The photovoltaic track "Giant Earthquake": The procurement of the "low -priced bid" component of the "low -cost winning bid" of the Silicon Dragon Tongwei shares?

Economic Observation Network reporter Zheng Chenzheng "Tongwei is fierce enough, and the price war directly hit the photovoltaic market." After closing on August 19th, an investor was emotional in the WeChat exchange group.

Shihao Capital Analyst Liu Qiujun also told reporters that on August 18th, Tongwei shares the low price of China Resources 3GW component procurement was the direct "fuse" of photovoltaic stocks today.

"Giant Zhen" fuse

In the market market that day, the unexpected earthquakes of the photovoltaic track caused a widespread discussion in the market. The photovoltaic concept stocks represented by the photovoltaic component leader ushered in a significant callback. Light Energy (688599.SH) led the entire sector. As of the closing, the stock volume plummeted by 15.07%and closed at 72.19 yuan.

In addition, Longji Green Energy (601012.SH) and Jing'ao Technology (002459.SZ) also plummeted, with a decline of 7.89%and 9.89%, respectively; Tianzhong Technology (688003.SH) and Mubang Hi -Tech (603398.SH) (603398.SH) The concept stocks such as the sunrise oriental (603366.SH) have fallen by 10%. The Wind photovoltaic index fell 2.28%on the day.

Among the popular photovoltaic concept stocks, Tongwei (600438.SH) rose 4.88%in the inverse market, and the latest market value reached 269.9 billion yuan.

Many analysts are believed to be related to a bid announcement announced last night.

"In fact, today's photovoltaic reflection is affected by many factors. From the perspective of the news, it is directly 'fuse" on August 18th to win the bid for China Resources 3GW component procurement. " The reporter said.

On the website of the China Resources Group Shouzheng Electronic Tendering Purchasing Platform, the reporter found the announcement of the winning bid for the market "Giant".

From the content of the announcement, in the collection of 3GW photovoltaic components of China Resources Electric Power, Tongwei Solar (Hefei) Co., Ltd. became the first bid candidate, with a bid price of 5.827 billion yuan. Green Energy (601012.SH) has become the third bid candidate, with a bid price of 6.061 billion yuan.

In other words, in this bidding project, Tongwei Solar's quotation is nearly 240 million yuan lower than Rongye Green Energy (601012.SH), relying on the price advantage to defeat the traditional advantage player Longji in the component field.

Liu Qiujun told reporters that Tongwei can win the bidding China Resources 3GW component procurement, which proves from the side that the company has the ability to mass production of components. In addition, Tongwei itself is the leader of upstream silicon materials and battery fields. The market is concerned about the behavior of its competition for the market.

New variables

On the evening of August 17, Tongwei (600438.SH) just disclosed a very "dazzling" semi -annual report. Data show that the company achieved operating income of 60.339 billion yuan in the first half of this year, an increase of 127.16%year -on -year. The net profit attributable to the mother was 1.2224 billion yuan, an increase of 312.17%year -on -year.

According to reporters, in the first half of the year, Tongwei (600438.SH) achieved a high pure crystal silicon output of 107,300 tons, an increase of 112.15%year -on -year. The domestic market share was nearly 30%, and the capacity utilization rate was as high as 119.28%.

In addition, Tongwei ’s current large -sized battery films account for more than 75%. With the succession of projects under construction, it is expected that the company's battery capacity scale will exceed 70GW by the end of 2022.

"The bargaining ability in the industrial chain itself in the industrial chain of photovoltaic components and battery films will be relatively weak. If integrated enterprises like Tongwei need to set off a 'price war', it will make components and battery films that do not have the ability to integrated capabilities in the future in the future in the future. It is difficult to continue. "Liu Qiujun further said.

However, in the process of interviewing the photovoltaic industry analysts, some analysts also pointed out to reporters that "Tongwei's low price winning bids" only detonated the fuse of market emotions, and the secondary market's response to the news was a bit "overly".

In this regard, Liu Qiujun also believes that although the low -cost strategy of Tongwei (600438.SH) has exacerbated market competition to a certain extent, such as Longji Green Energy (601012.SH) and Tiantuang Energy (688599.SH) The market of "old players" for components is mainly overseas, and a single winning bid does not reflect the overall changes in the market pattern.

The new team of Haitong Securities and Electric Power commented on the 199th that the market structure of photovoltaic components will remain stable at present.

"Domestic components have a large amount of mining volume, and the threshold for entry is not high. Some components that do not have much influence of overseas brands are focused on the domestic market; and Tongwei is willing to increase the layout of the component. In the case of small quantity, strategic preferred domestic markets are normal choices, and domestic price sensitivity is high. It requires a certain price strategy, which does not mean that the entire competition pattern worsen. "The team analysis believes.

From the perspective of the new team of Haitongdian, the core attention of the current photovoltaic industry is that the demand is growing, and market competition is only a secondary contradiction.

In its opinion, the component link has the characteristics of decentralized downstream customers. The market share of the first place in the industry is about 20%, and the market share is also difficult to increase. ThereforeIt is more about the market share of the second- and third -tier components, and it will not have a huge impact on head component companies.Liu Qiujun also believes that the recovery of the current photovoltaic sector is more affected by factors such as market emotions and the initiative of earlier profits.

"The performance of the TOPCON sector in the early stage was favorable, and the popularity of the photovoltaic sector was pushed up. From the dynamic perspective of the market capital of this week, the transaction volume of the photovoltaic sector accounted for one fifth of the turnover of the entire market.There are signs of differentiation. Therefore, Tongwei's entry is just a stimulating factor, and it is not particularly significant to the fundamentals of fundamentals. "She told reporters.

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