Five times a year!Former Supor Shao Dong's "planning for planning" Junda shares raised 2.8 billion All-in photovoltaic battery

21st Century Business Herald reporter Zhao Yunfan Shanghai report

On June 15, Junda (002865.SZ) also disclosed major asset reorganization and fixed increase plans.

The announcement shows that the company plans to transfer 49%equity of Shangrao Jetta New Energy Technology Co., Ltd. (hereinafter referred to as "Jetta Technology"), a photovoltaic battery company held by the Hongfu photovoltaic industry (limited partnership) and Supor Group; At the same time, the company will make up the plan to increase the plan and raise 2.83 billion yuan for the acquisition of a minority equity of Jetta Technology.

Earlier, Junda Co., Ltd. has completed the acquisition of 51%of Jetta Technology through reorganization. With the gradual completion of the minority equity of Jetta Technology, and the company has completed some car decoration business to set up a planned shareholders' conference voting process in April, the company will officially transform from automotive parts and component companies to gradually transform into photovoltaic battery business. enterprise.

In this regard, Junda's shares pointed out in the announcement that the company's traditional car decoration business is gradually moving, and the development potential of photovoltaic development in the "double carbon" background is huge. In the future, the company will further clarify the direction of development, reduce operating risks, enhance continuous operating capabilities, comprehensively comprehensively Focus on the main industry.

In the secondary market, the reorganization of Junda's shares is still fermenting. As of June 17, the company's stock price closed up 4.39%within the day to 112.86 yuan. Since the reorganization of Junda shares in the past year, the company's market value increase has reached more than 500%.

Turn around the photovoltaic battery from the car

According to the data, Jetta Technology is one of the leading companies in domestic photovoltaic battery films. According to PV Infolink data, Jetta Technology battery film business Zhanyu New Energy in 2019 ranks among the top five in the industry. And the product has excellent product performance, maintaining a long -term friendly and cooperative relationship with more high -quality customers such as Jingke Energy and Jinzhou Sunshine.

However, the reporter found that the top five manufacturers of battery shipments disclosed by PV Infolink this year do not include Jetta Technology.

In terms of performance, Jetta Technology's operating revenue in 2021 was 5.05 billion yuan, an increase of 81.6%year -on -year. At the same time, the company's net profit in 2021 changed from 94.48 million yuan last year to 225 million yuan.

Beginning in 2021, Junda Co., Ltd. gradually incorporated Jetta Technology into the listed company system through a conversion transaction, and at the same time, it continued to set up car parts business to achieve the company's transformation. At present, Junda's consolidation statements are dominated by Jetta Technology.

From the industry segmentation path, Jetta Technology currently mainly ships the PERC path photovoltaic battery, including TOPCON-N-type photovoltaic battery production lines. From the perspective of fixed-raising investment, TOPCON-N may become the general direction of Catalum Technology's next capital investment.

It is reported that the mainstream paths in the photovoltaic battery industry include PERC, TOPCON, HJT, etc. Among them, PERC occupies the majority of photovoltaic battery boards in the market. The TOPCON and HTJ paths are at the stage of test production in the industry. Although the conversion rate is better than PERC, its economy is not as good as the PERC route.

A buyer familiar with the photovoltaic industry told reporters that due to the unlike upstream silicon wafers, silicon materials and photovoltaic manufacturing equipment, photovoltaic battery films are in the middle reaches of the industrial chain, the competitive pattern is relatively fierce, and the technical density is low. Therefore, the optoelectronic conversion rate and price of products will become the company's lifeline.

In addition, the person also told reporters that because the TOPCON route and PERC are "progressive relationships" in the production line, although the HJT photoelectric conversion rate is better, the production line is not compatible with the current mainstream, so most companies will also consider in PERC It is iterative on the basis of the production line.

In terms of conversion rate, Junda's shares stated in the announcement that the conversion rate of Jetta Technology in PERC products was 23.3%, which was higher than the industry average of 23.1%.

According to the recent comprehensive conversion rate of the Arctic Solar Pirilion Network, Jetta Technology compared to A -share companies including Longji Green Energy (24.06%), Tiantu Optical Energy (23.56%), and Jing'ao Technology (23.5%) and other A -share companies The conversion rate of PERC products does not dominate.

In the field of N-Topcon, Jetta Technology mentioned its conversion rate higher than 24.5%during the investor survey in May, and is expected to mass production after June 2022. Among the A-share optical battery companies, Jingke Energy, a new energy, and Zhonglai N-TOPCON route is mass production or the converting transformation rate of the test is 24.5%. In this regard, Jetta Technology's N-TOPCON conversion rate will be better than Qi Ping or better than other A-share companies.

However, the reporter noticed that because some of the funds in this fixed increase will be used in N-Topcon test, it means that the aforementioned conversion data is still variable after mass production.

Or there is no "winner to eat"

The reporter found that before this round of asset reorganization, Junda had made a wave of equity incentives on Jetta Technology employees. According to the conditions for granting, the three -way exercise assessment period of Jetta Technology must not be less than 270 million yuan and 380 million yuan, respectively from 2022 to 2024, respectively.

