Economic prosperity leads to financial prosperity, and financial prosperity leads to economic prosperity. Capital is indispensable for
enterprises to become bigger and stronger. In February 2020, the Securities Regulatory Commission issued a new regulation to "loosen the bondage" of refinancing. Statistics from the National Bureau of Statistics show that the scale of A-share refinancing exceeded trillion yuan in 2021 and 940.5 billion yuan in 2022, while the amount of new shares raised in that year was only 570.4 billion yuan. With
sufficient allocation, the capital market has become an important chess piece for "releasing water to raise fish" and enabling entities. Many high-quality enterprises have benefited greatly, and large-scale development has entered the fast lane.
But on the other hand, there is also a lot of controversy. Some listed companies frequently issue additional shares on a large scale, and the rationality, necessity and fairness have aroused the attention of regulators and market shareholders. Big
water is not necessarily fat fish, and more money is not entirely a good thing. We need to guard against the blind refinancing of some enterprises and regard the capital market as a "cash machine". This is not only an abuse of social capital, but also may make enterprises lose their high-quality foundation in the pursuit of scale, and the risk of failure makes investors pay for it. In the long run, market confidence will be damaged and the source of a shares will be exhausted. On August 18,
2023, the Securities Regulatory Commission said that it would always adhere to the scientific and reasonable normalization of IPO and refinancing, fully consider the affordability of the secondary market, strengthen the counter-cyclical adjustment of the primary and secondary markets, and better promote the coordinated and balanced development of the primary and secondary markets. Yang Liu, a
securities practitioner, said that the normalization of IPO and refinancing indicated that the rumors of the suspension of refinancing were not accurate, but from the background, the tightening and slowing down of refinancing was a big probability event. In the
rolling waves, the quality and strength of enterprise financing are more tested. For example, the three enterprises of Sanfu Xinke, Jingke Energy and Dingtong Science and Technology, which are planned to be refinanced recently, how much is the false fire and real gold? Why should we ask for money from the market when we have not used
nearly 5 billion funds, dividends and deposits
? After
sorting out, it is found that the current inquiry letter for refinancing of photovoltaic industry. "Combining with the characteristics of the same industry and the efficiency of the previous fund-raising, this paper explains the necessity and rationality of the fund-raising." It has almost become a must-answer question, and regulators never tire of asking questions.
On August 14, JinkoSolar disclosed its 2023 semi-annual report: revenue of 53.624 billion yuan and net profit of 3.843 billion yuan, up 60.52% and 324.58% respectively; Operating cash flow of 5.571 billion yuan, up 149.
Performance good news at the same time, the PV module leader also disclosed a fixed increase plan announcement: to raise no more than 9.7 billion yuan.
The plan shows that Jingke Energy intends to issue shares to no more than 35 specific targets that meet the requirements of the CSRC, with a total amount of no more than 9.7 billion yuan, of which 7.2 billion yuan is to be invested in the construction of Shanxi Jingke Integrated Base Project, which has a planned capacity of 28 GW. Manufacturing products covering silicon wafers , message appears, It quickly aroused the attention of all parties. On August 15, JinkoSolar's share price fell 11.99%, closing at 10.
Don't blame the market for not being calm. You know, in January 2022, Jingke Energy landed on Kechuang Board and planned to raise 6 billion yuan. In April
2023, it actually raised 10 billion yuan through convertible bonds. Jingke Energy issued 100 million convertible corporate bonds to unspecified targets, each with a face of 100 yuan, with a total issuance of 10 billion yuan.
According to the Special Report on the Deposit and Actual Use of Semi-annual Raised Funds, as of June 30, 2023, Jingke Energy still had 926 million yuan of IPO raised funds and 40 million yuan of convertible bond raised funds, totaling about 4.5 billion yuan, for replenishment or repayment of bank loans.
At the same time, the net profit of Jingke Energy in 2022 was 2.936 billion yuan, the net profit in 2023 was about 3.843 billion yuan, the total profit in one and a half years was 6.779 billion yuan, and the total dividend was 8
. Including cash on hand, bank deposits and other monetary funds, the total amount of money deposited abroad is more than 24.8 billion yuan, and the total amount of money deposited abroad is 29. Short-term borrowing is only 83.
Two rounds of financing have not yet been digested, with dividends, deposits and strong profitability. Rationality and necessity naturally arouse controversy.
Trading software shows that on January 26, 2020, the first day of listing of JinkoSolar had a turnover of 9 billion yuan, with an average transaction price of 10.22 yuan. As of August 24, 2023, JinkoSolar's share price closed at 10. How much profit did the buyers make on the first trading day after more than two years of listing?
Although there are beautiful annual reports and semi-annual reports, market investors do not buy them. Behind the cold wait-and-see, what should this photovoltaic module leader reflect on? Is there anything more important to do than a fixed increase? The performance of high growth will also be greatly discounted, and the excessive scale of refinancing will inevitably lead to investors "voting with their feet".
02
Is expanding production a panacea? It is precious to be
bigger and stronger, but we need to be vigilant that scale is not a panacea.
Looking at the industry, after two years of explosive growth, the voice of concern began to increase. The market is more worried about the overcapacity of photovoltaic links, and involution and overcapacity have gradually become high-frequency words.
