36
PV industry staged a capital battle in the first half of 2023
2023/7/5
The photovoltaic industry is still hot in the first half of this year. In the capital market, and photovoltaic project-related financing is also in the "wild ride".
This reporter through the Oriental wealth Choice data statistics, the first half of 2023 photovoltaic industry 60 companies launched nearly 200 billion yuan financing. Among them, 45 listed companies through the issuance of additional financing 115.769 billion yuan, 11 companies issued convertible bonds to raise 53.068 billion yuan, three new shares listed to raise 4.659 billion yuan, in addition, the industry leader Longi Green Energy intends to issue GDR fund-raising not more than 19.996 billion yuan.
It is worth noting that since this year, the sound of overcapacity in the photovoltaic industry, from upstream silicon to downstream components, prices have continued to fall, especially silicon prices have fallen to the cost line. So, such a large scale of financing is mainly invested in where? Which links will become the biggest variables in the PV industry?
"From the classification of financing projects, supplemental liquidity funds are generally attached to enterprises, along with the intensification of competition in the PV industry, many companies have realized the importance of cash liquidity in the future market competition. And the widespread promotion of N-type cells in this year has become a key area of corporate investment." Wanlian Securities investment advisor Qu put in an interview with reporters said.
The head of the enterprise to further expand production capacity
"The PV industry has entered the scale competition stage, which is behind the competition of capital, technology and other resources." Wang Tieshan, director of the Industrial Development and Investment Research Center of Xi'an Engineering University, said in an interview with reporters that the PV industry, as an emerging industry, is also a technology and capital-intensive industry, which determines the need for the PV industry to continuously expand production capacity and apply new technologies and other resources to production and operation to enhance their competitiveness while also promoting the progress of the industry. This is also the first half of this year, the photovoltaic industry in the "overcapacity" background still has such a large scale financing one of the important reasons.
According to the analysis of the international energy network, the first five months of this year's financing plan, from the investment of funds and the proportion of the situation, the project for supplementary working capital accounted for 22.61%, ranking first. The analysis that the photovoltaic industry as a high boom industry, the high degree of capital activity, companies need a lot of liquidity for the purchase of raw materials and other operational production activities.
In Qu Fang's view, the current PV industry terminal installed demand is still growing rapidly, as its upstream PV products into the price reduction channel, will be more conducive to the installed segment of profits and capacity expansion, further stimulating installed demand. "And the further growth of installed demand, will further promote the growth of the entire PV industry, this background, with scale advantage of the enterprise will have more competitive advantage. Expand the scale of production capacity to further seize the market, it has also become the inevitable choice of many enterprises, especially the head of the enterprise."
According to statistics, this year, Longi Green Energy, Tongwei shares, TCL Central, JinkoSolar, JA Technology and other head enterprises have disclosed financing plans.
In Qu Fang's view, in the process of technology iteration in the photovoltaic industry, head enterprises rely on capital, technology and other advantages, will further increase the layout, industry concentration will be further enhanced. "From the first half of the photovoltaic industry financing situation, also show this momentum. For example, silicon and silicon wafer financing layout is more original photovoltaic upstream leading enterprises rely on their own resources and technical advantages, continue to expand production capacity and thus strive for a larger market share."
For example, Tongwei shares proposed to raise additional capital of not more than 16 billion yuan, all for the annual output of 200,000 tons of high-purity crystal silicon project and Yunnan Tongwei hydropower silicon high-purity crystal silicon green energy project (the second phase of 200,000 tons / year high-purity crystal silicon project). Tongwei said that the company has fully demonstrated the feasibility of capacity expansion and is confident that it will make good use of the financed funds to continue to enhance the company's competitive advantages and consolidate its market position.
"Advanced capacity is never excess, and the company has been adhering to the business philosophy of 'no leading, no expansion'." The relevant person in charge of Longi Green Energy also told reporters that the company's layout in terms of production capacity is based on a comprehensive judgment of its own advantages and industry development and other factors.
Battery field may become the focus of competition
"Advanced production capacity will not be excess, but will be in short supply, the industry is driven by hot money to accelerate the reshuffle, focusing on research and development innovation will be stronger." Qu Fang said, from the current development of the photovoltaic industry, the new technology of photovoltaic cells or will further promote the photovoltaic industry to reduce costs and increase efficiency.
