On January 9, 2019, the National Development and Reform Commission and the National Energy Administration issued the Notice on Actively Promoting Work Related to Wind Power and Photovoltaic Power Generation without Subsidy. The "Notice" pointed out that it will carry out the construction of affordable Internet projects and low-cost Internet pilot projects, optimize the investment environment of affordable Internet projects and low-cost Internet projects, guarantee priority power generation and full-guaranteed acquisitions, and promote wind power and photovoltaic power generation through electricity market transactions. Subsidy development. This means that the unsubsidized affordable Internet project will provide a considerable incremental market for wind power and photovoltaic construction on the basis of the original indicator scale, and industry demand is expected to accelerate. Stimulated by this news, the opening of the concept plate of polysilicon, solar energy and wind energy broke out on the morning of January 10.

Today, instead of talking about other things in the market, let’s talk about Yicheng Xinneng, a joint stock company under the concept of photovoltaics.

company background

Yicheng Xinneng is a listed company with mixed ownership and ownership led by new materials and new energy. The company was founded in 1992 and its controlling shareholder is China Pingmei Shenma Group. The company has more than ten subsidiaries, and its products are spread throughout the Central Plains Economic Zone, the Yangtze River Delta Economic Zone and the Western Development Zone. The products are exported to Europe, America, East Asia, South Asia and other countries and regions.

Business introduction

Yicheng Xinneng's main business is mainly engaged in the production and sales of crystalline silicon wafer cutting blades. The specific business is divided into two categories, namely new energy and new materials.

new energy

Yicheng Xinneng's new energy business includes the manufacture of three major products: PERC monocrystalline silicon cells, photovoltaic power plants and anode materials.

1. Production of PERC monocrystalline silicon cells. The conversion efficiency of PERC monocrystalline silicon cells is over 21.5%, which is superior to the national photovoltaic “leaders” program energy efficiency standards and reaches the international leading technology level. The main use of the battery is widely used in transportation, communications, petroleum, marine, meteorological, photovoltaic power plants, solar building and other fields, and is an effective substitute for traditional energy. The following is the production process of the company's new energy products:

Source: Henan Yicheng New Energy Co., Ltd.

Second, the construction of photovoltaic power stations. According to the principle of photovoltaic effect, the company uses solar cells to directly convert solar energy into electrical energy. It is a new type of comprehensive utilization of power generation and energy with broad development prospects. It advocates the use of idle residential roofs, factory roofs, farming and animal husbandry. Power grids, commercial roofs and other locations are nearby.

Source: Henan Yicheng New Energy Co., Ltd.

Third, the anode material is mainly used in various lithium-ion battery fields such as power, energy storage, and digital. Here are just three pictures of the three negative materials used by the company.

Source: Henan Yicheng New Energy Co., Ltd.

new material

Yicheng Xinneng new materials manufacturing mainly include: green silicon carbide micropowder, black silicon carbide micropowder, resin diamond wire, electroplated diamond wire.

1. Green silicon carbide micropowder: Green silicon carbide, SiC content of 97% or more, Mohs hardness of 9.5, second only to diamond. Quartz sand, petroleum coke, wood chips, salt and other raw materials are smelted by electric furnace at high temperature.

2. Black silicon carbide micropowder: black silicon carbide, SiC content is more than 95%, Mohs hardness is 9.5, black silicon carbide is made of quartz sand, petroleum coke and high-quality silica as the main raw materials, and is smelted by electric furnace at high temperature. Compared with green silicon carbide, black silicon carbide has a slightly lower purity, hardness and brittleness.

3. Resin diamond wire: Compared with traditional free abrasive cutting, it has the advantages of low cost, more environmental protection, small surface damage of processing parts, small deflection and deformation, thin slice and good consistency of sheet thickness.

4. Electroplated diamond wire: Compared with the existing consolidated superhard wire saw, it has good twist strength and bending strength; cutting efficiency and processing precision are superior to other products, and electroplated wire saw has heat resistance and wear resistance. Good character and so on.

Performance status

According to the latest data from the 2018 mid-year report, in the total operating income of Yicheng Xinneng, the revenue of battery chip products reached 1.279 billion yuan, the income of other products was 65.82 million yuan, and the income of graphite products was 64.06 million yuan. Among them, the battery chip products are core businesses, accounting for 85.34% of revenue.

However, it is not the case with income alone. According to the recent five-year net profit statistics, Yicheng Xinneng's net profit attributable to loss in 2013-2017 showed a loss. Among them, 17 years was particularly serious, and the profit loss reached 1.024 billion. According to the 2018 annual report announced recently, the net profit is expected to be -296 million to 290 million.

The main reasons for the company's losses are:

1. The impact of the “531 Photovoltaic New Deal”, the company's electroplating diamond line performance declines a large loss, the company intends to accumulate inventory depreciation reserves for electroplating diamond wire product inventory, provision for fixed assets impairment provision for production equipment.

2, the photovoltaic industry downturn, the company's accounts receivable payment lag, the company intends to make provision for bad debts according to the age of accounts receivable.

The following is the performance of the photovoltaic concept index so far under the downturn of the photovoltaic industry caused by the "531 New Deal":

Here I simply say the reason why the "531 New Deal" has such a huge impact on the photovoltaic industry.

On May 31, 2018, the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration jointly issued the "Notice on Matters Related to Photovoltaic Power Generation in 2018" (Development and Reform Energy [2018] No. 823). The notice clearly states the following:

The on-grid tariff of the newly-operated photovoltaic power station is reduced by 0.05 yuan per kWh, and adjusted to 0.7 yuan per kWh (including tax). The distributed photovoltaic power generation project adopting the “full amount of Internet access” mode is executed according to the price of the photovoltaic power station in the resource area.

The newly-invested distributed photovoltaic power generation project adopting the mode of “spontaneous self-use and surplus electricity access” reduces the total electricity subsidy standard by 0.05 yuan, that is, the subsidy standard is adjusted to 0.32 yuan per kWh (including tax).

The benchmark electricity price of village-level photovoltaic poverty alleviation power stations (0.5 MW and below) in line with national policies remains unchanged.

After the photovoltaic industry experienced such a terrible impact, in 2019, the National Development and Reform Commission and the National Energy Administration issued the "Notice on Actively Promoting Non-subsidized Internet Access for Wind Power and Photovoltaic Power Generation". This has accelerated the development of the PV industry. Then, will the market-driven incremental demand driven by the policy bring a new opportunity to the development of the current PV industry? In particular, for Yi Cheng Xinneng, can this be the enthusiasm for the company to turn a profit? After all, the continuous loss of two years is a follow-up result for a listed company, everyone can imagine!

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