Suzhou New Sea Union Telecom Technology Co.Ltd(002089) , which has not attracted the attention of the capital market for a long time, has suddenly been pushed to the forefront of public opinion recently. Everything comes from the photovoltaic investment project that claims to cost 20.8 billion.
On the evening of April 13, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) ( Suzhou New Sea Union Telecom Technology Co.Ltd(002089) . SZ) disclosed that on April 12, the company signed the investment framework agreement on the "manufacturing + power generation" integration project of China energy construction Hangjinqi new energy with Hangjinqi people's government and China Power Engineering Consulting Group North China Electric Power Design Institute Co., Ltd. (hereinafter referred to as "China Power Corporation") on the development of photovoltaic new energy projects The agreement proposes to invest in the construction of 1GW photovoltaic cell + 1GW photovoltaic module manufacturing and 2gw wind power + 1GW photovoltaic power generation and supporting energy storage projects in Hangjin Banner. The total investment is expected to be about 20.8 billion yuan, and the construction will be completed within five years
Due to the huge amount of investment and broad prospects of the project, it has suddenly set off a big wave in the market. Stimulated by this positive, on April 14, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) again closed at 2.76 yuan by the daily limit.
In this regard, Shenzhen Stock Exchange urgently sent a letter to Suzhou New Sea Union Telecom Technology Co.Ltd(002089) requesting the company to explain the specific operation mode of the photovoltaic project after it was put into operation, including but not limited to the procurement source of production equipment, procurement mode of raw materials, specific production process and final product form, product sales mode and customers.
Carnival under illusion
Statistics show that Hangjin Banner is located in the northwest of Inner Mongolia Eerduosi Resources Co.Ltd(600295) City, Inner Mongolia Autonomous Region, with a total area of 18900 square kilometers. It governs 1 Economic Development Zone, 5 towns, 1 Sumu, 76 Gacha villages and 13 communities, with a permanent population of 110800.
According to the announcement of Suzhou New Sea Union Telecom Technology Co.Ltd(002089) the people's Government of Hangjinqi agrees that China Power Corporation and Suzhou New Sea Union Telecom Technology Co.Ltd(002089) will invest in the construction of "1GW photovoltaic cell + 1GW photovoltaic module manufacturing and 2gw wind power + 1GW photovoltaic power generation and supporting energy storage projects in Hangjinqi. The total investment of the project is expected to be about 20.8 billion yuan, and the construction will be completed within five years."
However, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) doesn't seem to have that much money. Its 2021 third quarter report shows that as of the end of September last year, the company's monetary capital was only 129 million yuan, while its short-term loan was 353 million yuan
How to solve the problem of funds?
On April 14, the reporter of 21st Century Business Herald repeatedly called the Securities Department of Suzhou New Sea Union Telecom Technology Co.Ltd(002089) , but the office phone of the Department was never answered. Subsequently, the 21st Century Business Herald reporter sent an interview email to Suzhou New Sea Union Telecom Technology Co.Ltd(002089) but no reply has been received as of the press time
"In fact, xinhaiyi is only responsible for a small part of the 700 million or 800 million projects, not as much as the 20.8 billion advertised by the outside world." A source said.
In the announcement of Suzhou New Sea Union Telecom Technology Co.Ltd(002089) the 21st Century Business Herald reporter did see such statements.
Among them, China Power Corporation is responsible for 3gw wind power storage and generation project, with a total investment of about 20 billion yuan; While Suzhou New Sea Union Telecom Technology Co.Ltd(002089) is only responsible for "1GW photovoltaic cell + 1GW photovoltaic module manufacturing project, with a total investment of about 800 million yuan."
Obviously, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) accounts for only 800 million yuan of investment in this so-called 20.8 billion project, which is not the "20.8 billion investment" rumored in the market
However, the response of the secondary market was very fierce. From April 11 to 14, the trading limit has been raised for four consecutive days.
