The actual controller is burdened with huge debts, over-dependence on material suppliers and customers, and the performance is facing a decline.
Written by |Honghai.
Produced by |Planetary Energy Storage Institute.
On December 22, Zhejiang SolaX Power Network Technology Co., Ltd. (hereinafter referred to as "SolaX Energy") opened its subscriptionBefore the issuance, SolaX Energy had a total share capital of 1200 million shares, this proposed public offering of **40000,000,000 shares, accounting for 25 of the total share capital after the issuance00%, the issue ** is 5565 yuan shares, the subscription limit is 0950,000 shares, with a price-to-earnings ratio of 795 times, belonging to the Science and Technology Innovation Board of the Shanghai Stock Exchange, and China Merchants ** is its sole sponsor.
SolaX Energy was established in 2012 and is located in Hangzhou, Zhejiang Province, with a registered capital and paid-in capital of 1200 million yuan, SolaX Energy isPhotovoltaic energy storage system and product leading supplier,It provides products such as photovoltaic storage inverters, energy storage batteries, and grid-connected inverters.
Affected by the wave of coal and nuclear withdrawal, energy costs and electricity prices in Europe have risen year by yearAs a result of the continuous high demand for residential photovoltaic and energy storage, various countries have successively introduced subsidies and tax exemption policies to reduce the installation cost of household storage to support the development of household photovoltaic storage.
The Russia-Ukraine war is superimposed on large-scale power outages overseasIt ignited the last lead for Europe to promote the unexpected outbreak of the global residential energy storage market.
In recent years, household storage, as one with the highest gross profit margin and the fastest growth rate in the field of energy storage, has continued to explode in the spontaneous market demand for high growthHousehold energy storage, especially overseas household storage, has become a "sweet spot" in the global energy storage market.
Benefiting from the outbreak of the household storage market, from 2020 to the first half of 2023, SolaX EnergyThe proportion of household energy storage business revenue in main business income continued to increase, respectively. 89% and 7836%。
2023h1SolaX Energy's main business income composition
**: Prospectus
From 2020 to the first half of 2023, the operating income in each period was 38,910060,000 yuan, 83,266640,000 yuan, 461,179$550,000 and $339,905850,000 yuan;Net profit was 3,306430,000 yuan, 6,287450,000 yuan, 113,401080,000 and 97,532250,000 yuan.
In fact, as early as June 2022, SolaX Energy began to embark on the road of impacting the IPO, but its road to listing can be described as twists and turns.
First of all, its asset appraisal agency, Zhongshui Zhiyuan Asset Appraisal***, was investigated by the China Securities Regulatory Commission, resulting in the suspension of SolaX Energy's listing reviewSoon after, its sponsor China Merchants ** was investigated for suspected violations of laws and regulations, and the IPO process of SolaX Energy was stalled again.
And the outside world is not optimistic about its listing action.
Turn around and bet
A series of stories of SolaX Energy also start with Sunny Energy.
Li Xinfu and Li Guomei are the actual controllers of SolaX Energy, and they hold a total of 4675% equity,and Three Gorges are also SolaX Energy shareholders.
It is worth mentioningBefore entering the energy field, Li Xinfu worked in the medical field for more than ten years.
After graduating from Zhejiang Medical University with a bachelor's degree in 1988, Li Xinfu worked as a clerk in the Second People's Hospital of Fuyang County, Zhejiang, and later became the director of the pharmacy department. From the general clerk to the director of the county hospital, Li Xinfu, who is ambitious, is not satisfied with this.
Two years after becoming director,Relying on his medical background and many years of medical resources, Li Xinfu has transformed himself into the boss of Zhejiang University Bokang Company, a technology company endorsed by Zhejiang UniversityLi Xinfu and Li Guoshu together account for 85% of the shares, and Zhejiang University Science and Technology Park accounts for 10% of the shares. Later, after several rounds of capital increase, the equity of Zhejiang University has been diluted to 33%。
Li Xinfu, who became a businessman, concocted and took over a "Zhejiang University" company, and in 2007, the company's name was changed from Zhejiang University Sino-Dutch Civil Engineering Technology to Hangzhou Zhejiang University Sunny Energy TechnologyAmong them, Zhejiang University Science and Technology accounts for 10% of the shares, and Li Xinfu and his wife account for 90% of the shares.
In fact, SolaX Energy is born out of Sunny Energy. In the early days, SolaX Energy was still a wholly-owned subsidiary of Sunny Energy, and after October 2020, SolaX Energy was independently placedSolaX Power has also entered SolaX Power through a proportional share swap.
In 2010 and 2012, Li Xinfu established two brother companies, Jinbei Energy and SolaX Energy, respectively, under Sunny Energy, with Sunny Energy as its parent company.
