Text | Black Hawk Photovoltaic Liu Yang Editor | LWY
Who is Yang?
Only two photos of him can be found online, one is a roadshow and the other is an IPO ringing the bell to speak.
Five or six years ago, if you asked this gentleman in the photovoltaic industry, it was estimated that few people could say a thing or two.
At that time, the photovoltaic industry revived, the capital soared again, and the new giants accelerated their rise. However, the annual revenue of the enterprise at the helm of Yang was less than 65.438+0.5 billion (2065.438+0.5), and the net profit was only 65.438+0.0 billion.
This kind of performance is well known in the increasingly hot photovoltaic market.
But now, if you ask this question again, it is estimated that many people will tell you: Yang CNC Chairman, photovoltaic dark horse!
Ten years in Hedong, ten years in Hexi!
China has been photovoltaic for 20 years and has never lacked circuit breakers.
In just two years, Yang and computer numerical control, doesn't everyone in the world know about you? !
1
Yang, a China national, was born in 1969, with a university degree and no permanent residency abroad.
The numerical control at the helm is located at Nanhu Middle Road 158, Binhu District, Wuxi, Jiangsu.
In the past year, the company's performance soared, its share price soared, and its external layout advanced by leaps and bounds. In the past year, Yang became friends with many important entrepreneurs in the photovoltaic industry and formed a deep interest alliance in business dealings.
Some institutional research reports even boasted Haikou at the beginning of 20021:high growth, 40 times PE in 202 1, and the target market value in June-65438+February was 80 billion!
Behind the soaring stock price, in the latest Hurun Report 2020, Yang family fortune's total amount reached 654.38+005 billion, ranking 654.38+04 in the list of photovoltaic entrepreneurs' wealth.
This wealth is equal to that of Sun Power Cao Renxian, Meichang New Material Wu Ying and Aixu Chen Gang.
(Tabulation: Huaxia Energy Network)
As we all know, in 2020, the business layout of on-board CNC will continue to explode. For example, it signed sales contracts of more than 30 billion yuan with giants such as Trina Solar, Dongfang Risheng, Zhengtai, Tongwei and Artes, leaving room for future performance growth.
In addition, in the battle for photovoltaic silicon materials, the numerical control on the computer is not far behind. 202 1, 1, 2 1, the company announced that it had signed a large purchase order with Xinte Energy for more than 70,000 tons of polysilicon materials. On the evening of March 5th, it was announced that Hongyuan New Materials, a wholly-owned subsidiary of the company, had signed a procurement contract for polysilicon materials exceeding 50,000 tons with Daquan New Energy. The estimated contract amount was about 5.534 billion yuan (including tax).
In the spring of the Year of the Ox, another news related to CNC strongly stirred the photovoltaic industry and the capital market, which was related to its close cooperation with Poly GCL, the "world silicon king".
On February 28th, 20021year, GCL released a notice that Jiangsu Zhongneng, a wholly-owned subsidiary of GCL, signed a strategic cooperation framework agreement with Shangji CNC on R&D and the production of 300,000 tons of granular silicon in Inner Mongolia and the establishment of a joint venture company.
300,000 tons of granular silicon! This kind of planning and writing shocked the industry.
According to the agreement, Jiangsu Zhongneng plans to hold 65% of the shares of the joint venture company, and Shangji CNC plans to hold 35% of the shares of the joint venture company; The total investment of the project is estimated to be 654.38+0.8 billion yuan.
This means that Netcom, which is headed by Yang, and Poly, which is owned by Zhu * * *, have also become "allies" for deep interest bundling and development.
2
After collecting all available public information, Yang began to wander the rivers and lakes alone in his early twenties.
At the age of 24, the young man contracted the metalworking workshop of Wuxi Xuelang Refrigeration Equipment Factory; At the age of 29, Yang began to serve as the director of Wuxi Liangyou Machinery Factory.
On September 28th, 2002, Yang and Hang Hong invested100000 yuan to establish Wuxi Shangji Grinder Co., Ltd. This became the predecessor of computer numerical control.
Subsequently, in 2007, 2008 and 20 10, CNC experienced three capital increases. As of February 20 10, Shangji Co., Ltd. changed its net assets into a joint stock limited company, and its registered capital was also changed to 94.5 million yuan in June 20 10.
