Just like heroes in troubled times, in the business world, when technology is updated, there are always companies that fall because they can't keep up with the trend of the times, and companies that rise rapidly because they bet on the right technology route. The companies we are going to talk about today belong to the lucky ones who bet on the right technology route to rise rapidly. The key is that they have only been transformed in the past two years. It is the most successful company in the past two years, not even one of them.
For the photovoltaic industry in the past two years , the transition from P-type batteries to N-type batteries is an unavoidable proposition, and N-type batteries have different technical routes, the mainstream view is that TOPcon will be the transition route. HJT is probably the next generation of photovoltaic cell technology, but since the end of last year, especially this year, the mainstream view of the market has begun to change.
Photovoltaic industry is too voluminous, companies in the industry want to seize the opportunity, before the next generation of photovoltaic cell technology is TOPCon or HJT has a lot of controversy, but this year many industry giants have chosen online TOPCon, such as Tongwei this year has 25GW launch, Jingao this year will also expand production 56 GW. Trina Solar has 40GW, Central also has 25GW, especially the 30GW of Longji Ordos, which is a final decision for the controversy between TOPCon and HJT who is the next generation of mainstream technology.
When these tycoons are considering what technology route to choose, the company we are going to talk about today has made a silent move, and its answer is TOPCon!
It is Junda shares, which can almost be said to benefit most from this wave of TOPCon explosion, and is also the most successful company in the past two years, not even one of them!
Junda Co., Ltd., the full name of the company is Hainan Junda Automobile Decoration Co., Ltd., from the name of the company, we can see what the company is doing, yes, it is doing auto parts and interior decoration, the main products are car dashboards, front and rear bumpers, etc. Previously, the biggest customer was Haima Automobile in Hainan.
Now many people may only have heard of the seahorse car, or even do not know what the car logo looks like, let alone buy its own car, but their ancestors have been rich, after all, Mazda used to be at the height of its power, although it was ridiculed by the best actor Tony Leung Ka-fai in the play that sitting would be a traffic jam.
In 2016, the development of Hippocampus Automobile reached its peak, when the annual sales of Hippocampus Automobile reached 216000, the revenue of Hippocampus Group reached 13.89 billion yuan, and the net profit reached 230 million yuan.
Relying on big trees to enjoy the cool, riding the east wind of Hippocampus Automobile, Junda shares were successfully listed in 2017. However, with the gradual decline of Hippocampus Automobile, the revenue and profit of Junda shares gradually fell into a downturn. Until 2021, the company rapidly transformed into photovoltaic system, and the company's future once again saw "sunshine".
Since the chairman of the company was replaced by Lu Xiaohong in 2019, the company has been planning to transform, just in July 2021, Hongfu Photovoltaic, the major shareholder of Jietai Technologies, a photovoltaic cell company, is ready to transfer 51% of its equity.
02 Extremely successful transformation
Jietai has always been a veteran player in the photovoltaic cell sector, ranking in the top three before 2018, and according to PV InfoLink, even by 2022, shipments will be in the top five.
So Lu Xiaohong quickly took it with 1.434 billion yuan. In fact, the money was not easy to get together for Junda shares at that time. But Lu Xiaohong was stunned to scrape together through various channels, such as applying for loans and transferring shares to the shareholders of Hongfu Photovoltaic, and finally completed the transaction. The company also took this opportunity to enter the hot photovoltaic track.
By 2022, the company spent another 1.519 billion yuan to acquire the remaining 49% equity, 100% holding Jietai, in addition to investing in a photovoltaic equipment company, investing 150 million yuan in Hongye New Energy, while stripping the auto decoration business, completely transformed into a photovoltaic enterprise.
It has to be said that the luck of Junda shares is really good, of course, this can not be separated from Lu Xiaohong's decisive decision, quickly won Jietai Technology and several other photovoltaic companies, and quickly stripped the traditional main business, two years to complete the company's comprehensive transformation. What is
rare is that after the comprehensive transformation, the company's management has been handed over to the original executives of Jietai, especially Zhang Manliang, the former general manager of Jietai, which has realized the rapid and smooth integration of the company.
With the support of the capital market, the company also began to bet on N-type photovoltaic cells in an all-round way, choosing TOPCon cells with the same high expansion efficiency.
At present, the annual production capacity of 18 GW N-type TOPCon batteries in Chuzhou Base has been completed to achieve full production. At present, the construction of Huai'an Phase I battery project with an annual output of 13 GW has been completed, and it is about to usher in the first piece and begin to enter the climbing stage. The 13GW project of Huai'an Base Phase II will start construction on April 28, 2023, and is expected to be completed within this year. By the end of this year, the company's production capacity will reach 53.5G W (P type 9.5G W, N type 44 GW). The mass production efficiency of TOPCon1.0 products that
have been mass-produced has reached 25.2%. The company is introducing SE and other technologies. It is expected that the mass production conversion efficiency of TOPCon2.0 products will reach 25.5%. By the end of 2023, the mass production conversion efficiency of TOPCon batteries of the company is expected to increase to 25.8%.
Even the production base in Huai'an has created the myth of "13GW battery project, which has realized 51 days of project start-up and 151 days of project commissioning".
Generally speaking, the capacity expansion of cells takes at least one year, and Junda takes less than half a year, which is not only much faster than its peers, but also faster than capacity expansion of traditional p-type cells, and the execution rate is terrible. Junda, who has successfully transformed its
performance
and caught the photovoltaic express train, has also begun to transform its performance. In 2022, its revenue was 11.595 billion yuan, up 304.95% year-on-year, and its net return to its mother was 717 million yuan, up 501% year-on-year. The net profit deducted from non-return to the parent company was 493 million yuan, an increase of 373% over the same period last year. The difference with the net profit was mainly due to the 215 million yuan obtained from the divestiture of automobile assets in June 2022.
Specifically, Q4 achieved a revenue of 4.167 billion yuan, with a year-on-year growth of 104.86% and a month-on-month growth of 38.83%; the net profit attributable to parent company was 307 million yuan, with a year-on-year growth of 412% and a month-on-month growth of 123%; Non-net profit was 298 million yuan, up 401% year-on-year and 119% year-on-year. Although the performance is lower than market expectation due to the large amount of Q4 expenses, the actual business performance is fully in line with the market expectation.
More importantly, since then, Junda shares have entered a new track. The long-term potential of the photovoltaic track is undoubtedly greater than that of the auto zero market, and the execution of the company's current management is very high. Even in the photovoltaic track with serious involution, the company still has a strong enough competitive advantage.
In the process of photovoltaic industry transformation from P-type to N-type, Junda will still be a company worthy of long-term attention.
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