4月27日，隆基股份发布2021年年报。报告期内，公司实现营业收入809.32亿元，同比增长48.27%；实现归属于上市公司股东的净利润90.86亿元，其中归属于上市公司股东的扣除非经常性损益的净利润88.26亿元；综合毛利率20.19%，资产负债率为51.31%降8.07个百分点。隆基股份表示，2022年计划实现营业收入超过1000亿元。
市占率实现细分市场全面领先2021年，公司实现单晶硅片出货量70.01GW，其中对外销售33.92GW，自用36.09GW；实现单晶组件出货量38.52GW，其中对外销售37.24GW，同比增长55.45%，自用1.28GW。报告期内，隆基股份组件销量、市场占有率、品牌影响力均位列全球首位，其内外销组件出货总量远超第二名10GW以上。
在销售区域上，隆基股份在亚太、欧洲、中东非等国家和区域的市占率已实现领跑，组件销量已实现从2020年的全球整体领先到2021年在全球主要细分市场的全面领先。
截至2021年底，公司单晶硅片产能达到105GW,单晶电池产能达到37GW，单晶组件产能达到60GW。2021年存货周转天数较2020年减少了6.8天，市场对隆基股份产品认可度持续提升。隆基股份发布2022年度单晶硅片出货量目标为90GW-100GW（含自用），组件出货量目标为50GW-60GW（含自用）。
与此同时，公司在年报公布2021年度利润分配预案，拟向全体股东每10股派发现金红利2.6元（含税），拟向全体股东每10股以资本公积金转增4股。2021年，隆基股份基本每股收益1.69元，较上年同期增4.32%。中信建投证券研报认为，技术产能方面布局领先的电池组件企业将能享受较强的技术红利，通过组件溢价获取超额利润及估值弹性，具备较好投资机会。
10年超100亿研发位居行业榜首
2021年，我国光伏新增装机54.88GW，占全国新增发电装机量的31.17%，同比增长13.9%。光伏发电已成为全球增长速度最快的可再生能源品种。
自2012年上市以来至2021年，隆基股份营业收入年复合增长率达到53.52%，其总营收从17.1亿元增加至超800亿元，增长47倍。公司研发投入累计超100亿元。2021年，公司累计获得各类已授权专利1,387项，全年研发投入43.94亿元，占营业收入5.43%，较2020年同比增长69.55%。
硅片方面，据PV InfoLink最新的统计，2021年182产品的市场份额为28%，全球出货约为48.5GW，210组件出货则为23.5GW，预计2022年182产品市占率将达到53%，210尺寸产品市占率将达到26%。
电池组件方面，公司搭建起开放性创新平台，报告期内公司公布的N型TOPCon、HJT电池和P型TOPCon电池研发转换效率不断刷新行业的世界纪录。
据悉，2022年1季度，隆基股份加快新型电池技术的产业化建设，预计将在2022年第3季度开始投产。
持续降低资产负债迎接产业变革，统计数据显示，2021年，我国光伏新增装机54.88GW，占全国新增发电装机量的31.17%，同比增长13.9%。在光伏新增装机总量中，分布式新增装机量约29.28GW（其中户用光伏新增装机量约21.6GW），占当年我国新增光伏装机量约53.4%，历史上首次突破50%。
年报显示，公司经营活动现金流量净额持续增长，达123.23亿元，同比增幅11.87%，表明销售规模扩大，回款改善。从应收预付与应付预收中可以看出隆基股份对下游购买者议价能力较强。
报告期内，隆基股份资产负债率为51.31%，较2020年末下降8.07个百分点。相较于同行增加资产负债至70%以上的激进投资，隆基股份财务状况更为稳健，显示较强的偿债能力和持续投资的融资潜力。在PV Module Tech发布的可融资性评级报告中，公司凭借卓越的制造能力和财务健康水平，是近三年全球唯一获得AAA评级的组件供应企业，创下目前该评级报告中所统计最高水平，财务健康指数持续领先。
2021年，拉晶切片方面，隆基股份曲靖年产10GW单晶硅棒和硅片项目已达产，楚雄（三期）年产20GW单晶硅片项目已部分投产；电池组件方面，江苏隆基、滁州二期等基地产线升级实施完毕，西咸乐叶年产15GW单晶电池项目正在建设中。一体化产能加速扩张。

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.