On March 20, Boffin Electric , which has just announced that it will invest no less than 1 billion yuan in cross-border photovoltaic tracks , received a letter of concern from Shenzhen Stock Exchange and was asked to explain the company's technology, talent, customer and other resource reserves in the field of proposed investment.
Earlier, on March 15, Boffin Electric announced that the company and the Management Committee of Haining Economic Development Zone were going to sign the "Construction Project of New Energy Composite Products with Annual Output of 70000 Tons (Phase I) and the Investment Agreement of Headquarter s Project", and that the company was going to set up a wholly-owned subsidiary company (tentatively named "Zhejiang Boffin Photovoltaic New Materials"). The investment, construction and operation of the project stipulated in the implementation agreement shall not be less than 1 billion yuan .
Bofei Electric said that in view of the new demand of the new energy photovoltaic module market, the company will give full play to the technological advantages of composite materials, expand the company's new energy business market, and build a new energy composite material production base.
It also said that the implementation of the project and the expansion of the company's new energy business development space will bring new driving force for the company's future performance growth. On March 16, the day after the
news was announced, Boffin Electric 's share price rose and stopped. On the evening of March
20, the Shenzhen Stock Exchange sent a letter of concern to Boffin Electric, explaining pertinently: Where does the money come from? The reserve of technology, talents, customers and other resources in the field of new photovoltaic business, and the feasibility of the project.
Focus 1: What is the relationship between the cross-border new track and the original business? One of the concerns in the
Shenzhen Stock Exchange's letter of concern is the business relationship between Boffin Electric's existing business and new photovoltaic projects.
It is required to explain the reserve of technology, talents, customers and other resources in the proposed investment field, and to combine the development trend of related industries, the relationship between supply and demand in the market and the core competitiveness of the company in related fields. According to
public information, Zhejiang Bofei Electric Co., Ltd. is a national high-tech enterprise specializing in the research and development, production and sales of polymer composite materials such as electrical insulation materials for motors, generators and transformers, and has been listed in the second batch of "specialized, special and new" key "Little Giant" enterprises. The company has two major production bases in Haining, Zhejiang and Zhuzhou, Hunan.
At present, Boffin Electric has established cooperative relations with China Zhongche, Nanjing Steam Turbine, Goldwind Science and Technology, China Shipbuilding Heavy Industry and other well-known domestic enterprises. As of 2021, the total production capacity of the company is 10800 tons.
Focus 2: Where does the money come from when the balance on the account is insufficient? Another concern in the
Shenzhen Stock Exchange's letter of concern is the source of funds for the construction of new photovoltaic projects by Boffin Electric. According to the letter of
concern, Boffin Electric was listed on September 30, 2022, and the net fund raised by its initial public offering was 331 million yuan.
According to the third quarterly report of the company in 2022, the balance of the company's monetary fund by the end of the third quarter is 421 million yuan, and the balance of the owner's equity belonging to the shareholders of the listed company is 720 million yuan. Combining with the company's financial situation and the specific sources of project funds, this paper explains the specific impact of relevant investment projects on the company's financial situation and the initial investment projects. Boffin Electric was listed on the Shenzhen Stock Exchange on September 30, 2022, less than half a year
after the listing of the key "Little Giant" enterprises of
"Specialization, Specialization and Innovation". So far, it has been less than half a year.
In the field of cross-border photovoltaic composites, Boffin Electric believes that it has broad prospects.
Boffin Electric said that with the increasing demand for module power generation efficiency and power plant operating costs in the photovoltaic industry, higher requirements have been put forward for photovoltaic module materials. The composite material has the characteristics of high tensile strength, low density, high volume resistivity and good chemical corrosion resistance, and can be widely applied to new energy fields such as photovoltaics. In the future, new energy composite materials will have good prospects for development.
Boffin Electric believes that it has innate advantages in the new field of cross-border photovoltaic.
Bofei Electric said that the company is a national "specialized, special and new" key small giant enterprise specializing in the production of high-performance insulation materials. It has an experienced and technologically advanced R & D team, has sufficient technical accumulation and production experience in the R & D and manufacturing of composite materials, and has a number of related patented technologies.
The company has pultrusion, molding, winding, vacuum casting and other composite production processes, and its products are used in key parts of rail transit and wind power generation equipment. Complete
corporate governance structure, sound management and good talent reserve can effectively promote the landing of the project. But soon after the
listing, it quickly opened up a new track, which attracted the attention of Shenzhen Stock Exchange.
Photovoltaic film & nbsp; The next outlet for the photovoltaic industry?
We don't know what kind of composite materials Boffin Electric will produce across the border in the photovoltaic field. Composite materials are widely used in the photovoltaic field. However, it can be inferred from the announcement that "higher requirements are put forward for photovoltaic module materials" and "composite materials have the characteristics of high tensile strength, low density, high volume resistivity and good chemical corrosion resistance" that materials such as packaging film are the most similar.
Photovoltaic adhesive film is the key auxiliary material for module packaging, which plays a role in packaging and protection of photovoltaic modules. As the core material of the photovoltaic module, the
packaging film can protect the cell, and at the same time, the sunlight can reach the cell through the film to the maximum extent, so as to improve the power generation efficiency of the photovoltaic module. Photovoltaic packaging film needs to ensure that solar modules have a service life of 25 years.
Common photovoltaic film includes EVA film, POE film and so on. Among them, the industrialization of EVA film (ethylene-vinyl acetate copolymer) is relatively mature, which is the mainstream of the current photovoltaic film.
In recent years, the high prosperity of the photovoltaic industry has stimulated the market demand for EVA film, and China has become the country with the largest output and consumption of EVA in the world.
In addition, with the rapid growth of N-type photovoltaic installed capacity such as TOPCon, the demand for photovoltaic film for POE film will continue to increase.
In recent years, with the rapid development of photovoltaic industry, packaging film has also attracted much attention in recent years, many enterprises have stepped up the layout, production capacity ushered in a period of rapid development.
Just this month, Lvkang Material signed a contract for a photovoltaic film project with an annual output of 800 million square meters in Haining, which mainly produces POE film, the key component of a new generation of N-type solar cells. The total investment of the project is 6 billion yuan, and 100 film production lines will be formed.
In addition, Haiyou New Material, Swick (affiliated to Shenzhen Gas) and other companies have announced the expansion of production. Petrochemical giant Dongfang Shenghong also crossed the border, and its POE pilot project was put into operation in September 2022, with an annual output of 500,000 tons in the long-term plan.
Photovoltaic film is considered to be the next outlet of the photovoltaic industry.
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