March 27 that "new shareholders will be introduced and new energy and new materials business will be developed", East China Heavy Industries announced that it plans to invest 2 billion yuan in cross-border photovoltaic track . Layout and construction of 10g W high-efficiency solar cell production base project . After three consecutive years of
performance losses, East China Heavy Industries has learned a painful lesson and accelerated its strategic transformation, hoping to seize the growth opportunities of the photovoltaic industry and create a new profit growth point for the company. Can
this reverse the embarrassing predicament of the company's performance for three years?
Set up a new company & nbsp; On the evening of
March 29, East China Heavy Machinery announced that on March 29, 2023, the company signed the Investment Contract with the Management Committee of Peixian Economic Development Zone in Jiangsu Province, intending to invest in the construction of "10g W High Efficiency Solar Cell Production Base Project" in Peixian Economic Development Zone in Jiangsu Province. The total fixed assets investment of the project is planned to be 2 billion yuan, with new 3.5 + 6.5GW182/210 mm large-size TOPCON and HJT cells .
On the same day, East China Heavy Machinery also issued a notice to invest in the establishment of two subsidiaries.
It is proposed to establish Wuxi Huadong Solar Energy Technology Co., Ltd. (Hereinafter referred to as "Huadong Solar Energy") with Weng Jie's co-investment of 200 million yuan. Of which, the Company intends to invest RMB 150 million in cash, accounting for 75% of the registered capital of Huadong Solar Energy; the main partner will invest RMB 50 million in cash, accounting for 25% of the registered capital of Huadong Solar Energy.
At the same time, it is proposed to set up a wholly-owned subsidiary of East China Light Energy Technology (Xuzhou) Co., Ltd. (Hereinafter referred to as "Light Energy Technology (Xuzhou)") with a registered capital of 500 million yuan.
Regarding the project of investing in the production base of high-efficiency solar cells, East China Heavy Industries said that the main products of the project, TOPCON and HJT cells, have the advantages of great potential for efficiency improvement and great space for cost reduction compared with the mainstream products in the current market. The company intends to seize the industrial growth opportunities in the solar cell market, promote the company's strategic transformation and upgrading, create new profit growth points, and enhance the company's core competitiveness and sustainability.
The announcement shows that the TV film production base project is planned to be put into production in batches: the existing plant is expected to be put into production by the end of August 2023 with 2GW and by the end of September 2023 with 3.5G W cells. The remaining 6.5G W will strive to be put into production within 6 months from the date of delivery of 184 mu plant decoration. Can cross-border photovoltaic track reverse its predicament after three
consecutive years of losses?
On January 30, East China Heavy Industries issued a performance forecast for 2022. Although its performance in 2022 increased by 87.21% to 90.05% compared with the previous year, it is expected to lose 140 million yuan to 180 million yuan in the whole year.
In fact, East China Heavy Industries has been losing money for the past three years. According to
the data, East China Heavy Industry was founded in 2004 and listed in 2012. The company intensively cultivated the field of port handling equipment, and its business scope once covered three major sectors: high-end intelligent manufacturing in East China, intelligent logistics supply chain in East China and financial investment in East China. In
October 2021, the Company completed the sale of the supply chain service business. After the business divestiture, the Company focused on the high-end equipment manufacturing business. Excluding the impact of the year-on-year caliber, the operating income of the manufacturing business in 2022 increased by 50% -100% compared with the same period last year, and the consolidated net profit significantly reduced the loss.
With the bidding and contract signing of the second phase of major overseas projects and the delivery of the first phase of major overseas projects, the company's overseas market development situation is good. At the same time, the domestic port machinery bidding market recovered rapidly in 2022, the company's port machinery business revenue increased significantly compared with the same period last year, and the cost pressure of raw materials eased in 2022, and the profitability rebounded.
However, due to the epidemic, the downturn of the consumer electronics industry and other reasons, the CNC machine tool business was adversely affected by downstream demand, and the business suffered losses.
After three years of losses, East China Heavy Industries began to actively introduce new shareholders and actively expand new energy business sectors such as photovoltaic.
On March 27, shareholders Weng Yaogen, Wuxi Zhenjie Investment Co., Ltd. and Zhou Wenyuan recently signed a share transfer agreement with Wuhu Fenghu Chasing Light Investment Partnership (Limited Partnership). The three parties transferred 85.6444 million shares of East China Heavy Machinery to Fenghu Chasing Light, accounting for 8.5% of the company's total equity.
East China Heavy Machinery said in the announcement that the share transfer intends to introduce shareholders with certain financial strength and resources in new energy, new materials and other industries to guide and help listed companies to further strategic transformation. According to
public reports, the executive partner of East China Heavy Machinery's introduction of shareholder Fang Fenghu Chasing Light is Wuhu Fenghu Private Equity Fund Management Co., Ltd. and one of the shareholders of Wuhu Fenghu Private Equity Fund Management Co., Ltd. is Wang Liang, who has rich investment experience and has successfully listed many investment targets in the fields of new energy and semiconductors.
It is worth noting that this is not the first time that East China Heavy Industries has sought to save itself by crossing the new track.
In 2016, East China Heavy Industries planned cross-border film and television media in 2016, acquiring two film and television media companies at a total consideration of 1.47 billion yuan by increasing and paying cash, but eventually terminated the above-mentioned cross-border acquisition and restructuring plan.
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