When the time came to 2013, Li Xinfu scored twice, once again used a series of capital means to dilute the shares of related parties of Zhejiang University, and finally completely kicked out the "Zhejiang University Department" out of Sunny Energy, at this time the valuation of Sunny Energy only reached 11.6 billion.
Since then, Sunny Energy has begun to frantically introduce capital and signed a series of VAM agreements. Sunny Energy began to develop rapidly under the influx of capital. In 2014, the valuation of Sunny Energy rose to 400 million yuanAt the end of 2015, Sunny Energy was changed to a share* and listed on the stock market. From 2014 to 2016, its net profit attributable to the parent company was 63.96 million yuan, 84.91 million yuan and 1200 million yuan.
What people didn't expect was that in February 2018, Sunny Energy, which had only been listed for three years, was delisted in a hurry. At this time, the market value of Sunny Energy has reached 2.9 billion yuan, and Li Xinfu and his wife are worth more than 1.3 billion yuan.
SolaX Energy Chairman Li Xinfu Shanghai Stock Exchange Roadshow
While Sunny Energy has brought resources to SolaX Energy, it has also brought many doubts. The outside world is not optimistic about its listing action, and doubts about the company's own situation and its actual controller Li Xinfu began to appear frequently.
During the listing period, Li Xinfu and his wife had privately appropriated the company's funds and used the raised funds in violation of regulations. Frequent management problems, such unreliable things will inevitably make investors drum in their hearts, and SolaX Sola's good performance and development momentum coupled with Sonny's unfinished VAM agreement,It also allowed Li Xinfu and his wife to put the hope of impacting A-shares on SolaX Energy.
Tired inside
Although at present, SolaX Energy has opened the subscription and successfully listed, it is still facing many problems.
First, the actual controller of the company is burdened with huge debts.
As of January 31, 2023Mr. and Mrs. Li Xinfu also have a large amount of outstanding borrowings, with a balance of principal and interest of 35.7 billion yuan. In this regard, Li Xinfu and his wife want to repay the debt through the cash dividends of SolaX Energy**, and if it is insufficient, they will repay the debt through debt extension commitments with major creditors or **a small number of SolaX Energy shares.
In addition, as of December 31, 2022, Li Xinfu and his wife controlledSunny Energy still has more than 900 million outstanding debtsAnd most of the debt is coming due.
SolaX Energy plans to raise 80.9 billion yuan, of which, 28.1 billion yuan for energy storage battery and inverter expansion project, 1500 million yuan for the construction project of photovoltaic storage smart energy R&D center, 7644570,000 yuan will be used for overseas marketing and service system projects, and 300 million yuan will be used to supplement working capital projects.
Nearly half of the funds raised by SolaX Energy are used to supplement the liquidity project, which also makes people worry about whether Li Xinfu and his wife, who have "a criminal record", will use the funds to repay their debts.
Second, the market is too concentrated, and the performance is facing a decline
SolaX Energy's main market is overseas, while Europe is its largest sales market, and the company's sales revenue in Europe accounted for the proportion of operating income from 2020 to the first half of 2023. 50% and 9304%。
2020-2023H1 SolaX Energy revenue ratio by region
Planetary Energy Storage Institute.
However, affected by factors such as the backlog of channel inventories and the decline in European power**, the demand for household storage in Europe has declined, which directly led to a decline in SolaX Energy's performance in the third quarter compared with the second quarter, according to SolaX Energy's expectationsThe revenue in the fourth quarter was only about 600 million yuan, and the net profit attributable to the parent company was nearly 100 million yuan, which will decline sharply compared with the previous performance.
Third, it is seriously dependent on material suppliers and customers
SolaX Energy procures all the cells used to produce energy storage batteries, and has a high dependence on battery cell suppliers. In addition to battery cells, the same is true for its application chipsIn the first half of 2023, the proportion of SolaX Energy's purchase of overseas brand chips to the total amount of purchased chips is as follows: 02% and 8616%。
In addition, SolaX Energy's ODM model also accounts for the majority of revenue. From 2020 to the first half of 2023, SolaX Energy's revenue to major ODM customers accounted for the proportions of operating revenue. 02% and 1887%。
SolaX Energy is the only partner manufacturer of Hanwha Group's household products. SolaX Energy and its major ODM customers, Hanwha Group, Peimar Industries Srl, and TigoEnergy Inc., each account for a percentage of revenue. 02% and 1355%
In addition, SolaX Energy also has a series of problems such as adaptation mode, market development, and R&D capabilities.
At this stage, SolaX Energy has been successfully listed, and there are many internal and external problems that need to be solved urgently, in the highly competitive energy storage marketWhether SolaX Energy is a flash in the pan or a long-term rainbow will take time to verify.