The 100 billion leader Tianhe Light can continue to increase the production and expand production. It is expected that the shipment of 210 size of this year may account for over 90%.

The 21st Century Business Herald reporter Cao Enhui reported that on the evening of September 23, the 100 billion market value photovoltaic leader Tianhe Light Energy (688599.SH) issued multiple announcements.

The core events involved can be summarized as two keywords: financing and expansion.

In terms of financing, Tianheguang can make a new round of revision on the previously issued convertible bond financing solutions. In the new version of the plan, the company plans to raise about 8.865 billion yuan through convertible bonds for annual output of 35GW direct -drawing single crystal project, supplementary mobile funds and repayment of bank loans.

In terms of expansion of production, Tianheguangneng announced a new investment plan. According to the announcement, the company plans to invest in the construction of a 15GW high -efficiency battery and 15GW high -power component project in the Huai'an Economic and Technological Development Zone, with a total investment of about 6 billion yuan (including mobile funds).

The 21st Century Economic Herald reporter noticed that since this year, Tiangheguang has continued to increase raw materials procurement and production capacity expansion. In particular, through the layout of industrial silicon, polysilicon, battery, and component auxiliary materials production line, the company extended the tentacles to the entire industry chain to improve the integrated layout. As of now, the total amount of project investment and raw material procurement disclosed by Tiantuangneng this year has exceeded 70 billion yuan.

In addition, in the face of increasingly competitive photovoltaic markets, Tiango Light can clearly have not reached the end on the road of integrated production.

Continue to expand production upstream

The manufacturing link that Tianheguang is best at is the component.

In the first half of this year, the company's overall photovoltaic product shipment was 18.05GW, which made it continue to rank among the domestic photovoltaic components.

Under the wave of leading enterprises to set off a vertical integration model today, Tiangheguang can become activists to expand production upstream.

Representative actions are the company's tens of billions of industrial chain signed by the company with Tongwei (600438.SH) at the end of 2020.

In November 2020, the two leading companies issued an announcement that the two parties planned to set up a project company to invest in an annual output of 40,000 tons of high pure crystalline silicon project, an annual output 15GW pull rod project, an annual output 15GW section project, an annual output 15GW high -efficiency crystal silicon battery project The total investment scale reached 15 billion yuan.

This caused a lot of sensation at the time. At that time, the "co -vertical and horizontal" era between photovoltaic faucets opened, Poly GCL (03800.HK, later renamed GCL Technology), Central China (002129.SZ, later renamed TCL Central), Longji shares (Longji shares ( 601012.SH, later renamed Longji Green Energy), and Tongwei Co., Ltd. and other photovoltaic faucets have reached different strategic cooperation to achieve complementary industrial chain.

However, if the cooperation between photovoltaic leaders two or three years ago was in a spirit of "mutual achievement", with the popularity of the industrial chain and the enhancement of leading companies' financing capabilities, the leading enterprises finally returned to themselves by themselves. For the lead, vertical integration is achieved.

According to the statistics of the 21st Century Business Herald, since this year, Tianheguang has announced a number of major production capacity expansion investment plans, with a conservative investment amount of nearly 40 billion yuan.

The latest expansion project is the company's annual output 15GW high -efficiency battery and 15GW high -power component project that will land in the Huai'an Economic and Technological Development Zone. The project is implemented in two phases, including 5GW batteries, 10GW components, second phase 10GW batteries, and 5GW components.

It is not difficult to see that when expanding its own component production capacity, Tianghe Light can continue to strengthen the battery capacity. According to the company's prediction data disclosed by the company's semi -annual report, it is expected that by the end of 2022, the production capacity of Tianhe Light Energy batteries and components will reach 50GW and 65GW, respectively.

The most interesting industrial chain production project is the Xining New Energy Industrial Park project announced in June this year. In this project, Tianheguangneng intends to invest in the construction of an annual output of 300,000 tons of industrial silicon, an annual output of 150,000 tons of high -pure polysilicon, an annual output of 35GW single crystal silicon, an annual output of 10GW slices, an annual output of production, annual production 10GW battery, annual output 10GW component, and 15GW component auxiliary material production line.

