The enthusiasm of PV companies to go public is not diminished.
After the "double opposition", the listing of A shares has not become the last straw for domestic PV companies. A few days ago, the results of the 48th meeting of the China Securities Regulatory Commission's GEM Board of Auditors showed that Henan Sidda Photovoltaic Materials Co., Ltd. failed to pass the first time. This is also the seventh PV company that has been stranded in the initial public offering (IPO) this year. At present, under the situation that the whole industry's business climate has dropped drastically, PV companies' capital turnover is difficult, financing demand is expanding, and affected by multiple factors such as increased pressure from private equity investment institutions, the desire for listed companies to raise funds for self-rescue is unprecedentedly high. At the same time, the company's listing has frequently encountered "closed doors", and there are very few people who really take back the golden eggs. According to the analysis, at present, the entire PV industry chain, polysilicon, solar cells and components are in overcapacity, and whether the company has sustained profitability has become the biggest obstacle to the approval of new shares. In the future, from scale expansion to structural adjustment, it will become the development direction of the photovoltaic industry. The sub-sectors with technological advantages are more likely to become the main flow of market funds through mergers and acquisitions. IPO frequent enthusiasm but enthusiasm according to the data of the China Investment Group. Since the beginning of this year, the IPO process of seven PV companies to be listed has been blocked. Among them, the application for CNC and SiDa PV is rejected; Henderson PV suspension review; Fast PV, Solar, Tianneng and O'Brien were discontinued. The photovoltaic companies that can successfully pass the meeting are only Jingsheng Electromechanical and Ningxia Jingjing, with a pass rate of less than 30%. The road to A-share listing financing has gradually narrowed. Why are PV companies still ruining me and making IPO applications? Is the current domestic PV production capacity really in short supply, and urgently need large-scale financial support? Especially in the United States, Europe, holding high the "double anti-" big stick situation, what are the intentions of enterprises to choose A-share IPOs at this time? Wang Yong, general manager of CCID Consulting's Basic Electronics Industry Research Center, said, “From now on, when it comes to financing or expanding production capacity, PV companies are definitely not needed, but if they are in terms of cash flow, large-scale financing of enterprises is It is inevitable. It is understood that the current domestic PV companies generally show that the net operating cash flow can not meet the embarrassing situation of investment cash flow needs, and long-term below net profit. Not only that, but the company's asset-liability ratio is also high. Taking Henan Sicheng as an example, in 2009-2011, the net operating cash flow of the company was 52.278 million yuan, 975,600 yuan and 342.474 million yuan respectively lower than the net profit; the total liabilities of the company were 80.34% and 61.74% respectively. 65.28%, far higher than the level of debt that can be maintained when the company is in normal operation. In the interview, the reporter found that Henan Sicheng is not an isolated incident, and such a situation is everywhere in the current PV industry. From this point of view, the current pressure on capital, PV companies know that hope, but still desperate to throw a "big dry fast" IPO will be a natural chapter. For this practice, industry experts have expressed that it is difficult to agree. They believe that on the one hand, the industry has overcapacity and insufficient demand; on the other hand, there are common problems in the shortage of capital flow among enterprises. Although listed financing can alleviate the urgency, the consequences of listing will inevitably further expand production capacity, which in turn will be more Increase the competitive pressure of the industry, making the profit level of the whole industry decline. Corporate attitudes are quite different from those of experts. The latest list of IPOs published by the China Securities Regulatory Commission shows that there are still many companies such as Yuhua Photovoltaic that are planning to list on the A-share market. The tide of losses is on the rise. Although the domestic PV companies' shipments in 2011 showed a sharp upward trend, the net profit generally turned from profit to loss, and fell sharply year-on-year. It is not only the small and medium-sized enterprises that have been hit by this market, but even the industry giants such as Saiwei and Suntech have not been spared. According to the 2011 annual financial report released by the Chinese PV companies in the US, the shipments of various companies increased by 38.3% year-on-year, and the operating income increased by 6.15% year-on-year. Among them, Jingke Energy's 2011 PV product shipments increased most significantly, compared with the previous one. The annual growth has nearly doubled to 950 MW. According to the above financial report, in 2011, 6 of the nine PV companies listed in the US reported losses, with a cumulative loss of 1.73 billion