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Yijing Optoelectronics launched the 10 billion investment plan after two daily limits, reiterated that TOPCon battery module products have not been verified by customers After the issuance of a 10 billion investment plan, Yijing Optoelectronics (600537) rose by the limit for two consecutive days, causing stock price changes. On the evening of September 23, Yijing Optoelectronics disclosed a change announcement, which further explained the situation of the Quanjiao photovoltaic manufacturing project officially announced two days ago, and reiterated that the 10GW TOPCon photovoltaic cell project related products in the first phase of the project have not been mass-produced and have not obtained customers. Verification, there is uncertainty in the acquisition of future orders, and at the same time, there may be a risk that the project funds cannot be raised. After the market close on September 21, Yijing Optoelectronics’ “Ten Billion Production Expansion Plan” surfaced: it plans to spend a total of 10.3 billion yuan to build a photovoltaic manufacturing project in the third phase of the Economic Development Zone, Quanjiao County, Chuzhou City, of which the first phase is 10GW The high-efficiency N-type TOPCon photovoltaic cell project, with an estimated investment of 5 billion yuan, is planned to start construction in October 2022, complete in April 2023, and put into production within 3 months after completion acceptance; For the 10GW photovoltaic module project, the total investment is estimated to be about 5.3 billion yuan. As soon as the news came out, Yijing Optoelectronics set the daily limit on September 22. On September 23, it opened higher and closed at the daily limit. The latest stock price was 6.96 yuan per share, with a market value of 8.3 billion yuan. It should be noted that the current main product of Yijing Optoelectronics is still PERC cell modules, and currently has a production capacity of 5GW cells + 5GW modules, and the planned investment in the construction of TOPCon cell module products is still in the stage of R&D and certification, and has not been mass-produced and has not yet been established. Obtain customer verification, follow-up sales are uncertain. As one of the important technical routes for the next generation of photovoltaic cells, the TOPCon route has higher theoretical efficiency and greater cost reduction space than PERC cells, and has been highly sought after by the market in recent years. According to industry insiders, as the efficiency of PERC cells is gradually approaching the theoretical limit of 24.5%, TOPCon's own wrapping problem has also been resolved, and it is compatible with the PERC production line, making it the fastest technological route choice for current industrialization. According to the statistics of China Photovoltaic Industry Association (CPIA), the PERC cell market will account for about 91% in 2021, and the total proportion of heterojunction and TOPCon will be less than 3%. It is estimated that by 2025, the total proportion of ultra-efficient battery technologies represented by heterojunction and TOPCon will be close to 40%, and by 2030, it is expected to exceed 75%, and the market space is huge. Since the beginning of this year, many new photovoltaic forces have entered the TOPcon field. The dairy giant Huangshi Group plans to invest in the construction of a 20GW TOPCon photovoltaic cell project, and the 10GW TOPCon photovoltaic cell production base of Mubang Hi-Tech Ezhou has started. Although there is no order support yet, Yijing Optoelectronics has said that it has made a lot of preparations for entering TOPCon. According to reports, the company has sufficient technical reserves in TOPCon batteries. At present, it has a TOPCON battery test line, and has completed the R&D process of 182mm and 210mm TOPCON components and related product certification. The project currently under construction has the conditions for economic feasibility and rapid conversion into production capacity. In addition to products, the source of project funding is also the focus of the market. According to the plan, the investment in the first phase of the 10GWTOPCon battery project is 5 billion yuan, of which 3.3 billion yuan is invested in fixed assets, and the balance of monetary funds of Yijing Optoelectronics is about 3 billion yuan at the end of the half year, and there is still a certain funding gap, which will be approved in the follow-up but not limited to Bank financing, etc. As of the end of the first half of the year, the company's asset-liability ratio has reached 69.14%. If the bank financing model is adopted, the debt ratio will be further increased, increasing the pressure on cash flow, and there may be the risk that funds cannot be raised in place. It should be noted that on September 5th earlier, Xun Jianping, the second shareholder of Yijing Optoelectronics, just disclosed the plan to clear the position and reduce its holdings. It is planned to reduce its holdings by no more than 68.1632 million shares through centralized bidding and block transactions, accounting for 5.71% of the total share capital. At present, the reduction plan is in progress, and the progress of the reduction has not yet been released. |