As early as May 24, at the Shanghai SNEC Photovoltaic Exhibition, Li Zhenguo, president of Longji Green Energy, said: Overcapacity may be next month, next quarter or the second half of the year. Of course, it may not even happen until next year, but the later it happens, the stronger the degree of the next round of excess may be. Longji has also reserved 50 billion yuan of cash to prepare for the industry shuffle in the next 2-3 years. The
industry shuffle is bound to be cruel. In Li Zhenguo's view, more than half of the photovoltaic enterprises will withdraw from the market, and the leverage ratio under the risk is an important indicator to measure the security of enterprises.
It is not alarmist talk, when there are still doubts about the turning point of production capacity, the price turning point comes first. On the evening of May 29, Longji Green Energy announced the latest quotation for major silicon wafers, which fell by more than 30% compared with the beginning of March. The change of supply and demand relationship behind the price war deserves vigilance. Guo Xing, an
industry analyst, believes that the construction of domestic photovoltaic industry is experiencing a "great leap forward". It took us 18 years to build a whole industry chain of about 380GW. overseas, with the uncertainty of global economic friction, there are also many challenges and variable risks in the photovoltaic field. According to the statistics of China Photovoltaic Industry Association, the total export volume of photovoltaic products (silicon wafers, cells and modules) in 2022 exceeded 51.2 billion US dollars, an increase of 80% over the same period last year. Among them, Europe is still the main export market, accounting for about 46% of the total export volume. At present, Longji Green Energy, TCL Central, Jingao Technology and other leading enterprises account for more than 50% of the overseas market revenue. Taking Trina Solar as an example, the proportion of domestic market revenue in 2022 is 49. While overseas market is dominant, we need to be alert to the decline of prosperity. Some signs show that Europe and the United States and other countries have taken action against China's photovoltaic industry, and there are lessons from the past. Once trade frictions intensify, these scale advantages may become disadvantages. Wind data show that about 80% of the listed companies in the photovoltaic sector have seen their share prices fall this year. Focus on JinkoSolar, which is one of the most aggressive players in the N-type among the leading component companies. According to enterprise statistics, from 2022 to early June 2023, eight enterprises, including Trina Solar Energy, Longji Green Energy, Tongwei Stock and Aixu Stock, planned to expand the production capacity of N-type high-efficiency batteries. Jingke Energy announced that it plans to build a large vertical integration base project with an annual output of 56GW in Shanxi Transition Comprehensive Reform Demonstration Zone, the largest N-type integration base project in the industry with a total investment of 56 billion yuan. At the end of 2022, the monetary capital of enterprises was 199. The project volume and capital demand were so huge that the market was full of doubts. The Shanghai Stock Exchange immediately issued an inquiry letter requesting Jingke Energy to explain the necessity and rationality of new production capacity, whether there is a risk of overcapacity, and whether it leads to cash flow constraints. JinkoSolar said in its reply that the vast market provides support for the project's capacity digestion. According to the forecast of mainstream institutions, it is expected that the new installed capacity of photovoltaic in the world will reach about 350GW, 430GW and 540GW respectively from 2023 to 2025, among which the demand for N-type modules will increase rapidly. According to the general project construction and production cycle, the planned production capacity of head integrated component manufacturers can approach or reach the planned production capacity only after 3-6 months of capacity climbing, basically matching the market demand of N type in 2025. In the short term, N-type products are still in short supply to a certain extent. From the above new actions, Jinko Energy is still confident. It's just, again. The market is changing rapidly, and the lessons of the past industry are vivid, so we should be alert to the excess turning point. How to improve the comprehensive anti-risk ability, pay more attention to the high-quality foundation besides the scale, or the serious problems that Jinko Energy and Li Xiande need to think about. On August 15, the night when the stock price suffered "Waterloo", Jingke Energy announced an emergency repurchase, with a total amount of 300 million yuan to 600 million yuan. However , as of August 24, Jingke Energy's share price was 10.37 yuan, compared with June 27 on October 15, Aixu issued two important announcements announcing the termination of the Swiss Stock Exchange's plan to issue Global Depositary Receipts (GDR). At the same time, it disclosed a fixed increase plan of 6 billion yuan for the A-share market. Unlike Jinko Energy, the capital chain of Aixu shares is indeed tight. At the end of the first quarter of 2023, the cash on account of the enterprise was 3.662 billion yuan, while the current liabilities reached 105. In the first quarter, the net cash flow generated by operating activities was -547,022,934.25 yuan, down 267 from the same period last year. Aixu shares do have the rationality to ask the market for money. Consideration lies in combing the financing line in recent years, successfully raising 2.5 billion yuan in February 2020, failing to raise 3.5 billion yuan in April 2021, and successfully raising 16 in May 2022. Frequent financing, enterprises are still very short of money, is there some feeling of gold-swallowing beast? What is the effect of the use of funds and whether there is room for improvement in scientific rigor? On the other hand, the main shareholders of enterprises do not worry, frequently reduce their holdings and even violate the rules. On August 11, the Shanghai Stock Exchange issued a disciplinary decision to Aixu shareholders, criticizing Yiwu Qiguang Equity Investment Partnership (Limited Partnership), the third largest shareholder of the company. According to the data, as of August 29, 2022, Yiwu Qiguang held 199,777,477 shares of the company, accounting for 17.From August 30, 2022 to June 1, 2023, it was actively reduced and passively diluted. Cumulative changes in shares accounted for the total share capital 6. Changes reached 5. The fourth largest shareholder, Xinda Puhong, is also reducing its holdings. On June 14, Aixu announced that Xindapuhong had reduced its holdings by about 17.41 million shares, accounting for 1.33% of the company's total equity, with a cumulative reduction of about 6.
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