Securities code: 002610 securities abbreviation: Jiangsu Akcome Science And Technology Co.Ltd(002610) Announcement No.: 2022-020
Jiangsu Akcome Science And Technology Co.Ltd(002610)
Announcement on the reply to the letter of concern of Shenzhen Stock Exchange
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Jiangsu Akcome Science And Technology Co.Ltd(002610) (hereinafter referred to as “the company” or ” Jiangsu Akcome Science And Technology Co.Ltd(002610) “) received the notice on Jiangsu Akcome Science And Technology Co.Ltd(002610) issued by the second Department of management of listed companies of Shenzhen Stock Exchange on January 27, 2022 (company Department notice [2022] No. 60). The company disclosed the 2022 stock option and restricted stock incentive plan (Draft) on January 26, 2022. The company plans to grant a total of 18.6426 million shares to the incentive objects, and set the performance evaluation indicators of the four exercise / release periods as: Based on the company’s operating revenue in 2021, the growth rate of operating revenue in 2022 shall not be less than 200%, The growth rate of operating revenue shall not be less than 400% in 2023, 600% in 2024 and 1000% in 2025. The second Department of listed company management of Shenzhen Stock Exchange expressed great concern for the above matters. The company shall verify the following matters and make a written explanation as follows:
1. The growth rate of the company’s performance appraisal indicators in this incentive plan is high. Please supplement the specific basis for the setting of performance appraisal indicators and whether they are realizable in combination with the development trend of your industry and main business, the growth rate of operating revenue in recent three years, orders on hand, etc.
Company reply:
In this incentive plan, the company’s performance evaluation index is the growth rate of operating revenue. In the setting of specific values of the index, the company comprehensively considers the characteristics of the industry, orders on hand and other relevant factors, and takes into account the realizability of the evaluation index and the incentive effect on the company’s employees.
The goal of “carbon peak and carbon neutralization” is a major strategic decision at the national level. It is not only the goal of coping with climate change, but also the strategic goal of economic and social development. It reflects the value direction of China’s future development and is a major political task. In the process of realizing “carbon peak and carbon neutralization” in the country, power and energy enterprises have great responsibilities. The key to promoting the transformation of clean and low-carbon energy is to accelerate the development of non fossil energy, especially new energy such as wind power and Cecep Solar Energy Co.Ltd(000591) power generation. As a clean energy with price competitiveness, the photovoltaic industry is ushering in unprecedented major development opportunities.
The company has always been committed to the development of Shanxi Guoxin Energy Corporation Limited(600617) industry. Since 2006, it has developed into a new energy efficient intelligent manufacturing integrated service provider with two core businesses of new energy manufacturing and new energy service. The new energy manufacturing sector focuses on the manufacturing of high-efficiency, high-quality and innovative batteries and modules, supported by the manufacturing of brackets and frames, and helps photovoltaic realize affordable Internet access with scale and technical advantages; In the new energy service sector, the company is a pioneer in new energy power generation and comprehensive energy services. The cumulative number of operation and maintenance power stations has been in the forefront of private enterprises in the same industry in China. Through the whole process of intelligent and efficient services, the company can meet the needs of customers, and comprehensively improve the income and overall value of power stations.
The company’s main business is divided into four parts: Cecep Solar Energy Co.Ltd(000591) battery panel (module), Cecep Solar Energy Co.Ltd(000591) battery frame, solar installation support and power sales. The operating income in the last three years is as follows:
Unit: Yuan
2020 2019
Proportion of amount in operating revenue to year-on-year increase or decrease in operating revenue
Total operating revenue 3016317076.72 100% 5126010313.44 100% – 41.16%
Cecep Solar Energy Co.Ltd(000591) battery panel (assembly) 727993281.74 24.14% 1583398902.16 30.89% – 54.02%
Cecep Solar Energy Co.Ltd(000591) battery frame 1045784722.13 34.67% 2209232412.07 43.10% – 52.66%
Cecep Solar Energy Co.Ltd(000591) mounting bracket 644392598.21 21.36% 661604367.46 12.91% – 2.60%
Electricity sales 462422397.34 15.33% 454769909.96 8.87% 1.68%
Others 135724077.30 4.50% 217004721.79 4.23% – 37.46%
Unit: Yuan
2019 2018
Proportion of amount in operating revenue to year-on-year increase or decrease in operating revenue
Total operating income 5126010313.44 100% 4852021657.90 100% 5.65%
Cecep Solar Energy Co.Ltd(000591) battery panel (assembly) 1583398902.16 30.89% 1188980240.28 24.50% 33.17%
Cecep Solar Energy Co.Ltd(000591) battery frame 2209232412.07 43.10% 1879714075.12 38.74% 17.53%
Cecep Solar Energy Co.Ltd(000591) mounting bracket 661604367.46 12.91% 657325950.48 13.55% 0.65%
Electricity sales 454769909.96 8.87% 839266983.90 17.30% – 45.81%
Others 217004721.79 4.23% 286734408.12 5.91% – 24.32%
The company expects the operating revenue to be RMB 2.5 billion to RMB 3 billion in 2021. The operating revenue decreased significantly from 2018 to 2021, which is mainly due to the impact of covid-19 epidemic, and the company’s overseas business market development is limited.
