The five major enterprises of photovoltaic modules will also usher in the grand occasion of gathering a shares.
According to the new share issuance arrangement, on January 17, the photovoltaic module giant Jingke energy (688223. SH) will start subscription at an issue price of 5 yuan / share.
According to the announcement previously issued by Jingke energy, on January 17, the company opened online and offline subscription. Among them, the upper limit of each proposed online subscription is 280000 shares, that is, the Shanghai market value of Dingge subscription is 2.8 million yuan; The upper limit of each proposed offline subscription is 300 million shares and the lower limit is 5 million shares.
This time, Jingke energy plans to issue 2 billion shares, accounting for 20% of the total share capital after issuance. This means that according to the issuance price of 5 yuan per share, the reference market value of the company at the time of issuance is 50 billion yuan. However, with reference to the peer comparable listed company Trina Solar Co.Ltd(688599) (688599. SH) – the company landed on the science and Innovation Board on June 10, 2020, and the initial price was 8.16 yuan / share. On the first day of listing, Trina Solar Co.Ltd(688599) increased by 110%, and the market value rose sharply.
“The issue price of 5 yuan is not expensive, and may even be underestimated.” An investor who declined to be named told the 21st Century Business Herald that the possibility of holding down the issue price should not be removed, leaving room for appreciation for the follow-up.
The 21st Century Business Herald reporter noted that in the issuance of new shares on the science and innovation board in the recent year, the issuance price of Jingke energy ranked seventh from bottom, and second only to another wind power enterprise Shanghai Electric Wind Power Group Co.Ltd(688660) (688660. SH). In sharp contrast, wo Mai Co., Ltd. (688032. SH), a photovoltaic inverter company that landed on Kechuang board on December 20 last year, was the “halo” of the most expensive issue price of a shares. After listing, the stock price also continued to fluctuate due to the impact of valuation.
In fact, the issue price of 5 yuan / share also gives consideration to the premium of Jingke energy to a certain extent. The announcement shows that corresponding to the net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses in 2020, the P / E ratio of Jingke energy’s offering price is 54.90 times, which is higher than the static Industry P / E ratio of its industry in the first three trading days.
But obviously, this is only the starting point valuation of Jingke energy after its listing.
On the one hand, according to the rise and fall setting at the initial stage of listing and trading on the science and Innovation Board: there is no price rise and fall limit in the first five trading days, and the stock rise is limited to 20% from the sixth trading day. This leaves room for imagination as to whether the share price of Jingke energy can continue to set a new high in the early stage of listing.
On the other hand, the peer listed companies Trina Solar Co.Ltd(688599) and Ja Solar Technology Co.Ltd(002459) (002459. SZ) gave Jingke energy a comparable valuation reference. As of January 14, Trina Solar Co.Ltd(688599) and Ja Solar Technology Co.Ltd(002459) dynamic P / E ratios were 91 times and 92.5 times respectively, and the market value was 141.5 billion yuan and 141.3 billion yuan respectively.
It is worth mentioning that according to the preliminary inquiry released by Jingke energy, the quotation differentiation is serious, ranging from 1.67 yuan / share to 50 yuan / share. After excluding the invalid quotation and the highest quotation, the median quotation of offline investors is 6.61 yuan / share, of which the median quotation range of offline investors such as fund companies, insurance companies, securities companies, private equity funds and qualified foreign institutional investors is 5.50 yuan / share to 6.82 yuan / share.
Although the issue price was finally determined not to be high, from the actual fund-raising situation, Jingke energy is still popular. According to the previous offering plan, the company plans to raise 6 billion yuan, but the actual net fund-raising amount reached 9.725 billion yuan.
Financial data show that the net profit of Jingke energy fell in the first three quarters of this year. During the reporting period, the company achieved an operating revenue of 24.274 billion yuan, a year-on-year increase of 0.76%, and a net profit of 721 million yuan, a year-on-year decrease of 4.39%. According to the performance forecast, Jingke energy is expected to achieve an operating revenue of 36 billion yuan to 38.5 billion yuan in 2021, and the net profit attributable to the shareholders of the listed company is 830 million yuan to 870 million yuan.
The main products of Jingke energy include photovoltaic modules, silicon wafers and cells. Among them, its main source of revenue is components. In the first half of 2021, it achieved an operating revenue of 14.285 billion yuan, accounting for 90.84%.
As a global module leading enterprise, Jingke energy ranked first in global PV module shipments for four consecutive years from 2016 to 2019. But this position will begin to change in 2020. With the continuous increase in the shipment of Longi Green Energy Technology Co.Ltd(601012) (601012. SH), Trina Solar Co.Ltd(688599) and Ja Solar Technology Co.Ltd(002459) components, the shipment of Jingke energy components will fall to the second place in 2020. Last year, it was overtaken by Trina Solar Co.Ltd(688599) and Ja Solar Technology Co.Ltd(002459) .
According to the ranking of top 10 global component suppliers in 2021 recently released by industry media PV tech, the shipment volume of Jingke energy ranks fourth. However, due to the impact of fund-raising and new capacity investment, the future component shipments of Jingke energy may be further improved.
It is worth noting that with the upcoming issuance and listing of Jingke energy technology innovation board and the Cecep Solar Energy Co.Ltd(000591) Technology Conference of atlas, the five giants of photovoltaic modules will also usher in the grand occasion of gathering a shares.
