Listed companies have fled the solar photovoltaic industry

Under the predicament, the central government frequently issued good news to save the photovoltaic industry from the fire.

Recently, the National Energy Conference held in Beijing has identified 10 megawatts of new photovoltaic power generation installed in 2013, and reiterated the development of distributed photovoltaic power generation. However, the government's kindness, companies may not accept, more and more listed companies in the country began to strip off PV-related assets.

In mid-January, Aerospace Electromechanical announced that the company intends to transfer 20% of the equity held by Inner Mongolian Central Photovoltaic Materials Co., Ltd., and the transfer price is not less than 20% of the estimated net assets of Central PV after evaluation; according to the author, with the polysilicon Intensified competition in the industry, coupled with the implementation of the national “polysilicon industry access conditions”, Sichuan Investment Energy may strip polysilicon assets; at the same time, market rumors that Leshan Power may also divest polysilicon business in the near future, transforming pure hydropower companies.

A person from Jingao Solar told the author, “At present, the production capacity of PV modules in China has reached 40~50 MW. The domestic installation of 10 MW is no different from the glass of water, and with the EU’s double reverse in May and June this year. As a result, most PV companies are facing life and death, and more companies will leave the industry in the first half of this year."

Drug polysilicon? Listed companies collectively "detoxification"!

For those traditional photovoltaic giants, although the ship has been unable to turn around, but outside the photovoltaic industry, they have begun to expand a number of other businesses to compensate for the huge losses caused by the photovoltaic business.

Since the second half of last year, Aerospace Electromechanical has begun to divest assets of related PV business. As early as last October, the company announced that it would transfer a 29.7% stake in Shenzhou Silicon, its holding subsidiary, for 488 million yuan.

A person from the company said to the author, "Shenzhou Silicon Industry was a project that was financed after several twists and turns. However, with the plunging of polysilicon prices in the past few years, this project has no profitability and the loss is as high as 660 million yuan. Seriously dragged down the performance of the parent company, but ultimately chose to sell."

In 2000, Aerospace Electromechanical began to enter the photovoltaic industry, initially limited to the downstream component links, and the scale is also small. After 2007, Aerospace Electromechanical began to enter the photovoltaic industry on a large scale. The major shareholder Shanghai Airlines invested 160 million yuan to acquire 61.54% of the shares of Shenzhou Silicon. In December 2008, Aerospace Electromechanical Co., Ltd. increased its investment in Shenzhou Silicon Industry with a free capital of 200 million yuan. By March 2009, Aerospace Electromechanical Co., Ltd. once again took out its own funds of 800 million yuan to increase its holding of Shenzhou Silicon. But no one has ever thought that this is the final glory of the photovoltaic industry.

"In the first half of 2008, the polysilicon in the spot market could be sold for $400/kg, but now it has fallen to $20/kg. All of the company's expectations and profit targets have been impossible. If you continue to drag and sell, you can only lose money. More," said the aerospace electromechanical person.

According to the author's understanding, Leshan Power was originally a hydropower-based enterprise. In 2008, it entered the photovoltaic industry and established a joint venture with Tianwei Baobian (6.72, -0.06, -0.88%) to establish Ledian Tianwei Silicon Industry Co., Ltd. to operate Leshan 3000. The ton/year polysilicon project has a total investment of 1.1 billion yuan. However, since the establishment of the joint venture company, production has been intermittent, and because of continuous losses, Leshan Power has to continuously transfuse the company.

Now it seems that Leshan Power’s investment in polysilicon is more like a gamble.

Leshan Power related people told the author that when they decided to invest in polysilicon projects, they did not conduct in-depth investigation and understanding of the industry. The board did not even study the investment risk of polysilicon. Under the temptation of violence at that time, they plunged into the photovoltaic industry. . "Now Leshan Power has been dragged into the quagmire. If it does not withdraw from the business, it will only bring greater losses to the company."

For those traditional photovoltaic giants, although the ship has been unable to turn around, but outside the photovoltaic industry, they have begun to expand a number of other businesses to compensate for the huge losses caused by the photovoltaic business.

