4月20日， 隆基股份發(fā)布2020年報告和2021年一季度報告，2020年隆基股份實現(xiàn)營業(yè)收入545.83億元，同比增長65.92%；歸屬于上市公司股東的凈利潤85.52億元，同比增長61.99%；2021年1-3月，隆基股份實現(xiàn)營業(yè)收入158.54億元，同比增長84.36%；歸屬于上市公司股東的凈利潤25.02億元，同比增長34.24%。筆者注意到，2020年受特殊時期和原輔料價格飆升的影響，隆基股份不僅業(yè)績超預(yù)期，而且首登硅片與組件出貨“雙冠王”寶座。在此基礎(chǔ)上，隆基股份還制定了2021年850億元的營業(yè)收入新目標(biāo)。值得關(guān)注的是，當(dāng)多數(shù)企業(yè)仍在光伏圈里打轉(zhuǎn)時，隆基股份已經(jīng)“出圈”，跨入BIPV（光伏建筑一體化）和光伏制氫領(lǐng)域。其先是以超16億元入股森特股份(603098.SH)，緊接著攜手私募巨頭朱雀投資成立氫能公司，并與中國石化達(dá)成戰(zhàn)略合作。
       在隆基股份看來，這一系列動作是對光伏產(chǎn)業(yè)鏈的延伸，其進(jìn)一步布局新的應(yīng)用場景，并在“碳中和”時代機(jī)遇下尋找到新的業(yè)績增長點(diǎn)。4月21日，隆基股份方面對最新業(yè)績給予說明，透露了公司落下兩枚“棋子”的邏輯及部分細(xì)節(jié)。
2020年，隆基股份的收入主要來自上游硅片和中游組件，兩者的銷售收入分別為140.97億元和352.13億元，境內(nèi)外平均銷售毛利率分別為32.73%和20.33%。從出貨上看，2020年硅片和組件出貨分別為58.15GW（含自用）和24.53GW（含自用），位居全球第一。
過去十年，光伏市場集中化程度持續(xù)提升，競爭格局不斷重構(gòu)。隆基股份篤定光伏單晶技術(shù)路線，從硅片做起，并于2014年收購浙江樂葉以進(jìn)入電池組件領(lǐng)域，逐漸形成了垂直一體化產(chǎn)能。在業(yè)內(nèi)，其不僅樹立起行業(yè)上游的話語權(quán)，還逐漸將下游電站終端客戶盡收囊中。如今，隆基股份已經(jīng)從一個名不見經(jīng)傳的小企業(yè)，蛻變成為全球光伏制造商領(lǐng)先企業(yè)。2021年1月，胡潤研究院發(fā)布《2020胡潤世界500強(qiáng)》，隆基股份排名第369位，為榜單中唯一主營光伏業(yè)務(wù)的企業(yè)。
          過往皆序章。2021年，隆基股份再定新目標(biāo)。根據(jù)2021年規(guī)劃，隆基股份預(yù)計單晶硅片出貨80GW(含自用)，組件出貨量40GW(含自用)。筆者注意到，這是一組近乎翻倍的數(shù)字，高出中環(huán)股份硅片出貨目標(biāo)，也高出晶科能源、晶澳科技和天合光能等企業(yè)制定的組件出貨目標(biāo)。
與此同時，2021年，隆基股份還制定了新經(jīng)營目標(biāo)，計劃實現(xiàn)營業(yè)收入850億元，預(yù)計同比增長55.73%。在2020年度暨2021年第一季度業(yè)績說明會上，隆基股份董事長鐘寶申表示，850億元營收目標(biāo)主要包括：硅片業(yè)務(wù)約220億元、組件業(yè)務(wù)約560億元和其他業(yè)務(wù)約70億元。這是經(jīng)過評估市場之后確定的目標(biāo)，相信可以完成。當(dāng)下，不少光伏同行試圖通過210尺寸變革，改變整個競爭格局。對此，鐘寶申透露，公司不會再擴(kuò)大組件產(chǎn)品尺寸了，這會使客戶的收益和風(fēng)險嚴(yán)重不對等。在2021年硅料價格仍居高不下的環(huán)境下，隆基股份強(qiáng)化垂直一體化產(chǎn)能，以控制成本、抵御風(fēng)險。根據(jù)隆基股份披露，2020年公司硅片、電池和組件分別為85GW、30GW和50GW，到2021年規(guī)劃硅片、電池和組件產(chǎn)能約105GW、38GW和65GW。在電池技術(shù)方面，鐘寶申還透露，隆基在2021年年底會投產(chǎn)兩種新技術(shù)路線的電池，分別應(yīng)用于地面電站和分布式電站，效率要高于目前水平。
    

