The annual shareholders' meeting of Longji green energy ( Longi Green Energy Technology Co.Ltd(601012) ) on May 20 was labeled with many labels, which was the first shareholders' meeting after the change of the company's securities abbreviation; Due to the epidemic, the company has rarely moved the venue of the shareholders' meeting to the conference room of Xinghewan hotel about 7 kilometers away from the company's headquarters, compared with the scale of hundreds of participants last year; This year, it is difficult for institutional investors and brokerage researchers in Shanghai and Beijing to participate on site, but there are still many loyal fans who have held the company's shares for many years.
Longji green energy's annual shareholders' meeting is planned to start at 2 p.m. that day. When the reporter of Securities Times e company arrived at the scene about an hour in advance, many investors had arrived. An investor shared his investment logic with the reporter - the core of investment is investment. As long as the enterprise leaders have no problem, they will invest boldly.
reporter noticed that compared with the micro issues concerned by the market, such as the expansion progress of Longji and the choice of battery technology, this investor is more inclined to pay attention to the macro guidance of leaders
Longji green energy's highlight of this shareholders' meeting is that the two founders Li Zhenguo and Zhong Baoshen rarely participated in the same frame and participated in the whole process, and answered many market concerns at the same time at this shareholders' meeting, Longji first talked about the business partner mechanism and is currently formulating and improving relevant plans; On the choice of battery technology, the two founders still remain in suspense, but it is clear that Longji will remain ahead with regard to the impact of price fluctuations on the industrial chain, the company believes that the supply of silicon materials will be better and better this year
first talk about the partnership system of business, and the board of directors and supervisors will present a new face
In the annual general meeting of Longji green energy, there was a proposal on the remuneration of directors and supervisors in 2022. When the chairman of the company Zhong Baoshen read out the proposal, President Li Zhenguo made a supplementary explanation on the proposal and talked about the consideration of business partnership system for the first time.
"Those who hold more shares constitute the early decision-making level of the company. In the next step, the company will improve the assessment based on indicators such as return on net assets and form a set of management measures, which will be implemented from this year."
Li Zhenguo disclosed that the central idea of the management measures is to gradually split the ownership, equity and management decision-making power of the company to a certain extent, and gradually form a business partner mechanism, so as to build a longer-term development mechanism. "Although the directors, supervisors and senior managers have formulated salary standards, the final implementation results will have a certain correlation with the assessment."
In the capital market, the story about the "three swordsmen" of Longji founder Lan Da can be said to be well-known. They are chairman Zhong Baoshen and President Li Zhenguo respectively. Another founder Li Chunan transferred most of his shares to Hillhouse capital last year and does not hold relevant positions in Longji at present.
When communicating with investors, Zhong Baoshen further introduced this situation. "In the past, Longji's business decision-making depended on the core management, including shares, feelings and even accidental factors. Everyone firmly came together around one goal, but these people will grow old slowly, and Longji wants sustainable development."
Zhong Baoshen said that Longji is currently discussing how to attract better talents to various positions in the company and what kind of relationship Longji wants to establish with these people. "Now that the overall plan has been preliminarily determined, it will be gradually implemented. The ultimate goal is to deal with the relationship between the core decision-making level of the company and the sustainable development of the company in the future, and be mutually acceptable; this relationship must be universal, so as to find the best talents needed by Longji in the whole society."
It is worth noting that at this shareholders' meeting, Longji re elected the board of directors and the board of supervisors, including many new faces. For example, non independent directors Tian ye and Wang Zhigang. Among them, Tian ye once served as the general manager of Hisense Electric Appliance and is now the general manager of Longji supply chain management center and the president of international manufacturing center; Wang Zhigang is a strategic consulting expert and founder of Zhigang think tank.
battery technology remains in suspense and will remain the industry leader
At present, photovoltaic cell technology is in a critical period of iteration, and many n-cell technologies, including hjt, TOPCON and IBC, have attracted much attention. As an industry leader, what technology Longji will choose in this transformation has always been the focus of market attention; However, at this shareholders' meeting, the suspense remains to be revealed.
"the whole industry is trying to figure out which technical route Longji will take. The details are still not too detailed today, but in a word, please believe that Longji's technical choice will be in the forefront of the industry to a certain extent." this is Li Zhenguo's latest response to the company's battery technology route selection.
Judging from Li Zhenguo's statement, he still adheres to the consistent decision-making logic of "not leading and not expanding production". He believes that now the investment amount of photovoltaic cell production line is very large, and the enterprise is betting on a technical route. If it succeeds, the enterprise itself will also achieve great success; Once the wrong bet is made, the enterprise may lose its competitiveness.
The reporter noted that Longji had previously released news about the new record of conversion efficiency of battery technology under research for many times, including p-type, n-type TOPCON, hjt, indium free hjt, etc. In Li Zhenguo's view, Longji will comprehensively determine the choice of battery route from the aspects of technical principle and economy. At present, what we need to do is to strive for the leading position in the research and development of various technical routes.
Zhong Baoshen also supplemented the selection of battery technology. In fact, at Longji's annual general meeting in June 2021, Zhong Baoshen said that Longji would take the lead in mass production of TOPCON batteries by the end of 2021. On the eve of last year's annual general meeting, Longji released TOPCON battery efficiency record.
Zhong Baoshen revealed that the reason why TOPCON battery was not mass produced according to the original plan was that the company had a better technical scheme and would rather wait than rush in battery technology. He also admitted that the competition in the photovoltaic industry is becoming more and more intense, and waiting may mean losing something, which is a great test for the enterprise management - whether to spare no effort to seize opportunities on key issues or focus on building the sustainable competitiveness of the enterprise?
upstream pressure will weaken, pay attention to the trend of overseas photovoltaic industry
Since the middle of 2020, due to the insufficient supply of silicon material, its price has risen all the way, and the latest average transaction price remains at a high level of 260000 yuan / ton, which brings great challenges to the photovoltaic industry chain. As the leader of vertical integration, Longji has great advantages in silicon wafer business, but it also faced the decline of silicon wafer operating rate and gross profit margin last year.
Zhong Baoshen believes that the photovoltaic industry has many links and rapid growth, and there will be an imbalance in all links. It will not only appear today, but also may happen again in the future, but other links may appear imbalance in the future; The company's strategy last year was to try to avoid ups and downs due to industry fluctuations. At present, this strategy is appropriate.
"Historically, the company has close and good cooperation with upstream suppliers, but with the increase of silicon wafer entrants and the expansion of production capacity, polysilicon manufacturers also hope to diversify customers. Longji faces certain competition in purchase volume, but even when silicon is in the most shortage, Longji can get the most share of silicon material supply." Zhong Baoshen said that the supply of silicon material will be much better this year, and the company also has a special team to follow up this situation.
As for the silicon wafer business, Longji's business plan shows that the production capacity will reach 150gw by the end of this year and 105gw by the end of last year Zhong Baoshen said that the improvement of silicon wafer production capacity will be realized through a variety of ways. First, comprehensively increase the existing production capacity and tap the potential; Second, implement technical transformation for some old production lines; Third, rapidly build new factories.
According to Longji's statement, the upstream pressure faced by the photovoltaic industry will gradually weaken this year, and the supply pattern is expected to be optimized. At this shareholders' meeting, the trend of overseas photovoltaic industry was also mentioned many times. However, it is difficult to accurately measure the impact of this potential change on China's industry.
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