[more than 10 shares in the photovoltaic sector rose by more than 10%, and new photovoltaic technologies continued to make breakthroughs in 2021] this week (December 6-10), the photovoltaic sector changed its decline, and the photovoltaic equipment sector rose by 2.86%. Among the 10 enterprises that the reporter focused on monitoring, only Sungrow Power Supply Co.Ltd(300274) and Zhejiang Chint Electrics Co.Ltd(601877) fell, with declines of 1.96% and 0.47% respectively. The highest increase was 13.32% of Flat Glass Group Co.Ltd(601865) , Hangzhou First Applied Material Co.Ltd(603806) increased by 11.19%, followed by Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) and Tongwei Co.Ltd(600438) , with increases of 10.40% and 10.14% respectively. There is no change in the market value ranking this week. (Huaxia times)
This week (December 6-10), the photovoltaic sector changed its decline, and the photovoltaic equipment sector rose by 2.86% as a whole. Among the 10 enterprises monitored by Huaxia times, only Sungrow Power Supply Co.Ltd(300274) and Zhejiang Chint Electrics Co.Ltd(601877) fell, down 1.96% and 0.47% respectively. The highest increase was 13.32% of Flat Glass Group Co.Ltd(601865) , Hangzhou First Applied Material Co.Ltd(603806) increased by 11.19%, followed by Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) and Tongwei Co.Ltd(600438) , with increases of 10.40% and 10.14% respectively. There is no change in the market value ranking this week.
photovoltaic enterprises accelerate to get rid of the “burden” of power stations
The operation of private enterprises to transfer their photovoltaic power plants is increasing, and they get rid of the burden of heavy assets under huge financial pressure. On December 9, Ja Solar Technology Co.Ltd(002459) announced that in order to further improve the use efficiency of the company’s assets, integrate and optimize the existing asset structure, the company plans to transfer 100% equity of Beitun Haitian, hebussel Haitian and Xinjiang Jiuzhou Fangyuan to China nuclear energy. The grid connected capacity of photovoltaic power plants is 20MW, 30MW and 60MW respectively, and the transfer prices are 29 million yuan, 45 million yuan and 215 million yuan. It is preliminarily estimated that this transaction will realize the unrealized gross profit of product sales. The transfer is expected to increase the company’s net profit by about 160 million yuan in 2021.
Affected by factors such as high financing costs and inadequate subsidies, photovoltaic power plants have become a burden for many private enterprises. Ja Solar Technology Co.Ltd(002459) frankly, at present, the company holds subsidized photovoltaic power stations that have been connected to the grid, and the recovery time of subsidy funds is long. With the advent of the parity era of China’s photovoltaic power stations, develop parity photovoltaic power stations, drive the sales of components with power station projects, and operate by the company before the power station projects are sold to the outside world. On the one hand, realize the profit of product sales, on the other hand, the revenue from power sales during holding operation can be settled in time to form a good cash flow under the condition that the rate of return meets the requirements of the company.
Ja Solar Technology Co.Ltd(002459) according to the analysis, the sale of the above three power station projects, the development and construction of affordable power stations through the sale of subsidized power station assets and the use of recovered funds will make the asset operation more efficient, which is in line with the company’s business model of development, holding and transfer of photovoltaic power stations. At the same time, selling the existing subsidized power station is equivalent to recovering the arrears of subsidy funds in advance and improving the cash flow of the company’s power station business as a whole.
Why do private photovoltaic enterprises sell a large number of power station assets? Zhang likuan, a researcher at the energy information research center, told the Huaxia times that in recent years, the trading volume of photovoltaic power stations has continued to rise, and more and more private photovoltaic power stations have been sold to large central state-owned enterprises. There are many reasons, but the main reasons are that private enterprises can’t bear high financing costs, inadequate subsidies, heavy assets and high liabilities, incomplete consumption and other factors, Even the “Star” private enterprises with certain financial strength and technical ability have to “reluctantly give up their love” and give up the “cash cow” of photovoltaic power station business to realize the transformation from heavy assets to light assets.
