大全能源(688303):硅料龍頭量利齊升 產能佈局彰顯前瞻性視野
事件:2022 年8 月4 日,公司發佈2022 年半年度報吿,2022 年H1 公司實現營收163.40 億元,同比+262.16%;歸母淨利潤為95.25 億元,同比+340.81%;扣非歸母淨利為95.29 億元,同比+342.13%。分季度來看,22 年Q2 公司實現營收82.11 億元,同比+188.08%,實現歸母淨利潤52.1 億元,同比+230.19%。公司業績亮眼主要系硅料市場供應緊缺帶動公司硅料價格大幅上漲以及三期B 項目產能逐步釋放帶動銷量增長所致。硅料量利齊升,訂單交付能力強勁。公司22 年H1 銷售情況良好,產銷率達114.50%,同比+61.58%,業績亮眼同時維持產品高水平,其中單晶硅片用料佔比為99%以上。未來隨着下游電池技術路線轉變,N 型電池有望獲得更大市場份額,屆時對於純度更高的N 型硅料需求將大幅提升,公司目前已實現N型高純硅料的批發銷售,獲得多家主流的下游企業驗證通過。量:據CPIA 統計,2022 年上半年國內多晶硅產量約為36.5 萬噸,上半年公司產量為6.67 萬噸,佔國內多晶硅產量18.3%,Q2 單季度出貨量達到3.75 萬噸,同比+79.59%。利:22 年H1 公司成本管理優勢凸顯,毛利上漲至70.37%,公司通過改良多晶硅生產工藝技術、數字化精細管理降低單位產品電耗、硅耗,成功將單位成本壓低於CPIA 統計的行業平均水平。受益於規模效應,二季度公司所有產線實現滿產高速運行,Q2 公司盈利能力顯著提升,單噸淨利約為13 萬元/噸,環比+25%。產品結構持續優化,向上佈局夯實競爭力。目前,公司已實現產能10.5 萬噸/年,內蒙古包頭的10 萬噸高純多晶硅項目已經啟動建設中,預計於2023 年二季度建成。同時下半年公司將分段完成例行年度檢修,預計三季度產量3.1-3.2萬噸。公司於2022 年7 月公司與包頭市固陽區政府簽訂了《30 萬噸/年高純工業硅項目+20 萬噸/年有機硅項目投資協議書》,一期建設年產15 萬噸高純工業硅項目,預計於2023 年第三季度建成投產,一期項目建設後,將實現包頭10 萬噸多晶硅項目的100%原料供給,提升公司綜合盈利能力,實現在原材料方面的供應安全和質量保障。公司在持續加碼光伏硅的同時,拓展布局工業硅、有機硅及半導體硅等領域,豐富產品結構,打造多元硅材料平台,有望提升盈利水平,穩固硅料行業領先地位。投資建議:我們預計公司2022-2024 年實現營收292/200/221 億元,歸母淨利潤分別為182/104/83 億元,現價對應PE 倍數7x/12x/16x。公司是光伏硅料領先企業,有望受益光伏行業高景氣和硅料環節的高毛利,維持“推薦”評級。風險提示:下游需求不及預期;硅料價格波動等。
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