PVTIME – Photovoltaic glass manufacturer Ancai Hi-Tech (600207.SH), released its 2023 financial report, with a dramatic decline in net profit.
In 2023, Ancai Hi-Tech achieved revenue of 5.196 billion yuan, up 25.38% year on year, while its net profit attributable to shareholders of listed companies lost was about 19.287 million yuan, down 124.9% year on year.
In the reporting period, its annual output of photovoltaic glass reached 200 million square metres, up 107.33% year on year, with revenue of 3.771 billion yuan, up 87.60% year on year.
However, as a downstream raw material producer, its profit margin was narrowed to a historically low level. In 2020, its photovoltaic glass gross profit margin reached 27.72%, in 2021 and 2022, 25.39% and 16.81% respectively. Then in 2023, 13.06%, a further decline of 3.75% year-on-year.
Ancai Hi-Tech explain that the decline in profit is mainly due to the overall decline in the price of raw materials for photovoltaic products in the year of 2023.The price of silicon material, silicon wafer, solar cell and module encountered a large decline due to overcapacity, among which the price of silicon material decline nearly 80%. All of these negatively affected the company’s profit and performance.
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