大全新能源公布2017年第二季度财报

Publicado el 10 ago. 2017
Daqo New Energy 
Daqo New Energy Corp. announced its unaudited financialresults for the second quarter of 2017.

Second Quarter 2017 Financial and OperatingHighlights

- Record-high polysilicon production volume of 4,993MT in Q2 2017, increased from 4,927MT in Q1 2017

- Record-high polysilicon external sales volume(1)of 4,497MT in Q2 2017, increased from 4,223MT in Q1 2017

- Polysilicon average total production cost(2)of $8.53/kg in Q2 2017, compared to $8.41/kg in Q1 2017

- Polysilicon average cash cost(2)of $6.77/kg in Q2 2017, compared to $6.68/kg in Q1 2017

- Average selling price (ASP) of polysiliconwas $13.58/kg in Q2 2017, compared to $16.66/kg in Q1 2017

- Solar wafer sales volume of 27.0 millionpieces in Q2 2017, increased from 22.4 million pieces in Q1 2017

- Revenue of $76.0 million in Q2 2017, comparedto $83.8 million in Q1 2017

- Gross profit of $24.2 million in Q2 2017, comparedto $35.9 million in Q1 2017

- Gross margin of 31.9% in Q2 2017, compared to42.8% in Q1 2017

- Non-GAAP gross margin(3) of 32.6%in Q2 2017, compared to 44.0% in Q1 2017

- EBITDA (non-GAAP)(3) of $29.8 millionin Q2 2017, compared to $41.7 million in Q1 2017

- EBITDA margin (non-GAAP)(3) of 39.2%in Q2 2017, compared to 49.8% in Q1 2017

- Net income attributable to Daqo New Energyshareholders of $12.1 million in Q2 2017, compared to $22.9 million in Q1 2017 and$19.8 million in Q2 2016

- Earnings per basic ADS of $1.15 in Q2 2017, comparedto $2.18 in Q1 2017 and $1.90 in Q2 2016

- Adjusted net income (non-GAAP)(3) attributableto Daqo New Energy shareholders of $13.8 million in Q2 2017, compared to $24.8million in Q1 2017 and $22.0 million inQ2 2016

- Adjusted earnings per basic ADS (non-GAAP)(3)of $1.31 in Q2 2017, compared to $2.36 in Q1 2017 and $2.10inQ2 2016



Notes:

(1) Our polysilicon external sales volumeexcludes internal sales to our Chongqing wafer manufacturing subsidiary, whichutilizes polysilicon as raw material for the production of solar wafers. Thesales volume is the quantity of goods that have been received by customers, andthus the corresponding revenue has been recognized during the period indicated.

(2) Production cost and cash cost only refer toproduction in our Xinjiang polysilicon facilities. Production cost iscalculated by the inventoriable costs relating to production of polysilicon inXinjiang divided by the production volume in the period indicted. Cash cost iscalculated by the inventoriable costs relating to production of polysiliconexcluding depreciation expense in Xinjiang, divided by the production volume inthe period indicated.

(3) Daqo New Energy provides non-GAAP grossprofit, non-GAAP gross margin, EBITDA, EBITDA margin, adjusted net income (loss)attributable to Daqo New Energy Corp. shareholders and adjusted earnings (loss)per ADS on a non-GAAP basis to provide supplemental information regarding itsfinancial performance. For more information on these non-GAAP financialmeasures, please see the section captioned "Use of Non-GAAP FinancialMeasures" and the tables captioned "Reconciliation of non-GAAPfinancial measures to comparable US GAAP measures" set forth at the end ofthis press release.

Commentary

"Weare pleased to report that the second quarter of 2017 was a solid quarter withnew records on both polysilicon production volume and external sales volume.During the quarter, we produced 4,993MT of polysilicon and sold 4,497MT toexternal customers. We also conductedvarious experiments to improve polysilicon quality, particularly for themono-crystalline grade polysilicon, which had a slight impact to overallproduction cost and volume. However, weare seeing meaningful quality improvements. Production volume as well as shipment of mono-crystalline quality polysiliconhit a record high in June," said Dr. Gongda Yao, Chief Executive Officer ofDaqo New Energy.