        光伏賽道上的持續(xù)增長力，使隆基股份成為資本市場上一顆閃耀明星。近兩年，隆基股份一直受到資本市場關(guān)注，2020年12月，高瓴資本豪擲158億元入股。截至4月21日收盤，隆基股份股價為92.44元/股，總市值3574億元。伴隨“碳中和”沖鋒號響起，隆基股份選擇在光伏主業(yè)基礎(chǔ)上，進(jìn)軍BIPV和光伏制氫。在隆基股份看來，這并非蹭熱點(diǎn)，也并非一時興起，而是遵循企業(yè)自身的發(fā)展思路。所謂BIPV，即將光伏產(chǎn)品集成到建筑上的技術(shù)，也就是光伏建筑一體化，如光伏幕墻；而光伏制氫，即指利用光伏發(fā)電和電解水組合制氫。當(dāng)前，應(yīng)對全球氣候變化成為人類社會最大的共識，已超過120多個國家設(shè)立了“碳中和”目標(biāo)。2020年9月，我國提出了“二氧化碳排放力爭2030年前達(dá)到峰值，努力爭取2060年前實現(xiàn)碳中和”的目標(biāo)。隆基股份品牌總經(jīng)理王英歌告訴筆者：“在碳中和目標(biāo)下，減碳目標(biāo)落實的重要領(lǐng)域涉及能源、工業(yè)、交通和建筑四大核心領(lǐng)域。因此，對于光伏而言，減碳不能僅僅立足于原來的地面、工商業(yè)和戶用三大市場了，這沒有完全覆蓋光伏的全部應(yīng)用場景，也不能完全支撐實現(xiàn)碳中和，要拓展新光伏應(yīng)用場景。他進(jìn)一步解釋，隆基股份在能源和交通領(lǐng)域看好氫能應(yīng)用。權(quán)威機(jī)構(gòu)預(yù)測，2050年氫能在全球能源結(jié)構(gòu)占比達(dá)到18%，是一種清潔的二次能源，可應(yīng)用于商用車、飛機(jī)、輪渡和重卡等。此外，在建筑領(lǐng)域，除了傳統(tǒng)屋頂光伏，BIPV也迎來較大增長空間，可替代建材、彩鋼瓦屋頂。這些布局是隆基全面梳理后的一個邏輯。
“    碳中和”帶來新生態(tài)、新場景，也意味著新機(jī)會。繼2020年發(fā)布BIPV產(chǎn)品后，隆基股份于2021年3月以16.35億元作價收購森特股份27.25%股份，交易完成后，隆基股份成為森特股份第二大股東。這次收購將有助于雙方業(yè)務(wù)融合，充分發(fā)揮森特股份在建筑屋頂設(shè)計、維護(hù)上的優(yōu)勢，同時結(jié)合隆基股份在BIPV產(chǎn)品制造上的優(yōu)勢，開拓綠色公共建筑市場業(yè)務(wù)。鐘寶申表示，在碳達(dá)峰、碳中和目標(biāo)的引領(lǐng)下，國內(nèi)大部分省份和地區(qū)已經(jīng)明確了將在“十四五”期間大力推廣并發(fā)展綠色建筑，其中北京和南京兩地陸續(xù)公布了具有吸引力的補(bǔ)貼政策，以推動本地區(qū)的綠色建筑發(fā)展。隨著綠色建筑標(biāo)準(zhǔn)的持續(xù)完善和光伏制造成本的不斷下降，預(yù)計BIPV市場有望成為全球新興藍(lán)海市場，發(fā)展?jié)摿薮蟆?021年，公司的BIPV產(chǎn)品出貨規(guī)劃400MW。隆基股份創(chuàng)始人、總裁李振國表示，我們希望在四五年內(nèi)將BIPV業(yè)務(wù)打造成一個每年營收超百億的業(yè)務(wù)板塊。
 

