security glass company, has been expanding continuously.
Recently, Jingang Photovoltaic disclosed its plan to issue a shares to specific targets in 2023. The company intends to issue no more than 64.8 million shares to no more than 35 specific targets and raise no more than 2 billion yuan, which will be used for the production line project of 4.8G W high-efficiency heterojunction batteries and 1.2G W modules per year and to supplement liquidity.
Jingang Photovoltaic said that the implementation of the above projects is conducive to further expanding and improving the company's main business, and the proportion of the company's photovoltaic business sector in total revenue will continue to increase.
In 2021, Diamond Glass entered the hot photovoltaic industry, and by 2022, the company's revenue in the photovoltaic field accounted for nearly 80% of the total revenue.
At present, Diamond Glass has realized the gradual transformation of its main business, focusing on the main business of photovoltaic cells, and stripping the original business. The company said that in the future, it will still concentrate its main resources on HJT battery business.
According to the issuance plan, the total amount of funds to be raised by Jingang Photovoltaic is not more than 2 billion yuan, and the shares to be issued are not more than 30% of the total share capital of the company before the issuance, that is, not more than 64.8 million shares. Among them, 1.4 billion yuan was invested in the annual production line of 4.8G W high-efficiency heterojunction batteries and 1.2G W components, and 600 million yuan was used to supplement liquidity.
The project plans to build a new production line of high-efficiency heterojunction solar cells and modules and corresponding auxiliary facilities and equipment, with a construction period of 18 months. After reaching the production capacity, the production capacity of 4.8G W high-efficiency heterojunction solar cells and 1.2G W high-efficiency solar modules will be increased. It is estimated that the after-tax financial internal rate of return of the project is 12.30%, and the static investment payback period is 8.34 years (including the construction period).
Diamond Photovoltaic said that the implementation of the above projects can effectively enhance the production scale of the company's heterojunction solar cells and components, help to expand market share, further expand and improve the company's main business, enhance the profitability of the company's main business, and promote the development of the company's main business. The proportion of the revenue of the company's photovoltaic business sector in the total business income will continue to increase.
Recently, Jingang Photovoltaic continued to increase production, after disclosing major project orders in March. Wujiang Jingang, a subsidiary of the company, signed the Solar Cell Purchase and Sale Contract with Shandong Quanwei New Energy Technology Co., Ltd. According to the contract, Wujiang Glass will sell 180MW high-efficiency heterojunction solar cells to Shandong Quanwei.
On April 23, Jingang Photovoltaic (Jiuquan Base) 4.8G W high-efficiency heterojunction cell and module production project has successfully completed the first line, and the first batch of 210 half-sided microcrystalline heterojunction cells has been successfully offline in Jiuquan production base, with conversion efficiency exceeding 25.0%.
It is reported that the project is located in Jiuquan Economic and Technological Development Zone, covering an area of about 800 mu, with a total investment of 4.191 billion yuan. The design capacity of the first phase is 4.8GW. It adopts the latest production line of double-sided microcrystalline heterojunction batteries, which is the largest HJT battery factory in the industry. According to nearly 80% of
the revenue of the
photovoltaic industry, King Kong Photovoltaic was founded in 1994, formerly known as King Kong Glass. Before that, it mainly focused on the research and development, design and production of various high-tech special glass and systems, including fire curtain walls, building glass and so on.
In 2021, Diamond Glass entered the photovoltaic industry and built a 1.2G W heterojunction project in Suzhou. The production line has achieved mass production and sales in 2022. The company is one of the few enterprises that can achieve mass production of heterojunction cells, and has a leading edge in the research and development and production of heterojunction technology.
In 2022, the company's solar cell and module business realized revenue of 414 million yuan, accounting for 79.29% of the current business income, and the glass deep processing business realized revenue of 86 million yuan, accounting for 16.54% of the current business income.
So far, King Kong Photovoltaic has gradually transformed its main business into a new energy enterprise integrating research and development, production and sales of photovoltaic cells, and renamed King Kong Photovoltaic in 2022. After the
successful transformation, Jingang Photovoltaic has begun to divest its original business. Recently, the company publicly stated that in the future, the company will still concentrate its main resources on the HJT battery business, and has been completing, settling, sorting out, cleaning up and stripping the traditional business such as fireproof doors and windows, profiles, etc. In 2022, the company has completed the stripping of some traditional business assets. In the future, the traditional business will still focus on the sale of high-performance and high-end fireproof glass products such as borosilicate.
It is worth noting that the transformation of the main business failed to reverse the pressure on performance. In the first quarter of 2023, the operating income of Jingang Photovoltaic was 182 million yuan, an increase of 128.39% over the previous year, and the net loss attributable to shareholders of listed companies was 43.1832 million yuan, an increase of 45.46% over the previous year.
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