On the evening of Valentine's day, the photovoltaic industry chain can be described as "good things" - on the one hand, the "double silicon leader" Hoshine Silicon Industry Co.Ltd(603260) plans to lay out new silicon-based materials for 17.5 billion yuan to create new profit growth points; On one side, the "Silicon rookie" Shuangliang Eco-Energy Systems Co.Ltd(600481) signed a big order again. The sales of 15.95 billion yuan is expected to prove the strength of the company's transformation.
The two "official announcements" reveal a key meaning of the current photovoltaic industry - "long". Not only the signing of orders should be long, but also the layout of the industrial chain should be long. Behind it is not only the photovoltaic enterprises' competition for the position of silicon material and silicon wafer, but also the reshaping balance of supply and demand pattern.
17.5 billion "hit" polysilicon
Aggressive attack comes from Hoshine Silicon Industry Co.Ltd(603260) 's "whole industry chain dream".
Benefiting from the strong rebound growth at the downstream demand side of the industry and the impact of industrial policies, the company focused on the downstream photovoltaic field on the basis of expanding the production capacity of industrial silicon and silicone, its main products.
According to the announcement, Hoshine Silicon Industry Co.Ltd(603260) the estimated investment amount of this 200000 ton high-purity polysilicon project is 17.5 billion yuan, and the implementation subject is the wholly-owned subsidiary Xinjiang central Hoshine Silicon Industry Co.Ltd(603260) Co., Ltd. (hereinafter referred to as "central Hesheng"); Located in ganquanpu economic and Technological Development Zone (Industrial Zone) in Urumqi, Xinjiang; It is proposed to build 200000 t / a polysilicon unit, 100000 t / a caustic soda unit and supporting projects; The implementation cycle is 3 years.
Last December, Hoshine Silicon Industry Co.Ltd(603260) has "made the" preparations for the project through the official account of WeChat. According to the article, the company signed a strategic cooperation framework agreement with the Urumqi government and plans to start the construction of silicon-based new material industry integration project in ganquanbao Economic Development Zone in March 2022, covering silicon-based new materials, single crystal chips, battery modules, photovoltaic power generation, etc.
Hoshine Silicon Industry Co.Ltd(603260) is the "double material leader" of industrial silicon and organic silicon. At present, it has an industrial silicon production capacity of 730000 tons / year and an organic silicon monomer production capacity of 930000 tons / year, both ranking first in China. This investment and construction of polysilicon project aims to further extend to the downstream of industrial silicon.
What is the charm of polysilicon, which is regarded as the next force point by Hoshine Silicon Industry Co.Ltd(603260) ? It is understood that polysilicon takes industrial silicon as the main raw material. In addition to large-scale application in the photovoltaic field, polysilicon is also the main material of integrated circuit silicon substrate, which has a wide range of application scenarios in the semiconductor industry.
According to Hoshine Silicon Industry Co.Ltd(603260) , this foreign investment is the implementation of the company's overall strategic plan to further expand the downstream of industrial silicon, lay the foundation for the rapid development of the company's photovoltaic new energy business and create a new profit growth point.
Previously, Hoshine Silicon Industry Co.Ltd(603260) also expressed the hope to gradually start the construction of downstream projects such as polysilicon and power stations, so as to create a competitive advantage of the whole industrial chain.
Hot weather is a sign of "bumper year". In 2021, the silicon track where Hoshine Silicon Industry Co.Ltd(603260) is located ushered in a high-profile atmosphere, and the production and sales of the two core products are booming, driving the sharp increase of performance. According to the performance forecast, Hoshine Silicon Industry Co.Ltd(603260) is expected to achieve a net profit of 8.5 billion yuan to 8.7 billion yuan in 2021, a year-on-year increase of more than five times.
While expanding downstream, capacity expansion is also in progress.
In April 2021, Hoshine Silicon Industry Co.Ltd(603260) announced that it would build a new project with an annual output of 200000 tons of siloxane and downstream deep processing, which is expected to cost about 4.38 billion yuan, and invest 4.08 billion yuan to invest in the project of 800000 tons / year industrial silicon production and supporting 600000 tons of briquette processing and production (phase I); In September of the same year, the company plans to invest a total of 7.6 billion yuan to build an annual output of 400000 tons of industrial silicon project and an annual output of 200000 tons of siloxane and downstream deep processing project.
Looking at the secondary market trend of Hoshine Silicon Industry Co.Ltd(603260) in the past year, it shows that the first is the first and then the second is the second. Last September, the company's stock once hit a high of about 246 yuan / share, and now it has fallen back again. As of midday today, Hoshine Silicon Industry Co.Ltd(603260) shares rose 8.47% to 115.04 yuan / share.