       除了BIPV，隆基股份的涉氫業(yè)務(wù)同樣引發(fā)外界關(guān)注。據(jù)介紹，隆基股份早在2018年就開始關(guān)注可再生能源電解制氫，并與國內(nèi)、海外知名科研機(jī)構(gòu)、權(quán)威專家進(jìn)行了深入的研發(fā)課題合作，在電解制氫裝備、光伏制氫等領(lǐng)域形成了技術(shù)積累。不難發(fā)現(xiàn)，隆基股份的董事長與創(chuàng)始人的行程也透露了部分信號。2020年3月，鐘寶申赴大同調(diào)研氫燃料電池企業(yè)。同年9月，李振國在上交所公開課采訪中便提及，“最近在研究氫能”。
緊接著，2021年3月31日，隆基股份正式成立西安隆基氫能科技有限公司；4月20日，無錫隆基氫能科技有限公司成立，由西安隆基氫能科技有限公司100%持股。
           王英歌透露，隆基股份定位綠氫裝備技術(shù)解決方案，包括電解槽等成套設(shè)備和解決方案。這是隆基擅長的制造技術(shù)領(lǐng)域，也是公司在氫能領(lǐng)域的主要立足點(diǎn)。 王英歌還表示，公司的制氫裝備會在2021年具備規(guī)?；a(chǎn)能，目標(biāo)也要做到行業(yè)技術(shù)領(lǐng)先，并在第四季度形成領(lǐng)先產(chǎn)能。

事實上，目前氫能市場仍處于商業(yè)化的導(dǎo)入階段，能夠真正盈利的企業(yè)少之甚少，隆基股份布局制氫設(shè)備符合當(dāng)下現(xiàn)實行情。4月13日，隆基股份與中國石化簽署戰(zhàn)略合作協(xié)議，雙方通過全方位協(xié)同，在分布式光伏、光伏+綠氫、化工材料等多領(lǐng)域形成深度的合作關(guān)系，共同開拓清潔能源應(yīng)用市場。按照中國石化的戰(zhàn)略目標(biāo)，公司將加快打造為“油氣氫電非”（油品、天然氣、氫燃料、充換電、非油品）綜合能源服務(wù)商?！笆奈濉逼陂g，中國石化規(guī)劃建成1000座加氫站。 王英歌說，隆基股份將為中國石化提供光伏組件、分布式及地面電站解決方案和氫能設(shè)備解決方案。

On April 20, Longji issued the report for 2020 and the report for the first quarter of 2021. In 2020, Longji achieved an operating income of 54.583 billion yuan, with a year-on-year growth of 65.92%. Net profit attributable to shareholders of listed companies was 8.552 billion yuan, up 61.99% year on year;From January to March 2021, Longji Group achieved an operating income of 15.854 billion yuan, with a year-on-year growth of 84.36%; Net profit attributable to shareholders of the listed company was 2.502 billion yuan, up 34.24% year on year.The author noted that in 2020, affected by the special period and the soaring price of raw materials, Longji shares not only exceed expectations, but also the first silicon wafer and module shipment "double crown" throne. On this basis, Longji shares also set a new operating revenue target of 85 billion yuan in 2021.It is worth noting that while most enterprises are still in the photovoltaic circle, Longji shares have been "out of the circle", into the BIPV (photovoltaic building integration) and photovoltaic hydrogen production field. It first invested more than 1.6 billion yuan in Cent shares (603098.sh), and then invested with private equity giant Zhuque to establish a hydrogen energy company, and reached a strategic cooperation with Sinopec.

In Longi's view, this series of actions is the extension of the photovoltaic industry chain, its further layout of new application scenarios, and in the "carbon neutral" era opportunities to find new performance growth points. April 21, Longji shares on the latest performance to give instructions, revealed the company fell two "pieces of logic" and some details.

