"Daily Economic News" reported that Tianlong Optoelectronics (300029) shareholders, who are waiting for the first self-developed MOCVD equipment pilot project in China, need to face the reality of the company's performance decline before seeing new products contribute to the performance.
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Yesterday (January 31), Tianlong Optoelectronics released the full-year performance forecast, and it is estimated that the full-year profit in 2011 will be between 75 million yuan and 90 million yuan. According to the company's third quarterly report in 2011, the company's profit in the first three quarters of 2011 was 112 million yuan. According to this calculation, Tianlong Optoelectronics incurred a loss of 22 million yuan to 37 million yuan in the fourth quarter of last year.
As a result, the global PV market boom since the second quarter of last year has affected equipment manufacturers. The reporter learned that in addition to Tianlong Optoelectronics, other A-share PV equipment factories, such as Jinggong Technology (002006) and Beijing Express (601908), also experienced delays in order delivery.
Tianlong Optoelectronics first loss in a single season
In 2011, it was regarded as the harvest year of Tianlong Optoelectronics (300029, closing price 13.42 yuan). The company's single crystal furnace market share is stable, and the newly developed polysilicon ingot furnace is also in volume shipment. Before the listing of Beijing Express (601908, closing price of 20.85 yuan), Tianlong Optoelectronics has been highly anticipated by the market.
However, since the second quarter of last year, the industry's business climate has turned sharply, making the outside world's confidence continue to decline. Yesterday's announcement also confirmed the previous industry judgment. The 2011 annual results forecast released by Tianlong Optoelectronics showed that the company's net profit last year was 75 million yuan to 90 million yuan, which was roughly the same as the net profit level of 85.382 million yuan in the previous year. The year-on-year increase and decrease ranged from -10% to 10%. .
From this point of view, Tianlong Optoelectronics' first-quarter performance loss since its listing in the fourth quarter of last year, the loss amounted to 22 million to 37 million yuan. The company attributed the low performance to the impact of the industry's environment, saying that under the dual pressure of rising inventory and falling prices, the industry as a whole entered a phased adjustment period. However, in the reporter's subsequent interview, Tianlong Optoelectronics acknowledged that the industry downturn affected the company's sales orders, especially the shrinking demand in Europe led to the suspension of production in some domestic enterprises. The company's orders transferred to the fourth quarter have declined compared with the same period last year.
Equipment manufacturers are affected
Yesterday's performance forecast also confirmed the widespread concern in the industry since the end of last year. The long-term sluggish PV demand, its negative effects were finally transmitted to the production of equipment. Xiong Jie, a researcher at Great Wall Securities, told reporters that under the dual impact of the European debt crisis and overcapacity, the current domestic small and medium-sized PV enterprises have stopped production in large areas, and the capacity utilization rate of large plants has also dropped significantly. Since the second half of last year, the expansion of capacity of large factories has slowed down, and the expansion of small factories has stagnated. In Tianlong Optoelectronics, new orders since the second half of the year have declined compared with the same period of the previous year. Tianlong Optoelectronics expects shipments of polycrystalline furnaces to be 40-50 units last year, down from the target of 80 units at the beginning of the year.
Not only is the Tianlong Optoelectronics affected. Among other listed companies in the same industry, some researchers have learned that Beijing Express has also experienced a slowdown in downstream customers, requiring the company to postpone the delivery of ordered equipment. Although Beijing Express did not express this information in public channels, in the third quarter of last year, the company suddenly accrued a large amount of inventory depreciation reserves and bad debt provision, which caused the current asset impairment loss to increase by 622%.
In terms of Jinggong technology, product delivery was also not completed according to the schedule agreed upon when the sales contract was signed. After checking the major contracts disclosed by the company, the reporter found that Jinggong Technology signed a contract with Jiangsu Gieseng in April last year, which was originally scheduled to be delivered in 2011. The supply contract for the 649 million yuan polycrystalline furnace was completed until the Lunar New Year. The 275 million yuan of goods were not delivered; the supply contract signed with Yingli Green Energy, which should have been completed by October 30 last year, is still being implemented by the beginning of this month. The company's total order of 1.883 billion yuan was completed last year, but the actual situation is that after entering 2012, there are still 492 million yuan unexecuted.
Xiong Jie said that the photovoltaic industry is still at the bottom of the economy. The low demand is expected to improve in the second quarter of this year. The overall capital expenditure of the industry will decline before the turning point, and the impact of equipment manufacturers' demand will continue. 