According to incomplete statistics, in the first half of this year, the photovoltaic industry threw out the increase in the plan, a total of 30.9 billion yuan into the cell segment. In addition, according to the analysis of the international energy network, from the first five months of this year, the use of financing, battery components accounted for 21.92%, second only to the supplementary working capital.
"The past two years is an important stage of upgrading P-type cells to N-type cells, so both the original PV companies and new entrants to the PV companies will layout N-type cells as the focus of investment." Qu Fang said.
According to the announcement released by Longi Green Energy, the company intends to issue GDR to raise not more than 19.996 billion yuan, the use of funds in addition to the annual production of 46GW monocrystalline silicon bar and slicing project in Erdos, the rest of the projects are related to battery components, including the annual production of 30GW monocrystalline cell project in Erdos, Malaysia's annual production of 2.8GW monocrystalline module project and Vietnam's annual production of 3.35GW monocrystalline cell project. "Promoting the landing of new high-efficiency cell projects is also one of the main factors of this fund-raising." The relevant person in charge of Longi Green Energy said.
In Wang Tieshan's view, the current silicon wafer prices continue to fall, the PV industry chain profits will be tilted to the battery link, which is also the core breakthrough point of the current PV industry chain to reduce costs and increase efficiency, very test enterprise technology iteration and upgrade capabilities.
"A lot of money to the battery link, will promote the iteration of photovoltaic battery technology route to speed up the update, the battery link or will usher in white-hot competition." Qu Fang believes that every 1% increase in battery conversion efficiency will save about 6% of the cost for the downstream, which means that companies with technical advantages will have a more competitive advantage.
This reporter through the Oriental wealth Choice data statistics, the first half of 2023 photovoltaic industry 60 companies launched nearly 200 billion yuan financing. Among them, 45 listed companies through the issuance of additional financing 115.769 billion yuan, 11 companies issued convertible bonds to raise 53.068 billion yuan, three new shares listed to raise 4.659 billion yuan, in addition, the industry leader Longi Green Energy intends to issue GDR fund-raising not more than 19.996 billion yuan.
It is worth noting that since this year, the sound of overcapacity in the photovoltaic industry, from upstream silicon to downstream components, prices have continued to fall, especially silicon prices have fallen to the cost line. So, such a large scale of financing is mainly invested in where? Which links will become the biggest variables in the PV industry?
"From the classification of financing projects, supplemental liquidity funds are generally attached to enterprises, along with the intensification of competition in the PV industry, many companies have realized the importance of cash liquidity in the future market competition. And the widespread promotion of N-type cells in this year has become a key area of corporate investment." Wanlian Securities investment advisor Qu put in an interview with reporters said.
The head of the enterprise to further expand production capacity
"The PV industry has entered the scale competition stage, which is behind the competition of capital, technology and other resources." Wang Tieshan, director of the Industrial Development and Investment Research Center of Xi'an Engineering University, said in an interview with reporters that the PV industry, as an emerging industry, is also a technology and capital-intensive industry, which determines the need for the PV industry to continuously expand production capacity and apply new technologies and other resources to production and operation to enhance their competitiveness while also promoting the progress of the industry. This is also the first half of this year, the photovoltaic industry in the "overcapacity" background still has such a large scale financing one of the important reasons.
According to the analysis of the international energy network, the first five months of this year's financing plan, from the investment of funds and the proportion of the situation, the project for supplementary working capital accounted for 22.61%, ranking first. The analysis that the photovoltaic industry as a high boom industry, the high degree of capital activity, companies need a lot of liquidity for the purchase of raw materials and other operational production activities.
In Qu Fang's view, the current PV industry terminal installed demand is still growing rapidly, as its upstream PV products into the price reduction channel, will be more conducive to the installed segment of profits and capacity expansion, further stimulating installed demand. "And the further growth of installed demand, will further promote the growth of the entire PV industry, this background, with scale advantage of the enterprise will have more competitive advantage. Expand the scale of production capacity to further seize the market, it has also become the inevitable choice of many enterprises, especially the head of the enterprise."
According to statistics, this year, Longi Green Energy, Tongwei shares, TCL Central, JinkoSolar, JA Technology and other head enterprises have disclosed financing plans.
