The photovoltaic industry's gross profit margin "accidentally" turns positive

On the 21st, JA Solar issued a quarterly report showing that gross margins in the first quarter of this year were positive and reached 6%, compared with -4.6% in the previous quarter. Not only that, but several other PV companies that have published quarterly reports recently have already been positive, except for Yan Huiguang's gross profit margin of -2% during the reporting period. Driven by this good news, China General Solar Energy Index soared 23.42%. Even so, the industry believes that the short-term turn of Maori is mainly due to policy pull, and it is too early to talk about the recovery of the industry.

JA Solar reported that during the reporting period, the company’s net revenue was RMB 1.7 billion, an increase of 4.7% year-on-year; gross profit was RMB 99.9 million, and net loss was RMB 206 million, representing a loss of RMB 582 million from the previous quarter. Have narrowed.

According to the company, the substantial improvement in gross profit margin was mainly due to sales of more components in Japan and expansion in emerging markets. After countries such as Europe and the United States imposed PV anti-dumping duties on Chinese solar products, Chinese solar companies have already sought new markets. “The proportion of China’s solar energy companies’ shipments to the European Union to their total shipments has fallen from 70% in 2011 to less than 40% in 2012. In 2013, it further dropped sharply. At present, it is only about 20% on average. Level."

Not only JA Solar has recently published a quarterly report of several photovoltaic companies. In addition to Yanhui Sunshine's gross profit margin of -2% during the reporting period and a loss of US$5.6 million, several other companies have been positive. It also raised the forecast of performance by 1 percentage point. “The company expects the gross profit margin in the first quarter will be 9%-10%, which is higher than the previously expected 8-10%.”

But Wang Xiaokun, a new energy analyst at Zhuochuang Information, believes that these do not explain the fact that the PV industry is really picking up. “Now, domestic development of photovoltaics lacks a favorable policy. There is only one subsidy policy, which is in line with everyone’s expectations for the future. However, this policy can only alleviate the loss situation of enterprises and cannot actually improve the situation of the industry. In addition, foreign markets remain the same. Obstacles, photovoltaic companies have so much capacity that they can't digest."