TBEA Power recently released its results showing that in the first half of the year, revenue was 22.531 billion yuan, an increase of 25.16% over the same period last year; net profit attributable to the parent company was 3.106 billion yuan, an increase of 237.64 over the same period last year. %; net profit of 1.95 billion yuan deducted from the parent, a year-on-year increase of 143.47%.
TBEA Power mainly benefiting from the sharp rise in the price of silicon materials, the profitability of the new energy business has rebounded significantly, and the technological transformation and expansion of silicon materials have been accelerated to promote the continuous strengthening of competitiveness, at the same time, the company’s power transmission and transformation and energy businesses have maintained steady development, business synergy and market Increased competitiveness.
The performance is in line with expectations, the non-financial income has increased significantly, and the ability to collect funds has improved.
TBEA Power realized revenue of 22.531 billion yuan in 2021H1 (a year-on-year increase of 25.2%), and a net profit attributable to the parent of 3.106 billion yuan (a year-on-year increase of 237.6%). Profit 1.95 billion yuan (up 143.5% year-on-year); of which Q2 realized revenue of 13.077 billion yuan (up 29.5% year-on-year and 38.3% month-on-month), and net profit attributable to the parent was 987 million yuan (A year-on-year increase of 94.2% and a month-on-month decrease of 53.4%), net profit attributable to the parent after deduction of non-profits was 1.414 billion yuan (a year-on-year increase of 214.7% and a month-on-month increase of 163.8%).
TBEA Power gross profit margin in 2021H1 reached 24.9% (a year-on-year increase of 4.1 pcts), of which Q2 gross profit margin was 26.3% (a year-on-year increase of 6.9 pcts and a month-on-month increase of 3.4 pcts). Benefited from the substantial increase in polysilicon prices, the company’s business profitability Capacity has been significantly improved and due to the listing of the company’s investment in China Southern Power’s stock, the fair value calculated from the closing price of China Southern Power’s stock has increased, resulting in a substantial increase in non-financial earnings.
TBEA Power net cash flow from operating activities in 2021H1 was 4.745 billion yuan (a year-on-year increase of 225.7%), and its cash collection capability was significantly improved.
The profitability of the polysilicon business has increased significantly, and the development costs of new energy power stations have been under short-term pressure.
TBEA Power 2021H1 new energy business revenue reached 6.560 billion yuan (a year-on-year increase of 144.7%), and the gross profit margin increased to 29.2% (a year-on-year increase of 13.6pcts); of which, the company’s 2021H1 polysilicon sales reached 35,400 tons (A year-on-year increase of 36%), business revenue increased to 3.532 billion yuan (a year-on-year increase of 157.4%), corresponding to a single ton ASP and cost of 99,800 yuan and 54,900 yuan, respectively, and the gross profit margin rose to 45. .0% (36.7pcts year-on-year increase), benefiting from the surge in silicon material prices, the company’s profitability has rebounded significantly, and it is expected to further improve in the second half of the year.
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TBEA Power currently has an effective silicon material production capacity of approximately 70,000 tons. It is steadily advancing the cold hydrogenation transformation of old production capacity in Xinjiang, technological upgrading and production expansion plans of 100,000 tons of new production capacity in Inner Mongolia. By the end of 2022, the production capacity is expected to increase to 100,000 tons and 200,000 tons respectively, and the quality will all reach the electronic grade and meet the demand for N-type silicon wafer production in batches . Cost competitiveness is also expected to be further strengthened.
In addition, TBEA Power subsidiary Xinte Energy has obtained a new parity grid project index of over 1GW in 2021H1, completed photovoltaic wind power projects with a total installed capacity of 550MW, realized power station development business revenue of 2.99 billion yuan (a year-on-year increase of 134.2%), and a gross profit margin of 9.9 % (Year-on-year decrease of 2.7pcts), the decline in gross profit margin was mainly affected by the increase in cost driven by the price increase of raw materials.
The domestic power transmission and transformation business has developed steadily, and the overseas complete project business has been affected by the epidemic in the short term.
In 2021H1, TBEA Power transformer business revenue was 5.392 billion yuan (a year-on-year increase of 10.7%), gross profit margin was 18.1% (a year-on-year decrease of 1.3 pcts), and wire and cable business revenue was 3.365 billion yuan (a year-on-year increase of 11.7%) ), a gross profit margin of 9.2% (a year-on-year decrease of 1.5 pcts). The decline in the gross profit margin of the transformer, wire and cable business was mainly due to the transfer of freight confirmation into the main business cost
TBEA Power, power transmission and transformation project business income was 536 million yuan ( A year-on-year decrease of 71.2%) and a gross profit margin of 9.1% (a year-on-year decrease of 7.7pcts), mainly due to the slow construction progress of overseas projects affected by the epidemic, and the increase in investment in epidemic prevention. As the overseas epidemic is gradually brought under control, it is expected Ushered in a significant recovery.
TBEA Power, power transmission and transformation business maintains a leading position in traditional markets such as UHV, centralized power grids, nuclear power, thermal power, and hydropower. The accelerated growth of new energy and emerging markets is expected to usher in new growth opportunities as the construction of new power systems advances.
The revenue from power generation has grown rapidly, and the competitiveness of the coal business has improved.
TBEA Power 2021H1 power generation business electricity fee income was 1.875 billion yuan (a year-on-year increase of 33.5%), mainly due to the company’s new energy BOO power station scale and the increase in thermal power generation; benefited from the increase in the proportion of new energy electricity fee income with a higher yield And the increase in thermal power generation, gross profit margin increased to 54.9% (13.9pcts year-on-year increase), it is expected that the power generation business will continue to maintain rapid growth in the future.
At the same time, TBEA Power increased its coal business market development in 2021H1, coal sales increased steadily, business revenue reached 2.746 billion yuan (a year-on-year increase of 8.4%), and a gross profit margin of 33.1% (a year-on-year decrease of 0.6pct). In 2020, the company implemented the upgrade project of the South Open-pit Coal Mine and the Jiangjun Gobi No. 2 Open-pit Coal Mine. After completion, the annual production capacity of the South Open-pit Coal Mine will reach 30 million tons, and the second mine will have a production capacity of 20 million tons. The market competitiveness will be further strengthened.