20 10/0,20 10/0 On February 23rd, the day after Yang Xiangtongchuang started his business and Far East Holdings transferred 4.66% equity, he transferred his company's investment of 420,000 yuan to nine core employees of the company.
Among them, Yang's brother-in-law obtained 0. 159% equity; Han Hong's brother-in-law Dong Xixing also directly holds 0. 159% of the company's shares. At this point, Yang Jia * * * held 89.52% shares of Shangji CNC, about 84.63 million shares, before this issuance.
On 20 12, CNC applied for IPO for the first time, but it was finally rejected by the audit Committee. In the summer of 20 17, CNC sprinted IPO again.
After waiting for a year and a half, Yang He shared weal and woe in computer numerical control. 20 18 12.28, CNC finally successfully listed on the main board of Shanghai Stock Exchange, thus becoming the136th listed company in Wuxi, Jiangsu.
That night, the "Sapphire Screen" of China Financial Information Center lit up-"Congratulations on the successful listing of CNC".
According to relevant information, by the end of September, 2020, Yang and Hang Hong had a total of 1452 10000 shares in China Netcom, accounting for 62.46% of the total share capital of China Netcom. The top ten shareholders account for 75.89% of the total share capital.
For Yang, the "listing dream" he has been fighting for has come true. Taking this as a starting point, the CNC on the computer started strategic business adjustment and crazy attack.
For a long time in the past, CNC was mainly engaged in the research and development, production and sales of precision machine tools at first; In 2004, it began to enter the field of photovoltaic special equipment manufacturing; By 20 19, this enterprise "suddenly" cut into the field of monocrystalline silicon production business, and thus began to rush to the future with a "dark horse" attitude.
20 18 went public, and raised10.74 million yuan through on-board numerical control IPO.
It is particularly noteworthy that the company adjusted the fundraising project, decisively stopped the expansion project of precision CNC machine tool production line, and instead built a 5GW single crystal silicon pulling production line project (Phase I) in Baotou, Inner Mongolia. 2019165438+17 October, the project was completed and put into operation. June 2020165438+1October 10, the second phase of the 8GW single crystal project was successfully ignited and put into production.
Hongyuan New Materials is a wholly-owned subsidiary of CNC engaged in the production of monocrystalline silicon, which was established in May 20 19. Hongyuan New Materials achieved sales income of 253 million yuan and net profit of 19525700 yuan in 20 19. In the first half of 2020, it achieved an operating income of 920 million yuan and a net profit of 1.2 1 billion yuan, exceeding the net profit of CNC by 80%.
As we all know, in the monocrystalline silicon wafer market, a duopoly pattern of Longji shares and Zhonghuan shares was basically formed in the past. As a latecomer, CNC has become one of the mainstream silicon wafer suppliers in less than two years.
According to CNC official website, in 2020, on the basis of consolidating and expanding the high-end intelligent equipment manufacturing business, the company will build a business model of "high-end equipment+core materials" and constantly improve the layout of the solar photovoltaic industrial chain.
(2065438+June 2009, promotion meeting of Baotou 5GW single crystal project of Hongyuan new material)
In terms of fund-raising, in June 2020, the company raised 665 million yuan by issuing convertible bonds for the construction of 5GW single crystal silicon crystal pulling production line project (Phase II); Soon, in July, the company launched a fixed fundraising plan, and plans to raise 3 billion yuan. In addition to 900 million yuan to supplement the working capital, the remaining 2,654.38+0 billion yuan was used for the construction of 8GW single crystal silicon pulling production project.
In view of this 3 billion yuan fundraising project, Shangji CNC clearly stated that it will expand its business to photovoltaic monocrystalline silicon field, improve the layout of industrial chain, continuously expand production scale, rapidly increase market share, control non-silicon costs, and improve the profitability and market competitive advantage of monocrystalline silicon production business.
According to the above calculation, by 2022, the computer numerical control production capacity of monocrystalline silicon will reach 13GW to 16GW, ranking among the top three in the industry and "one third".
