From January to April, the newly installed PV capacity was 48.31 GW, and in March, the export of PV modules in China was about 20.26 GW, compared with the same period last year. In the off-season of installed capacity, it can be said that China as Jingke Energy, Jingao Technology, Trina Solar Energy and Sunshine Power Supply has more than doubled year on year. The high prosperity of the
photovoltaic industry has stimulated the expansion enthusiasm of listed companies. In April alone, the photovoltaic industry increased investment by 218.5 billion yuan. So where does the money come from? According to the statistics of public information of listed companies, 55 enterprises have thrown out 167.2 billion yuan of financing plans from January to May this year. Where will such a huge scale of capital be invested, which link will be the next outbreak point, and which enterprises have financing risks? Listed companies often throw out financing plans when they publish annual or quarterly reports. Therefore, April-May is an intensive enterprise to issue financing plans for listed companies.
For example, when Tongwei released its annual report for 2022 and quarterly report for the first quarter of 2023 on April 25, it issued a plan to issue stocks to specific targets in 2023. Jingao, Jingke and TCL Zhonghuan all operate in this way. The logic behind it is that when enterprises make the most money, it is the easiest time to attract investors, the lowest financing cost and the best financing time . Since
this year, 55 enterprises such as Tongwei Stock, Jingke Energy, Jingao Science and Technology, Trina Solar Energy and Jinlang Science and Technology have issued or updated financing plans . It can be seen that 
According to the classification of investment projects, 34.054 billion yuan was used to supplement liquidity, 33.014 billion yuan was used for battery components, 20.915 billion yuan for silicon material projects and 15.08 billion yuan for silicon wafer projects. The investment of other projects is as follows:
from the perspective of the proportion of fund-raising projects, the proportion of projects used to supplement liquidity is 22.61%, the proportion of battery components is 21.92%, and the proportion of silicon material projects is 13.89%. The proportion of silicon wafer projects is 10.
However, this phenomenon has not affected the investment enthusiasm of enterprises. According to the annual reports of listed companies, Tongwei, TBEA, Daquan Energy and Xiexin Technology all have large-scale expansion plans in 2023. The silicon wafer production capacity of Longji Green Energy and TCL Central is also expanding. This shows that the upstream leading enterprises are not afraid of the overcapacity crisis .
1
Silicon Materials
In the A-share market, the investment projects of Tongwei Stock, Shangji CNC and Mubang Hi-Tech include polysilicon projects . Three enterprises raised a total of 460000 tons of polysilicon projects, and planned to use the raised funds 209.
this year, the serious shortage of high-purity quartz sand has led to a sharp rise in the price of quartz crucibles, which has seriously affected the production of silicon wafer enterprises. At the same time, the high profit margin of the silicon wafer sector has also stimulated the investment enthusiasm of listed companies. According to the annual report, Longji Green Energy plans to increase its silicon wafer production capacity by 57 GW to 190 GW this year. TCL Zhonghuan, another big silicon wafer giant, also plans to increase its production capacity by 40 GW to 180 GW. In addition, Tianhe, Jingao and Jingke also have large-scale investment projects involving silicon wafers. Among
them, the largest investment project is Trina Solar's 35 GW silicon wafer project, which plans to use the raised funds 62. In addition, TCL Zhonghuan also released a convertible bond issuance plan of up to 35 GW on April 7. TCL Zhonghuan said the move was aimed at consolidating the technological advantages of large-size silicon wafers and expanding production capacity to meet the demand for G12 advanced production capacity in domestic and foreign markets. Zhonghuan's technology accumulation in the field of large-size silicon wafers and industrial
4.3
batteries/components
in the first quarter of this year, the net profit of leading components such as Jingke, Jingao and Trina Solar increased more than twice year-on-year. It can be seen that as the upstream price of the industrial chain goes down, the profit margin of the whole industry is declining rapidly. Batteries and components are undoubtedly the beneficiaries. At the same time, the speed of N-type technology iteration is accelerating, many enterprises have launched N-type products, hoping to seize the premium dividend of N-type technology in the early stage of technology iteration, so large-scale expansion of production has become an inevitable move. Thirteen enterprises such
as Jingao, Jingke, Aixu and TCL Zhonghuan have offered 135.62GW, 330.
From the technical route of the battery project, the N-type has an absolute advantage, where 89.
4
Inverter
Inverter is an active enterprise in the A-share market. At the same time, due to the factors of overseas market, the listed inverter enterprises have higher gross profit rate, strong profitability and strong market demand to stimulate the pace of expansion of inverter enterprises. From January to May
this year, seven listed companies announced their fund-raising plans related to inverters. The seven enterprises are Jinlang Science and Technology, Deye Stock, Zhenbang Intelligence, Xiangxin Science and Technology, Goodway and Taijia Stock .
5
Photovoltaic equipment/auxiliary materials
Since last year, the photovoltaic industry has entered a period of large-scale expansion. The biggest beneficiaries of the expansion tide are undoubtedly the photovoltaic equipment enterprises as "shovel-sellers" and the auxiliary material enterprises of each subdivision track. Sixteen enterprises, such as Ancai Gaoke, Follett, Dike Stock, Haiyou New Material and Jinchen Stock , have announced plans to raise funds related to photovoltaic equipment and auxiliary materials. Total funds to be raised 140.
brought by industrial development, while photovoltaic listed companies expand their industrial scale and iterate their advanced production capacity with the help of capital. However, this also requires listed companies to more regulate their own business and investment behavior, to protect the interests of investors, otherwise the fund-raising plan may be rejected. This is a kind of harm to industry and enterprises.
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