The world’s second largest photovoltaic glass enterprise Flat Glass Group Co.Ltd(601865) recently announced that it would buy two upstream mining companies, but was asked by the Shanghai Stock Exchange to explain the source of funds, the undertaking of purchased assets and debts, and supplement whether the counterparty has the occupation of funds and interest transmission of related parties. After three extensions on November 17, November 24 and December 1, Flat Glass Group Co.Ltd(601865) replied to the inquiry letter for the fourth extension.
Flat Glass Group Co.Ltd(601865) said that the company and intermediaries have preliminarily completed the work related to this reply by interviewing relevant personnel, visiting the mining area, obtaining industrial and commercial data, obtaining financial data, relevant commitment letters and statements, and some matters and data are still being further verified and supplemented to ensure the accuracy and integrity of the reply, The company will postpone the reply to the inquiry letter again. It is expected that the extension time will not exceed 5 trading days, that is, the reply will be submitted before December 14, 2021.
continuous breakthroughs in photovoltaic technology in 2021
Photovoltaic has entered the era of comprehensive and affordable development. Under the background of carbon neutrality, new models and technologies have emerged in the industry and made breakthroughs.
Based on the analysis of open source securities, we are optimistic about post cycle opportunities such as distributed large market and power marketization reform in the short term, especially roof distribution and energy storage. Photovoltaic natural is suitable for distribution. At present, BIPV and wind energy storage supporting policies have been issued, the first batch of list of promotion in the whole county has been implemented, and the subsequent results of relevant enterprises are waiting for incremental release. In the medium term, we are optimistic about the incremental opportunities brought by technological progress. Technological innovation promotes the decline of industry costs, further opens the industry space and optimizes the competition pattern. There is room for technological breakthrough in granular silicon, hjt, large-size components and low-temperature silver slurry. “Long term optimistic about the core growth link.” Open source Securities said that the first is terminal brands, components with strong channel capacity, inverters and other links, and the concentration is expected to be further improved in the future; The second is the silicon material, adhesive film and other links with high barriers. The supply and demand will be tight for a long time in the future.
With the support of policies, the photovoltaic industry has developed rapidly and the cooperation among enterprises has increased. On December 10, Trina Solar Co.Ltd(688599) , Trina smart distributed, together with the world’s leading photovoltaic module enterprises atlas, Risen Energy Co.Ltd(300118) , Chint Cecep Solar Energy Co.Ltd(000591) , and seven mainstream inverter manufacturers Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , gurewater, Huawei, jinlang, Sineng Electric Co.Ltd(300827) , Sungrow Power Supply Co.Ltd(300274) and Chint power, held a strategic signing ceremony and announced to jointly promote the distributed application of 600W + ultra-high power modules to promote distributed development.
Under the capital support, photovoltaic enterprises have expanded their production vigorously. Recently, Tbea Co.Ltd(600089) has also carried out a series of foreign investment and construction, including 200MW photovoltaic parity project in Xingtang County, Shijiazhuang City, Hebei Province, 49.5mw wind power project of thirteen rooms in Yizhou District, Hami City, Xinjiang, phase I Project of Tbea Co.Ltd(600089) intelligent cable industrial park, etc.
2022 is a key year for the release of high-quality supply side, and the capacity mismatch of the industrial chain needs to be alleviated. Kaiyuan securities predicts that in 2022, new production capacities such as silicon and EVA particles will be released one after another, which is expected to alleviate the tight balance between supply and demand of raw materials, and the mismatch of production capacity in the industrial chain may be alleviated; The price of each link of photovoltaic is expected to return to an appropriate level, the profits of each link are redistributed, the downstream demand increases rapidly, and the components and inverters are expected to benefit.
(Huaxia times)