On the evening of 20021February 19, CNC announced again that in order to further strengthen the company's market competitiveness in the field of monocrystalline silicon, the company plans to invest in the construction of an annual output 10GW monocrystalline silicon pulling project in Baotou by its wholly-owned subsidiary Hongyuan New Materials, with a total investment of about 3.5 billion yuan.
three
From the core business data, the author found that the revenue of computer numerical control has doubled since 20 19. Third-party organizations predict that the revenue scale of CNC will exceed 3 billion yuan in 2020, increasing by more than 300% year-on-year, and the revenue scale in 2020 will be about 25. 13 times that of 20 14 years.
Specific to its main income structure, monocrystalline silicon has undoubtedly become the most powerful growth engine of computer numerical control.
As shown in the following table, since 20 14 years, the original three main products of CNC: photovoltaic special equipment, sapphire special equipment and general grinder have all declined to varying degrees, and its newly laid-out monocrystalline silicon wafer business in 20 19 years is the biggest factor for its continuous growth.
In the performance forecast of 2020, when explaining the reasons for the strong growth of performance, Shangji CNC emphasized that "the company began to expand its business in the field of photovoltaic monocrystalline silicon on 20 19, and is committed to building a business development model of' high-end equipment+core materials' two-wheel drive. With the gradual expansion of monocrystalline silicon production capacity, the sales revenue of the company's monocrystalline silicon business has increased significantly, and the company's sales scale has continued to grow. "
As mentioned above, from 2020 to now, Shangji CNC has signed several heavyweight sales contracts with a number of photovoltaic faucets. The main products involved in the contract are monocrystalline silicon wafers and single crystal ingots. The total contract amount is 3,654.38+0,675 million yuan (including tax), and the contract execution period is 2020-2025, which provides a good support for its subsequent growth.
At the same time, entering the field of monocrystalline silicon has greatly improved the profitability of CNC. According to the performance forecast, the net profit attributable to shareholders of the parent company in 2020 is about 530-580 million yuan, up by 186-2 13% year-on-year.
However, with the intensification of industrial competition, the gross profit margin of CNC products is also facing the pressure of continuous decline. As shown in the following table, the gross profit margin of CNC machine tools has been negative growth for nearly three years in a row, and it shows an accelerated downward trend. The gross profit margin of 20 18, 20 19 and the first three quarters of 2020 decreased by 0. 13%, 8.54% and 19.55% respectively.
four
In order to speed up the field layout of monocrystalline silicon wafers, the numerical control on the computer has obviously increased the intensity and scale of foreign investment.
First of all, according to the financial report, from 20 14 to September 2020, the accumulated foreign investment was 6.064 billion yuan, of which more than 5 billion yuan was concentrated in 20 19 -2020. In these two years alone, the foreign investment reached 5.65438+003 billion yuan, accounting for 8.465438+.
In addition, as mentioned above, according to the statistics of Black Hawk Photovoltaic, from May 2065438 to now, CNC plans to invest in four photovoltaic projects, mainly involving monocrystalline silicon wafers, granular silicon and other products, with a total investment scale of more than 25 billion yuan.
According to the major photovoltaic investment projects disclosed by CNC at present, CNC needs to invest 654.38+000 billion yuan in real money to complete the strategic layout of production capacity in the future.
The financial report shows that it seems difficult to complete the above-mentioned capacity expansion whether relying on the hematopoietic capacity of CNC or its capital reserve.
For example, according to the author's statistics, in the first three quarters of 20 14 -2020, the net cash flow of computer numerical control operation was only1770,000 yuan, which was 81/0,000 yuan lower than its net profit created in the same period, indicating that its hematopoietic capacity needs to be improved.
According to the financial report, by the end of September 2020, the total assets of CNC on computers were only 4.349 billion yuan, and the cash reserve was only 667 million yuan, which was still far from the planned investment budget of major photovoltaic projects.
Considering that in mid-February, China Netcom successfully raised 2.976 billion yuan (net raised funds) through non-public offering of shares, the financial pressure has eased, but there is still a big funding gap from the completion of the above-mentioned capacity expansion.
Therefore, whether CNC can complete the above production capacity layout, especially test its ability to continue financing in the future.
(Note: This article does not constitute any investment advice)
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