Although Tianheguangneng did not announce the specific investment amount of the project, the securities agency gave forecast data: Soochow Securities calculated that the Xining project required a total of 26 billion yuan to 27 billion yuan, of which about 10 billion yuan, two, two, two The period is about 16 billion yuan; Western Securities estimates that Tiantuang Energy Xining New Energy Industrial Park project is expected to invest by 30.375 billion yuan. Among them, the estimated investment amount in the first phase is 13.125 billion yuan, and the estimated investment in the second phase is 17.25 billion yuan.

The construction of the project has become a sign of accelerated production and expansion of Tianhe Light.

Increase large size production capacity

The "600W+Photovoltaic Open Innovation Ecological Alliance" led by many photovoltaic companies such as Tiantong Energy and TCL Central in July 2020, which is regarded by the industry as a product of the large -scale dispute over the domestic photovoltaic industry.

Just as TCL Central has continuously increased the expansion and shipment scale of 210 -sized silicon wafers. At the component side, Tianghe Light Energy is at the forefront, and the market share of large -sized components is seized through 210 component products.

"The continuous improvement of photovoltaic components is an inevitable trend of the development of the photovoltaic industry." Zhang Yingbin, the person in charge of the global product strategy and market of Tiantu Optical Energy, said in an interview with the 21st Century Business Herald that the production capacity of 210 size batteries and 600W+components accounted for rapid expansion. It is expected to dominate the market.

Zhang Yingbin told the 21st Century Business Herald reporter that as of the end of June this year, the total of 210 -sized components in the industry had shipped 50GW. Among them, Tianhe Optical Energy 210 -sized components have been shipped 30GW, and 600W+component shipments account for about 40%. "210 size shipments in the industry will continue to increase. There are 99 partners of '600W+Alliance'. I believe that this year will soon break through 100. There are many industrial chain partners in response to this matter. We will continue to work hard to promote the continuous optimization and better development of '600W+Ecological'. " Zhang Yingbin said.

It is worth noting that the distributed photovoltaic market has become an important shipping channel for Tiantou Light Energy 210 component products. According to Tianheguang Energy's financial report in the first half of 2022, its distributed channel shipments accounted for more than 60%, and 210 -sized component shipments accounted for 80%, accounting for about 50%of the total industry shipments. In this regard, Zhang Yingbin introduced to the 21st Century Business Herald reporter that "600W+components are now acceptable in the distributed market, especially in Hebei, 600W+components are used very well in the region market. In addition, Henan, Shandong, etc. The land is quite applied. "

In response to the overall shipment expectations this year, Zhang Yingbin said, "This year's 210 -dimensional series component shipments will reach 80 %, or even more than 90 %."

This prediction has nothing to do with the capacity expansion of Tianhe Light in large -sized products. As a fan of 210 -sized components, the company spares no effort to increase the proportion of large -scale products. It said in the semi -annual report that it is expected that by the end of this year, the capacity of 210 sizes of Tianhe Light can exceed 90%in battery and component links.

In fact, whether it is the construction of the Xining Industrial Park or the expansion of the Huai'an project, it can be seen that the new production capacity of Tianghe Light can be 210 size in batteries and components.

However, for Tianhe Light, which is committed to creating a vertical integration model, sufficient funds are undoubtedly the most important guarantee for the company's future industrial chain to expand production smoothly in the future.

The 21st Century Economic Herald reporter noticed that the two major raw materials procurement contracts announced this year -purchased 210 size single crystal silicon wafers from the Shuangliang Energy -saving plan, and planned to purchase 70,000 tons of silicon materials from the South Glass Group. It is expected to reach 37.16 billion yuan. A number of expansion projects such as Xining New Energy Industrial Park and Huai'an projects are superimposed. Tiantuang can invest a total of not less than 70 billion yuan in the next five years.

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