On the evening of April 29, GCL Integration (002506) released its 2021 annual report and 2022 first quarter report.
The financial report shows that the company will achieve operating income of 4.701 billion yuan in 2021, a year-on-year decrease of 21.07%, and the net profit attributable to shareholders of the listed company will be -1.982 billion yuan, a year-on-year decrease of 24.85%; the first quarterly report released in the same period shows that in the first quarter of this year, the company achieved The net profit attributable to shareholders of the listed company was 21.792 million yuan, a year-on-year increase of 124.27%, turning losses into profits.
It is understood that in the first quarter of 2022, the high-efficiency large-size module production capacity of GCL Integrated Hefei Module Base was released, and module production and sales increased significantly year-on-year. At the same time, certain breakthroughs have been made in the company’s energy storage business and PVT (Photovoltaic Photothermal Integration) business.
The 2021 annual report disclosed that the company’s module production capacity structure has been adjusted and upgraded. At present, the 5GW production capacity of workshop No. 1 of the Hefei Base Project has been fully completed since it was put into operation in September last year, and 10 production lines of workshop No. 2 have been put into operation one after another. It is expected to be put into operation by the end of this year. , the listed company’s large-scale module production capacity will exceed 20GW, and at the same time will achieve 8GW of new high-efficiency battery production capacity.
From the latest industry situation, in 2022, under the dual carbon goal, the photovoltaic industry has entered a period of rapid development, and the global market demand is strong. The industry expects that the global photovoltaic installed capacity will increase by more than 35% to 220GW this year. The analysis of Everbright Securities pointed out that in the first quarter, the grid connection of some centralized projects was delayed and the distributed demand increased, which jointly promoted the rapid growth of the newly installed photovoltaic capacity. At the investment level, as the market demand boom in the first quarter of this year pushed up the prices of products in various links, it is expected that the price of the industry chain is expected to decline after the release of upstream production capacity in the second quarter. It will have a positive impact on the profitability of the component segment.
Looking forward to the future, GCL Integration stated in the announcement that in the future, the company will focus on the advantageous industrial links of clean energy system integration and the high-end manufacturing links of Hefei module base and Leshan battery base to support the company’s photovoltaic main business terminal strategy. It is expected that by the end of 2022, the independent production capacity of modules will exceed 20GW, and 8GW of high-efficiency advanced large-size cell production capacity will be newly built to make up for the short supply of cells upstream of the module. The new production capacity of the first phase of the 60GW module base in Hefei will be released at a time when the module industry is improving.
At the same time, the company is actively expanding its energy storage business, implementing a synergistic strategy of integration of optical storage and energy storage, laying out and cultivating comprehensive energy system integration, household industrial and commercial energy storage and intelligent microgrid system solution capabilities, and promoting comprehensive energy system integration services to form a business closed loop. And actively develop PVT photovoltaic photothermal integration business, facing users with dual needs of heat and electricity.