The underpayment of the superimposed power station and the bankruptcy and reorganization of the controlling shareholder Aikang industry led to the deterioration of the company’s financing environment, the tight capital chain and the contraction of the company’s traditional manufacturing business. In addition, the company’s new high-efficiency battery module project is in the stage of capacity climbing, resulting in a low operating revenue base in 2021. With the sale of the company’s power station and the completion of the restructuring of the controlling shareholder Aikang industry, the company’s fundamentals are gradually repaired and the overall financing environment is improved. The company is expected to achieve excess growth in operating revenue in the future. The specific analysis is as follows:
(1) Cecep Solar Energy Co.Ltd(000591) battery panel (assembly)
According to the prediction of China Photovoltaic Industry Association, “the scale of new installed capacity in the global photovoltaic market will continue to grow in the next five years. In the next five years, the average annual new installed capacity of China’s photovoltaic industry will reach 70-90gw, with an average annual growth of more than 10%. By 2025, the cumulative new installed capacity of photovoltaic industry will reach 330gw.” Cecep Solar Energy Co.Ltd(000591) the market space of battery components will also grow rapidly.
In order to seize the opportunity, the company actively expands and seize the Cecep Solar Energy Co.Ltd(000591) battery module market. At present, it has established four component manufacturing bases in Huzhou, Zhejiang, Suzhou, Jiangxi and Taizhou, Jiangsu, and all of them have achieved mass production, which can be compatible with the production of 166 / 182 / 210 components of different sizes and versions, perc and hjt different battery technologies, half chip and multi main grid component technologies, The production line layout is at the leading level in the industry, and the production capacity belongs to the advantageous production capacity of the industry. In 2025, the company will realize its own capacity of 21.4gw and joint venture capacity of 20GW, with a total capacity of 41.4gw. The capacity layout of the company’s high-efficiency Cecep Solar Energy Co.Ltd(000591) battery modules from 2021 to 2025 is as follows:
Total production base 2021 2022 2023 2024 2025
Suzhou base 1.2 3 — 8.2gw
Ganzhou base 1.2 ———– 1.2gw
Huzhou base 2 — 6Gw
Taizhou base — 26gw
Wenzhou base — 4-4 8GW
Zhoushan base — 3 12gw
Component subtotal 4.4gw 5GW 13GW 10GW 9gw
Cumulative components 41.4gw 4.4gw 9.4gw 22.4gw 32.4gw 41.4gw
After years of deep cultivation in the photovoltaic industry, the company not only laid out the production capacity of Cecep Solar Energy Co.Ltd(000591) cells and modules in advance, but also accumulated relatively high-quality customer resources, mainly including the following three aspects:
A. Cooperation between central enterprises and state-owned enterprises: the company has signed the strategic cooperation agreement with central enterprises such as zheneng group, Three Gorges power, China Resources Power, Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , Zhangjiagang Economic Development Zone and local state-owned enterprises in Aikang manufacturing base, focusing on the comprehensive business cooperation of photovoltaic power plants and driving the sales of high-efficiency Cecep Solar Energy Co.Ltd(000591) battery modules. At the same time, with the help of the advantages of Aikang in the field of photovoltaic accessories in the past 15 years, we have deeply cultivated high-quality customers such as Aikang frame and bracket, realized industrial coordination and customer resource sharing, and realized the landing transformation of efficient Cecep Solar Energy Co.Ltd(000591) component sales.
B. Overseas channels: on the one hand, with the help of Aikang’s traditional advantageous market and through joint expansion and cooperation with Japanese partners for many years, we have established production workshops in Aikang’s production base and launched high premium Cecep Solar Energy Co.Ltd(000591) component products suitable for the Japanese market. On the other hand, use the channels of Aikang Europe and Australia branches to realize localized sales and services. Distributed markets in Europe and Australia are hot, with low price sensitivity and higher preference for high-value and cost-effective components. High efficiency Cecep Solar Energy Co.Ltd(000591) components have higher power generation and lower power cost, which will give the EPC owner better long-term benefits.
C. Power station transformation: there are about 750gw + of existing power stations outside China that will face technological transformation and upgrading. As a representative of high efficiency and high power generation, Aikang high efficiency battery module is a key potential development market.
The company is building a Chinese sales team of 70 + people and an overseas marketing team of 50 + people. The Chinese sales team will build sales areas in the South and North, build a domestic sales network with key provinces and cities and multi-point coverage, and broaden a wide range of industrial customer resources and upstream and downstream supply chain resources. The overseas marketing team will set up offices or branches in Germany, Brazil, India, Australia, Saudi Arabia, Japan, South Korea, Singapore and Hong Kong, China.
The company has established a marketing center with efficient Cecep Solar Energy Co.Ltd(000591) component sales and service as the main body, with overseas sales companies and Chinese sales companies, sub regional management and market layout. For major strategic customers of state-owned enterprises and central enterprises, a strategic customer department is established to focus on service docking with strategic customers. At the same time, comprehensive sales department, marketing department, sales support department and other functional departments are set up to provide supporting support for sales, such as market, technology, commerce, finance, risk control and talents, so as to escort component sales.
In 2021, the company realized the sales of Cecep Solar Energy Co.Ltd(000591) battery components of about 1GW, with an estimated operating revenue of 1.8 billion yuan. Up to now, the orders in hand in 2022 are 766.3mw, and the order scheduling period is from January to early April, covering Huzhou, Suzhou and Ganzhou. In addition, there are 250MW potential orders under negotiation in the first quarter, and the overall order
