Polaris solar photovoltaic longji shares 2020 price pressure China merchants international downgraded its rating

Solar photovoltaic webex: longji released results letters, 2019 full-year net profit expect year-on-year growth in 95. 5% - 107. 50-2% to RMB 5. 3 billion. Strong quarterly earnings performance not only implied the company's main sales shipments shows remarkable growth, solar portal, but also reflects the company's products superior profitability. Strong earnings data implied in the fourth quarter of 2019 net profit realization about RMB 1. 7 billion, refresh record. As the market will hasten to fierce competition, our view of longji to cautious. Dual computer hot standby software price specifically, CGNPC in development of 410 mw, 603 mw, guangzhou energy saving 220 mw, 345 mw, jin can group the people vote for 200 mw, dual computer hot standby software price hubei energy group, 190 mw, 180 mw huaneng solar photovoltaic network statement: this information is reproduced from the power grid cooperation media or other Internet website, solar photovoltaic network published the article for the purpose of the information, does not mean that agree with his point of view or confirm its description. This paper statistics the September to today issued a total of 2. 85 gw pv power plant EPC and 1. 9 gw component bid opening information. Silicon photovoltaic grid, according to management, company and component's full-year gross margin in 2019 to about 32% and 25%, respectively, we think that the two data were significantly higher than peers, showing excellent cost control and operation efficiency. We expect prices to make the company 2020 silicon slice and set interest rates MAO points don't dropped to under 25. 1% / 21. 1%. Silicon wafer manufacturing enterprises at this stage, M6 series product price on the silicon chip and component end products than traditional M2 high RMB 0 respectively. 4 / plate and RMB 5 per watt, enough to support the longji get better profits than peers. Based on the operation and forecast update, we will longji - 2019 The 21st annual earnings per share forecast 19 respectively. 6% / 7. 4% / - 4. 9% to RMB 1. 50/1. 62/1/8 4 yuan. Looking ahead to 2020, the company M6 product output rate is expected to reach about 40%, half of which will be used by internal music component production. Looking ahead to 2020, we foresee a silicon supply will remain tight situation in the first quarter, but then gradually turned to the excess supply, and in the second half of 2020 potential price war. To hold the rating. The principle diagram of the solar controller

because the silicon chips and components sales tend to be more competitive, our share price performance of longji views tend to be more careful, although we will 2020 earnings per share forecast 7. 4%, we will be the company's investment rating to & other; Hold & throughout; 。 Ambry not back longji performance is significantly higher than we expected in 2019, mainly due to silicon and component shipments respectively higher than we had expected. 3% and 4. 2%. We forecast sales of silicon average year-on-year decline in 11. 0%, while the component prices fell 17. 2%. As more large size products supply market, we think the premium will be gradually narrowed. The article content is for reference only. The principle diagram of the solar controller in response to the tianjin zhonghuan ( 002129 CH, not ratings) Promote the M12 silicon ( 210毫米) With the challenge of new products, solar portal, longji also launched 166 mm M6 specifications of silicon wafers for response. 基于隆基的产能扩张计划，我们预期公司的硅片/ ZuJianDuiWaiChuHuoLiangZai NianJiangFenBieTongBiZengChang 60. 2020 5% / 121. By 5% to 74. 900 million / 18. Under 45 gw, but sales price respectively compared with 11. 0% / 17. 2%. We think in the first quarter of the single crystal silicon supply is still tight state, solar portal, prices are high enough to support the wafer ambry not back but prices may under pressure, with the release of new capacity monocrystalline silicon chip supply new capacity will make the second half of 2020 turned to the left. According to management, M6 specifications silicon wafer shipments of 2019 in shipments of 10% less than. Until the end of the fourth quarter of 2019, we measure the longji silicon production has risen to 40. 8 gw, rose 45. 7%, solar grid and components production capacity will increase to 16 gigawatts (gw), an increase of 81. 8%. Among them, the EPC project owner units is given priority to with soe/state, this also reflected from the side, in project bidding and parity, the state-owned enterprises have become the absolute main force.