Investment & Finance.
Wenluo Creek. The Listing Review Committee of the Shenzhen ** Exchange is scheduled to hold the 6th review meeting of the Listing Review Committee in 2024 on February 1, 2024. The meeting will consider the GEM IPO application of Jiangsu Zerun New Energy Technology Co., Ltd. (hereinafter referred to as Zerun New Energy).
Zerun New Energy is an enterprise with photovoltaic module junction box as its main product. The photovoltaic junction box is a connection device between the solar cell array composed of solar cell modules and the solar charging control device, and its main role is to provide connection and protection for the photovoltaic module power generation. The company's prospectus discloses that the revenue is mainly from photovoltaic module junction boxes, accounting for more than 96% of the main business income.
Zerun New Energy replied that according to different technical routes, photovoltaic module junction boxes can be divided into axial diode junction boxes, module diode junction boxes and diode-free junction boxes, of which diode-free junction boxes are mainly customized products for customer A in ODM mode. At the same time, the company said in the reply document that this kind of binary takeover junction box is a unique technical product of the company, and leading enterprises in the same industry, including Tongling Co., Ltd., Kuike Electronics, Harmonic Technology and Jiangsu Haitian are all technical products of this type. The company said that the diode-free junction box is not only low in cost, but also has a high gross profit margin because it is a customized product and accepted by customer A, which also raises the company's overall gross profit margin.
Zerun New Energy applied for exemption from disclosure for customer A, including information related to the unit price and gross profit margin of the product. The company said that customer A is a world-renowned photovoltaic module manufacturer, and the company customized and developed a diode-free bipartite junction box suitable for customer A for its modules, and integrated the connector male end of the negative pole of the junction box with the box body, eliminating the cable part, reducing the cost of the junction box, and the junction box adapts to the resistance welding process according to customer needs. At the same time, in order to meet the customer's demand for reducing the height of the junction box, the cold forging treatment technology is used on the metal terminal of the junction box, and the original cylindrical metal terminal is changed to "Z-shaped", which effectively reduces the height of the junction box and the overall height of the photovoltaic module, saves space for the customer's module arrangement and module transportation, and greatly reduces the transportation cost of the module. Xiaocai Mier can't help asking: The advantages of customer A junction box are so obvious, why is Zerun New Energy not widely promoted?
Dongxing** research report shows that the junction box has undergone 4 generations of changes, manufacturers are developing chips and intelligent junction boxes, and leading enterprises are also starting to develop intelligent junction boxes in the future. At present, the most cutting-edge junction box is the chip junction box of Tongling Co., Ltd., which realizes a larger current carrying capacity than the diode junction box, and the disclosure information of Tongling Co., Ltd. also contains relevant technical patents. Among the 10 invention patents, 45 utility model patents, and 7 design patents obtained by Zerun New Energy as of June 30, 2023, there is no technical support related to diode-free junction boxes. What is the technical content of the company's customized junction box for customer A?
According to public information, the photovoltaic junction box is a connection device between the solar cell array composed of solar cell modules and the solar charging control device, and its main role is to provide connection and protection for photovoltaic module power generation. According to industry insiders, solar photovoltaic panel junction boxes must use diodes. Because diodes are used to connect solar PV panels to PV system controllers (inverters) or other electrical equipment, it can ensure the safety and reliability of cables, as well as prevent overloads, short circuits and other disasters. From the perspective of junction box procurement among the world's top 10 module manufacturers, such as LONGi Green Energy, JinkoSolar, Trina Solar, JA Solar, and Canadian Solar, the mainstream products are diode junction boxes.
Zerun Xinneng also mentioned in the reply document that the protection device used in the chip junction box of Tongling Co., Ltd. is low-voltage packaging by pouring Schottky diode chips, which is similar to the principle of modular diodes, so it is classified as a module diode junction box, but it is not explained.
According to Polaris PV, with the overall evolution of photovoltaic modules in the direction of large-size, high-power and other technologies, higher requirements have been put forward for the current carrying capacity, heat dissipation capacity, connection efficiency and system stability of photovoltaic module junction boxes. At present, the photovoltaic junction box has been developed to the chip junction box and the intelligent junction box, the current carrying capacity has been increased from the initial 14A-16A to 30A, and the improvement of the heat dissipation structure and packaging process has realized the upgrading of the energizing current of the junction box. At present, the current carrying capacity requirement of mainstream junction boxes is 30A+.
