Chinese national high-tech enterprise Yingkou Jinchen Machinery Co., Ltd (Jinchen Corp), has always been actively expanding cell equipment business, which brought about the sharp rise of the company’s share price in photovoltaic market this year.
Founded in 2004, the company is one of the earliest enterprises involved in the solar photovoltaic equipment manufacturing industry in China, focusing on the R&D, production and sales of solar photovoltaic module manufacturing equipment. It now has become one of the few manufacturers providing complete sets of automatic production line equipment and overall solutions to solar photovoltaic module manufacturers.
The company has actively extended its layout to cell manufacturing equipment by accumulation of automation and equipment production technology, and has developed photovoltaic cell manufacturing equipment such as automatic loading and unloading machine, injection anti-attenuation equipment, PL tester and screen printing machine. It also provides intelligent manufacturing solutions such as intelligent port solution.
However, although there are many business types, the performance data in the first half of 2021 show that the module equipment business is the core support of the company, its gross profit margin is not as good as the cell equipment business.
Currently domestic solar module equipment is basically localized, with Jinchen Corp as the leader and rivals everywhere including Autowell, Ningxia XN Automation, Wuxi Lead Intelligent Equipment, Suzhou SC-Solar Equipment, and Boostsolar.
In cell core equipment, Jinchen Corp has a layout in both heterojunction and TOPCon. The company’s first heterojunction PECVD equipment has been delivered to Jinneng Clean Energy Technology, which is the first leading enterprise in domestic heterojunction cell industry. For the current mainstream perc cell equipment, the main equipment covered by the company is screen printing equipment, which is in the charge of its subsidiary Chenjin Intelligent Technology.
As the global leader in photovoltaic module equipment, however, the performance of the company is far from being compared with photovoltaic giants such as Longi and Tongwei, though it has achieved continue increasing performance. In 2020, the company’s revenue increased by 23.05% year-on-year to RMB 1.061 billion, and its net profit increased by 37.28% year-on-year to RMB 82.5596 million. In the first three quarters of this year, the company’s revenue increased by 33.41% year-on-year to RMB 1.054 billion yuan, and the net profit attributable to the parent increased by 21.7% year-on-year to RMB 78.5015 million yuan.
Benefiting from the popularity of the photovoltaic industry, the company’s share price soared nearly five times from early May to August this year. What the company attracts investors most now is its heterojunction cell related equipment, which may also be one of the main performance increments of the company in the future.
At present, the performance of the company mainly depends on photovoltaic module equipment, which may see a promising prospect since the current industry showing a high boom. As for how much its performance can be improved with heterojunction cell as the trend in recent years, it still needs time to verify.