In 2020, Longji's revenue mainly comes from upstream silicon wafers and midstream components, whose sales revenue is 14.097 billion yuan and 35.213 billion yuan respectively, and the average gross sales margin at home and abroad is 32.73% and 20.33% respectively. In terms of shipments, wafer and component shipments in 2020 are respectively 58.15GW (including self-use) and 24.53GW (including self-use), ranking first in the world.

Over the past decade, the concentration of the photovoltaic market has continued to improve, and the competitive landscape has been constantly restructured. Longi is committed to the photovoltaic single crystal technology route, starting from silicon wafer, and acquired Zhejiang Leye in 2014 to enter the field of battery modules, gradually forming a vertical integration capacity. In the industry, it has not only established the right to speak in the upstream of the industry, but also gradually acquired all the downstream terminal customers of power stations. Today, Longji has transformed from a little-known small enterprise to a leading global photovoltaic manufacturer. In January 2021, Hurun Research Institute released the "2020 Hurun Global 500", and Longi ranked No. 369 in the list, which was the only enterprise mainly engaged in photovoltaic business.

The past is all prologue.In 2021, Longji shares to set a new target.According to the 2021 plan, Longi expects to ship 80GW of mono-crystalline silicon wafers (including self-use) and 40GW of components (including self-use).I note that this is a set of nearly double figures, higher than CMC's wafer shipment target and higher than the module shipment targets set by JinkoSolar, JA Technology and Trina Solar.

At the same time, in 2021, Longji shares also formulated a new business target, the plan to achieve 85 billion yuan of operating income, is expected to increase by 55.73%. In 2020 and the first quarter of 2021, Longji's chairman Zhong Baoshen said that the target revenue of 85 billion yuan mainly includes: silicon wafer business about 22 billion yuan, component business about 56 billion yuan and other business about 7 billion yuan.This is a target determined after the evaluation of the market, and I believe it can be achieved.At present, many photovoltaic peers are trying to change the whole competitive landscape through 210 size revolution. In this regard, Zhong Baoshen revealed that the company will not expand the size of component products, which will make the benefits and risks of customers seriously unequal. Under the environment of high silicon prices in 2021, Longi will strengthen its vertically integrated production capacity to control costs and fend off risks. According to the disclosure of Longi Co., Ltd. in 2020, the company's silicon wafers, batteries and modules will be 85GW, 30GW and 50GW respectively. By 2021, the company plans to produce about 105GW, 38GW and 65GW of silicon wafers, batteries and modules.In terms of battery technology, Zhong also revealed that Longi will put into production two new technology lines of batteries by the end of 2021, one for ground power stations and the other for distributed power stations, with higher efficiency than the current level.

Photovoltaic track on the continuous growth force, so that Longji shares become a shining star in the capital market. In the past two years, Longji shares have been attracting the attention of the capital market. In December 2020, Hillhouse Capital invested 15.8 billion yuan to become a shareholder. As of April 21, the stock price of Longji was 92.44 yuan per share, with a total market value of 357.4 billion yuan.With the sound of "carbon neutral" charge, Longi shares chose to enter BIPV and photovoltaic hydrogen production on the basis of the main industry. In the view of Longji shares, this is not a hot spot, nor is it a whim, but to follow the development of their own ideas.The so-called BIPV is the technology of integrating photovoltaic products into buildings, that is, the integration of photovoltaic buildings, such as photovoltaic curtain walls; Photovoltaic hydrogen production refers to the combination of photovoltaic power generation and water electrolysis to produce hydrogen. At present, tackling global climate change has become the biggest consensus of human society, and more than 120 countries have set the goal of being "carbon neutral". In September 2020, China put forward the goal of "striving to reach the peak of carbon dioxide emissions by 2030 and striving to achieve carbon neutrality by 2060". Longji brand general manager Wang Yingge told the author: "under the carbon neutral target, carbon

 reduction target implementation of the important areas involving energy, industry, transportation and construction of the four core areas. Therefore, for photovoltaic, carbon reduction cannot only be based on the original ground, industrial and commercial and household markets, which does not fully cover all application scenarios of photovoltaic, nor can fully support the realization of carbon neutrality. New photovoltaic application scenarios should be expanded.He further explained that Longji shares in the field of energy and transportation optimistic about hydrogen energy applications. It is predicted by authoritative agencies that hydrogen energy will account for 18% of the global energy mix by 2050. It is a clean secondary energy that can be used in commercial vehicles, aircraft, ferries and heavy trucks. In addition, in the field of architecture, in addition to the traditional roof photovoltaic, BIPV also ushered in a greater growth space, can replace the building materials, color steel tile roof. These layouts are a logic after Longji's comprehensive carding.

