Text | Yang Wanli
There are three kinds of most miserable shareholders in the Year of the Tiger, one is to copy the bottom of the pharmaceutical stocks, one is to speculate on ST stocks, and the other is to chase high new energy.
On February 11, the new energy leader Sunshine Power once again fell by 4.35%, setting a record for 7 consecutive yin markets. As of the press release, the company's stock price is 96.7 yuan, and the total market value is 143.6 billion yuan.
If the time is pushed forward, Sungrow has entered a downward channel since it hit a record high of 180.16 yuan on July 30, 2021. Compared with the high, the current stock price fell by 46.3%, and the total market value evaporated by more than 120 billion yuan.
The stock price has fallen and fallen, in addition to the heavy losses of small and medium-sized investors, even the institutions have been set. In October 2021, 18 domestic and foreign investors (including institutions and individuals) such as Caitong Fund, Nord Fund, UBS AG, J.P. Morgan participated in the fixed increase at a price of 128 yuan per share, and their floating losses reached 24.45% compared with the current stock price.
In the scale shareholder group, netizens complained, "Don't believe the analysts, last year blew new energy into the sky, and now everyone has lost a lot of money when it falls." There is no eternal drop of God, and any bull stock will not go up all the time."
Some netizens also said, "Sungrow has fallen so much, one is that the early stage has risen more, the valuation is high; the second is the current market style change; the third is that Ning Wang has collapsed technology stocks, and the market sentiment is sluggish."
The latest data shows that Sunshine's dynamic price-to-earnings ratio is 71.58 times, while the industry average is 61.91 times. In the context of the Fed's tightening of monetary policy, high-valued stocks are under pressure.
In addition, the Ningde era has fallen all the way from the opening of the Year of the Tiger, and even some institutions have publicly sung short and suggested that they ship at a high price, which undoubtedly hit the optimism of investors who are long in new energy stocks.
According to the data, the main business of sung power supply includes power conversion equipment such as photovoltaic inverters, power station investment and development, energy storage systems, wind power converters and so on.
As of the first half of last year, the power conversion equipment business such as photovoltaic inverters accounted for 43.74% of revenue, power station investment and development accounted for 32.75% of revenue, energy storage systems accounted for 11.20% of revenue, wind power converters accounted for 5.80% of revenue, and so on.
Sungrow is known as the leader of photovoltaic inverters, and has a global PV inverter market share of 19% in 2020, ranking second.
The biggest focus of the current market on it is the energy storage business.
According to the data, Sungrow focuses on the research and development, production, sales and service of lithium battery energy storage systems, and can provide energy storage core equipment such as energy storage converters, lithium batteries, and energy management systems. From the first quarter to the third quarter of last year, the energy storage business of Sungrow Power Supply achieved revenue of 1.8 billion to 2 billion yuan, an increase of 200% to 233% year-on-year. Among them, the revenue in the third quarter was about 970 million yuan, an increase of about 178% year-on-year.
In addition, some media reported that Sunshine Power Holdings subsidiary "Sunshine New Energy" intends to IPO, and its main business is power station business. However, the company said in an interview that "this topic is more sensitive."
With the sharp decline of Sungrow Power, do you think it was killed by mistake? Feel free to leave a comment below!