总市值逼近2000亿，晶澳科技今日盘中创出历史新高

      来自Choice的数据显示，晶澳科技自上市以来的前次股价高点出现在2021年 11月22日，当日最高价为 73.46元 (前复权)，后市未能突破前次高点，股价最低于 2022年 4月26日下探 48.08元 (前复权)。以最低点为区间起点计算， 2022年 4月26日至 2022年 6月21日，晶澳科技的区间累计涨幅达到 45.33%。该区间涨幅超过了光伏概念股的平均 40%涨幅，也更高于上证指数这期间的19%左右的涨幅水平。

一向以稳健走高业绩著称的晶澳科技，在2021年和 2022年的第一季度，都继续保持了持续的高水准。其中，2021年该公司实现营收 413亿，同比增长 59.8%。归母净利20.4亿，同比增长 35.3%，实现扣非净利 18.5亿，同比增长35.7%。

2022年第一季度，公司123亿的营收同比增长 77.1%。归母净利和扣非净利分别为7.5亿和 7亿，同比增长 378%和1084%。作为全球出货量的第二大公司， 2021年该公司的电池组件出货高达 25.45GW。

事实上，在4月底~ 6月底的这两个月内，股价率先上涨起来的就是晶澳科技这样的白马股。优质的基本面、未来可预计的大量出货以及确定性的市场布局、高增长的可期，都促使投资者对于这家公司的看好与投注。

就产能布局来看，晶澳一直保持着良好的“腰部”战略。

2021年全年，公司组件产能近 40GW，硅片和电池分别占比80%。 2022年，预计组件的总体规划产能为 50GW，电池和硅片的产能继续提升至80%的比例。相比一些需要大量扩建电池和上游硅片的公司，晶澳因为前期就制定了完整的一体化产业链方针并且落到实处，后续扩充的步伐会相对平稳。其电池和硅片的逐步、有序扩产，对支撑其组件的中短期发展角度看，显得够用。这种腰部的产能布局最大优势，不仅仅在于支持组件的核心发展，因为硅片和电池实际都是进行内部自供的；还在于可以让公司的组件单瓦盈利扩展至最大程度。而且，在多晶硅等上游原材料十分紧张的局势之下，晶澳科技还可以降低因为价格变动而产生的巨大不确定性，从而积极抗干扰，保持企业高水准的生产稳定性。

从2017年至 2021年，晶澳科技的组件出货量在稳步提升中:7.5GW、 8.1GW、 10.3GW、15.9GW和 24.1GW。预计 2022年会达到43GW左右，继续巩固行业前三的重要地位。

在出货排名方面，晶澳也从过去2015年和 2016年的第四和第五位，快速上升至前三，且更难能可贵的是，在竞争激烈的2017年以后，该公司一直保持在前三名（其中 2018年和 2019年位于第二位）。这更表明了企业在组件出货方面拥有更稳定的战略部署和目标，从而持续引领市场。国信证券的分析也认为，与其他同行相比，晶澳的单瓦扣非净利始终保持最高，体现出该公司良好的利润管控能力。而这其中的原因主要是：稳定均衡的一体化产能配比、产能利用程度高、分销市场品牌渠道的竞争优势和良好的费用管控能力等促使的。

在产能布局这一点来看，晶澳科技的前瞻性非常突出。公司除了在中国拥有包括合肥、义乌、曲靖、包头、宁晋等硅片、电池及组件生产基地之外，很早就落子于越南和马来西亚，分别搭建了从硅片、电池到组件的一体化生产链，从而可避免或大幅减少因海外反倾销、反规避等贸易壁垒的影响。 晶澳日前也表示，2015 年起公司在越南和马来西亚等地建厂，预计今年年底会形成 4GW的硅片及电池、组件垂直一体化产能，也会结合全球光伏市场的需求变化，进一步规划扩大相应产能。

在海外市场方面，13个销售公司、全球 135个国家和地区的销售服务网络等都会让企业的出货量和市场份额获得更有效的上扬。在俄乌冲突后欧洲地区的用能特别是新能源市场会更加被关注，而晶澳本身在2021年出货海外的占比为 60%，欧洲又属于成熟市场，是该公司历来关注的地区，因此欧洲等海外需求的逐步扩大后，晶澳也将受益匪浅。

