來(lái)自Choice的數(shù)據(jù)顯示，晶澳科技自上市以來(lái)的前次股價(jià)高點(diǎn)出現(xiàn)在2021年 11月22日，當(dāng)日最高價(jià)為 73.46元 (前復(fù)權(quán))，后市未能突破前次高點(diǎn)，股價(jià)最低于 2022年 4月26日下探 48.08元 (前復(fù)權(quán))。以最低點(diǎn)為區(qū)間起點(diǎn)計(jì)算， 2022年 4月26日至 2022年 6月21日，晶澳科技的區(qū)間累計(jì)漲幅達(dá)到 45.33%。該區(qū)間漲幅超過(guò)了光伏概念股的平均 40%漲幅，也更高于上證指數(shù)這期間的19%左右的漲幅水平。

一向以穩(wěn)健走高業(yè)績(jī)著稱的晶澳科技，在2021年和 2022年的第一季度，都繼續(xù)保持了持續(xù)的高水準(zhǔn)。其中，2021年該公司實(shí)現(xiàn)營(yíng)收 413億，同比增長(zhǎng) 59.8%。歸母凈利20.4億，同比增長(zhǎng) 35.3%，實(shí)現(xiàn)扣非凈利 18.5億，同比增長(zhǎng)35.7%。

2022年第一季度，公司123億的營(yíng)收同比增長(zhǎng) 77.1%。歸母凈利和扣非凈利分別為7.5億和 7億，同比增長(zhǎng) 378%和1084%。作為全球出貨量的第二大公司， 2021年該公司的電池組件出貨高達(dá) 25.45GW。

事實(shí)上，在4月底~ 6月底的這兩個(gè)月內(nèi)，股價(jià)率先上漲起來(lái)的就是晶澳科技這樣的白馬股。優(yōu)質(zhì)的基本面、未來(lái)可預(yù)計(jì)的大量出貨以及確定性的市場(chǎng)布局、高增長(zhǎng)的可期，都促使投資者對(duì)于這家公司的看好與投注。

就產(chǎn)能布局來(lái)看，晶澳一直保持著良好的“腰部”戰(zhàn)略。

2021年全年，公司組件產(chǎn)能近 40GW，硅片和電池分別占比80%。 2022年，預(yù)計(jì)組件的總體規(guī)劃產(chǎn)能為 50GW，電池和硅片的產(chǎn)能繼續(xù)提升至80%的比例。相比一些需要大量擴(kuò)建電池和上游硅片的公司，晶澳因?yàn)榍捌诰椭贫送暾囊惑w化產(chǎn)業(yè)鏈方針并且落到實(shí)處，后續(xù)擴(kuò)充的步伐會(huì)相對(duì)平穩(wěn)。其電池和硅片的逐步、有序擴(kuò)產(chǎn)，對(duì)支撐其組件的中短期發(fā)展角度看，顯得夠用。這種腰部的產(chǎn)能布局最大優(yōu)勢(shì)，不僅僅在于支持組件的核心發(fā)展，因?yàn)楣杵碗姵貙?shí)際都是進(jìn)行內(nèi)部自供的；還在于可以讓公司的組件單瓦盈利擴(kuò)展至最大程度。而且，在多晶硅等上游原材料十分緊張的局勢(shì)之下，晶澳科技還可以降低因?yàn)閮r(jià)格變動(dòng)而產(chǎn)生的巨大不確定性，從而積極抗干擾，保持企業(yè)高水準(zhǔn)的生產(chǎn)穩(wěn)定性。

從2017年至 2021年，晶澳科技的組件出貨量在穩(wěn)步提升中:7.5GW、 8.1GW、 10.3GW、15.9GW和 24.1GW。預(yù)計(jì) 2022年會(huì)達(dá)到43GW左右，繼續(xù)鞏固行業(yè)前三的重要地位。

