Just now! Silicon material old three back A successfully passed the meeting

According to the latest news on the official website of the Shanghai Stock Exchange, Xinte Energy Co., Ltd. (Hereinafter referred to as: Xinte Energy) successfully passed the meeting today, which means that the third silicon material will be listed in both the mainland and Hong Kong.

, Xinte Energy was established in 2008 and is mainly engaged in the research and development, production and sales of polysilicon.". In 2011, the company acquired a new energy company and introduced the construction and operation of wind photovoltaic power plants. In the following 15 years, the company was listed on the Hong Kong Stock Exchange.

As a holding subsidiary of the company, from 2020 to 2022, the company's revenue was 14.18 billion yuan, 22.52 billion yuan and 37.54 billion yuan respectively, of which polysilicon contributed most of the company's revenue, which was 760 million yuan, 6.79 billion yuan and 18.07 billion yuan respectively.

However, with the decline in the price of silicon materials in the first half of this year, the company's polysilicon business has also been greatly affected, achieving revenue of 12.62 billion yuan, and the proportion of total revenue has also dropped to 71.

As of June 30, the company's silicon production capacity was 200000 tons. By the end of 2023, 100,000 tons of Zhundong Phase I will be put into production, and the company will form 300,000 tons of silicon production capacity by the end of 2023.

According to the 2023 silicon material shipment list of Digital New Energy DataBM. Com at the beginning of this month, Xinte Energy is 8. However, as Xinte Energy said in its semi-annual report, in the first half of this year, it passed the volume premium. On the basis of an 80% increase in polysilicon sales, revenue grew by only 21% year-on-year.

Price-for-volume is doomed not to last long, but the company is optimistic about this, and said that the overall fundamentals of the photovoltaic manufacturing industry chain have not changed fundamentally, the market demand for polysilicon is still in a growth trend, and the possibility of maintaining the current low level of market prices for a long time is low.

Although this explanation is correct, the current market is in a downward cycle, photovoltaic financing is frequently cold, not to mention that Xinte Energy itself is not "innocent".

is that the company has the risk of illegal land occupation. Xintai Guanghua, Wuqi Huaguang, Xuyi Gaochuan, Chongren Huafeng and other four subsidiaries of Xinte Energy have land defects, and the follow-up solution of Xinte Energy is to transfer the four companies to the controlling shareholder TBEA, and the transfer of related equity has been completed.

If the land used by the above four companies is "defective", then the company's Xingtang project involves criminal offences. The company's new energy companies in the previous line Tang 200MW " Secondly, the company also has the problem of high accounts receivable. By the end of 2021, 2022 and June 2023, the accounts receivable of Xinte Energy were about 6.1 billion yuan, 5.2 billion yuan and 4.652 billion yuan respectively, accounting for about 26%, 19.02% and 14% of the current assets respectively.

The company's receivable electricity charges and renewable energy subsidies are 1.65 billion, 2.59 billion and 24 respectively.

According to the company's disclosure, the energy subsidies that account for the majority are mainly government subsidies generated by the operation of the company's wind and solar power station projects. "In March 2022, the state carried out the verification of renewable energy subsidies. According to the self-examination and verification, the company expects that the subsidized electricity prices of nine power station projects may be reduced or cancelled." At the same time, due to the reasons for the review, the company expects to return the subsidies to the Ministry. This part of the amount disclosed in the prospectus is 1.

For Xinte, who has made a lot of money in the past two years, the above problems can be remedied, but this risk threatens the company's development.

According to the company's disclosure, from 2020 to 2021, the top five customers of the company's silicon material sales accounted for 88.39%, 84.51% and 76% of the total revenue of the current silicon material. Although Xinte did not directly specify who the top five customers were, we can still find clues from the prospectus.

"At present, the polysilicon produced by the company is mainly used in the manufacture of silicon wafers, and the main customers are Longji Green Energy, Jingao Technology, Jingke Energy, Zhonghuan Stock, Gaojing Solar Energy and other silicon wafer manufacturers." According to the company, Longji, Jingao and Jingke are the main customers of the company. Although Xinte Energy predicts that the demand for polysilicon will reach 1.2-1.33 million tons by 2024, the company's current capacity of 400,000 tons will be completely digested by the market. However, considering that Longji, Jingke, Jingao and Zhonghuan have all laid out upstream silicon materials, the company will face more severe market competition by superimposing the current production expansion of silicon materials.