在技术路线上，晶澳也将继续秉持发挥PERC电池的优势这一特点，目前该公司量产的 PERC电池转换效率已达23.6%。未来也会增加 TOPCon的供应，其中试线的电池转换效率高达 24.6%，为行业领先水准。最佳电池的批次效率超过了24.8%，已经具备大规模的量产条件。异质结的高效电池中试线，也将投产。

根据最新公告，晶澳在4月 30日发布了2022年的股票期权与限制性股票激励计划（草案）。未来将授予 882人总权益 1402万份，占总股本的0.88%。其中股票期权为 10889万份，行权价格为 59.69元每股。限制性股票为313万份，授予价为 39.8元每股。公司的激励计划业绩考核目标为：以 2021年收入为基数，2022年至 2024年对应营收增长不低于 45%、70%和 95%。对应 599亿、702亿和 805亿营收；或以 2021年的净利为基数，2022年到 2024年分别不低于 50%、80%和 120%，对应 31亿、38亿和 46亿。业绩目标的高增速，将是该公司长期发展的保证和动力、同时也让投资者在下注之时更看到了晶澳的决心，以及对未来的更多笃定。

2021年第一季度末，晶澳科技的机构持仓总数为36家，持股市值 55.97亿，占总股本的12.15%。到了 2022年首季末时，该公司总计拥有 183家机构持股，占总股本比例为29.07%，持股市值已高达 365.97亿。预计截至2022年上半年时，上述的机构持股量、持股市值和对总股本的占比都可能进一步提高。

According to the data from choice, the previous share price peak of Jingao technology since its listing appeared on November 22, 2021. The highest price on that day was 73.46 yuan (former restoration), but it failed to break the previous peak in the future. The share price was at least 48.08 yuan (former restoration) lower than that on April 26, 2022. Taking the lowest point as the starting point of the interval, from April 26, 2022 to June 21, 2022, the accumulated increase of Jingao technology reached 45.33%. The increase in this range exceeded the average 40% increase of photovoltaic concept stocks, and was also higher than the increase level of about 19% of the Shanghai Stock Exchange Index during this period.



Jingao technology, which has always been known for its steady and high performance, continued to maintain a sustained high level in 2021 and the first quarter of 2022. Among them, in 2021, the company realized a revenue of 41.3 billion yuan, a year-on-year increase of 59.8%. The net profit attributable to the parent company was 2.04 billion, with a year-on-year increase of 35.3%, and the net profit of non deduction was 1.85 billion, with a year-on-year increase of 35.7%.



In the first quarter of 2022, the company's revenue of 12.3 billion yuan increased by 77.1% year on year. The net profit attributable to the parent company and the net profit deducted from non profits were 750 million and 700 million respectively, with a year-on-year increase of 378% and 1084%. As the second largest company in global shipments, the company shipped 25.45gw of battery modules in 2021.



In fact, in the two months from the end of April to the end of June, the white horse stocks such as Jingao technology took the lead in raising the stock price. The high-quality fundamentals, the large number of shipments that can be expected in the future, the deterministic market layout, and the prospect of high growth have all prompted investors to look forward to and bet on this company.



In terms of capacity layout, Jingao has always maintained a good "waist" strategy.



In the whole year of 2021, the company's component production capacity was nearly 40gw, and silicon wafers and batteries accounted for 80% respectively. In 2022, the overall planned capacity of components is expected to be 50gw, and the capacity of batteries and silicon wafers will continue to increase to 80%. Compared with some companies that need to expand a large number of batteries and upstream silicon wafers, Jingao has formulated a complete integrated industrial chain policy in the early stage and implemented it. The pace of subsequent expansion will be relatively stable. The gradual and orderly expansion of its batteries and silicon wafers is sufficient to support the short - and medium-term development of its components. The biggest advantage of this waist capacity layout is not only to support the core development of components, because the silicon wafers and batteries are actually supplied internally; It also enables the company's component single watt profit to be expanded to the maximum extent. In addition, under the situation that upstream raw materials such as polysilicon are very tense, Jingao technology can also reduce the huge uncertainty caused by price changes, so as to actively resist interference and maintain the high-level production stability of the enterprise.



