反向收购隆基股份子公司，国家局核名的森特股份深入聚焦BIPV
Source: Vico.com 04-01
On April 1, Scent Shixing Group Co., Ltd. (hereinafter referred to as "Scent Shares") issued an announcement on the signing of the equity transfer agreement and related party transactions.
According to the announcement, Sente intends to acquire 100% of the equity of LONGi Green Energy Photovoltaic Engineering Co., Ltd. held by Xi'an LONGi Green Energy Construction Technology Co., Ltd. (hereinafter referred to as "LONGi Green Construction") for RMB68,488,960 in cash.
After the completion of the equity acquisition, the newly undertaken construction photovoltaic integration projects undertaken by LONGi and Sente in the field of metal enclosure are undertaken, implemented and delivered by Sente, and each other is the only partner in this field. The establishment of PV Engineering as a wholly owned subsidiary of the Company will result in a change (increase) in the scope of the consolidated statements of Sente Shares.
According to the data, the business of Sente Co., Ltd. covers three major areas of building metal enclosure system, ecological governance and building photovoltaic integration, and was officially listed in 2016, which is the first professional company in China to provide metal enclosure system solutions listed on the main board.
From the perspective of main business, Scent shares and the photovoltaic industry do not have much to do with each other. Until 2021, after the photovoltaic leader LONGi announced that it would spend 1.635 billion yuan to acquire 27.25% of the shares of Sente, becoming its second largest shareholder and jointly developing the business development of the large public construction market, the latter instantly became the "fragrant food" of the secondary market.
According to the data, in 2021, the stock price of Sente shares rose by 470.84% for the whole year, the largest increase even reached 567.58%, and the market value reached more than 20 billion yuan from 5 billion yuan, achieving a leap-forward breakthrough.
But in terms of performance, The performance of Sente shares is very different from its stock price performance.
According to the 2021 annual performance pre-reduction announcement released by Sente shares at the end of January, its financial department preliminarily calculated that it is expected to achieve a net profit of about 25 million yuan to 37 million yuan in 2021, a year-on-year decrease of 79.72% to 86.30%; it is expected to deduct non-net profit of 20.86 million yuan to 32.86 million yuan, a year-on-year decrease of 81.78% to 88.43%.
In this regard, Sente shares explained in the announcement that mainly due to the continuous impact of the epidemic, the implementation of the company's main business projects, the delay in settlement progress, the increase in the age of accounts receivable, and the increase in impairment losses in the current period according to the aging method; at the same time, during the reporting period, individual customers such as Zhongwang Group and Brilliance Jinbei Group experienced liquidity risks, and there was a situation of delayed payment of commercial acceptance and slow payment of funds.
Vico Network Photovoltaic believes that the decline in the performance of Sente shares is also related to the fact that the BIPV market has not yet erupted. Although many institutions believe that BIPV is a trillion-scale track, and many policies have been introduced to support the development of BIPV, it is still based on BAPV (installing solar photovoltaic power generation systems on existing buildings), which limits the performance growth of Sente shares to a certain extent.
After the acquisition of LONGi Green Energy Photovoltaic Engineering Co., Ltd., it will make Sente more comfortable in carrying out BIPV business, and can also seize the opportunity when the BIPV market breaks out.