"It's still early. There are only four now, and less than 14 are determined not to go." One investor left this sentence in the stock bar of Suzhou New Sea Union Telecom Technology Co.Ltd(002089) and another investor joked that "the pattern is small". The implication of is that the share price of Suzhou New Sea Union Telecom Technology Co.Ltd(002089) will rise to at least 14 limit sectors
Suzhou New Sea Union Telecom Technology Co.Ltd(002089) 's stock bar is full of joy, and behind the share price carnival is the misread photovoltaic investment.
development strategy swings freely
Suzhou New Sea Union Telecom Technology Co.Ltd(002089) 's announcement shows that the above projects are implemented in accordance with "one-time planning and step-by-step implementation", and the phase I project is "started and put into operation simultaneously". "The specific implementation plan shall be separately agreed according to the application and approval of new energy power generation projects in Inner Mongolia Autonomous Region, and strive to obtain an index of no less than 1GW for power generation projects in 2022."
"Hangjinqi has the geographical conditions of wind power and optoelectronics, and I know that Zhu Gongshan of GCL group just went to the local place for investigation and exchange a few days ago, and plans to establish an ecological development model of 'scenery hydrogen storage' industry there." A new industry analyst of a coupon merchant told the 21st Century Business Herald reporter that Suzhou New Sea Union Telecom Technology Co.Ltd(002089) had business in lithium battery materials before, but it is not known whether there is technology and talent reserve for photovoltaic development.
The aforementioned analyst was deeply puzzled by Suzhou New Sea Union Telecom Technology Co.Ltd(002089) 's practice. He said, "this company has previously said that it will give up its new energy strategy. Why will it engage in new energy in more than a year?"
In the Suzhou New Sea Union Telecom Technology Co.Ltd(002089) 2020 annual report, the 21st Century Business Herald reporter saw such a passage, "the new energy industry invested by the company was in trouble last year, so the company resolutely abandoned the new energy strategy in 2020 and focused on the main business and deeply cultivated communication..."
In planning for the future, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) also wrote clearly in "black and white", "As the company has gone through many detours in its development in the past few years, the company has learned from the past, scratched its bones and healed its wounds, abandoned the previously formulated strategy of keeping pace with the development of new energy and communication, made trade-offs according to the actual situation, focused on the development of communication, especially the IDC data center at the departure station, and strive to develop the company into a science and technology enterprise with IDC data center business as the tractor and driven the development of other businesses."
In less than a year, the oath was still in the ear, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) suddenly "killed back" the new energy track, and its painting style changed so fast that it was caught off guard.
Not long ago, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) also disclosed on April 12, 2022 that the joint-stock subsidiary Shaanxi Tongjia Automobile Co., Ltd. (hereinafter referred to as "Shaanxi Tongjia") and Xiamen Yingling Automobile Manufacturing Co., Ltd. (hereinafter referred to as "Yingling automobile") signed a new energy vehicle purchase and sales cooperation agreement, "With the help of Shanghai xinxingding Asset Management Co., Ltd., Shaanxi Tongjia and Yingling automobile have reached cooperation on the purchase of van type cold chain logistics vehicles and series models from Shaanxi Tongjia based on the principles of equality, voluntariness and common development.
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From this point of view, Suzhou New Sea Union Telecom Technology Co.Ltd(002089) the previous words of scraping bone and treating poison and giving up new energy completely fail to follow my heart.
For Suzhou New Sea Union Telecom Technology Co.Ltd(002089) whose net profit attributable to the parent company is in a loss state from 2017 to 2021, will photovoltaic be the "life-saving straw" to save it? Moreover, the photovoltaic industry is an industry with high technical barriers. Can Suzhou New Sea Union Telecom Technology Co.Ltd(002089) without photovoltaic industry experience complete the "1GW photovoltaic cell + 1GW photovoltaic module manufacturing project"?
"In the context of the rising price of silicon wafers, it is very difficult to rush into batteries and modules without resources and contacts in the photovoltaic industry." The above-mentioned new industry analyst of a bond merchant said.
In view of the repeated changes of Suzhou New Sea Union Telecom Technology Co.Ltd(002089) , Shenzhen Stock Exchange urgently issued a concern letter on April 14, asked the company to "specify the specific operation mode of the photovoltaic project after it is put into operation, including but not limited to the procurement source of production equipment, procurement mode of raw materials, specific production process and final product form, product sales mode and customers, etc."
At the same time, the Shenzhen Stock Exchange explicitly questioned, "The main business includes communication products business and IDC data business, which is not involved in photovoltaic related business, and your company claims that it is gradually stripping its non main business and focusing on communication business. Please explain in detail whether your company has the technology and talent reserve required for R & D, production and sales of photovoltaic products in combination with the specific operation mode of photovoltaic project, and fully remind the relevant risks and uncertainties."
