CNC "barely" investing in 15 billion yuan, the production capacity of the photovoltaic industry expands too fast or hidden concerns

Economic Observation Network reporter Zheng Chenzheng's photovoltaic enterprise expansion continued.

Following TCL Central (002129.SZ) and Longji Green Energy (601012.SH), the expansion plan was thrown in the year, and the silicon film "Dark Horse" was also published by CNC (603185.SH). Essence

On August 16, the NC CNC issued the "Announcement on Investment and Construction of Xuzhou New Energy Industrial Park", which stated that the company intends to invest in the construction of new energy industrial parks in Xuzhou Economic and Technological Development Zone, including annual output of 25GW single crystal silicon blocks and annual output 24GW N high -efficiency crystal silicon battery production project.

Regarding the rapid expansion of the production capacity of photovoltaic industry, Wang Bohua, Honorary Chairman of the China Photovoltaic Industry Association, told reporters that it is necessary to be alert to the excess capacity of some links and the intensified industry homogeneity competition caused by production capacity expansion.

CNC "barely" investment

According to the content of the announcement, the project will be implemented in the third phase, the production capacity of 25GW single crystal silicon section is constructed in the first phase, the production capacity of 14GW high -efficiency crystal silicon battery is constructed in the second phase, and the production capacity of 10GW high -efficiency crystal silicon battery is constructed. Among them, the company already has a slice business, which is the further expansion of the slicing business; the N -type high -efficiency crystalline silicon battery production project is an extension of the company's downstream industrial chain.

CNC said that the total investment of the project is expected to be RMB 15 billion, and the construction cycle is 2-3 years.

However, reporters of the Economic Observation Network noticed that according to their quarterly financial reports, at the end of the first quarter of this year, the currency funds on the machine -controlled CNC were about 3.451 billion yuan, and the transactional financial assets were 3.345 billion yuan, and the two were less than 6.8 billion yuan. So, is it capable of supporting the total investment of 15 billion in the above project?

In this regard, the person in charge of the NC Securities Affairs of the Machine CNC told reporters that the project implements installment construction in installments. In addition to its own funds, the company will also obtain funds through borrowing from financial institutions or other financing methods. The issue of convertible bonds, but there is no plan for the time being. In the future, the implementation of the project's implementation progress will be made reasonablely based on the actual funding situation, which will not bring too much capital pressure to the company.

The on -board CNC also stated in the announcement that this investment project is an important part of the company's layout of the photovoltaic industry chain. The company further expands the scale of the existing industry while relying on the local policy and industrial supporting advantages of Xuzhou. Expand the production capacity of N -type battery capacity such as TOPCON and heterogeneous knots.

The announcement also reminded the risk that the total investment of the investment accounts for more than 50%of the company's recent period of audited net assets, and it is necessary to submit it to the shareholders' meeting for consideration. The funding problem leads to the risk of the delay, change or termination of the project; in addition, there is a certain complexity of the battery business. Risk.

In terms of the main business, the NCCC stated that the company's current main business is high -end equipment and single crystal silicon materials. This investment does not have a significant impact on the company's main business, and there is no situation of changing the main business, but future performance There is uncertainty.

Industry production capacity expansion too fast concerns

In fact, the large -handed expansion of the machine CNC is just a microcosm of the intensive expansion of photovoltaic enterprises at present.

Since the background of the continuous demand at home and abroad in the middle of last year, head photovoltaic companies have officially announced their expansion of production capacity and accelerated the pace of "horse race", just to get a share in the "blowout" market.

On August 15th, the silicon wafer leader Longji Green Energy also announced its expansion plan, saying that it would increase the investment amount of 6.95 billion yuan to expand the company's silicon rod and slice capacity in the Ordos region of Inner Mongolia. This expansion plan is an additional addition of Longji Green Energy for the 7.6 billion investment projects in Ordos at the beginning of the year.

In March of this year, Longji Green Energy signed the "Investment Cooperation Agreement" with the People's Government of Ordos. According to the agreement, Longji Green Energy will invest in the construction of 20GW single crystal silicon rods and slicing projects, 30GW high -efficiency single -crystal battery projects and 5GW high -efficiency photovoltaic component projects in Ordos.

In the "Investment Cooperation Agreement Supplementary Agreement" disclosed on August 15, Longji Green Energy expanded the original planned 20GW single crystal silicon rod and slicing project to an annual output of 46GW.

In response, the relevant person in charge of Longji Green Energy Securities said in response to reporters that the layout of the Ordos project is conducive to the company's development opportunities for the photovoltaic market, further enhance the company's capacity scale, and continuously improve market competitiveness.

According to the prediction of the well-known photovoltaic analysis agency PV Infolink, in 2022-2023, the global silicon production capacity will increase from 293GW to 663GW, an increase of 126.3%, and the production capacity of silicon wafers, battery films and components will remain an average of 60%annually at 60%. about.

Judging from the statistics of the Photovoltaic Association in July, in the first half of this year, there were more than 300 photovoltaic expansion projects in my country, of which more than 90 battery and component production projects were expanded. The silicon rod project is mostly in Inner Mongolia.

In this regard, He Chaohui, the new chief analyst of the National Lianlian Securities Electricity Electricity, told reporters from the Economic Observation Network that under the suppression of the three main factors including high inflation, high local manufacturing costs, and high traditional energy prices, Europe and the United States have for China and related overseas manufacturing bases. Photovoltaic component products will maintain an open attitude, and the strong demand for new energy will help my country's component leading manufacturers to further develop overseas high -value markets. At the same time, Lu Chuan, chairman of Zhengtai Xinneng Technology Co., Ltd., also told reporters from the Economic Observation Network that the expansion of production capacity is the driver of the market economy itself. For example, the current profit of silicon materials is high, and it has poured in many companies. The industry has its own production rhythm requirements. Generally, its core material delivery period is 12 months, and the cycle of production capacity is long. In addition, technology iteration will also bring production capacity expansion. For example, the current photovoltaic product technology presentation from P -type to N -type transformation. If a relatively certain technical direction is formed, a round of silicon wafers and battery pieces will be brought about Expansion in technical reform.

In Luchuan's view, the expansion of production capacity should be achieved more through the acquisition of mergers and acquisitions and earlier layouts. He believes that in a fast -changing industry, more tests are the judgment of the trend of corporate operators.

However, the capacity expansion may also have risks. Wang Bohua, Honorary Chairman of the China Photovoltaic Industry Association, told reporters that at present, my country's photovoltaic enterprise has a strong willingness to expand its capacity, but whether some projects can end up in the end, there is still greater uncertainty. The industry homogeneity competition caused by the expansion of capacity is intensified.

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