在出貨排名方面，晶澳也從過(guò)去2015年和 2016年的第四和第五位，快速上升至前三，且更難能可貴的是，在競(jìng)爭(zhēng)激烈的2017年以后，該公司一直保持在前三名（其中 2018年和 2019年位于第二位）。這更表明了企業(yè)在組件出貨方面擁有更穩(wěn)定的戰(zhàn)略部署和目標(biāo)，從而持續(xù)引領(lǐng)市場(chǎng)。國(guó)信證券的分析也認(rèn)為，與其他同行相比，晶澳的單瓦扣非凈利始終保持最高，體現(xiàn)出該公司良好的利潤(rùn)管控能力。而這其中的原因主要是：穩(wěn)定均衡的一體化產(chǎn)能配比、產(chǎn)能利用程度高、分銷(xiāo)市場(chǎng)品牌渠道的競(jìng)爭(zhēng)優(yōu)勢(shì)和良好的費(fèi)用管控能力等促使的。

在產(chǎn)能布局這一點(diǎn)來(lái)看，晶澳科技的前瞻性非常突出。公司除了在中國(guó)擁有包括合肥、義烏、曲靖、包頭、寧晉等硅片、電池及組件生產(chǎn)基地之外，很早就落子于越南和馬來(lái)西亞，分別搭建了從硅片、電池到組件的一體化生產(chǎn)鏈，從而可避免或大幅減少因海外反傾銷(xiāo)、反規(guī)避等貿(mào)易壁壘的影響。 晶澳日前也表示，2015 年起公司在越南和馬來(lái)西亞等地建廠，預(yù)計(jì)今年年底會(huì)形成 4GW的硅片及電池、組件垂直一體化產(chǎn)能，也會(huì)結(jié)合全球光伏市場(chǎng)的需求變化，進(jìn)一步規(guī)劃擴(kuò)大相應(yīng)產(chǎn)能。

在海外市場(chǎng)方面，13個(gè)銷(xiāo)售公司、全球 135個(gè)國(guó)家和地區(qū)的銷(xiāo)售服務(wù)網(wǎng)絡(luò)等都會(huì)讓企業(yè)的出貨量和市場(chǎng)份額獲得更有效的上揚(yáng)。在俄烏沖突后歐洲地區(qū)的用能特別是新能源市場(chǎng)會(huì)更加被關(guān)注，而晶澳本身在2021年出貨海外的占比為 60%，歐洲又屬于成熟市場(chǎng)，是該公司歷來(lái)關(guān)注的地區(qū)，因此歐洲等海外需求的逐步擴(kuò)大后，晶澳也將受益匪淺。

在技術(shù)路線上，晶澳也將繼續(xù)秉持發(fā)揮PERC電池的優(yōu)勢(shì)這一特點(diǎn)，目前該公司量產(chǎn)的 PERC電池轉(zhuǎn)換效率已達(dá)23.6%。未來(lái)也會(huì)增加 TOPCon的供應(yīng)，其中試線的電池轉(zhuǎn)換效率高達(dá) 24.6%，為行業(yè)領(lǐng)先水準(zhǔn)。最佳電池的批次效率超過(guò)了24.8%，已經(jīng)具備大規(guī)模的量產(chǎn)條件。異質(zhì)結(jié)的高效電池中試線，也將投產(chǎn)。

