household inverter shipments, has passed the hearing of the Hong Kong Stock Exchange and plans to list in Hong Kong.
As early as June 24 last year, Guruiwatt submitted the main board listing prospectus to the Hong Kong Stock Exchange, then accepted the hearing of the Hong Kong Stock Exchange on November 21, and disclosed the information set after the hearing on May 14, 2023. In the wave of capitalization of photovoltaic enterprises, Guruiwatt was once called "the lost pearl of light storage". In 2011, Ding Yongqiang, an invisible champion
who
has never lost money, founded Guruiwatt in Shenzhen with his working experience in Shante Electronics, a Taiwanese-funded power company, focusing on photovoltaic inverters at the beginning.
Santak Electronics is the "Whampoa Military Academy" of domestic inverter companies. The core teams of Jiangsu Goodway and Guangzhou Sanjing Electric are also from Santak. Guruiwatt ranks first in the Santak Department. In fact, Guruiwatt has realized tens of millions of yuan in profits in the year of its establishment. The key to
making profits is that Ding Yongqiang avoided the fierce competition of inverters in China and focused on the target market of high civil electricity price and ", which is also closely related to the starting volume, fluctuation and soaring of Guruiwatt's performance.
In 2012, Guruiwatt has emerged in the overseas market, becoming Australia's largest inverter exporter, with a market share of 23%, and its profit more than doubled that year.
Subsequently, Guruiwatt took advantage of the "east wind" of growth to set up branches in the United States, the United Kingdom, the Netherlands and other places to open up the global layout.
However, although Guruiwatt has also opened up new markets in Europe and Southeast Asia, the myth of doubling its growth has not been continued.
With the implementation of the "double-reaction" policy of overseas regulation on China's photovoltaic industry, the industry as a whole has entered a downward cycle, and Guruiwatt's individual products have some problems, Guruiwatt has also fallen into a low profit period.
Fortunately, Ding Yongqiang, who was born in manufacturing industry, successfully survived the industry fluctuation cycle through the strategy of cost control and multi-market layout. Even in the most difficult period, the company did not lose money, and the lowest annual profit was tens of millions.
An industry insider close to Guruiwatt told new energy industry experts that Ding Yongqiang's "granularity" of cost control is very fine.
For example, at the technical level, increase the rated power of the inverter while reducing the weight of the equipment, thereby reducing the cost of transportation and installation;
At the supply chain level, Guruiwatt has created its own "equipment outsourcing model" since 2012: after the procurement of core equipment is completed, the equipment is entrusted to a professional company, which is responsible for recruiting people for product production, saving personnel costs. After
entering the markets of Europe, America, Asia, Africa and Latin America, Guruiwatt was less affected by the fluctuation of a single market, and its performance was relatively stable. At the same time, based on the information advantage of multi-market layout, Ding Yongqiang saw the opportunity of energy storage inverter earlier than his competitors.
In 2015, Guruiwatt began to invest in the layout of energy storage inverters and battery systems, and became the first Chinese inverter manufacturer to launch an energy storage split scheme. The scheme is to add energy storage interface directly on the basis of the original photovoltaic inverter, and introduce household and commercial energy storage product lines.
Over the next few years, with the emergence of favorable policies in various countries, Guruiwatt's performance soared all the way after betting on the two hot tracks of "photovoltaic + energy storage".
According to the prospectus, from 2019 to 2022, Guruiwatt's revenue was 1 billion yuan, 1.89 billion yuan, 3.19 billion yuan and 7.09 billion yuan respectively, with an increase of 122% in 2022, the highest increase in the reporting period; Moreover, net profit growth is also in line with income growth. 92 million yuan, 366 million yuan, 573 million yuan and 12.
, from its establishment to the sprint of IPO of Hong Kong stocks." Guruiwatt, who has manufacturing genes, has taken advantage of the industry outlet and gradually grown into an invisible champion of the optical storage industry.
At present, Guruiwatt serves more than 180 countries, with nearly 3000 product categories and huge SKUs. This can not be separated from its strong technology and supply chain reuse capabilities. A person from the Electric Power Research Institute of the Institute of Electrical Engineering once commented that "the company's micro-innovation capability is extremely strong": after mastering the design skills, only minor adjustments are needed to make the products fit the local market.
Guruiwatt's main products
According to Sullivan data, Guruiwatt's market share in the global photovoltaic inverter market is 6.8%, ranking third; The global market share of energy storage inverters is 6.
However, as the leader of the subdivision track, Guruiwatt's performance in the primary market is very cold, and it has suffered many twists and turns on the road to listing. There are two reasons for the
long-term "neglect" of capital, one is that Guruiwatt was not favored by many local institutions in Shenzhen in the early days of its establishment, and the other is that Ding Yongqiang, who was born in manufacturing industry, has his own recognition criteria for investment institutions.
From the industry level, first of all, the technical barriers of inverters in China are not high, especially in Shenzhen, the electronic capital. At that time, the competition among the enterprises producing inverters was already fierce, while Guruiwatt's valuation was close to 700 million yuan. At that time, the agency judged that the price was too high.
Secondly, Guruiwatt, which only seized the Australian market in 2012, has not yet carried out global layout. There are many uncertain factors in the business model of single market growth, and many investors think that the growth is not sustainable. Moreover, the core team members are all post-80s, relatively young, and the risk of performance decline is high.
On the other hand, Guruiwatt also has his own insistence on the capitalization path-not accepting industrial investment institutions. In the view of founder Ding Yongqiang, Guruiwatt, who lives in the middle of the industrial chain, should pursue independence and efficient centralization of decision-making.