The fluctuation of stock price brings about the rise and fall of wealth. In the "2021 Hurun list of female entrepreneurs" released by Hurun in November 2021, Hoshine Silicon Industry Co.Ltd(603260) vice chairman Luo Yu was on the list for the first time. With an age of 37 and a wealth of 46.5 billion yuan, he ranked 13th on the Hurun list of female entrepreneurs in 2021 and became the new richest woman in Zhejiang.
However, it is worth noting that by the end of the third quarter of last year, Hoshine Silicon Industry Co.Ltd(603260) monetary fund balance was only 840 million yuan and current assets were 7.8 billion yuan, which is still far from the volume of the "17.5 billion big project".
In this regard, Hoshine Silicon Industry Co.Ltd(603260) frankly said that the source of project resources is self raised, which may put pressure on cash flow and solvency, and there are potential capital and financial risks.
15.95 billion "big sale" monocrystalline silicon
It is the norm of Shuangliang Eco-Energy Systems Co.Ltd(600481) .
Shuangliang Eco-Energy Systems Co.Ltd(600481) announced last night that the wholly-owned subsidiary Shuangliang silicon materials signed the single crystal silicon chip procurement framework contract with Trina Solar Co.Ltd(688599) , which is expected to purchase 1.892 billion single crystal silicon chips from its subsidiary, with an estimated sales amount of 15.95 billion yuan.
Specifically, the procurement cycle of Trina Solar Co.Ltd(688599) is three years, including 392 million pieces, 600 million pieces and 900 million pieces in 2022, 2023 and 2024 respectively; The supplied silicon wafer size includes but is not limited to G12 size, which means that the company's large-size monocrystalline silicon wafer products are "sold".
Shuangliang Eco-Energy Systems Co.Ltd(600481) emphasizes that the contract is a long order sales contract, and the actual sales price and sales quantity are subject to the monthly purchase order signed every month. The uncertainty of the company's signing of the contract will have a positive impact on the increase of the company's operating profit and the amount of supply and demand in the current period, but it will have a positive impact on the company's operating profit in the current period.
Boosted by the news of "getting a big order", in early trading today, Shuangliang Eco-Energy Systems Co.Ltd(600481) rose 6.88% to close at 11.18 yuan / share.
Since taking the first step at the beginning of last year, Shuangliang Eco-Energy Systems Co.Ltd(600481) has officially entered the silicon wafer business. Subsequently, its layout action was stepped up, and the upstream long purchase order and downstream long sales order "flipped" synchronously.
In September 2021, Shuangliang Eco-Energy Systems Co.Ltd(600481) first signed an agreement with Jiangsu Zhongneng, Xinte energy and their related parties to purchase 52700 tons and 82200 tons of polysilicon materials respectively, with an estimated purchase amount of 11.209 billion yuan and 17.468 billion yuan respectively. In November of the same year, the company also signed a long-term purchase and sales contract with Asian silicon industry, which plans to purchase about 252100 tons of polysilicon materials.
In the fourth quarter of 2021, Shuangliang Eco-Energy Systems Co.Ltd(600481) launched a series of attacks, winning two, one and three long silicon wafer sales orders respectively. According to the market price at the time of signing, the sales amount is expected to reach 22.76 billion yuan, 6.527 billion yuan and 12.144 billion yuan respectively.
In addition, in order to accelerate the expansion of silicon wafer business, Shuangliang Eco-Energy Systems Co.Ltd(600481) also signed a long purchase order to ensure the timely supply of single crystal furnace equipment. If at the end of last year, the company purchased additional single crystal furnaces from Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) . According to the investment of 140 million yuan / GW of single crystal furnace, the corresponding capacity of the company's locked single crystal furnace equipment was increased from 10GW to 16GW.
On the capital side, in August last year, Shuangliang Eco-Energy Systems Co.Ltd(600481) issued a fixed increase plan, which plans to raise no more than 3.5 billion yuan to invest in Baotou Shuangliang 40gw monocrystalline silicon phase I Project (20GW) and supplement working capital.
Now, the construction of phase I 20GW monocrystalline silicon has been nearly completed. In January this year, Shuangliang Eco-Energy Systems Co.Ltd(600481) announced again that it plans to start the investment and construction planning of phase II project (20GW). The total investment of phase II project is 6.2 billion yuan. The construction contents mainly include crystal drawing workshop, slicing workshop, substation expansion, power center, warehouse, sewage station, argon recovery station, parking lot, etc.
The pace of transformation is also gradually reflected in the company's performance indicators. Recently, Shuangliang Eco-Energy Systems Co.Ltd(600481) released a performance forecast. It is estimated that the net profit range in 2021 will be 285 million yuan - 325 million yuan, which has doubled compared with the same period last year, with a year-on-year increase of 107.4% to 136.5%.
The company said that while the orders for energy-saving and water-saving products increased, the expansion of photovoltaic silicon material also actively led to a significant increase in the orders of polysilicon reduction furnace and its skid, heat exchanger and a series of new energy equipment and their successive delivery.
