On the evening of March 29, Jingao technology released its 2019 annual report. During the reporting period, its operating revenue reached 21.16 billion yuan, a year-on-year increase of 7.67%; its net profit attributable to shareholders of listed companies reached 1.25 billion yuan, a year-on-year increase of 74.09%.
It is worth noting that this is the first annual report issued by Jingao after it successfully returned to “a” after delisting from the US stock market. In July 2018, Jingao delisted from the privatization of US stocks, and then signed a restructuring agreement with tianyetong. In December 2019, Jingao officially entered the A-share market. Jingao promises that the net profit attributable to the parent company after deducting non recurring profit and loss in 2019, 2020 and 2021 will not be less than 600 million, 650 million and 700 million yuan respectively. In 2019, after deducting non recurring profit and loss, Jingao’s net profit attributable to the shareholders of the parent company was 1.28 billion yuan, higher than the performance commitment of 600 million yuan, and the performance completion rate was 213.91%, which exceeded the performance commitment of 2019.
As a global leader in photovoltaic manufacturing, Jingao photovoltaic industry chain is based on the vertical integration mode. Its main business is the R & D, production and sales of silicon wafers, solar cells and photovoltaic modules, as well as the development, construction and operation of photovoltaic power stations. By the end of 2019, Jingao had a silicon chip capacity of 11.5gw, a battery capacity of 11gw and a component capacity of 11gw.
Among them, the PV module is the core product of Jingao, accounting for 92% of the revenue. In 2019, Jingao component shipments reached 10.26gw, an increase of 27.26% year on year, ranking second in the world. Among them, the overseas market accounted for 73.61% of component shipments, and the shipment volume was 7.55gw, up 55.35% year on year. From 2016 to 2018, the proportion of component shipments in overseas market of Jingao was 46.56%, 50.27% and 57.37% respectively.
In the battery link, the main conversion efficiency of Jingao single crystal battery chip is the high-efficiency single crystal battery chip of polygonal silicon series, with the mass production mainstream conversion efficiency of 22.70%; the polycrystalline silicon battery has the mature technology of dry process black silicon (RIE), and the mainstream conversion efficiency of Runxiu series high-efficiency polycrystalline silicon battery chip can be 19.20%. Since Jingao took the lead in breaking the 20% conversion efficiency of industrial screen printed p-type single crystal perc battery in 2013 and taking the lead in mass production of high-efficiency single crystal perc battery in 2014, it has shipped 13GW of perc products by the end of 2019.
In the field of downstream power stations, there are 30 photovoltaic power station projects in operation in Jingao, which generate electricity sales revenue. They are concentrated in Xinjiang, Gansu, Hebei, Shanxi, Ningxia, northeast and other central and Western and northern regions, with a total installed capacity of nearly 600MW. On March 24, Chaoyang Xinghua Solar Power Generation Co., Ltd., a wholly-owned subsidiary of Jingao, signed Liaoning Chaoyang 300MW photovoltaic parity grid access project, with a total investment of about 1.454 billion yuan and a construction period of 2 years.
Behind the steady business, Jingao has continuously increased its R & D investment. In 2019, Jingao invested 1.12 billion yuan in R & D, up 12.8% year on year, accounting for 5.28% of its revenue. By the end of 2019, Jingao has authorized 779 patents for independent research and development, including 107 invention patents. According to the market demand, Jingao has successively developed large-scale, half piece, double-sided double glass, multi main grid, lamination, n-type and other new components. Meanwhile, Jingao took the lead in mass production of large-scale 9 main grid half piece components, consolidating the company’s technological innovation and industrial application advantages.
In 2020, Jingao will continue to take the component business as the leader, and the target of battery component shipment is 15gw (including self use). In terms of production line, we will actively promote the construction progress of 10GW high-efficiency battery and 10GW high-efficiency component project in Yiwu, Jingao solar energy Co., Ltd. 3.6gw high-efficiency battery project, Xingtai Jinglong new energy Co., Ltd. 12000t / a single crystal silicon rod project, Yangzhou component project and other new projects, and steadily expand vertical integration capacity. In terms of market, we will further explore the global photovoltaic market, actively participate in project bidding and distribution channel construction in the domestic market, vigorously expand the delivery volume and market share of major mature markets such as Europe, the United States and Japan, simultaneously increase the efforts to develop emerging markets, and form a global market layout with increasing overseas delivery share. In terms of technology research and development, Jingao said that it will optimize perc + single crystal battery technology to improve battery conversion efficiency, increase R & D investment in n-type battery, perovskite and other battery technologies, and form mass production as soon as possible to meet the high-end market demand for high-power products. In addition, we will promote mass production and application of new products such as large-scale, gallium doped silicon wafers and batteries, high-power components, etc., and improve product yield and reduce cost through process improvement.
It is expected that by the end of 2020, Jingao’s component capacity will exceed 16GW, and the capacity of silicon wafer and battery link will reach about 80% of the component capacity.