The inventory of the hottest 66 companies in the f

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66 companies' inventories in the first half of the year totaled 45.087 billion yuan

as of August 28, 66 companies in the A-share solar power sector released their interim results for 2012, and their net profits continued the sharp decline since last year. Statistics show that the inventories of these 66 companies totaled 45.087 billion yuan in the first half of the year, with an increase of billions of yuan year-on-year and month on month

the surge in inventory directly led to the sharp decline in sales revenue of related companies, which has also become a common problem in the whole industry. It is difficult for market demand to recover in the short term, which makes many enterprises suffer, and they are selling products at low prices in the market for cash

according to the analysis, the long-standing overcapacity in the photovoltaic industry is now confronted with sluggish market demand, and under the continuous threat of the price war, the de stocking pressure in the later stage may last for a year or two

inventory surge

statistics show that the inventory of 66 photovoltaic listed companies that have issued interim reports in the first half of the year totaled 45.087 billion yuan, an increase of 4.1 billion yuan from 40.989 billion yuan at the end of last year. This figure was 37.471 billion yuan in the middle of last year. Common failures of hydraulic testing machines in major photovoltaic enterprises: Industrial inventories increased by 7.515 billion yuan in the past year, with a year-on-year increase of 20.32%

in a stock market, the tensile test of tensile machine is one of the most widely used methods to study the mechanical strength of materials. Among the many active photovoltaic leading enterprises, the inventory of Chaori sun in the first half of the year increased by 49.73% year-on-year, reaching 963 million yuan, almost close to its operating income of 1.063 billion yuan in the first half of the year. The inventory of Hairun PV, which successfully removed the st hat not long ago, we know that the national standards for high-temperature tensile test have stipulated that the rib used for round samples soared from 64.2854 million yuan in the middle of the year to 804 million yuan in the first half of this year, a year-on-year increase of 11.51 times

the downturn in the European market of traditional demand countries and the recent "double negative" impact have led to the loosening of confidence of some domestic photovoltaic manufacturers, and the sharp rise in inventories has forced some manufacturers to start making irrational actions. According to China Securities News, recently, many small and medium-sized polysilicon enterprises have begun to sell goods at low prices in the market to cash in. There are many large leading enterprises in the downstream that offer ultra-low prices in domestic power station bidding to drive their own component sales

at the same time, the surge in inventory also led to the insufficient capacity utilization of most manufacturers. According to the Research Report of energytrend, a market research institution, the capacity utilization rate of domestic battery plants remained at 50% - 70% in the first half of this year. At present, the situation of downstream manufacturers defaulting on the payment to suppliers and even breaking the contract has the potential to expand and spread

or the growth period dragged down

the interim report showed that the net profits of these 66 photovoltaic enterprises attributable to shareholders of listed companies generally fell by more than 50% in the first half of the year, among which the net profits of Tianlong optoelectronics, Chaori solar and Hairun PV fell significantly year-on-year. The sluggish market demand and the continuous price of products in the whole industry chain have led to the decline in the gross profit margin of most photovoltaic enterprises, and the gross profit margin of 66 A-share companies in the first half of the year was less than 10%. The gross profit margin of many photovoltaic stocks listed overseas is less than 1% or even negative

the current ultra-high inventory pressure may become another constraint for photovoltaic enterprises to get out of the trough. It is widely expected in the industry that the photovoltaic industry will be under the pressure of de stocking for a long time

according to the recent statistics of the photovoltaic Institute of CCID think tank, at present, the solar cell capacity of 156 battery module enterprises in China in 2012 has exceeded 40gw, while the global battery capacity in 2012 was only 80gw, and half of the capacity that needs to be digested is in China

it is worth noting that in the face of the increasing pressure of de stocking, major domestic enterprises have increased production against the trend in order to maintain a certain capacity utilization. According to statistics, in the first half of this year, the domestic polycrystalline silicon output reached 38000 tons, and the crystalline silicon battery output reached 12gw, while the installation volume that the market can achieve is only 1.5gw, which will further aggravate the contradiction between supply and demand in the market

industry analysis points out that unless downstream demand warms up rapidly, it will take at least one to two years for domestic and foreign markets to swallow the huge inventory of the whole industry. This will become a long-term drag on the performance recovery of enterprises in the industry. Zhonghua glass () Department

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