"Due todownstream customer inventory management at the end of the first quarter, ASPfell in April, but ASP started to recover in May. Demand and pricing improved throughout the secondquarter, with the ASP in June approximately 15% higher than that in April. So far in the third quarter, customer demand hasremained robust with pricing continuing to improve."

"In termsof the PV end market, China installed 24.4GW of solar PV in the first half of2017, representing a new record high and a 9% increase from the first half of2016. For the full year of 2017, China'sannual PV installation forecast is currently expected to exceed 35GW. Based on discussions with our customers, webelieve that China's PV market demand continues to be strong, driven bytop-runner projects as well as distributed generation. Globally, the U.S. andIndian markets are also seeing strong PV product demand. Starting in late July, we have seen a fairlysignificant shortage of polysilicon in the China market and continued improvementsin polysilicon pricing. With a muchstronger than expected solar PV installations in China, the annual total globalsolar installation in 2017 is likely to exceed 80 GW for the first time ever."

"Duringthe second quarter of 2017, the company generated $12.1 million in net incomeattributable to Daqo New Energy shareholders and $29.8 million in EBITDA with anEBITDA margin of 39.2%. In particular, ouroperating cash flow remains strong. Inthe first half of 2017, we generated $73.6 million in net cash provided byoperating activities."

"Goingforward, we will continue our efforts to improve quality throughout the year. With our high product quality and stablesupply capabilities, we continue to be a supplier of choice with strong demandfor our high quality polysilicon from our diverse customer base."

Outlook and Q3 2017guidance

The Company's annual maintenancefor the Xinjiang polysilicon facility is scheduled for late September andOctober. The annual maintenance is anticipatedto impact production volume by approximately two weeks. As a result, the Company expects to produce4,200 MT to 4,500MT of polysilicon and sell approximately 3,700MT to 4,000MTto external customers during the third quarter of 2017. The above external sales guidanceexcludes shipments of polysilicon to be used internally by our Chongqing solarwafer facility, which utilizes polysilicon for its wafer manufacturingoperation. Wafer sales volume isexpected to be approximately 25.0 million to 25.5 million pieces in the third quarterof 2017.

This outlook reflectsour current and preliminary view as of the date of this press release and maybe subject to change. Our ability to achieve these projections is subject torisks and uncertainties. See "Safe Harbor Statement" at the end of this pressrelease.

Second Quarter 2017 Results

Revenues

Revenues were $76.0 million, compared to $83.8 million inthe first quarter of 2017 and $71.0 million in the second quarter of 2016.

Revenues from polysilicon sales to external customers were$61.1 million, compared to $70.4 million in the first quarter of 2017 and $50.5million in the second quarter of 2016. External polysilicon sales volume was 4,497MT, increased from 4,223MT in the first quarter of 2017 and 2,931MT in the secondquarter of 2016. The average selling price (ASP) of polysilicon was $13.58/kgin the second quarter of 2017, compared to $16.66/kg in the first quarter of 2017.The decrease in polysilicon revenues as compared to the first quarter of 2017was primarily due to lower ASPs, partially offset by higher polysilicon salesvolume.

Revenues from wafer sales were $14.9 million, compared to$13.4 million in the first quarter of 2017 and $20.5 million in the secondquarter of 2016. Wafer sales volume was 27.0 million pieces, compared to 22.4million pieces in the first quarter of 2017 and 25.0 million pieces in the secondquarter of 2016.

Grossprofit and margin

Gross profit was approximately $24.2 million, compared to$35.9 million in the first quarter of 2017 and $29.4 millionin the second quarter of 2016. Non-GAAP gross profit, which excludes costsrelated to the non-operational polysilicon assets in Chongqing, was approximately$24.8 million, compared to $36.9 million in the first quarter of 2017 and $31.2million in the second quarter of 2016.