US dollars, and the net profit of the three profitable companies also dropped significantly. Suntech’s 2011 annual loss amounted to US$1.06 billion, and Yingli New Energy’s annual loss exceeded US$500 million. In contrast, the living conditions of Saiwei Photovoltaic are even more severe. The company’s fourth-quarter 2011 financial report showed a total loss of $589 million in the fourth quarter and a total liability of $6 billion. Under the weight of huge losses and high debt ratio, since July last year, Saiwei Photovoltaic has significantly reduced its staff by more than 9,000 employees, making it the first large-scale layoff company in China's large PV companies. "The sales volume has not brought lucrative profits, but in exchange for the loss performance, in the final analysis, the price of photovoltaic products has also fallen sharply due to overcapacity." Professionals told reporters. In 2011, the global PV market demand was around 20 GW, but the global cumulative capacity reached 40 GW-50 GW that year, of which only China's PV capacity reached 30 GW, and the supply far exceeded demand. Excess capacity has also quickly pushed polysilicon prices down. According to the contract price of 35 US dollars per kilogram in February this year, the market generally believes that the price of polysilicon will continue to fall to about 32 US dollars per kilogram. "At present, in addition to photovoltaic power plants, almost all industrial chain links are profitable, and homogenization competition is very obvious. The development model of repeated production and price is equivalent to killing chickens and taking eggs. If this situation is not changed as early as possible, the domestic photovoltaic enterprises will suffer. The days are far from over." The above experts believe that in the future, crystalline silicon cells should focus on the development of key technologies for polysilicon, increase the conversion rate of crystalline silicon cells, and further reduce costs. At the same time, thin-film solar cells and high-efficiency concentrating solar cells are also important sub-sectors. Adjustment and reorganization of the industry's new key photovoltaic industry this winter is very fierce, but with the global energy shortage and environmental pollution and other issues increasingly prominent, photovoltaic power generation due to its clean, safe, convenient and other characteristics in reducing environmental pollution, adjusting energy structure, etc. The role of the aspect is outstanding. Therefore, the prospect of the photovoltaic industry is still worth looking forward to from the perspective of long-term development. Li Ling, an analyst at the China Investment Group, said. This year's government work report changed the previous statement of “stopping the blind expansion of solar energy and wind power industries†to “protecting the blind expansion of solar energy and wind power equipment manufacturing capabilitiesâ€. It can be seen that the general direction of the development of the photovoltaic industry has not been denied. The adjustment of industrial layout and structure to guide its orderly and healthy development is the focus of national photovoltaic work. This industrial development idea has been reflected in the "Guidance Catalogue for Foreign Investment Industries" issued by the National Development and Reform Commission and the Ministry of Commerce. The catalogue states that thin-film batteries, solar collectors, 200mm monocrystalline silicon and polished sheet production, solar air conditioners, solar drying units, solar cells, and solar power plants are listed as encouraging foreign investment industries, while domestic companies are no longer subject to policy preferences. . "In other words, PV companies should strengthen technological innovation, reduce costs, improve conversion efficiency, and spend the winter through technology heating." Li Ling told reporters that the market's oversupply will bring mergers and integration of the entire industry, capacity and Inefficient companies will be merged or eliminated. The “Twelfth Five-Year Development Plan for Solar Photovoltaic Industry†adopted on May 30 this year also clearly pointed out that it is necessary to concentrate on supporting superior enterprises to become better and stronger, and encourage key PV companies to promote resource integration and mergers and acquisitions. Under the policy of rain and water, the seeds of industrial resource integration are quietly sprouting. Recently, Sinopec, China National Chemical Corporation and CNOOC and other large state-owned enterprises with strong capital have entered the PV industry against the market. Sinopec's first photovoltaic power station in Tahe Oilfield has begun construction, and China National Chemical announced that it is preparing to build a carrier-class enterprise covering the entire PV industry chain. In this regard, Li Ling said that enterprises with state-owned background and strong strength have entered the photovoltaic industry, which may set off a new wave of mergers and acquisitions in the photovoltaic industry, promote the integrated development of photovoltaic upstream and downstream industries, and open up the domestic photovoltaic market and digest photovoltaics. The excess capacity of the industry is of positive significance.
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