On January 4, 2024, the equipment company Otway began to 2100 million yuan large order start. According to Otway's announcement, the company and its wholly-owned subsidiaries signed a total of about 2100 million yuan (tax included) order, the transaction content is scribing and welding equipment.
Earlier, the IPO of Laplace Science and Technology Innovation Board was held, and it planned to raise 1.8 billion yuan for the R&D and production of high-end photovoltaic equipment ABP projects.
On January 16, Jinchen Co., Ltd. announced that the relevant documents of the company's 2023 issuance of A-share ** to specific targets have been filed and approved by the Shanghai ** Exchange.
Relative to the "cold winter" of the photovoltaic industry chain, equipment companies have a better life.
Orders last
Gold rush first rich sell shovel people", which is particularly obvious for the photovoltaic industry in the critical period of technology iteration. Since 2022, under the general trend of rapid development of cell technologies such as large-size silicon wafers, HJT, TOPCON, XBC and perovskites, equipment companies have received soft orders.
According to the statistics of Polaris Solar Photovoltaic Network, according to public information statistics, from 2023 to the present, equipment companies have signed and won bids for equipment projects of more than 20 billion yuan. Among them, the total orders of Jiejia Weichuang exceeded 8.5 billion yuan, the total orders of Otway exceeded 5.6 billion yuan, and the total orders of Shengcheng Photovoltaic exceeded 3 billion yuan.
Note: The above table only counts enterprises with a transaction amount of more than 100 million yuan, which is for reference only, and the actual scale is subject to the announcement of the enterprise
Since the average acceptance period of equipment is about 6-9 months, many lists signed after the second half of 2023 will have a positive impact on the company's operating performance in 2024.
From the perspective of application links, high-efficiency cell-related equipment such as heterojunction, TOPCON, and perovskite account for more than 6 percent, and in addition, affected by the expansion of polysilicon and silicon wafer enterprises in 2023, the demand for polysilicon reduction furnace equipment and slicer equipment is high.
From the perspective of both sides of the transaction, in addition to Jinko, JA Solar, Trina, Tongwei and other leading enterprises, such as Bangjie shares, Guokang New Energy, Yingfa Deyao, Shichuang Energy, Shijing Technology and other rookie companies are all big buyers.
With the strong demand for manufacturing enterprises to expand production, equipment companies continue to upgrade and iterate equipment products, orders have increased significantly, and the company's operating income and net profit have achieved rapid growth compared with the same period last year.
According to incomplete statistics, more than 10 companies, including Gaoce Co., Ltd., Shuangliang Energy Conservation, Otway, etc., will have a total net profit of more than 10 billion yuan in the first three quarters of 2023, and a revenue of more than 60 billion yuan.
Judging from the 2023 annual financial report data released so far, the performance of Gaoce Co., Ltd., Otway, Jingsheng Electromechanical and Jiejia Weichuang has been significantly higher than last year, with an increase of 50%-417%. The reason for the change in performance is mainly due to the strong demand for enterprise expansion under the iterative trend of battery technology.
There is still a chill
In order to meet the expansion needs of manufacturing enterprises, equipment companies are also actively increasing production capacity.
On March 2, 2023, Jinchen Co., Ltd. announced that the amount of funds raised from the issuance of specific objects will not exceed 100,000 yuan (including 100,000 yuan), and the net amount of funds raised after deducting the issuance expenses will be high-efficiency cell PVD equipment industrialization projects.
On June 27, Li Yuanheng announced that the total amount of funds to be raised would not exceed 249,988800,000 yuan (inclusive), after deducting the issuance expenses, the net amount is intended to be invested in the industrialization project of high-end photovoltaic equipment in East China and the construction project of high-end photovoltaic equipment production base in East China.
On August 8, Otway announced that the total amount of funds raised by the company in issuing convertible corporate bonds to unspecified objects does not exceed 114,000 yuan (including this amount), and the raised funds after deducting the issuance costs are intended to be used for projects such as platform-based high-end intelligent equipment smart factories;
On August 21, Jiejia Weichuang issued a fundraising announcement, 69.6 billion yuan is planned to be used for the industrialization project of perovskite and perovskite tandem equipment.
However, with the sharp decline in the photovoltaic industry chain, some manufacturing enterprises have adjusted and slowed down the pace of expansion. For example, Sunflower subsidiary in April had purchased 800 million yuan of topcon battery equipment from Jiejia Weichuang, and in September, Sunflower announced that the project preparation process was lagging behind in the delivery of the proposed leased plant, resulting in the failure of the topcon battery product project to be implemented on schedule, coupled with the sharp decline in photovoltaic products, the company decided to terminate the original contract and sign a termination agreement.
In addition, the construction of polysilicon and silicon wafer projects has been postponed. In such an atmosphere, equipment companies have also slowed down the project process.
On December 13, 2023, Jingshan Light Machinery announced that it would extend the scheduled usable status date of the 2020 non-public issuance ** fund-raising project "Core Equipment R&D Project for the Preparation of Heterojunction and Perovskite Tandem Cells" to June 30, 2024. The main reason is affected by objective factors such as the macro environment.
On January 15, 2024, Jiejia Weichuang announced the termination of the issuance of no more than 8800 million yuan of convertible bonds, according to the previous plan, after deducting the issuance costs, this fund was originally intended to be used for the industrialization of perovskite and perovskite tandem equipment and to supplement working capital.
Since 2024, polysilicon** has declined in the first week and stabilized in the second week. On the whole, in 2024, the production capacity of P-type products will be cleared at an accelerated pace, and some enterprises will start the technical transformation of the project, while the equipment companies of TOPCON, HJT, and BC will have greater opportunities.