1.34 trillion! Existing enterprises are insolvent! Nearly 100 Photovoltaic Enterprises "Move Forward in Debt"

Nowadays, the photovoltaic industry has intensified, overcapacity, fierce competition, supply and demand turbulence.. It can be said that both inside and outside are full of negative emotions.

Earlier, Liu Yuxi , president of Longji Green Energy China, a leading photovoltaic company , said in an interview that in the next two or three years, 60% to 70% of enterprises may be eliminated. Recently, Xu Zhiqun, chairman of Gaojing Solar Energy, a dark horse of photovoltaic industry, also made a rare voice, saying: "Now the'fourth fall 'is the prelude to the game of'the surplus is king'."

How to survive in this fight has become a question for every photovoltaic enterprise to think about day and night. Who can be the "leftover"?

Digital New Energy DataBM. Com counted the liabilities of 97 photovoltaic listed companies as of the third quarter of this year. These 97 photovoltaic listed companies have a total debt of 1.34 trillion yuan . Among them, 33 photovoltaic enterprises have more than 10 billion yuan in debt; There are seven enterprises with debts exceeding 50 billion yuan , namely, Longji Green Energy, Trina Solar, Tongwei Stock, Jingke Energy, Jingao Technology, TCL Central and Sunshine Power Supply . The total liabilities of 38 enterprises

in the main industrial chain (silicon materials, silicon wafers, batteries and components) amounted to 968.265 billion yuan. Among them, the highest amount of liabilities in the battery and module sector is 576.54 billion yuan, followed by 205.415 billion yuan in the silicon wafer sector and 186.31 billion yuan in the silicon material sector.

From the perspective of debt ratio, 63 photovoltaic enterprises have a debt ratio of more than 50%; 8 enterprises have a debt ratio of more than 80%; The debt ratio of two companies , Jingang Photovoltaic and Jiayu, has exceeded 100%, falling into the risk of insolvency.

For the convenience of comparison, we temporarily set the debt ratio of photovoltaic enterprises at 60% as a warning line.

Polysilicon

2023, in the four major sectors of industrial prices, the most severe decline is the polysilicon sector. The price of monocrystalline dense materials dropped from 176200 yuan/ton at the beginning of the year to 60200 yuan/ton on December 13, a drop of 65.83%. Although the profit margin of silicon enterprises has been compressed

this year, due to the "windfall profits" of silicon materials in the past two years, the overall debt situation of the four silicon enterprises is good, and the debt ratio is basically around 50%.

According to the statistical data, Tongwei shares "occupy a high position" in terms of debt amount and debt ratio, which are 91.683 billion yuan and 54.52% respectively; The debt ratio was followed by Xinte Energy and Xiexin Technology , which were 50.52% and 46.47% respectively; The debt amount and debt ratio of Daquan Energy are "bottom", which are 6.748 billion yuan and 13.45% respectively. Source

: Digital New Energy DataBM. Com Finishing

Silicon Wafers

In the silicon wafer sector, the debt ratios of Shuangliang Energy Saving and Huamin have broken through the warning line, reaching 75.87% and 60.38% respectively. However, the growth rate of total liabilities of Huamin, which has just been chasing the light for a year, is as high as 739.58%. In other words, the amount of liabilities of Huamin this year is nearly 8 times that of the same period last year.

Source: Digital New Energy DataBM. Com

Battery & & As the prices of

upstream silicon materials and wafers continue to decline, the prices of downstream batteries and components continue to bottom out. Since October, the price of components has exceeded 1 yuan/W, and the price of components has been constantly low. In only two months, the latest historical low price of components has approached 0.8 yuan/W. In Liu Yuxi's words, this means that it has completely fallen below the cost price . Behind the

fierce price war is the "craziness" of battery and component companies to borrow money to expand production. According to the latest data from the Ministry of Industry and Information Technology, from January to October, the output of crystalline silicon batteries in China exceeded 403 GW, and the output of modules exceeded 359.7 GW.

Compared with silicon material and silicon wafer enterprises, the debt ratio of component enterprises is higher as a whole. According to statistics, more than 60% of enterprises have a debt ratio of more than 60% of the warning line, and even some enterprises have the risk of insolvency.

In the component sector, the company with the highest debt ratio is King Kong Photovoltaic, with a debt ratio of 103.12%, and the company has been at risk of insolvency. ST Zhongli, which is in the process of

restructuring, followed closely. Although its liabilities decreased by 23.6% compared with the same period last year, its debt ratio was still as high as 92.29%. The debt ratios of GCL Integration, Mubang Hi-Tech and Zhongrun Solar Energy were all above 80%.

It is worth noting that in this link, the debt scale of Longji Green Energy, Trina Solar Energy, Jingke Energy, Jingao Science and Technology, Hesheng Silicon Industry, Atlas and Dongfang Risheng has exceeded 30 billion yuan, accounting for 70% of the total debt amount in this link.

Source: Digital New Energy DataBM. Com

In the inverter sector, the top three companies with debt ratios are Shangneng Electric (72.46%), Sunshine Power (66.32%) and Jinlang Technology (62.59%). All of them have exceeded the warning line of debt ratio. Among them, Sunshine Power has the highest amount of liabilities, reaching 53.085 billion yuan, followed by Jinlang Technology, reaching 12.98 billion yuan.

Figure source: Digital new energy DataBM. Com finishing