Raising 3.2 Billion Photovoltaic Veterans to Build "Future Factory"

25, Hengdian Dongci announced that it planned to raise no more than 3.2 billion yuan by issuing convertible bonds to unspecified targets. Invest in the "Future Factory" project of intelligent manufacturing of new high-efficiency cells with an annual output of 12 GW, the first phase of 5GW production line project of photovoltaic modules with an annual output of 10 GW, and supplement liquidity.

of RMB 100 million invested in annual output of 10GW Photovoltaic module phase I 5G W production line project will be completed and gradually put into operation within 8 months after the commencement of construction. RMB

900 million will be used to supplement the Company's working capital to further optimize the Company's capital structure, meet the capital needs of the Company's future business development, enhance sustainable profitability, improve the industrial layout, and accelerate product innovation and upgrading.

for current In the past years of development, Hengdian Dongci's photovoltaic business development is known as" steady ", which can be seen from the performance growth in recent years.

In 2020, 2021 and 2022, the company achieved operating income of 8.106 billion yuan, 12.607 billion yuan and 19.45 billion yuan, up 23.50%, 55.54% and 54.28% respectively. The corresponding net profit attributable to shareholders of listed companies was 1.014 billion yuan, 1.120 billion yuan and 1.669 billion yuan, up 46.67%, 10.54% and 48% year on year.

Although such performance growth has been rising year after year, it can only be regarded as "steady" in today's photovoltaic industry. In terms of

production capacity, over the past years, the expansion of Hengdian East Magnetic has also been steady, until the end of 2021, the company has an annual output of 8GW photovoltaic cells, 3.

2022 January 27, Hengdian East Magnetic announced. The company's holding subsidiary, Jiangsu Dongci, plans to invest in a new project with an annual output of 2.5g W high-efficiency components in Sihong County, Jiangsu Province. The total investment of the project is estimated to be 3.

However, perhaps with the intensification of the "involution" of the industry, driven by the mood of expanding production, Hengdian Dongci has also begun to accelerate the pace of expanding production in 2022. At the end of November

2022, Hengdian Dongci launched a production expansion plan with an investment of 10 billion yuan:

it plans to invest 10 billion yuan to build a new high-efficiency battery project with an annual output of 20GW in Yibin, Sichuan. Among them, the first and second phases are to build new high-efficiency TOPCon batteries with an annual output of 6GW, and the third phase is to invest in the construction of next-generation high-efficiency batteries with an annual output of 8GW. Less than two months

later, on January 18, 2023, Hengdian Dongci announced that its subsidiary, Sichuan Dongci New Energy Technology Co., Ltd., intends to invest in the construction of 12GW TOPCon battery project, with a total investment of about 35

. The company also announced that it intends to set up a subsidiary company, Lianyungang Dongci, with Dongci New Energy in Lianyungang, Jiangsu Province, and invest in the project of producing 5G W new high-efficiency components annually. The total investment of the project is about 900 million yuan.

According to the company's annual report, by the end of 2022, the company has photovoltaic capacity of 8GW batteries and 7GW modules. At the same time, the company expects that in 2023, the company will have 14 GW photovoltaic cells + 12 GW module production capacity. On February 21

this year, Hengdian Dongci said on the interactive platform for investors that the company plans to ship about 11 GW of photovoltaic in 2022 year". Components account for more than 80%, which will achieve rapid growth on a year-on-year basis. Batteries will be appropriately exported to about 2G W under the condition of meeting internal use.