The goal of the first two years before the assessment of the aforementioned rights was exactly the same as that of Junda's purchase of 51%of Jetta Technology's equity last year.

In 2021, the price of the upstream materials of photovoltaic batteries fluctuated large, and the supply chain is often unstable. Coupled with Jetta Technology's slightly behind in recent years, whether it can take advantage of multiple rounds of capital operations and a new path to break through the heads, it is worthy of attention. Analysts told reporters that due to the current expansion prospects of the photovoltaic battery industry, and the current situation of supply and demand has gradually begun to appear, there will be no increase in industry concentration in the short term. Good living space.

Zou Lingling, the manager of Western Lishe Fund, said in an interview with reporters that due to the relatively decentralized patterns of the battery section, it was mainly due to the homogeneity of battery technology and the standardization of production equipment, which made the manufacturing cost gap between enterprises. It is expected that with the gradual replacement of the new technical route of the battery, the cost gap between the various companies in the battery session will be opened, and under the new technologies, the pattern may be further concentrated.

From the selection of large categories, Zou Lingling told reporters: "From the perspective of cost -effectiveness, TOPCON and HJT have not yet reached the PERC level. From the initial investment amount, the current TOPCON battery production line is lower than HJT, and its production equipment has a certain degree of PERC batteries. Compatibility, its conversion efficiency is higher to make up for the improvement of production costs. In the near future, more industrial capital is favored, and the investment scale is expected to start faster. The advantage of HJT battery is the conversion efficiency, and the future conversion efficiency will continue to improve. Therefore The marginal costs have declined. "

In terms of supply chain, Zou Lingling said that the current nominal capacity of the silicon wafers is greater than demand, but due to the phased shortage of upstream silicon materials and high -pure quartz sand, the nominal capacity of the silicon wafers is restricted by the consumables and is not fully released. If it is not fully released. If it is not fully released. In the future, the supply of raw and auxiliary materials is loose, the supply of silicon wafers will be greatly improved, and the supply chain gap between the supply chain of various manufacturers will decline.

Former Supor Shao Dong family "planning"

It is worth noting that the Supor Group, one of the trading opponents of Jetta Technology, the transaction of Junda shares, is the original controlling shareholder of the listed company Supor (002032.SH). Su Xianze, the son of Su Zengfu, the former "Old House" of the Supor Group, was the actual controller of the Supor Group.

As of the first quarter of this year, Su Xianze held 18.76 million shares in Junda, accounting for 13.58%of the total share capital, and became the company's second largest shareholder. It is based on the reorganization of the Junda shares.

Similar to many father -in -law, his son's financial cases are similar. Compared with his father Su Zengfu, his son Su Xianze seems to be greater than capital operation. Su Xianze operated in 2007 the Supor Group sold 52.74%of the control of Supor to the French SEB company. Since then, the Supor Group has successively emptied the listed company Supor's shares. After more than 4 billion, the Su family has no connection with the listed company Supor.

In the past two years of the transformation and reorganization process of Junda shares, it is always accompanied by Su Xianze.

According to industrial and commercial data, in June 2020, the Supor Group joined the two limited partnerships for the first time to receive 100%equity of the company from Jetta Technology's original controlling shareholder Jiangxi Zhanyu New Energy Co., Ltd.

Less than half a year later, in November 2020, Junda shares, who had been listed for less than three years, announced the equity transfer and asset sales plan. "Yang Family") transfer 100%equity of two auto decoration companies under the company, and then transfer to 18.76 million shares of Junda shares from the Yang family to the Jiaxing family from starting from the Yang family to Jiaxing's off -equity investment partnership (limited partnership) Equity at a cost of 300 million yuan.

Among them, Jiaxing Hangs set up 99%of the limited partnerships established by Supor Group under Su Xianze Group.

Immediately after the completion of the aforementioned transaction, Junda's shares quickly launched Jetta Technology's acquisition plan, and in June 2021, the planned bid exchange was planned to obtain Jetta Technology control.

In December 2021, Jiaxing took a nation to Su Xianze's personal agreement to transfer all Junda shares at a consideration of 720 million yuan.

Today, with the 100%equity bank of Jetta Technology, it will be injected into a listed company, and the Supor Group has completed its cash with Jetta Technology. The wealth behind the Su family behind the stealth has also risen.

As of June 17, Junda's shares closed up 4.39%within the day of the shares to 112.86 yuan. In this way, Su Xianze's personal stock market value reached 2.117 billion, which means that its half -year floating profit reached 194%. And if it starts at the initial cost of 300 million, regardless of the cash income obtained by Teng Nuojie Thai Technology, a series of floating profits of the Su family has reached more than 600%.

In addition, the reporter also found that due to the completion of the acquisition, Jetta Technology has become the holding subsidiary of Junda's shares. According to relevant regulations, the major asset reorganization of this round does not require the transfer party to make a performance compensation commitment. In fact, the two parties of the transaction have not negotiated to supplement their commitments, which means that after the reorganization of the Supor Group, there is almost no worries.

- END -