4月27日，隆基股份發(fā)布2021年年報。報告期內，公司實現營業(yè)收入809.32億元，同比增長48.27%；實現歸屬于上市公司股東的凈利潤90.86億元，其中歸屬于上市公司股東的扣除非經常性損益的凈利潤88.26億元；綜合毛利率20.19%，資產負債率為51.31%降8.07個百分點。隆基股份表示，2022年計劃實現營業(yè)收入超過1000億元。
市占率實現細分市場全面領先2021年，公司實現單晶硅片出貨量70.01GW，其中對外銷售33.92GW，自用36.09GW；實現單晶組件出貨量38.52GW，其中對外銷售37.24GW，同比增長55.45%，自用1.28GW。報告期內，隆基股份組件銷量、市場占有率、品牌影響力均位列全球首位，其內外銷組件出貨總量遠超第二名10GW以上。
在銷售區(qū)域上，隆基股份在亞太、歐洲、中東非等國家和區(qū)域的市占率已實現領跑，組件銷量已實現從2020年的全球整體領先到2021年在全球主要細分市場的全面領先。
截至2021年底，公司單晶硅片產能達到105GW,單晶電池產能達到37GW，單晶組件產能達到60GW。2021年存貨周轉天數較2020年減少了6.8天，市場對隆基股份產品認可度持續(xù)提升。隆基股份發(fā)布2022年度單晶硅片出貨量目標為90GW-100GW（含自用），組件出貨量目標為50GW-60GW（含自用）。
與此同時，公司在年報公布2021年度利潤分配預案，擬向全體股東每10股派發(fā)現金紅利2.6元（含稅），擬向全體股東每10股以資本公積金轉增4股。2021年，隆基股份基本每股收益1.69元，較上年同期增4.32%。中信建投證券研報認為，技術產能方面布局領先的電池組件企業(yè)將能享受較強的技術紅利，通過組件溢價獲取超額利潤及估值彈性，具備較好投資機會。
10年超100億研發(fā)位居行業(yè)榜首
2021年，我國光伏新增裝機54.88GW，占全國新增發(fā)電裝機量的31.17%，同比增長13.9%。光伏發(fā)電已成為全球增長速度最快的可再生能源品種。
自2012年上市以來至2021年，隆基股份營業(yè)收入年復合增長率達到53.52%，其總營收從17.1億元增加至超800億元，增長47倍。公司研發(fā)投入累計超100億元。2021年，公司累計獲得各類已授權專利1,387項，全年研發(fā)投入43.94億元，占營業(yè)收入5.43%，較2020年同比增長69.55%。
硅片方面，據PV InfoLink最新的統(tǒng)計，2021年182產品的市場份額為28%，全球出貨約為48.5GW，210組件出貨則為23.5GW，預計2022年182產品市占率將達到53%，210尺寸產品市占率將達到26%。
電池組件方面，公司搭建起開放性創(chuàng)新平臺，報告期內公司公布的N型TOPCon、HJT電池和P型TOPCon電池研發(fā)轉換效率不斷刷新行業(yè)的世界紀錄。
據悉，2022年1季度，隆基股份加快新型電池技術的產業(yè)化建設，預計將在2022年第3季度開始投產。
持續(xù)降低資產負債迎接產業(yè)變革，統(tǒng)計數據顯示，2021年，我國光伏新增裝機54.88GW，占全國新增發(fā)電裝機量的31.17%，同比增長13.9%。在光伏新增裝機總量中，分布式新增裝機量約29.28GW（其中戶用光伏新增裝機量約21.6GW），占當年我國新增光伏裝機量約53.4%，歷史上首次突破50%。
年報顯示，公司經營活動現金流量凈額持續(xù)增長，達123.23億元，同比增幅11.87%，表明銷售規(guī)模擴大，回款改善。從應收預付與應付預收中可以看出隆基股份對下游購買者議價能力較強。
報告期內，隆基股份資產負債率為51.31%，較2020年末下降8.07個百分點。相較于同行增加資產負債至70%以上的激進投資，隆基股份財務狀況更為穩(wěn)健，顯示較強的償債能力和持續(xù)投資的融資潛力。在PV Module Tech發(fā)布的可融資性評級報告中，公司憑借卓越的制造能力和財務健康水平，是近三年全球唯一獲得AAA評級的組件供應企業(yè)，創(chuàng)下目前該評級報告中所統(tǒng)計最高水平，財務健康指數持續(xù)領先。
2021年，拉晶切片方面，隆基股份曲靖年產10GW單晶硅棒和硅片項目已達產，楚雄（三期）年產20GW單晶硅片項目已部分投產；電池組件方面，江蘇隆基、滁州二期等基地產線升級實施完畢，西咸樂葉年產15GW單晶電池項目正在建設中。一體化產能加速擴張。

April 27, Longi shares released 2021 annual report. During the reporting period, the company achieved operating revenue of 80.932 billion yuan, a year-on-year increase of 48.27%; The net profit attributable to the shareholders of the listed company reached 9.086 billion yuan, among which the net profit attributable to the shareholders of the listed company deducted non-recurring gains and losses amounted to 8.826 billion yuan; The comprehensive gross profit rate was 20.19%, and the asset-liability ratio was 51.31%, down 8.07 percentage points. Longji said it aims to achieve operating revenue of more than 100 billion yuan in 2022.

