Fulette, the hottest photovoltaic glass enterprise

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Photovoltaic glass enterprise fulette: actively expand and establish a leading position

the company achieved an operating revenue of 2.035 billion yuan in 19h1, yoy+39.13%; As for the parent company, the enterprise will provide the test data of the basic performance of the product, with a profit of 261 million yuan, yoy+22.80%. 19q2 achieved an operating income of 1.103 billion yuan, yoy+40.91%; The net profit attributable to the parent company was 152million yuan, yoy+33.05%, and the performance was slightly lower than our expectation. As the leader of the photovoltaic glass industry, the company accelerates the expansion of production capacity and actively promotes the technological innovation of ultra-thin photovoltaic glass and double glass components. The growth rate of revenue and profit is expected to remain stable. It is expected that the annual EPS of the company will be 0.39/0.57/0.72 yuan, maintaining the "overweight" rating

the gross profit rate is relatively stable, and the expense rate drags down the level of net interest rate.

the gross profit rate of the company is relatively stable, and the expense rate drags down the level of net interest rate. The gross profit margin and net profit margin of the company's 19h1 sales were 28.15%/12.85% respectively, with a year-on-year decrease of 0.45/1.71pct. The cost control of the company needs to be strengthened. The expense rate during 19h1 was 13.63%, up 2.63pct year-on-year; Among them, the rate of sales/management/Finance/R & D expenses changed by +1.46/-1.09/+0.54/+1.72pct year on year respectively. The increase in the rate of sales expenses is due to the overall increase in transportation expenses caused by the sharp increase in sales and the increase in average transportation distance; The increase in R & D expense rate is due to the increase in R & D projects. The asset liability ratio increased to 49.11% in 19h1, with a year-on-year increase of 2.36pct

actively expand production capacity, establish the company's industry position

the company actively expands and optimizes domestic and foreign production bases, improves output efficiency, strengthens the bargaining power of upstream, and reduces unit costs. At present, the daily melting volume of photovoltaic glass of the company is 5400 tons, ranking second in the global photovoltaic glass industry, with a market share of about 20%; In addition, the daily output of high-quality float glass is 1200 tons. The company's third 1000t/d photovoltaic glass furnace in Fengyang, Anhui Province was ignited in April, 19; Two 1000t/d photovoltaic glass furnaces in Vietnam will be successively ignited and put into operation in 2020; The cold repair of two 300t/d photovoltaic glass furnaces is expected to be completed in 19h2 to further improve production efficiency. In addition, the company plans to build a new 750000 ton photovoltaic module cover glass project in Fengyang, Anhui, with an aircraft Aluminization rate of up to 80%. The project includes two 1200t/d furnaces and supporting processing production lines, which are expected to be put into operation in 2021

bind major downstream customers and wait for the boom of the industry to improve

the company signed a long single sales contract with Longji for photovoltaic coated glass, with a total contract sales of 162 million square meters, and the estimated total contract amount is about 4.25 billion yuan (including tax); The performance period of the contract is from July 1st, 2019 to December 31st, 2021, which will help the company grow in the future. We believe that there is a large supply gap in the photovoltaic glass industry in 19 years. In the first half of the year, the installed capacity of photovoltaic in China was only about 11gw. With the implementation of photovoltaic subsidies and projects, the supply of photovoltaic glass will be more tight. We expect that the price center of photovoltaic glass in the second half of the year will be improved compared with the first half of the year, and the industry is expected to enter a high boom cycle

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