The hottest rush to catch the fixed growth express

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On February 22, when the market plummeted by nearly 3% in the same period, Jinggong Technology (), which announced the revised private placement plan on the same day, once again attracted the enthusiasm of investors. The company announced that the revised reserve price for private placement remained unchanged at 12.94 yuan

previously, Jinggong technology initially proposed a non-public offering plan in September last year. Since the share price was still hovering around 15 yuan at that time, the issue price was determined to be no less than 12.94 yuan per share according to the pricing benchmark date at that time. Now, nearly five months later, the company's secondary market share price has more than tripled

after the previous trading day's trading limit, in the morning of the day, Jinggong technology opened higher at 53.5 yuan, and then went up all the way. Then it began to shake and sort out at the high level. Half an hour before the end of the day, the huge purchase pushed the company's share price up to the trading limit again, closing at 55.52 yuan for the whole day. Compared with the base price of the company's private placement, the gap between the closing price of the day and the base price of the company's private placement has been as high as 258.42%

the soaring share price of Jinggong technology in the secondary market is only a microcosm of capital chasing the photovoltaic industry. According to the statistics of this newspaper, in terms of refinancing of listed companies, in addition to Jinggong technology, listed companies such as CSG a (), Zhonghuan shares (), Xingxing Technology () that recently announced private placement and set foot in the photovoltaic industry have all become "sweet cakes" in the eyes of investors

perhaps it is "the emperor's daughter doesn't worry about getting married". Zhonghuan shares has also become the first listed company to raise its own value in this year's private placement company, which announced that it will more than double the company's private placement reserve price and refinancing scale

According to statistics, China has developed into the world's largest production base of photovoltaic cells and polysilicon. Grabbing the fixed growth express to raise funds to expand production capacity has also become the only magic weapon of relevant listed companies

according to the revised private placement plan of Jinggong technology, the company plans to raise a total of no more than 464.53 million yuan from non-public offering and invest in the manufacturing and expansion project of 500 sets of solar photovoltaic equipment per year, the relocation of Zhejiang Jinggong new energy Co., Ltd. and the technical transformation project of solar polysilicon slicing production line, as well as the repayment of bank loans

among them, after the completion of the 500 sets of solar photovoltaic equipment manufacturing expansion project, the company will achieve the annual production capacity of 350 sets of solar polysilicon ingot furnace series products, 50 sets of solar polysilicon ingot splitting machine series products and 100 sets of solar photovoltaic series auxiliary equipment. Jinggong new energy will achieve an annual production capacity of 100MW polysilicon chips after reaching the production capacity, and provide the necessary experimental platform for the annual production of 500 sets of solar photovoltaic equipment manufacturing expansion project

the company said that after the completion of the above two projects, it is expected to increase the annual operating revenue by 73.16 million yuan and 466.67 million yuan respectively, and realize the total profit of 130.07 million yuan and 36.42 million yuan

according to the 2010 annual report released by Jinggong technology on the same day, the company achieved a total operating income of about 975 million yuan last year, an increase of 52.21% over the same period last year; The total profit was about 108 million yuan, an increase of 946.75% over the same period last year; The net profit was 91.1813 million yuan, an increase of 292.63% over the same period last year

similarly, Zhonghuan shares also plans to pledge all the funds raised by the private placement to the photovoltaic industry

it announced on January 13 that it plans to issue shares to specific objects including the controlling shareholder Zhonghuan group, with an issue price of no less than 23.91 yuan/share, a fixed increase of no more than 100 million shares and no less than 60 million shares, and a fund-raising amount of about 2.4 billion yuan. Zhonghuan Co., Ltd. initially issued a private placement plan in June 2010. It plans to issue 60million-90million shares at a price of 11.75 yuan/share, raising no more than 1.1 billion yuan. Compared with the old and new schemes, the issuance reserve price and the raised funds have doubled

among the fund-raising projects, in addition to the R & D and industrialization of zone melting monocrystalline silicon materials for IGBT and optoelectronic devices and the second phase of the industrialization project of monocrystalline silicon materials for green renewable energy solar cells, the second phase of the industrialization project of monocrystalline silicon materials for green renewable energy solar cells was added

