On April 30, A-share photovoltaic equipment leader Jingyuntongreleased its performance report for the first quarter of 2024.
The report shows that in the first quarter of this year, the company's operating income was 1.469 billion yuan, a year-on-year decrease of 46.05%; the net loss attributable to shareholders of the listed company was 463 million yuan, turning from profit to loss year-on-year; the net loss attributable to shareholders of the listed company after deducting non-recurring gains and losses was 473 million yuan.
In addition, the net cash flow generated from operating activities in this period was -494 million yuan, which deteriorated year-on-year, and the asset-liability ratio was 55.48%, an increase of 8.18 percentage points year-on-year.
Not long ago, on April 18, Jingyuntong just disclosed its annual report for 2023.
The annual report shows that the company achieved a total operating revenue of 10.502 billion yuan, a year-on-year decrease of 13.92%; the net profit attributable to the mother company was 236 million yuan, a year-on-year decrease of 44.28%; the net profit after deducting non-recurring gains and losses was 32.9 million yuan, a year-on-year decrease of 91.59%.
In terms of shareholder returns, Jingyuntong has formulated a distribution plan for the year 2023, planning to pay a cash dividend of 0.13 yuan (including tax) per 10 shares to all shareholders.
Regarding the reasons for the decline in performance, Jingyuntong stated that in 2023, the company sold 3.1 billion photovoltaic monocrystalline silicon wafers, with an increase in the shipment of N-type silicon wafers and product specifications to flexibly meet customer demands. Faced with market volatility and fierce competition, the company deepened customer communication to ensure rapid and accurate response to demand, and strictly controlled the production process to maintain product quality. At the same time, the company actively established good relationships with upstream and downstream to strive to expand market share. However, during the reporting period, affected by market fluctuations, the revenue from the business of zone-melted monocrystalline silicon bars and silicon wafers was reduced to 14.449 million yuan, a year-on-year decrease of 47.89%.
In terms of the revenue of the main products, in 2023, the company achieved a silicon wafer revenue of 8.005 billion yuan, a year-on-year increase of 0.85%, accounting for 76.23% of the operating revenue; power revenue was 1.235 billion yuan, a year-on-year decrease of 3.80%, accounting for 11.76% of the operating revenue; silicon bar revenue was 275 million yuan, a year-on-year decrease of 76.92%, accounting for 2.62% of the operating revenue.
In terms of gross margin, in 2023, the company's gross margin was 12.75%, a year-on-year decrease of 3.43 percentage points; the net margin was 1.88%, a decrease of 1.68 percentage points from the same period last year. Looking at the single-quarter indicators, in the fourth quarter of 2023, the company's gross margin was -1.51%, a year-on-year decrease of 8.27 percentage points, and a sequential decrease of 23.68 percentage points; the net margin was -5.27%, an increase of 6.50 percentage points year-on-year, and a decrease of 16.46 percentage points from the previous quarter.
In terms of cash flow, during the reporting period, the net cash flow generated from operating activities of the company was 1.13 billion yuan, compared with -178 million yuan in the same period of the previous year, an increase of 1.309 billion yuan year-on-year, with a significant improvement in cash flow. However, the net cash flow from financing activities was negative (-684 million yuan), a year-on-year decrease of 540 million yuan; the net cash flow from investment activities also showed a net outflow (-1.044 billion yuan), an increase of about 700 million yuan compared to the same period last year. Despite this, the company's free cash flow for the year 2023 still reached 1.357 billion yuan, a year-on-year increase of 138.66%.