The main business of Yingli Group is photovoltaic module manufacturing and power station business. The company's net loss in the third quarter of last year was 959 million yuan, the shipment volume decreased by 17%, and the gross profit margin was negative 22%~24%. Under this circumstance, Yingli began to engage in olive oil, aquaculture, real estate, logistics, clothing, hotels and other fields.

In 2013, there will be a large-scale collapse

At present, 80% of polysilicon enterprises upstream of photovoltaics are in a state of suspension and closure, and will then spread to downstream batteries and components.

“More difficult days are still behind.” Xie Yutuo, president of Changzhou Tianhua Sunshine Co., Ltd. told the author that in his view, many listed companies in China fled the photovoltaic industry, mainly because they could not see the prospects, and they went to May and June this year. As a result of the "double opposition" of the EU, there will be a large number of enterprises in the country going bankrupt, and the industry will face a greater impact.

Before 2009, 99% of China's PV industry related products were exported overseas, and there was basically no sales in the domestic market. In the summer, after the National Energy Administration launched the 10MW demonstration project in Dunhuang, Gansu, the domestic PV market began to develop rapidly. In terms of capacity, it reached 200 MW in 2009 and 2010, and reached 2.5 GW in 2011, an increase of more than 10 times. This year is generally expected to be around 5 GW.

However, Xie Yutuo believes that the figures in this area are mostly hydrated. According to the Golden Sun Project, 70% of the actual grid connection is not available. "The main reason is that many policies cannot be implemented and cannot be implemented, which has damped the enthusiasm of enterprises. As a result, the construction of photovoltaic power plants has been stagnant, which naturally affects the sales of downstream components. At present, the inventory of major companies is very serious."

A power station developer in Jiangsu told the author that since 2011, the country has successively introduced a number of favorable news such as photovoltaic on-grid tariffs, gold solar engineering, distributed power generation, etc., but in actual operation, it is often difficult due to multi-sectoral interests. carried out.

"For example, our photovoltaic power plants in the northwest region must first be sold to the grid company, but the grid company is not full of revenues, only part of the power generation, and even for this part of the power generation, the grid company also Can not be issued in the short term, but also through the Ministry of Finance, the National Development and Reform Commission for review, this is tossing down, half a year has passed, and sometimes the process has a problem, it can not get a penny." The above developer told the author .

It is understood that many companies invest in photovoltaic power plants when the budget is 8 years or 10 years of recycling costs, internal rate of return is about 10%, but because of the above factors, the investment payback period of a power station is currently indefinite, internal rate of return It is generally around 2%. “The current photovoltaic power plants are losing money, and since April 2011, power station developers have never received subsidies, and many companies with poor strength have been dragged to death.”

"Because of the unstable and unpredictable development income of photovoltaic power plants, the bank's loans to photovoltaic power plant projects are basically suspended. Since last year, almost no company in the industry has been able to finance from photovoltaic power plants. The company's own capital investment construction, but because the subsidy is not in place, many companies have been afraid to build photovoltaic power plants, are in a wait-and-see state." Xie Yutuo told the author.

Xie Yutuo believes that the inability of the domestic terminal installation market will make it difficult for PV companies to open their sales. For example, the fierce price war between giants such as Suntech Power and Yingli Group will also lower the profits of the entire industry, and Aerospace Electromechanical, Small and medium-sized enterprises such as Sichuan Investment Energy and Leshan Power are more difficult to compete with. “For example, Leshan Power’s annual polysilicon production capacity is around 3,000 tons, while the domestic giant Jiangsu Zhongneng’s production capacity has reached 65,000 tons, which brings low-cost on a large scale. Leshan Power, Sichuan Investment Energy, etc. are obviously difficult to Photovoltaic giants compete."

"At present, 80% of polysilicon enterprises upstream of photovoltaics are in a state of suspension and closure. Next, they will spread to downstream batteries and components. Last year was a year in which the photovoltaic market struggled to survive. This year will be a year of bankruptcy and turmoil. If some domestic listed companies do not take away the loss-making PV business in time, they will lose more." Xie Yutuo said.

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