, despite the increasingly fierce competition with photovoltaic power plants, The company's power station sales are often lower than the target plan, which also makes the investment income obtained by Aerospace Machinery through the sale of power stations lower than expected.
In this performance report, Aerospace's “self-analysis†seems to confirm the above analysis: “One is that the photovoltaic manufacturing sector is affected by the dual factors of falling market prices and lagging costs. The company’s PV manufacturing segment suffered operating losses in the first half of the year; The company's investment income has substantially decreased compared to the same period last year."
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