Gross margin was 31.9%, compared to 42.8% in the firstquarter of 2017 and 41.4% in the secondquarter of 2016.

In the second quarter of 2017, total costs related to thenon-operational Chongqing polysilicon assets including depreciation were $0.5million, decreased from $1.0 million in the first quarter of 2017 and $1.8million in the second quarter of 2016. Excluding costs related to thenon-operational Chongqing polysilicon assets, the non-GAAP gross margin wasapproximately 32.6%, compared to 44.0% in the first quarter of 2017 and 43.9% in the second quarter of 2016.

Selling, general and administrative expenses

Selling, general and administrative expenses were $4.5 million,compared to $4.1 million in the first quarter of 2017 and $3.7 million in the secondquarter of 2016.

Researchand development expenses

Research and development expenses were approximately $0.3million, compared to $0.4 million in the first quarter of 2017 and $0.1 millionin the second quarter of 2016. The research and development expenses vary fromperiod to period reflecting the R&D activities that occur in such period.

Otheroperating income

Other operating incomewas $0.8 million, compared to $0.8 million in the first quarter of 2017 and $0.6million in the second quarter of 2016. Other operating income was mainlycomposed of unrestricted cash incentives that the Company received from localgovernment authorities, the amount of which varies from period to period.

Operating incomeand margin

As a result of the foregoing, operating income was $20.2 million,comparedto $32.2 million in the first quarter of 2017 and $26.1 million in the second quarterof 2016.

Operating margin was 26.6%, comparedto 38.4% in the first quarter of 2017 and 36.8% in the second quarter of 2016.

Interest expense

Interest expense was $5.3million, compared to $4.3 million in the first quarter of 2017 and $3.5 millionin the second quarter of 2016.

EBITDA

EBITDA was $29.8 million, compared to $41.7 million inthe first quarter of 2017 and $34.7 million in the second quarter of 2016.EBITDA margin was 39.2%, compared to 49.8% in the first quarter of 2017 and 48.9%in the second quarter of 2016.

Net incomeattributable to Daqo New Energy Corp. shareholders and earnings per ADS

Net income attributable to Daqo New Energy Corp.shareholders was $12.1 million in the second quarter of 2017, compared to $22.9million in the first quarter of 2017 and $19.8 million in the second quarter of 2016.

Earnings per basic ADS were $1.15 inthe second quarter of 2017, compared to $2.18 in the first quarter of 2017 and $1.90 in the second quarter of 2016.

FinancialCondition

As of June 30, 2017,the Company had $49.8 million in cash and cash equivalents and restricted cash,compared to $61.2 million as of March 31, 2017 and $42.9 million as of June 30,2016. As of June 30, 2017, the accounts receivable balance was $3.8 million,compared to $13.1 million as of March 31, 2017. As of June 30, 2017, the notesreceivable balance was $10.5 million, compared to $11.7 million as of March 31,2017. As of June 30, 2017, total borrowings were $219.3 million, of which $123.1million were long-term borrowings, compared to total borrowings of $236.0million, including $129.2 million long-term borrowings, as of March 31, 2017.

Cash Flows

For the six monthsended June 30, 2017, net cash provided by operating activities was $73.6 million,increased from $66.6 million in the same period of 2016.

For the six monthsended June 30, 2017, net cash used in investing activities was $36.0 million,compared to $37.6 million in the same period of 2016. The net cash used ininvesting activities in 2017 was primarily related to the capital expenditureof Xinjiang Phase 3A polysilicon projects.

For the six monthsended June 30, 2017, net cash used in financing activities was $23.4 million, comparedto net cash used in financing activities of $13.5 million in the same period of2016. The increase was primarily due to repayment of related parties loans. 

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