Over-raised 1.4 billion yuan! Shareholders: This Photovoltaic Company Is Not Afraid to "Circle Money"

On December 22, Arrow Energy, a photovoltaic inverter company, opened its subscription, with a total share capital of 1. Among them, 9.6 million shares were issued online at a price of 55.66 yuan . The P/E ratio is 7.

To sum up, the actual fund-raising of Arrow Energy is 22.

However, the previous prospectus of Arrow Energy shows that the company intends to raise 809 million yuan . Among them, 281 million yuan was used for the expansion project of energy storage batteries and inverters, and 151 million yuan was used for the construction project of optical storage intelligent energy research and development center. 0.

that the IPO price of Arrow Energy is so high, but the P/E ratio is less than 8 times." Less than half of the industry's P/E ratio. In the face of this situation, investors said: "This is not to circle money, right?"? The actual controllers are Li Xinfu and Li Guomei.

Arrow Energy is an internationally renowned provider of photovoltaic energy storage systems and products, mainly providing photovoltaic energy storage inverters, energy storage batteries and grid-connected inverters for overseas customers, which are used in the field of distributed photovoltaic energy storage and grid-connected.

According to its prospectus, From 2020 to 2022, the company achieved revenue of 389 million yuan , 833 million yuan and 4.612 billion yuan respectively; Net profit of 33.0643 million yuan , 62.9359 million yuan , 11. During the reporting period, Arrow Energy, whether in terms of revenue or net profit. All of them have achieved more than 10 times growth . In

2023, revenue of 1.972 billion yuan and net profit of 498 million yuan were achieved in a single quarter, with a year-on-year increase of 295.03% and 565

% respectively. Arrow Energy explained in its prospectus that, on the one hand, the process of global energy transformation to clean energy such as photovoltaics has accelerated in recent years, as well as the rising price of residential electricity in Europe, the market demand for household energy storage products has grown rapidly; On the other hand, Arrow Energy entered the field of household energy storage business earlier, and its core products include energy storage inverters and energy storage batteries, which can provide users with a complete energy storage system. During the

reporting period, the proportion of household energy storage business income in the main business income continued to increase. 42.83%, 68.13%, and 81, respectively.

" From the above financial data, The earning power of Arrow Energy is full of potential.

However, it is not difficult to see from the financial data of Arrow Energy that its revenue is highly dependent on the European market, which accounts for more than 94% of the company's total revenue in 2022. However, the revenue amount and proportion of other markets outside Europe, such as North America and Oceania, showed a continuous downward trend.

December, the European Commission issued a statement expressing its unanimous position on the draft Net Zero Industry Act. In March this year, the EU issued the proposal of the Net Zero Industry Act to accelerate the green transformation of industry, proposing that by 2030, the EU plans to supply at least 10% of key raw materials, process 40% of key raw materials and recycle 15% of key raw materials from the EU .

In addition, the proposal sets that the annual consumption of strategic raw materials from a single third-party country should not exceed 65% , and the relevant products from countries with more than 65% will be downgraded in the bidding evaluation, and the purchasers of the products will be more difficult to obtain government subsidies.

Previously, in November 2022, Italy issued a new policy, which plans to reduce the current subsidy for 110% of the total investment in household photovoltaic energy storage in 2023. After the reduction, the subsidy for photovoltaic energy storage will be reduced to 90%, and from 2024 to 2025, it will further decline to 70% and 65%, with a significant decline in the subsidy rate.