From 2017 to 2021, the component shipments of Jingao technology were steadily increasing: 7.5GW, 8.1gw, 10.3gw, 15.9gw and 24.1gw. It is expected that it will reach about 43gw in 2022, and continue to consolidate the top three important positions in the industry.



In terms of shipment ranking, Jingao has also risen rapidly from the fourth and fifth places in 2015 and 2016 to the top three. What is more valuable is that after 2017, when the competition is fierce, the company has always remained in the top three (of which 2018 and 2019 are the second). This further indicates that the enterprise has a more stable strategic deployment and target in the component shipment, so as to continue to lead the market. According to the analysis of Guosen Securities, compared with other peers, Jingao's non net profit of single tile deduction has always been the highest, which reflects the company's good profit control ability. The main reasons for this are: stable and balanced integrated capacity ratio, high capacity utilization, competitive advantages of brand channels in the distribution market and good cost control ability.



From the perspective of capacity layout, Jingao technology is very forward-looking. In addition to the production bases of silicon wafers, batteries and components in China, including Hefei, Yiwu, Qujing, Baotou and Ningjin, the company has settled in Vietnam and Malaysia for a long time, and has established integrated production chains from silicon wafers, batteries and components, so as to avoid or significantly reduce the impact of overseas anti-dumping, anti circumvention and other trade barriers. Jingao also said a few days ago that since 2015, the company has established factories in Vietnam, Malaysia and other places. It is expected that by the end of this year, it will form a vertical integration capacity of 4gw silicon wafers, batteries and modules, and will further plan to expand the corresponding capacity in combination with the demand changes of the global photovoltaic market.



In the overseas market, the 13 sales companies and the sales service networks in 135 countries and regions around the world will make the shipment volume and market share of the enterprise rise more effectively. After the conflict between Russia and Ukraine, the energy consumption in Europe, especially the new energy market, will be paid more attention. In 2021, the proportion of overseas shipments of Jingao will be 60%, and Europe is a mature market, which has always been the focus of the company. Therefore, after the gradual expansion of overseas demand in Europe, Jingao will also benefit greatly.




On the technical route, Jingao will also continue to give full play to the advantages of perc batteries. At present, the conversion efficiency of perc batteries produced by the company has reached 23.6%. The supply of TOPCON will also be increased in the future. The battery conversion efficiency of the test line is as high as 24.6%, which is the industry leading level. The batch efficiency of the best battery exceeds 24.8%, and it has the conditions for large-scale mass production. A high-efficiency battery pilot line with heterojunction will also be put into production.



According to the latest announcement, Jingao released the stock option and restricted stock incentive plan (Draft) for 2022 on April 30. In the future, 882 people will be granted 14.02 million total rights and interests, accounting for 0.88% of the total share capital. Among them, there were 108.89 million stock options, and the exercise price was 59.69 yuan per share. The number of restricted shares was 3.13 million, and the grant price was 39.8 yuan per share. The company's incentive plan performance assessment objectives are: Based on the revenue in 2021, the corresponding revenue growth from 2022 to 2024 is not less than 45%, 70% and 95%. Corresponding to revenue of 59.9 billion, 70.2 billion and 80.5 billion; Or based on the net profit in 2021, it will not be less than 50%, 80% and 120% respectively from 2022 to 2024, corresponding to 3.1 billion, 3.8 billion and 4.6 billion. The high growth rate of the performance target will be the guarantee and driving force for the company's long-term development. At the same time, investors can see the determination of Jingao and more confidence in the future when placing bets.



At the end of the first quarter of 2021, there were 36 institutional positions of Jingao technology, with a market value of 5.597 billion, accounting for 12.15% of the total share capital. By the end of the first quarter of 2022, the company had a total of 183 institutional holdings, accounting for 29.07% of the total share capital, and the market value of holdings had reached 36.597 billion. It is expected that by the first half of 2022, the above institutional holdings, market value of holdings and the proportion of total equity may be further increased.