Zhonghuan Co., Ltd. predicts that the total capacity of the additional issuance project will reach 1800MW after completion, and the average annual after tax profit will be 951 million yuan

as of the closing of the 22nd, the share price of the secondary market of Zhonghuan shares has also been much higher than the re proposed base price of private placement. It closed at 33.72 yuan that day, 41.03% higher than the issuance reserve price of 23.91 yuan

in addition, CSG a also announced on January 19 that it would issue no more than 250million ordinary shares (A shares) and raise no more than 4billion yuan in total. The funds raised by the company through private placement will be used for TCO film glass expansion project, silicon wafer expansion project, solar cell and module expansion project, and energy-saving glass project in the epidemic prevention and control work

Star Technology () also announced that the number of non-public shares to be issued is not more than 35million, the issue price is not less than 23.50 yuan/share, and the total amount of funds raised is 724.108 million yuan. The company plans to issue ultra-fine steel wire, the product of the fund-raising investment project, which is mainly used for cutting crystalline silicon wafers for solar cells and is an important auxiliary consumable material in the development of solar photovoltaic industry

share in the photovoltaic industry

obviously, the capital competition in the photovoltaic industry is nothing more than to get a share in the huge photovoltaic market

up to now, more than 20 companies in China have made progress in the production of silicon materials (2) large-scale investment before the experiment, with a capacity of 40000 tons and a capacity under construction of more than 60000 tons. China's photovoltaic cell output has increased from less than 10MW in 2000 to 7.5GW at the end of 2009

Han Shouhui, an analyst at deppon securities, said that the demand of the photovoltaic market is likely to accelerate in the future, and the industry's high outlook may be maintained for a long time

"considering that the adjustment of photovoltaic subsidy policies in many European countries has been realized in the short term, before the new photovoltaic subsidy price is lowered, the second quarter is likely to usher in a new round of rush to install. At the same time, the return on investment of Italian photovoltaic system continues to maintain a high level, and the U.S. and Japanese markets are also expected to grow steadily." Han Shouhui said

according to conservative calculation, the global photovoltaic market will still maintain a compound growth rate of 14% from 2010 to 2014, and will reach 13.7gw by 2014; Driven by policies, the global PV market is expected to achieve a compound growth rate of 33% from 2010 to 2014. By 2014, the PV market will reach 30GW

Dou Zeyun, a researcher at Ping An Securities, said that Jinggong technology is now the leading enterprise in polysilicon ingot furnaces in China, and its photovoltaic business is expected to account for about 70% of the company's revenue in the future

similarly, Zhonghuan Co., Ltd. said that due to the prominent comparative advantages of Zhonghuan photovoltaic in the monocrystalline silicon material industry for solar cells, the market demand for Zhonghuan photovoltaic products has increased significantly, and the built capacity of Zhonghuan photovoltaic is far from meeting the needs of existing customers, so it needs to carry out capacity expansion construction on the basis of the first two phases of projects

CSG a said that after the completion of Yichang silicon wafer expansion project, the company will form a total silicon wafer production capacity of 1GW. In addition, the company plans to build a 700MW crystalline silicon battery production line in Yichang and expand a 500MW battery module production line in Dongguan

up to now, CSG a has initially built an industrial chain of polysilicon silicon solar cells and components. With the existing ultra white calendered glass used as solar packaging panels, the upstream and downstream industries have been connected

however, dou Zeyun believes that although the compound growth rate of the photovoltaic industry in the next decade will be more than 40%, which can be optimistic in the long term, it will fluctuate in the short term due to the impact of national policies. The cycle of the photovoltaic equipment industry is earlier than that of the downstream, so there may be a reduction in the rate of production expansion due to the slowdown in the growth rate of new installed capacity, thereby reducing the risk of equipment demand

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