"Carbon neutrality" opens up new ecosystems, new scenarios, and new opportunities.Following the release of BIPV products in 2020, Longji acquired 27.25% of Cent shares at a price of 1.635 billion yuan in March 2021. Upon completion of the transaction, Longji shares became the second largest shareholder of Cent shares. The acquisition will contribute to the business integration of the two parties, giving full play to the advantages of Cent in building roof design and maintenance, while combining with the advantages of Longi in BIPV product manufacturing, to expand the business in the green public building market.Under the guidance of the goal of reaching a carbon peak and being carbon neutral, most provinces and regions in China have made it clear that they will vigorously promote and develop green buildings during the 14th Five-Year Plan period, with Beijing and Nanjing announcing attractive subsidy policies to promote green building development in their regions, Zhong said. With the continuous improvement of green building standards and the continuous decline of photovoltaic manufacturing costs, the BIPV market is expected to become an emerging global blue ocean market with huge development potential. In 2021, the company's BIPV product shipment plan is 400MW."We hope to build the BIPV business into a business segment with annual revenue of more than 10 billion yuan in four to five years," said Li Zhenguo, founder and president of Longji.

除了BIPV，隆基股份的涉氫業(yè)務(wù)同樣引發(fā)外界關(guān)注。據(jù)介紹，隆基股份早在2018年就開始關(guān)注可再生能源電解制氫，并與國內(nèi)、海外知名科研機(jī)構(gòu)、權(quán)威專家進(jìn)行了深入的研發(fā)課題合作，在電解制氫裝備、光伏制氫等領(lǐng)域形成了技術(shù)積累。不難發(fā)現(xiàn)，隆基股份的董事長與創(chuàng)始人的行程也透露了部分信號。2020年3月，鐘寶申赴大同調(diào)研氫燃料電池企業(yè)。同年9月，李振國在上交所公開課采訪中便提及，“最近在研究氫能”。
緊接著，2021年3月31日，隆基股份正式成立西安隆基氫能科技有限公司；4月20日，無錫隆基氫能科技有限公司成立，由西安隆基氫能科技有限公司100%持股。
           王英歌透露，隆基股份定位綠氫裝備技術(shù)解決方案，包括電解槽等成套設(shè)備和解決方案。這是隆基擅長的制造技術(shù)領(lǐng)域，也是公司在氫能領(lǐng)域的主要立足點(diǎn)。 王英歌還表示，公司的制氫裝備會在2021年具備規(guī)?；a(chǎn)能，目標(biāo)也要做到行業(yè)技術(shù)領(lǐng)先，并在第四季度形成領(lǐng)先產(chǎn)能。

事實上，目前氫能市場仍處于商業(yè)化的導(dǎo)入階段，能夠真正盈利的企業(yè)少之甚少，隆基股份布局制氫設(shè)備符合當(dāng)下現(xiàn)實行情。4月13日，隆基股份與中國石化簽署戰(zhàn)略合作協(xié)議，雙方通過全方位協(xié)同，在分布式光伏、光伏+綠氫、化工材料等多領(lǐng)域形成深度的合作關(guān)系，共同開拓清潔能源應(yīng)用市場。按照中國石化的戰(zhàn)略目標(biāo)，公司將加快打造為“油氣氫電非”（油品、天然氣、氫燃料、充換電、非油品）綜合能源服務(wù)商?！笆奈濉逼陂g，中國石化規(guī)劃建成1000座加氫站。 王英歌說，隆基股份將為中國石化提供光伏組件、分布式及地面電站解決方案和氫能設(shè)備解決方案。