Longji shares (601012): expected to double the expansion of modules BIPV products worth looking forward to

Longji shares (601012): expected to double the expansion of modules BIPV products worth looking forward to
In 2020, Longji will make full efforts on the component side. With the support of 166 silicon wafers, batteries, and module capacity expansion, displacement will increase.The newly-developed BIPV business is expected to become a new growth pole and maintain the “overweight” rating.  Maintain the “overweight” rating.Maintain EPS 1 for 2019-2021.33, 2.19, 2.65 yuan forecast, maintain the target price of 35.47 yuan.  The three large-capacity production capacities continue to increase, supporting the development of the component side in 2020.The overall target of modules in 2020 is 20GW, which is expected to exceed 110% + in 2019, of which more than 15GW are new 166 modules.In order to achieve the goal, Longji’s silicon chip, battery chip, and module-side throughput are being fully expanded. According to calculations, 166 modules have better profitability and the component-side premium exceeds 0.05 yuan / W will significantly increase profitability.Judging from the current booking situation, in the first half of 2020, the scheduled volume of modules has reached 80% of production capacity, and sales are very good.The orientation of the single crystal silicon wafer shows the shape of the long-ring double-oligonucleotide. In 2019, as the single crystal PERC battery downstream of the single crystal silicon wafer will significantly increase the production capacity by more than 30GW, the defects of the single crystal silicon wafer are unavoidable.Judging from the first half of 2020, silicon wafers are still tight, and if supply and demand reverse, it may appear in Q3 of 2020.In the long run, the oligopoly maintains a gross profit margin of 25% and a net profit margin of 15% is also very reasonable.  Innovative development of BIPV business, new growth poles emerged.Based on the needs analysis of downstream customers, Longji decided to develop the BIPV market. First, it introduced products that replace the colored steel tile roofs of industrial plants. By combining modules and roof materials, it formed a new photovoltaic roof, which can be used on it (25 years +)It completely surpasses the color steel tile (10-15 years), and can re-invest through the power generation income (the roof power generation income can recover the investment of the single-level standard factory building). It is a very innovative product that attracts the attention of potential customers and is expected to become a newGrowth pole.  catalyst.Non-silicon costs continue to fall, and product expansion has grown significantly.  risk warning.International trade policy and exchange rate risks 夜来香体验网 in 2019.