根據(jù)最新公告，晶澳在4月 30日發(fā)布了2022年的股票期權(quán)與限制性股票激勵(lì)計(jì)劃（草案）。未來(lái)將授予 882人總權(quán)益 1402萬(wàn)份，占總股本的0.88%。其中股票期權(quán)為 10889萬(wàn)份，行權(quán)價(jià)格為 59.69元每股。限制性股票為313萬(wàn)份，授予價(jià)為 39.8元每股。公司的激勵(lì)計(jì)劃業(yè)績(jī)考核目標(biāo)為：以 2021年收入為基數(shù)，2022年至 2024年對(duì)應(yīng)營(yíng)收增長(zhǎng)不低于 45%、70%和 95%。對(duì)應(yīng) 599億、702億和 805億營(yíng)收；或以 2021年的凈利為基數(shù)，2022年到 2024年分別不低于 50%、80%和 120%，對(duì)應(yīng) 31億、38億和 46億。業(yè)績(jī)目標(biāo)的高增速，將是該公司長(zhǎng)期發(fā)展的保證和動(dòng)力、同時(shí)也讓投資者在下注之時(shí)更看到了晶澳的決心，以及對(duì)未來(lái)的更多篤定。

2021年第一季度末，晶澳科技的機(jī)構(gòu)持倉(cāng)總數(shù)為36家，持股市值 55.97億，占總股本的12.15%。到了 2022年首季末時(shí)，該公司總計(jì)擁有 183家機(jī)構(gòu)持股，占總股本比例為29.07%，持股市值已高達(dá) 365.97億。預(yù)計(jì)截至2022年上半年時(shí)，上述的機(jī)構(gòu)持股量、持股市值和對(duì)總股本的占比都可能進(jìn)一步提高。

According to the data from choice, the previous share price peak of Jingao technology since its listing appeared on November 22, 2021. The highest price on that day was 73.46 yuan (former restoration), but it failed to break the previous peak in the future. The share price was at least 48.08 yuan (former restoration) lower than that on April 26, 2022. Taking the lowest point as the starting point of the interval, from April 26, 2022 to June 21, 2022, the accumulated increase of Jingao technology reached 45.33%. The increase in this range exceeded the average 40% increase of photovoltaic concept stocks, and was also higher than the increase level of about 19% of the Shanghai Stock Exchange Index during this period.



Jingao technology, which has always been known for its steady and high performance, continued to maintain a sustained high level in 2021 and the first quarter of 2022. Among them, in 2021, the company realized a revenue of 41.3 billion yuan, a year-on-year increase of 59.8%. The net profit attributable to the parent company was 2.04 billion, with a year-on-year increase of 35.3%, and the net profit of non deduction was 1.85 billion, with a year-on-year increase of 35.7%.



In the first quarter of 2022, the company's revenue of 12.3 billion yuan increased by 77.1% year on year. The net profit attributable to the parent company and the net profit deducted from non profits were 750 million and 700 million respectively, with a year-on-year increase of 378% and 1084%. As the second largest company in global shipments, the company shipped 25.45gw of battery modules in 2021.



In fact, in the two months from the end of April to the end of June, the white horse stocks such as Jingao technology took the lead in raising the stock price. The high-quality fundamentals, the large number of shipments that can be expected in the future, the deterministic market layout, and the prospect of high growth have all prompted investors to look forward to and bet on this company.



In terms of capacity layout, Jingao has always maintained a good "waist" strategy.



In the whole year of 2021, the company's component production capacity was nearly 40gw, and silicon wafers and batteries accounted for 80% respectively. In 2022, the overall planned capacity of components is expected to be 50gw, and the capacity of batteries and silicon wafers will continue to increase to 80%. Compared with some companies that need to expand a large number of batteries and upstream silicon wafers, Jingao has formulated a complete integrated industrial chain policy in the early stage and implemented it. The pace of subsequent expansion will be relatively stable. The gradual and orderly expansion of its batteries and silicon wafers is sufficient to support the short - and medium-term development of its components. The biggest advantage of this waist capacity layout is not only to support the core development of components, because the silicon wafers and batteries are actually supplied internally; It also enables the company's component single watt profit to be expanded to the maximum extent. In addition, under the situation that upstream raw materials such as polysilicon are very tense, Jingao technology can also reduce the huge uncertainty caused by price changes, so as to actively resist interference and maintain the high-level production stability of the enterprise.



