IPO radar | How to digest the decline in gross interest rates and expansion of liabilities? Photovoltaic battery manufacturer Runyang shares responded like this


IPO radar | How to digest the decline in gross interest rates and expansion of liabilities? Photovoltaic battery manufacturer Runyang shares responded like this

Reporter | Liang Yi

Recently, Jiangsu Runyang New Energy Technology Co., Ltd. (“Runyang Co., Ltd.”) responded to the first round of review and inquiry of the Shenzhen Stock Exchange, with a total of 26 questions.

Runyang’s core product is a single crystal PERC battery film, which includes mainstream dimensions such as 166mm, 182mm, and 210mm. The operating income of the company from 2018-2021 (during the reporting period) is 3.06 billion yuan, 4.798 billion yuan, and 10.617 billion yuan Yuan, of which 121.28%in 2021; net profit attributable to mothers at the same period was 243 million yuan, 513 million yuan, and 486 million yuan, respectively, and the net profit in 2021 fell 5.26%year -on -year.

In this IPO, Runyang plans to raise 4 billion yuan, of which 2 billion yuan is used for an annual output of 50,000 tons of high -pure polysilicon projects, 500 million yuan for annual output of 5GW heterogeneous knot battery production project, and the remaining 1.5 billion yuan is used. In supplementary funds.

According to the interface reporter previously reported, Runyang’s directors and technical personnel, many of them have worked in R & D posts of Outtersway Energy (Taicang) Co., Ltd., coincidentally, after the founder left, May 10, 2013 Runyang shares were established on the day, and Outtersway Energy (Taicang) Co., Ltd. was a wholly -owned subsidiary of the former photovoltaic giant Hairun Giants who delisted.

The Shenzhen Stock Exchange also noticed that “the issuer’s actual controller, the director and supervisor, and the core technicians mostly worked among enterprises related to the photovoltaic industry chain, and some have signed a competitive restriction agreement with the original unit.” Therefore, the company asked the company to explain : “The work content of the issuer’s actual controller, the director of the director and the core technicians in the original work unit has the obligation to restrict the restrictions of the original unit’s competition and whether the office is in violation of the regulations; the above personnel apply for Whether the patent is related to the content of the original work, whether the issuer is engaged in production and R & D activities invading the intellectual property rights of the original unit, and whether there are disputes or potential disputes with the original unit. “

Among the above -mentioned personnel, five people such as Tao Longzhong, Yang Zhuojian, Wang Zhen, Zhu Yanbin, and Li Haibo were originally in Hairun Photovoltaic Technology Co., Ltd. (hereinafter referred to as “Hairun Photovoltaic”) Outsto Energy (Tai Cang) Co., Ltd. (hereinafter For short, “Outsway”), after consulting the investigation form filled in the above personnel, the personal bank card flow after leaving, and the interview with the person in charge of the Hailun photovoltaic human department, the aforementioned personnel did not sign the restrictions on the competition with the original unit. Agreement, the original unit did not pay the compensation to the competition after leaving,

According to the interview with the chief technical officer of Hairun Photovoltaic Forest, the research and development of Hairun photovoltaic and its subsidiaries focuses on the development of cutting -edge technology. In order to achieve the mass production of solar cells, the patent department of the inventor participated in the application is different from the work content and R & D route in Outterswell.

In addition, Yang Yang, Chen Rulong, and Xu Fang who signed an agreement with the original units Yang Yang, Chen Rulong, and Xu Fang did not have the obligation to restrict the competition restrictions on the original unit when they entered the Runyang shares. Among them, Chen Rulong worked at Wuxi Shangde Solar Energy Co., Ltd., and mainly participated in the development of the battery structure itself in the early stage. In the later period, it was mainly responsible for the management of the institute and did not directly participate in technical research and development. In terms of technology production and application, it is used for large -scale production or PERC+technology for PERC production line.

Runyang shares said: As the issuer’s patent that the inventor participated in the application, the patent of the inventor is different from his original work content. Essence

In addition, the issue of inquiry in a round of review is obviously concentrated in products and industries, mainly manifested in the product type size, battery technology, production capacity expansion and digestion, market share, and industrial integration.

During the reporting period, Runyang shares accounted for more than 95%of the total sales of solar cells based on PERC technology. At present, N -type batteries represented by TOPCON, heterogeneity (HJT), IBC, etc. With higher conversion efficiency and continuous cost decline, GW classification is gradually realized.

Therefore, the Shenzhen Stock Exchange requires the combination of battery films and downstream market technology change trends, issuer’s technical level and research and development capabilities, etc., indicating whether the main product types of battery films will have major changes and the impact on the continuous operating capabilities of the issuer.

And Runyang Co., Ltd. replied that Perc large -sized batteries have outstanding cost -effective advantages. It is expected to maintain the main market share in a certain period of time. The market share of large -sized batteries will gradually increase. The share will remain above 50%, and the market share of the N -type battery will reach 35%. In the future, there will be a situation where PERC and various N -type batteries such as type N -type batteries will exist at the same time and develop in parallel.

At the same time, the company is actively promoting the mass production conversion of N -type battery technology. It is intended to reproduce the TOPCON reserve technology and mid -test line production experience to a new mass production line. It is expected to be completed in the second half of 2022. With good heterogeneous knot technology reserves, mastering independent technologies in core processes such as amorphous silicon film deposition, transparent conductive film deposition, and promoting the implementation of fundraising projects, and realizing heterogeneous battery production.

