capital market, including the heterogenous upstart Baoxin Technology.
As we all know, 2022 is the year of the outbreak of the photovoltaic industry . In less than a year after the announcement of cross-border photovoltaic, Baoxin Technology has made a lot of money, which can be described as brilliant.
From the performance point of view, Baoxin Science and Technology, which has been hovering on the edge of loss all the year round, has "miraculously" turned losses into profits. In 2022, the operating income of Baoxin Science and Technology increased by 7.81% to 684 million yuan, and the net profit returned to the mother increased by 146.51% to 30.355 million yuan.
From the stock price point of view, with the support of photovoltaic concept, the stock price of Baoxin Science and Technology has soared, not only five times in three months, but also 23 trading boards in 2022, with an annual increase of nearly 110%. As of May 18th, Baoxin technology's share price was 9.01 yuan per share, with a market value of 6.6 billion yuan.
Source: Baidu Stock Market Link.
However, there are still some suspicious signs at the time of Baoxin Technology's "surge".
In response to the first annual report of cross-border photovoltaic just released by Baoxin Science and Technology, Shenzhen Stock Exchange issued an annual report inquiry letter. The letter asked Baoxin Technology to answer five major questions, including explaining the financial strength, technical and personnel reserves, customer and supplier resources of photovoltaic business, and on this basis, explaining whether the decision to enter the photovoltaic industry is prudent, and timely and fully prompting the relevant risks.
From the capital action of Ma Wei, the actual controller of Baoxin Science and Technology, after tasting the sweetness of photovoltaic, he continued to increase the price, but the investment funds were insufficient. On the eve of the release of the annual report, he "urgently" announced the fixed increase plan, trying to fill the hole through the fixed increase.
In the future, can photovoltaic story of Baoxin Technology continue?
According to public information, Baoxin Science and Technology was founded in October 2001 to provide products and services for world-renowned enterprises, and its main business was the research and development, production and sales of various precision sheet metal structural parts. With the cross-border new energy industry, the R & D, production and sales of environmental protection equipment, energy equipment, automation equipment and related components have formed three major business areas, namely, intelligent manufacturing, new energy, energy conservation and environmental protection. The purpose
of Baoxin Science and Technology to lay out the new energy track is also very pure, and it is the high prosperity of this track.
Under the guidance of the goal of "carbon peak and carbon neutralization", the demand for photovoltaic installation in China continues to grow at a high speed. According to the data of the National Energy Administration and CPIA, the newly installed capacity of PV in China in 2022 is 87.41 GW, and the cumulative grid-connected capacity is 392.04 GW by the end of 2022, showing a continuous growth trend.
With the release of production capacity and market regulation of upstream silicon materials and other related raw materials in the photovoltaic industry, the prices of major raw materials such as silicon materials have fallen and gradually remained stable, and new technologies for high-efficiency batteries have been gradually industrialized to promote photovoltaic products to achieve further cost reduction and efficiency enhancement. As a result, the installation and sales of downstream photovoltaic power plants in the photovoltaic industry are stimulated. It is expected that the installed capacity of photovoltaic power plants will have greater room for growth and the rate of installation will be increased in the future, thus further increasing the market demand for high-quality photovoltaic products.
According to the 2022 financial report, Baoxin Technology realized business income of 684 million yuan, an increase of 7.81% over the same period last year. Among them, the revenue of intelligent manufacturing, new energy, energy conservation and environmental protection business was 455 million yuan, 156 million yuan and 73 million yuan respectively, accounting for 66.47%, 22.82% and 10.71% respectively.
Source: 2022 Financial Report of Baoxin Technology.
It is worth mentioning that the new energy business of Baoxin Science and Technology layout covers photovoltaic modules and batteries, charging/replacement, flexible peak shaving of thermal power. As mentioned in the annual report, Baoxin Technology has built a 2G W photovoltaic heterojunction battery and module production line in Huaiyuan County, Bengbu City, which is scheduled to be put into operation in 2023; The 500MW photovoltaic module production line built in Lianyungang City in 2022 has been put into operation, and cooperation agreements have been signed with Professor Zhang Chunfu and Professor Zhu Weidong to jointly promote the research and development of perovskite/heterojunction tandem solar cells, industrialization research and commercial solutions. Looking at
the profitability, in 2022, Baoxin Science and Technology realized a net profit of 30.355 million yuan, an increase of 146.51% over the previous year, and a net profit of 20.895 million yuan after deduction, turning losses into profits. To this, the explanation that Bao Xin science and technology gives says, "new energy business development has achieved initial success, has become the company's new profit growth point; the construction of intelligent factory has further improved the production and operation efficiency, refined operation management has achieved certain results, the overall profitability has been improved; affected by the fluctuation of foreign exchange rate, the exchange earnings of foreign exchange assets held have increased year on year."
In 2023, the performance of Baoxin Science and Technology continued to grow, with revenue increasing by 21.98% to 209 million yuan, and net profit attributable to shareholders of listed companies increasing by 83.25% to 0.1 billion yuan.
Source: Financial report of Baoxin Technology for the first quarter of 2023.
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