As early as June 2013, Guruiwatt completed the share reform, and Ding Yongqiang also released the goal of listing in 2014. Later, it was delayed repeatedly due to financial disputes among the original shareholders and other factors. In November
2017, Guruiwatt submitted the registration materials for listing guidance to the Shenzhen Securities Regulatory Bureau, and the guidance institution was CITIC Securities. However, in September 2021, Guruiwatt suddenly announced that it had terminated the counseling on the grounds of "strategic adjustment of the company".Financial and contractual disputes between Guruiwatt and Wenzhou Gaoneng Electric Company, one of the founding shareholders of its predecessor company, may have a key impact on the IPO, according to a judgment reviewed by
new energy industry experts.
According to Chinese judicial documents, in 2012, due to the transfer of shares between Ding Yongqiang and Wenzhou Gaoneng Electric Company, the money belonging to Ding Yongqiang was paid by Guruiwatt Company for 10 million yuan.
Until the listing of Guruiwatt, because there was this debt on the account that needed to be dealt with, in order to make the account, Guruiwatt issued a letter of inquiry to Gaoneng Electric, confirming that Gaoneng Company owed Guruiwatt a loan of 10 million yuan.
In 2017, the original shareholders of Guruiwatt began to raise funds to deal with the money, totaling 12.4 million yuan with interest, due to the financial compliance of the IPO stage and the realization of Guruiwatt's listing. The follow-up high-energy company has also paid 12.4 million yuan to Guruiwatt's account according to the contract, and has not withheld the money.
However, an original shareholder of Guruiwatt filed a lawsuit against Wenzhou Gaoneng Electric in the process of going to the accounts. Affected by this lawsuit, Guruiwatt experienced a wide range of institutional shareholders withdrawing.
In addition to the withdrawal of Blue Bridge Assets due to the expiration of the fund for three years, this major litigation event superimposed other risk warnings and the cyclical and liquidity of the new energy industry, Sequoia, China Merchants Bureau and other institutions have withdrawn on the eve of the outbreak of energy storage, while Guruiwatt's A-share road has also been frustrated.
Who will get a hundredfold return?
Most recently, in June 2022, IDG made a sudden investment of 900 million yuan to subscribe to Guruiwatt 6, which also raised the valuation of Guruiwatt to 13.8 billion yuan.
If calculated according to the comparable listing multiples of peers, the market value of Guruiwatt after listing is about 50 billion yuan. With no change in equity share, this also means that IDG Capital will likely reap a return of more than 2 billion in this investment.
Another phase of centralization of external funding was in the early days of Guruiwatt. In February
2012, Guruiwatt's predecessor company was invested by Sequoia. Sequoia subscribed for 20% of the shares with 31.71 million yuan, becoming the second largest shareholder after Ding Yongqiang. Sequoia Capital has held shares for nearly nine years as Guruiwatt's largest institutional shareholder.
Under the leadership of Sequoia, several other institutions followed suit and participated in the first round of institutional financing of Guruiwatt. In March of
the same year, Shenzhen Merchants Bureau Science and Technology Investment and Shenzhen Recruitment Innovation Investment subscribed for 2% and 1% equity with 10.36 million yuan and 5.18 million yuan respectively, at which time the company was valued at 5.
In June of the same year, Ding Yongqiang transferred 1.5% equity to Rongchuang Investment at a price of 10.2 million yuan. The other two major shareholders of the company, Lv Jianfeng and Zeng Tao, transferred 2.15% and 1.85% of the equity to Lanqiao Assets at the price of 14.62 million yuan and 12.58 million yuan respectively. At this time, the valuation of the predecessor company came to 6.
After a series of equity transfers and capital increases, Guruiwatt said that the first financing amount was nearly 100 million yuan.
According to the prospectus and Tian Eye Check information, Guruiwatt did not introduce other external investors until IDG joined in 2022, except for the A-share IPO guidance stage in 2017, which was invested by Shenzhen Aikeyite Investment Partnership and Spring Capital.
In the tide of shareholder withdrawal, Sequoia Capital, the former first institutional shareholder of Guruiwatt, became the biggest winner with the advantages of subscription consideration and subscription quantity. In January 2021, all the shares of Sequoia Capital were transferred to a partnership composed of Guruiwatt employees, which took nine years to reap a return of 8.6 times, with a return of 2.
Before IDG's entry, Guruiwatt had only one external investment institution, Rongchuang Investment.
As an institution that started in the round of Guruiwatt, Rongchuang Investment and many institutions joined the investment queue together, and never sold shares when other institutions withdrew for various reasons, and Guruiwatt crossed the industry cycle, becoming the only institution that insisted on holding for 11 years among the early shareholders. According to
public information, Rongchuang Investment, founded in 2004, is an early investment institution in Shenzhen, with a total management scale of more than 5 billion yuan. With the characteristics of "investment + industry empowerment", the company focuses on early projects in new energy, new materials, 5G artificial intelligence and other industries. More than 50 enterprises have been invested, and more than one third of them have successfully withdrawn. Among them, more than ten companies such as ZTE, Rongxin and Ziguang Guowei have been listed successfully.
If Guruiwatt successfully landed in the Hong Kong stock IPO, he owned it for 10.2 million yuan.
Summary
Zhang Lei, founder of Hillhouse Capital, wrote in his personal book Value: Long-term doctrine is not only a methodology, but also a value. Running water does not compete for the first place, but the competition is endless.
Long-term investment was once regarded as the standard by investors from all walks of life, but behind all kinds of long-term choices, it can not be separated from the tracking and observation of the industry, the control and prediction of business, and the application of human nature, especially in the hottest new energy investment, squeezing into the card table is only the first step in the investment journey. The gift of
fate has already marked the price in the dark, and then the initiative of choosing or not and how to choose is still in their hands.
浙公网安备33010802003254号