Two trillion -dollar market value photovoltaic component companies have become defendants: different reasons, unpredictable final situation

Author: Wei Zhongyuan

On the evening of July 27, Tiantuang Energy (688599.SH) and Jingke Energy (688223.SH) two hundred billion market value photovoltaic module giants disclosed the announcement involving litigation and arbitration, respectively, involving a total amount of over 500 million US dollars. Aroused high market attention.

The secondary market does not buy the above -mentioned profitable news. As of the closing of July 28, Tianhe Light Energy and Jingke Energy closed up 4.47%and 1.7%, respectively, and closed at 83.99 yuan/share, 17.3 yuan/share. Yuan/share), the total market value reached 181.6 billion yuan.

At present, my country has become the world's largest exporter of photovoltaic products, and the scale of industrial chain manufacturing has continued to maintain a global leading advantage. In 2021, the export volume and export volume of photovoltaic components in my country have reached a record high. Since this year, the global photovoltaic industry has continued to maintain rapid development. According to the operation of the Ministry of Industry and Information Technology, the China photovoltaic industry operation was released in 2022. At the growth rate of exports, the volume and price increased.

As a representative of photovoltaic integration giants, whether it is Tiantuang Energy, Crystal Energy, or Longji Green Energy (601012.SH) and Tongwei (600438.SH), export business is the main source of revenue. Overseas business involves complicated international trade disputes and the impact of might on the export business of components is the true focus of market attention.

The end of the 535 million compensation amount is still unpredictable

According to the announcement of Tiantuangneng, the lawsuit is based on the Total Energies renewables usa, LLC (hereinafter referred to as "Daedal Energy") as the plaintiff. At present, the court has accepted the case and has not yet begun.

In July 2021, Daedal Energy and Tianhe USA signed about 900MW, with a component contract worth 300 million US dollars, and paid $ 8.75 million in prepaid, agreed to be delivered from February 2022 to December 2022.

Since then, the anti -survey of anti -regulatory avoidance surveys launched by the US Department of Commerce and the Land and Resources Bureau has caused significant changes in the situation signed by the original agreement signed by the WRO policy mutation, which triggers the reorganization of the new delivery conditions. However, the new change agreement has not been reached. Essence

WRO (Withold and Release Order), commonly known as the US temporary deduction, is performed by the US Customs and Border Protection (CBP, full name US Customs and Border Protection).

Recently, Daedal Energy submitted the "Civil Prosecutor" to the court, claiming that he had not received component products and accused Tianshimoto's existence of "breach of contract" or "fraud". At present, the loss of the amount of the amount of Daodal Energy's prosecution is the cost of increasing the procurement component to third -party procurement components due to the unprepared delivery component of the United States, and the project loss of the plaintiff due to the delayed delivery component of the Tianhe United States. The specific compensation amount is not clear.

According to the announcement, the proceedings are expected to last for more than three years. Before the court made the final judgment, Tiangheguang could not be required to pay any economic compensation.

Tianheguang can say in the announcement: "The company believes that the allegations of Daedal's energy are not in line with the facts in many ways. This lawsuit has not yet been tried. The impact of litigation on the company's current profit or post -period profit. At present, the company has started to hire a team of lawyers to actively respond. "

"Tiansheng's lawsuits involve complicated international situations such as international trade disputes, as well as a series of policies for photovoltaic products, such as WRO policies. In recent years The photovoltaic manufacturing industry has adopted a variety of trade sanctions policies. On the one hand, such cases themselves are complicated and the lawsuit will be relatively long. The amount of compensation proposed by the plaintiff may not be the final payment amount. " The United States' Double Anti -Agreement, the US 201 Survey, Indian guarantee measures, and India's anti -dumping survey, etc., these trade protection measures have brought a certain impact on the overseas development of my country's photovoltaic industry. "

On the other side, Jingke Energy involves arbitration. According to the announcement, the applicant Sterling and Wilson International FZE (hereinafter referred to as the "SW FZE") on the "Component Supply Contract" related disputes for the company's arbitration requests, involving a total of 325 million US dollars, including liquidated damages, to make up for the difference in component differences, Construction or installation of the cost of 32MW photovoltaic component products, and delayed liquidated damages.

