On March 27, the convertible corporate bond "Lushan Convertible Bond" issued by Lushan New Material was open for purchase.
According to the announcement, the company will raise about 524 million yuan , mainly for solar cell packaging film expansion projects and supplementary liquidity.
It is reported that the solar cell packaging film expansion project of Lushan New Material is located in Changzhou City, Jiangsu Province, with a construction period of 2 years. After the completion of the project, an annual production capacity of 90 million square meters of POE film and 90 million square meters of white EVA film will be formed.
In recent years, with the substantial increase in photovoltaic installed capacity, as one of the core auxiliary materials of photovoltaic module products, the demand for photovoltaic film has become increasingly tight.
How to achieve lower cost of electricity has always been an important issue in the development of photovoltaic industry.
As one of the core auxiliary materials of photovoltaic modules, solar cell packaging film can maximize the sunlight reaching the cell through the film, which can not only effectively improve the power generation efficiency of photovoltaic modules, but also determine the key packaging material of module life.
Nowadays, photovoltaic enterprises pay more and more attention to the conversion efficiency, reliability, attenuation rate and other life cycle power generation indicators of components, thereby improving the economy of photovoltaic power generation. With the development of HJT, TOPCon and other solar cell technologies, higher requirements are put forward for the packaging film.
With the growth of N-type photovoltaic installed capacity, POE film may usher in greater market space demand.
Let's do it!
According to the forecast of China Photovoltaic Industry Association, the average annual installed capacity of global photovoltaic will reach 300 GW from 2022 to 2027, and by 2030, the average annual installed capacity of global photovoltaic will reach 436 GW to 516 GW.
Domestic photovoltaic leading enterprises continue to increase components and expand production capacity, which will lead to a substantial increase in demand for solar cell packaging film. Packaging film enterprises have also kept up with the expansion of production.
On January 30, Lukang Biochemical disclosed its foreign investment plan, and its wholly-owned subsidiary intends to invest in the construction of a photovoltaic film project with an annual output of 800 million square meters in Huangwan Town, Haining City, with a total investment of 6 billion yuan;
On February 4, Shenzhen Gas announced that its holding subsidiary Swick intends to set up a wholly-owned subsidiary in Yancheng to invest in a new photovoltaic packaging film project with an annual output of 420 million square meters, with a total investment of no more than 1.364 billion yuan;
On February 15, Haiyou New Material announced that it planned to invest 1.3 billion yuan in the construction of 20g W photovoltaic film products;
Tuori Xinneng also said in the interactive platform in February that the company's average daily production capacity of photovoltaic film is about 100000 square meters, which will be further expanded after the completion of its Xi'an Polymer Industrial Park.
Dongfang Shenghong also recently announced that the company's investment of 21.6 billion yuan in Shenghong Chemical New Materials Project has formally entered the stage of equipment installation, including an annual output of 700000 tons of EVA project.
Under the tide of expanding production, it is an inevitable choice for many film enterprises to seize the market .
Data show that Lushan New Material has been deeply engaged in the field of solar cell packaging film for more than 10 years. The company has passed the product verification of Jingao Technology, Jingke Energy, Trina Solar Energy, Dongfang Risheng, Haitai Xinneng, BYD and other well-known photovoltaic module customers. From 2019 to 2021, the annual compound growth rate of the company's solar cell packaging film business revenue reached 84.78%. On March 25,
2022, Lushan New Material was listed on the Shanghai Stock Exchange. However, its performance in the first year of listing was not satisfactory.
On February 16, Lushan New Material released a performance report showing that in 2022, Lushan New Material was 76.041 million yuan, down 32.69% from the same period last year, mainly due to the implementation of the restricted stock incentive plan and the substantial increase in working capital demand. The price of EVA resin, the main raw material of the company's solar cell packaging film business, has risen, the price of silicon materials has risen, the production schedule of photovoltaic modules is not up to expectations, and the new production capacity of EVA has been put into operation, which has led to the price reduction.
In addition, with the rapid growth of revenue, the scale of accounts receivable and bad debt provision of Lushan New Material have also increased.
Therefore, lack of money is a major obstacle to the rapid development of Lushan New Material.
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