Market share to achieve market segment overall lead in 2021, the company achieved monocrystalline silicon sheet shipments of 70.01GW, including external sales of 33.92GW, 36.09GW; The shipments of single crystal components reached 38.52GW, of which 37.24GW was sold abroad, with a year-on-year growth of 55.45%, and 1.28GW was used for self-use. During the reporting period, Longji component sales, market share and brand influence ranked first in the world, and its total volume of domestic and foreign component shipments far exceeded the second place by more than 10GW.

In terms of sales region, Longi Shares has achieved the leading market share in Asia-Pacific, Europe, Central and East Africa and other countries and regions, and the component sales volume has achieved the overall global lead from 2020 to the overall lead in the major global market segments in 2021.

By the end of 2021, the company's single-crystal silicon wafer production capacity reached 105GW, single-crystal battery production capacity reached 37GW, and single-crystal component production capacity reached 60GW. In 2021, the number of inventory turnover days decreased by 6.8 days compared with 2020, and the market's recognition of Longji stock products continued to improve. Longi shares released the 2022 monocrystalline silicon wafer shipment target of 90GW-100GW (including self-use), component shipment target of 50GW-60GW (including self-use).

At the same time, the company announced the 2021 annual profit distribution plan in the annual report, intends to pay a cash dividend of 2.6 yuan (tax included) to all shareholders per 10 shares, intends to increase 4 shares to all shareholders per 10 shares by capital accumulation fund. In 2021, Longji's basic earnings per share were 1.69 yuan, up 4.32 percent from a year earlier. Citic Construction Investment Securities research report believes that the layout of leading battery module enterprises in terms of technological capacity will be able to enjoy strong technology dividends, gain excess profits and valuation elasticity through component premium, and have better investment opportunities.

10 years of research and development of more than 10 billion ranks the top in the industry

In 2021, the country's newly installed photovoltaic capacity was 54.88GW, accounting for 31.17% of the country's newly installed power generation capacity, up 13.9% year-on-year. Photovoltaic power generation has become the fastest growing renewable energy variety in the world.

Since the listing in 2012 to 2021, Longji shares operating revenue compound annual growth rate reached 53.52%, its total revenue increased from 1.71 billion yuan to more than 80 billion yuan, an increase of 47 times. The company's R&D investment has exceeded 10 billion yuan. In 2021, the company accumulated 1,387 kinds of authorized patents, the annual R&D investment of 4.394 billion yuan, accounting for 5.43% of the operating revenue, a year-on-year increase of 69.55% compared with 2020.

In terms of silicon wafers, according to PV InfoLink's latest statistics, the 182 product market share in 2021 is 28%, the global shipment is about 48.5GW, 210 component shipment is 23.5GW, it is expected that in 2022 182 product market share will reach 53%, 210 size product market share will reach 26%.

In terms of battery components, the company has set up an open innovation platform. During the report period, the R&D and conversion efficiency of N-type TOPCon, HJT battery and P-type TOPCon battery published by the company constantly broke the world record in the industry.

It is reported that in the first quarter of 2022, Longi accelerated the industrial construction of the new battery technology, which is expected to start production in the third quarter of 2022.

Continuing to reduce assets and liabilities to meet industrial changes, statistics show that in 2021, China's newly installed photovoltaic capacity 54.88GW, accounting for 31.17% of the country's newly installed power generation capacity, a year-on-year increase of 13.9%. In the total newly installed photovoltaic capacity, the distributed newly installed photovoltaic capacity is about 29.28GW (of which the newly installed household photovoltaic capacity is about 21.6GW), accounting for about 53.4% of the newly installed photovoltaic capacity in China that year, which is the first time in history to break through 50%.

Annual report shows that the company's operating activities of net cash flow continued to grow, up to 12.323 billion yuan, year-on-year growth of 11.87%, indicating that the scale of sales expansion, recovery improvement. From the pre-payment receivable and pre-payment payable, we can see that Longji shares have strong bargaining power for downstream buyers.

During the reporting period, the asset-liability ratio of Longi shares was 51.31%, down 8.07 percentage points from the end of 2020. Compared with peers who increase their balance sheet to more than 70% of the aggressive investment, Longi shares financial position is more stable, showing strong solvency and financing potential for continuous investment. In the financability rating report issued by PV Module Tech, the company is the only component supplier in the world to obtain AAA rating in the past three years with its excellent manufacturing capability and financial health level, which is the highest statistical level in the current rating report, and the financial health index continues to lead.

In 2021, in terms of crystal drawing and slicings, the Qujing project with annual output of 10GW monocrystalline silicon rods and wafers of Longji Corporation has reached production, and the Chuxiong (phase III) project with annual output of 20GW monocrystalline silicon wafers has been partially put into production; In terms of battery components, the production line upgrade of Longji, Jiangsu, Chuzhou Phase II and other bases has been completed, and the annual output of 15GW single crystal battery project of Xixian Leye is under construction. Accelerated expansion of integrated production capacity.