In terms of production capacity, as of the end of 2021, Runyang’s single -crystal PERC battery production capacity reached 21GW, and large -sized batteries can be produced by 182mm and above. The shipping of the stock battery is the top three in the industry.

Regarding whether the production capacity of photovoltaic battery pieces is controversial in the future, but based on optimistic estimates of the industry, the photovoltaic industry chain is concentrated in concentrated construction and accelerated production. According to public disclosure data, starting in 2022, the photovoltaic industry has planned or has a battery production capacity of about 255GW. The specific manufacturers and expansion plans are as follows:

Therefore, the Shenzhen Stock Exchange requires the company to combine the production capacity expansion speed of the industry’s industry, the industry’s memory capacity and expansion, and the market space, which indicates whether there is a risk of rapid production capacity or even overcapacity due to the rapid expansion of production capacity. The feasibility of digestion capacity of investment projects is expected to have market share and realization in the future.

Reply shows that overall, in the long run, there is still a large gap in the production capacity of solar cells, and the battery industry faces a broad market space. In the short term, due to the significant expansion of production and competition in the solar battery film industry, there is a situation that the production capacity is greater than the market demand at the end of the year. The difference between the demand for the battery film will be significantly reduced, and with the expansion of the downstream market capacity, existing production capacity will gradually be converted into an effective supply of the market. Therefore, the above -mentioned short -term production capacity is a structural and phased imbalance.

Regarding whether the two fundraising projects can digest, Runyang shares have been calculated that the global polysilicon demand in 2022 and 2023 was about 743,900 tons, about 948,700 tons, and about 1.2149 million tons. For tons, the company’s 50,000 tons of polycrystalline silicon capacity accounts for about 4.90%of the total market capacity. Therefore, the company’s polycrystalline silicon sales demand in 2023 and 2024 is 46,500 tons and 59,500 tons.

At the same time, after calculation, by 2025, the production capacity of heterogeneous knot battery pieces in the photovoltaic market will reach 135GW, accounting for 17.95%of the production capacity of all solar battery pieces. The total capacity of 3.70%, combined with the company’s market share of 6.89%of the 6.89%of solar battery films in 2021, is higher than heterogeneous knots. It is expected to have a market share.

The photovoltaic industry chain includes the five major links of “silicon, silicon wafers, battery, components, and power stations”, while photovoltaic integrated manufacturers refer to multiple links of business coverage of the industrial chain to improve their ability to resist risk by integrating layout.

According to interface journalists previously reported, in 2021, due to the mismatch of the upstream and downstream production capacity of the photovoltaic industry chain, the market price of silicon and silicon wafers continued to rise. , That is, the increase in the price of battery films is not as good as the increase in raw material prices, which has greatly declined the company’s gross profit margin.

Specifically, the gross profit margin of Runyang’s solar cell film business dropped from 16.57%in 2020 to 9.74%in 2021, a decrease of 6.83 percentage points, of which the gross profit margin of 182mm and above batteries decreased from 21.29%11.89 percentage points To 9.40%, the silicon wafers increased by 36.51%.

Therefore, the Shenzhen Stock Exchange requires the impact of the influence of the price fluctuations of the main raw materials on gross profit margin, and the specific impact of the continuous rise in raw material prices on the continuous operating capacity of the issuer.

Runyang Co., Ltd. replied that monocrystalline silicon wafers are the most important raw materials for the production of optical battery films. The sharp rise in raw material prices directly compressed the profit space of battery production enterprises, which caused the overall operating performance of downstream companies to decline sharply in 2021, of which the same is the same as the same. Industry companies Aixu, Jingke Energy, Oriental Risheng and Zhonglai’s overall operating performance declined as the decline in operating performance is consistent with the issuer.

The company also said that although the rising price of silicon material and the price of silicon wafers has adversely affected the profitability of the issuer’s short -term, due to the influence of the price transmission mechanism, the expansion of the upstream silicon material, and the construction of its own silicon material project, the price of raw materials has continued to rise. The issuer’s continuous profitability has a significant adverse effect.

In addition, the photovoltaic industry is a typical heavy asset model, which is a capital and technology -intensive industry.

The liabilities of Runyang’s high debt have naturally attracted the attention of the Shenzhen Stock Exchange, requiring the company to explain the issuer’s operating liabilities and financial liabilities, and the source of capital investment such as fixed assets during the reporting period. Situation.

As of the end of 2021, the company’s asset -liability ratio was as high as 81.39%, and the total liabilities were about 9.539 billion yuan. It mainly focused on operating liabilities. Among them, the bills payable were 2.058 billion yuan, accounts payable 2.135 billion yuan, and other mobile liabilities were 2.377 billion yuan.

Runyang also said that there is no situation of simply relying on loans to expand significantly. During the reporting period, the total funds of the company’s self -investment line were RMB 446,600,836,600. The deduction of 94,267,700 yuan in engineering equipment that had not been paid at the end of the reporting period.

The aforementioned sources of funds are mainly government industrial support policies such as equity financing, production equipment finance leasing, long -term bank loans, and government subsidies/agencies. The company’s short -term bank loans are mainly withdrawn in the form of trusted payment. Essence

According to data from the audit or review of the accountant after the period, as of March 31, 2022, Runyang’s total assets were 12.861 billion yuan, and the total liabilities were 10.408 billion yuan. In the first quarter, the company realized revenue of 4.087 billion yuan and a net profit attributable to 267 million yuan, of which the gross profit margin of 182mm sizes silicon wafers increased from 9.36%in 2021 to 12.79%in the first quarter. Essence

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