"According to the situation we know, the Tianthe lawsuit may be the main reason for the agreement and negotiation process of the two parties. It has something to do with the WRO policy, but the policy is not the main reason, and this is an order that has not been delivered. Energy arbitration matters involved or the order that has been delivered. "A senior person in the photovoltaic industry told reporters.

Public information shows that SW FZE is a general contracting company of Indian photovoltaic EPC, which is a frequent visitor to large photovoltaic power stations in the world. However, in recent years, due to factors such as raw material price increases, the performance has declined significantly. In fiscal 2021, the overall loss of Sterling and Wilson was 2.90 billion Indian rupees (approximately US $ 38.98 million), and the profit in fiscal 2020 was 3.04 billion Indian rupees (about 40.86 million US dollars). The rise in components and commodity prices, the increase in freight and the delayed liquidated damages caused by the new crown epidemic are the main reasons that seriously affect the overall financial performance of SW FZE. "The key is to depend on the agreement between the two parties. Compared with the prosecution, the final result of the arbitration is higher. Generally speaking, the two parties must first select the arbitrator, choose their respective arbitrators, choose the referee, and then enter the referee, and then enter the referee, and then enter the referee. Formal arbitration phase. Compared with the second lawsuit of the prosecution procedure, arbitration is the "one -end", and arbitration does not involve the case that the judicial sovereignty of other countries that may occur in the prosecution procedure. Looking at the final result of these two cases, there are still great uncertainty, and the process of the case is very common for 2 to 3 years. "Lawyers in the industry told the first financial reporter.

Overseas business is the main source of revenue of component manufacturers

Although the lawsuits and arbitration of Tiansheng Energy and Jingke Energy have not entered the substantive stage, because overseas markets are an important battlefield for photovoltaic companies in my country, this can not help but worry about the impact of potential risks in overseas business on the operating performance of component manufacturers. Essence

At present, my country has become the main exporter of global photovoltaic and the core of the global photovoltaic industry chain. In recent years, with the continuous increase in demand for domestic and overseas photovoltaic installations, the export volume of photovoltaic components in my country has generally grown, and the proportion of exports has remained at a high level. In the first half of this year, the export volume of domestic photovoltaic components reached 78.6GW, an increase of 74.3%year -on -year; the total export of photovoltaic products was about 25.9 billion US dollars, an increase of 113.1%year -on -year. At the same time, the efficiency of P -type technology has been in the upper limit, and the transformation efficiency of type N -type technology has improved and the current low market share has led to the market's expected expectations for lead component manufacturers to drive performance growth after mass production.

In 2021, Tianheguang was able to achieve operating income and net profit attributable at 44.48 billion yuan and 1.804 billion yuan, respectively. Based on the latest exchange rate, US $ 200 million corresponds to approximately 1.35 billion yuan, accounting for 74.83%of the total net profit of Tianhe Light in 2021. PV-Tech data shows that in 2021, Tiantou can ranks second in global photovoltaic components with 24.8GW shipments. As of now, Tianheguang's overseas business is mainly concentrated in Europe, Japan, the United States, India, Australia, etc. Since 2019, the company's overseas revenue has accounted for 60%to 70%. In the first quarter, the revenue and mother's net profit of Tianheguangneng increased by 79.2%and 136%year -on -year, respectively, respectively, 15.272 billion yuan and 543 million yuan, respectively.

Jingke Energy is also an earlier group of photovoltaic companies engaged in integrated components in China. In 2021, the company realized 22.23GW of components, an increase of about 22%year -on -year; in January 2022, Jingke Energy was listed in the science and technology board, and the financing of 10 billion yuan was expanded and strengthened. As of the end of 2021, Jingke Energy has established overseas sales subsidiaries in more than ten countries around the world, which has basically achieved global operations. The proportion of overseas revenue has risen to approximately 75%, and it shows year -on -year growth trend. In the first quarter of this year, Jingke Energy also achieved both net growth in revenue, and the operating income and net profit of home were 14.681 billion yuan and 400 million yuan, respectively.

"Longji, Tianhe, Jing'ao, etc. are the top component factories in the world's shipping, and the global operation layout is relatively complete. From this year, not only overseas demand has increased, but domestic optical installation machines have also increased year -on -year. Performance. In particular, the high -end market in Europe and the United States does not have the independent manufacturing industry chain, and the acceptance of component prices is higher, and it depends on the export of domestic component manufacturers. The important foundation. "The aforementioned people in the light industry added.

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