From 2017 to 2021, the component shipments of Jingao technology were steadily increasing: 7.5GW, 8.1gw, 10.3gw, 15.9gw and 24.1gw. It is expected that it will reach about 43gw in 2022, and continue to consolidate the top three important positions in the industry.



In terms of shipment ranking, Jingao has also risen rapidly from the fourth and fifth places in 2015 and 2016 to the top three. What is more valuable is that after 2017, when the competition is fierce, the company has always remained in the top three (of which 2018 and 2019 are the second). This further indicates that the enterprise has a more stable strategic deployment and target in the component shipment, so as to continue to lead the market. According to the analysis of Guosen Securities, compared with other peers, Jingao's non net profit of single tile deduction has always been the highest, which reflects the company's good profit control ability. The main reasons for this are: stable and balanced integrated capacity ratio, high capacity utilization, competitive advantages of brand channels in the distribution market and good cost control ability.



From the perspective of capacity layout, Jingao technology is very forward-looking. In addition to the production bases of silicon wafers, batteries and components in China, including Hefei, Yiwu, Qujing, Baotou and Ningjin, the company has settled in Vietnam and Malaysia for a long time, and has established integrated production chains from silicon wafers, batteries and components, so as to avoid or significantly reduce the impact of overseas anti-dumping, anti circumvention and other trade barriers. Jingao also said a few days ago that since 2015, the company has established factories in Vietnam, Malaysia and other places. It is expected that by the end of this year, it will form a vertical integration capacity of 4gw silicon wafers, batteries and modules, and will further plan to expand the corresponding capacity in combination with the demand changes of the global photovoltaic market.



In the overseas market, the 13 sales companies and the sales service networks in 135 countries and regions around the world will make the shipment volume and market share of the enterprise rise more effectively. After the conflict between Russia and Ukraine, the energy consumption in Europe, especially the new energy market, will be paid more attention. In 2021, the proportion of overseas shipments of Jingao will be 60%, and Europe is a mature market, which has always been the focus of the company. Therefore, after the gradual expansion of overseas demand in Europe, Jingao will also benefit greatly.




On the technical route, Jingao will also continue to give full play to the advantages of perc batteries. At present, the conversion efficiency of perc batteries produced by the company has reached 23.6%. The supply of TOPCON will also be increased in the future. The battery conversion efficiency of the test line is as high as 24.6%, which is the industry leading level. The batch efficiency of the best battery exceeds 24.8%, and it has the conditions for large-scale mass production. A high-efficiency battery pilot line with heterojunction will also be put into production.



According to the latest announcement, Jingao released the stock option and restricted stock incentive plan (Draft) for 2022 on April 30. In the future, 882 people will be granted 14.02 million total rights and interests, accounting for 0.88% of the total share capital. Among them, there were 108.89 million stock options, and the exercise price was 59.69 yuan per share. The number of restricted shares was 3.13 million, and the grant price was 39.8 yuan per share. The company's incentive plan performance assessment objectives are: Based on the revenue in 2021, the corresponding revenue growth from 2022 to 2024 is not less than 45%, 70% and 95%. Corresponding to revenue of 59.9 billion, 70.2 billion and 80.5 billion; Or based on the net profit in 2021, it will not be less than 50%, 80% and 120% respectively from 2022 to 2024, corresponding to 3.1 billion, 3.8 billion and 4.6 billion. The high growth rate of the performance target will be the guarantee and driving force for the company's long-term development. At the same time, investors can see the determination of Jingao and more confidence in the future when placing bets.



At the end of the first quarter of 2021, there were 36 institutional positions of Jingao technology, with a market value of 5.597 billion, accounting for 12.15% of the total share capital. By the end of the first quarter of 2022, the company had a total of 183 institutional holdings, accounting for 29.07% of the total share capital, and the market value of holdings had reached 36.597 billion. It is expected that by the first half of 2022, the above institutional holdings, market value of holdings and the proportion of total equity may be further increased.