Dongxing ** said that the chip junction box is regarded as a photovoltaic junction box 30 times. Under the continuous iteration of technology, the internal structure of the junction box is also constantly innovating to achieve higher cost performance, the chip junction box of Tongling Co., Ltd. is the innovative technology of low-voltage packaging, and the heat sink and the thermal conductive medium such as alumina powder and silicon powder are used in the pouring process to further improve the heat dissipation performance of the product, and achieve greater current bearing than the diode junction box.
It can be seen from the past product iteration trend that industry products have always pursued better performance at a lower cost, including promoting the integration of parts and components through design improvement and process optimization, on the one hand, making products more miniaturized to reduce material consumption, and on the other hand, improving the automation level of the whole production process, reducing costs while achieving smaller losses and higher operational reliability. According to the prospectus data of Tongling shares, compared with the diode junction box, the unit cost of the chip junction box decreased by 1About 3 yuan sets. The chip junction box is in line with the product iteration trend of integrated cost reduction, and the penetration rate is gradually increasing.
In addition, one of the fund-raising projects of Zerun New Energy is the expansion project of general and intelligent junction boxes for photovoltaic modules, with a planned investment of 300 million yuan, accounting for 41 percent of the total funds raised67%, but the company did not go into detail about the specific situation of the smart junction box in this project.
However, Zerun New Energy said in other contents of the prospectus that the company's intelligent junction box needs to be combined with MLPE modules for product structure design, in addition to realizing connection and automatic protection functions, it can also realize intelligent optimization of power generation efficiency, intelligent shutdown, intelligent monitoring and other refined control functions for photovoltaic modules.
According to the data, MLPE is the power electronics at the module level of ModuleLevel Powerelectronics. The technology includes power electronics, semiconductor devices, communications, cloud computing, and high-reliability manufacturing. MLPE module-level power electronic equipment refers to power electronic equipment that can finely control a single or several modules, and can realize functions such as inverter, monitoring, power optimization, and shutdown, and its products mainly include microinverters, module-level shutdowns, power optimizers, etc. How much "gold content" does Zerun New Energy's intelligent junction box have?
Dongxing** research report said that in the context of the Internet of Everything, products tend to be more intelligent, so the intelligent junction box is the final form of the industry. According to industry data, the intelligent control chip module is designed and installed in the intelligent junction box, through which the basic state of the component can be remotely monitored and monitored in real time, and the current, voltage and other data can be monitored in real time, and the real-time power optimization and improvement of each board in the battery board array, as well as the functions of intelligent rapid shutdown of fire. In addition to the two key functions of connecting and protecting the photovoltaic junction box, the intelligent junction box further has functions such as remote data collection and monitoring, control and shutdown, and power optimization, so as to strengthen the safety performance and improve the stability of the photovoltaic system power generation. At present, the cost of intelligent junction boxes is high, and the current cost of intelligent junction boxes is more than five times that of ordinary junction boxes, and it has not yet been promoted in a large area in the market.
Zerun Xinneng said in the reply document that according to the global new installed capacity data from the European Photovoltaic Industry Association and the China Photovoltaic Industry Association, the company's market share from 2020 to 2022 is. 06% and 712%。
According to the data disclosed by Dongxing**, the top four photovoltaic junction box market shares in 2021 are 11% of Tongling shares, 7% of Kuike Electronics, 4% of Harmonic Technology, and 2% of Jiangsu Haitian. According to the data released by CPIA and Huafu ** Research Institute, the top four junction box market shares in 2022 are Tongling shares 114%, 96%, Harmonic Technology 47%, Jiangsu Haitian 31%。In the relevant statistics of 2021 and 2022, Zerun New Energy did not appear.
Tongling's annual report shows that its operating income in 2021 will be 113.2 billion yuan, compared to 124.9 billion yuan, while the company disclosed that the operating income in 2021 and 2022 will be 29.7 billion and 52.2 billion yuan. Through the calculation, it is found that the market size calculated according to the market share of Zerun New Energy is nearly one-third different from the calculation result of Tongling shares. So, who is that liar?