two companies began in December 2020, when Longji Green Energy was in the ascendant in the capital market, Gaolu Capital signed the Share Transfer Agreement of Longji Green Energy Technology Co., Ltd. with the shareholders of the company.
It is reported that in the process of transferring the shares, the transfer price per share was 70 yuan, and Gaolu spent a total of 158
yuan in the annual report of 2021. HHLR Management Co., Ltd. – China Value Fund (Exchange) appeared in the shareholder list of Longji Green Energy, marked as a foreign legal person, and the number of shares held changed to 316 million shares, with a shareholding ratio of 5. After that, Hillhouse did not reduce its holdings until the annual report of 2022, and still held Longji Green Energy 5. However, with the company's dividend increase, the number of shares held continued to increase.
In 2020 and 2021, Longji Green Energy twice transferred 4 shares of capital reserve fund to all shareholders for every 10 shares. As of December 31, 2022, Gaolu holds about 444 million shares of Longji Green Energy through HHLR, with a shareholding ratio of 5.
However, from the first quarter of this year, Gaolu intends to withdraw. It is reported that on March 20 this year, HHLR borrowed 64.4846 million shares of listed companies to participate in the refinancing securities lending business, and the lending shares accounted for 0 of the total equity of listed companies.
Originally, HHLR's shareholding ratio should be restored to 5.85%, but as of September 30, HHLR's shareholding ratio was only 4. That is to say, during the third quarter, HHLR reduced its holdings of Longji Green Energy 0.
It can be said that HHLR used the loopholes in the rules to complete the substantial reduction, and the shareholding ratio "accurately" reduced to less than 5%. There is no need to announce the subsequent reduction. After rough calculation, the reduction amount of Gaolu related shares is about 1.9 billion yuan.
However, up to now, the remaining position of Longji Green Energy held by Gaolu Capital is in a state of floating loss. According to the closing price on November 13, the market value of Longji Green Energy stock held by Gaolu is only about 9 billion yuan.
In fact, the reduction of Longji Green Energy is not only the HHLR company of Gaolu, but also the reduction of Hong Kong Securities Clearing Company Limited. As of September 30, 2023, the shareholding of Hong Kong Securities Clearing Company Limited has dropped by 5.
From the stock price of the secondary market. As of November 13, the closing price of Longji Green Energy was 23.84 yuan, which was nearly 370 billion yuan lower than market value of 4.18 billion yuan at the beginning of the year and the highest market value of 550 billion yuan in history.
However, in 2022, Longji Green Energy was surpassed by TCL Central and lost its leading position in the silicon wafer industry. Moreover, the difference between Longji Green Energy and the second echelon has gradually narrowed. Specifically, in 2021, Longji Green Energy's component shipments have obvious advantages, and it is the only enterprise with more than 35GW. In 2022, Longji Green Energy, Trina Solar, JinkoSolar and Jingao Technology all shipped more than 40 GW, and the difference between Trina Solar and Longji Green Energy module shipments in the second place was only 2 GW, while in 2021, the difference between them was nearly 14 GW.
Not long ago, Longji Green Energy released its third quarterly report for 2023. Data showed that during the reporting period, the company achieved revenue of 94.1 billion yuan, an increase of 8.55% over the same period last year; The net profit attributable to the parent company was 11.694 billion yuan, an increase of 6. Among them, the third quarter showed the first negative growth after 2013: revenue and net profit were 29.448 billion yuan and 2.515 billion yuan respectively, a decrease of 18.92% and 44.
Affected by the sharp drop in the price of upstream silicon materials, enterprises also lost price support for silicon wafers, resulting in a sharp rise in the pressure of inventory impairment losses. In the first three quarters, the impairment loss of Longji Green Energy assets reached 3.092 billion yuan, a sharp increase of 2.271 billion yuan compared with 821 million yuan in the same period of 2022, an increase of 276.
In terms of components, at the end of the third quarter of 2023, Jingke Energy overtook Longji Green Energy, shipping 52GW in the first three quarters. Li Zhenguo, general manager of Long
Ji Green Energy, admitted at the third quarter performance presentation that there were two strategic mistakes this year: First, at the beginning of this year, the volatility of silicon materials declined rapidly, and Longji followed the price of silicon materials to price silicon wafers, which affected the profitability of silicon wafers in the first quarter; Second, in the second quarter, when friends grabbed orders, Longji's performance was not so radical, which had a greater impact on component sales this year.
The price of silicon materials dropped from the highest 300000 yuan/ton to the average price in November. 6 . Under the influence of the sharp drop in raw materials, silicon wafer manufacturers have lowered the export price of silicon wafers, and Longji Green Energy has launched a "price war" many times. On December 23
last year, Longji Green Energy announced that the thickness of P-type M6 155um of monocrystalline silicon wafers would be reduced from 7.42 yuan per piece to 5.40 yuan per piece, a decrease of 27.22%, and the thickness of P-type M6 150um of monocrystalline silicon wafers would be reduced from 6.24 yuan per piece to 4.54 yuan per piece. On May 30
this year, Longji Green Energy said that the price of P-type M10 silicon wafers with a thickness of 150 μm was reduced from 6.3 yuan per wafer to 4.36 yuan per wafer, a decrease of 30.8%; The price of P-type M6 silicon wafer with a thickness of 150 μm has been reduced from 5.44 yuan/piece to 3.
According to the latest data on November 9, the mainstream transaction price of P-type M10 silicon wafer is 2.30 yuan/piece, and the mainstream transaction price of P-type G12 silicon wafer is 3.30 yuan/piece; The mainstream transaction price of N-type M10 silicon wafers is 2.
In addition to the sharp decline in the price of silicon wafers, the price of components has also fallen sharply. In October this year, according to agency statistics, the current price of photovoltaic modules is 1. In the recent centralized bidding, there has been 0. According to industry estimates, the lowest manufacturing cost of component enterprises is 1.1 yuan/W, plus other costs more than 1.
At present, the supply of silicon wafers and components is still in a state of surplus, and with the further decline in the price of silicon materials, there is a possibility of further decline in the price of silicon wafers and components.
Although Li Zhenguo emphasized at the performance exchange meeting, "Longji adheres to a sound business strategy and will not lose money in business.". Unless the order has been signed, the company will deliver the goods according to the contract. But for the list of visible losses, Longji will still not do it.
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