In Qu Fang's view, in the process of technology iteration in the photovoltaic industry, head enterprises rely on capital, technology and other advantages, will further increase the layout, industry concentration will be further enhanced. "From the first half of the photovoltaic industry financing situation, also show this momentum. For example, silicon and silicon wafer financing layout is more original photovoltaic upstream leading enterprises rely on their own resources and technical advantages, continue to expand production capacity and thus strive for a larger market share."
For example, Tongwei shares proposed to raise additional capital of not more than 16 billion yuan, all for the annual output of 200,000 tons of high-purity crystal silicon project and Yunnan Tongwei hydropower silicon high-purity crystal silicon green energy project (the second phase of 200,000 tons / year high-purity crystal silicon project). Tongwei said that the company has fully demonstrated the feasibility of capacity expansion and is confident that it will make good use of the financed funds to continue to enhance the company's competitive advantages and consolidate its market position.
"Advanced capacity is never excess, and the company has been adhering to the business philosophy of 'no leading, no expansion'." The relevant person in charge of Longi Green Energy also told reporters that the company's layout in terms of production capacity is based on a comprehensive judgment of its own advantages and industry development and other factors.
Battery field may become the focus of competition
"Advanced production capacity will not be excess, but will be in short supply, the industry is driven by hot money to accelerate the reshuffle, focusing on research and development innovation will be stronger." Qu Fang said, from the current development of the photovoltaic industry, the new technology of photovoltaic cells or will further promote the photovoltaic industry to reduce costs and increase efficiency.
According to incomplete statistics, in the first half of this year, the photovoltaic industry threw out the increase in the plan, a total of 30.9 billion yuan into the cell segment. In addition, according to the analysis of the international energy network, from the first five months of this year, the use of financing, battery components accounted for 21.92%, second only to the supplementary working capital.
"The past two years is an important stage of upgrading P-type cells to N-type cells, so both the original PV companies and new entrants to the PV companies will layout N-type cells as the focus of investment." Qu Fang said.
According to the announcement released by Longi Green Energy, the company intends to issue GDR to raise not more than 19.996 billion yuan, the use of funds in addition to the annual production of 46GW monocrystalline silicon bar and slicing project in Erdos, the rest of the projects are related to battery components, including the annual production of 30GW monocrystalline cell project in Erdos, Malaysia's annual production of 2.8GW monocrystalline module project and Vietnam's annual production of 3.35GW monocrystalline cell project. "Promoting the landing of new high-efficiency cell projects is also one of the main factors of this fund-raising." The relevant person in charge of Longi Green Energy said.
In Wang Tieshan's view, the current silicon wafer prices continue to fall, the PV industry chain profits will be tilted to the battery link, which is also the core breakthrough point of the current PV industry chain to reduce costs and increase efficiency, very test enterprise technology iteration and upgrade capabilities.
"A lot of money to the battery link, will promote the iteration of photovoltaic battery technology route to speed up the update, the battery link or will usher in white-hot competition." Qu Fang believes that every 1% increase in battery conversion efficiency will save about 6% of the cost for the downstream, which means that companies with technical advantages will have a more competitive advantage.
For the photovoltaic industry, improve the conversion efficiency, reduce the cost of electricity is the eternal theme of the development of the photovoltaic industry. Qu Fang further said, solar cell efficiency is the beacon of PV technology innovation, with the new cell technology mass production, will further promote the change of the PV industry.
JIN DUN CHEMICAL has built a special (meth) acrylic monomer manufacturing base in ZHEJIANG province. This makes sure the stable supply of HEMA, HPMA, HEA, HPA, GMA with high level quality. Our special acrylate monomers are widely used for thermosetting acrylic resins, crosslinkable emulsion polymers, acrylate anaerobic adhesive, two-component acrylate adhesive, solvent acrylate adhesive, emulsion acrylate adhesive, paper finishing agent and painting acrylic resins in adhesive.We have also developed the new and special (meth) acrylic monomers and derivatives. Such as the fluorinated acrylate monomers, It can be widely used in coating leveling agent, paints, inks, photosensitive resins, optical materials, fiber treatment, modifier for plastic or rubber field. We are aiming to be the top supplier in the field of special acrylate monomers, to share our rich experience with better quality products and professional service.
