Z Chain Researcher | Liu Mingshi Editor| LZ
Maxwell Technology, a subsidiary of Maxwell Technology in Singapore, acquired 8 solar heterojunction battery production facilities from Reliance Industries Limited, with a production capacity of 600MW/4.8GW, and the estimated new order amount exceeded 50% of the revenue in 2021 by about 1.9 billion yuan.
This is the second cooperation between Reliance Industries and Singapore Maiwei after placing an order in December 2021, with the first order volume of 400MW. The total contract of HJT equipment orders for Maiwei shares is 4.1 billion.
1. Traders
Singapore REC is the world's first large-scale mass production of heterojunction battery manufacturers, headquartered in Norway, operating headquarters in Singapore. In October 2021, Reliance Industries, India's largest petrochemical company, acquired $771 million from China Bluestar Group.
Maiwei's cooperation with REC began in 2019, when Maiwei heterojunction battery equipment was not yet mature, and the average cost of the entire production line was as high as 1 billion yuan. With the highest record of 25.54% photoelectric conversion efficiency of 25.54% for the first time in 2021, REC also signed a 400MW heterojunction battery mass production equipment order with Maiwei shares immediately after the completion of the transaction between the original controller China Bluestar Group and Reliance Industry.
This is the first overseas heterojunction battery order obtained by a Chinese company. REC plans to build 4GW of heterojunction cell capacity in India and 1.8GW in Singapore in 2022.
Behind REC is Reliance Industries, India's largest oil refining and petrochemical company, controlled by the Mukesh Drubai Ambani family, which has five major industries: oil and gas exploration and production, refining and marketing, petrochemicals, financial services, retail and communications. Ranked 8th in the "2021 Hurun Global Rich List", with assets of 537 billion yuan.
The holder, Mukesh Drubai Ambani, graduated from Stanford Graduate School of Business. He was named the Asian Society Leader Award by Fortune in 2007 and the World Economic Forum in Switzerland as the Global Leader of Tomorrow. The 1957-born billionaire has publicly commented on his business prowess: "There are only two companies in the world that can build large projects from scratch — only Microsoft and my company."
The traditional energy sector of the Mukesh Drubai Ambani family is at odds with international clean energy trends, resulting in a 21.77 per cent decline from Rs 5.97 trillion in 2020, which has led to a transformation of Reliance Industries. The order of eight solar heterojunction cell production equipment can produce 4.8GW after the full line is fully produced, but this is far less than the capacity that Reliance Industries ultimately pursued.
The Indian government imposed basic tariffs of 25% and 40% on photovoltaic cells and photovoltaic modules from April 1 to support local manufacturing enterprises. Reliance Industries announced the construction of 100GW of green power production capacity over the next 10 to 15 years, with a total investment of about US$67.6 billion, and an initial investment of US$8.1 billion to build a green power production base, including a polycrystalline silicon solar module production plant.
Second, Maiwei's N-type battery HJT technology
Maiwei Co., Ltd. is a leading company in solar cell production equipment in China, and its products are used in the production of cells in the middle of the photovoltaic industry chain, including HJT solar cell PECVD vacuum coating equipment, HJT solar cell PVD vacuum coating equipment, automatic solar cell screen printing machine main equipment, and automatic film loading machine, infrared dryer, test sorting machine supporting equipment. Customers include LONGi, Tongwei, Trina Solar, JA Technologies, JinkoSolar and Canadian Solar.
Solar cell PERC battery technology currently occupies the mainstream position, and the average conversion efficiency of PERC mono cell mass production in 2021 has reached 23.1%, which is higher than 22.8% in 2020, and the conversion efficiency is near the theoretical ceiling. HJT batteries and TOPCON batteries are regarded as the next generation of mainstream photovoltaic cell technologies.
As a key process in the production of solar cells, "screen printing" plays a vital role in improving the above indicators and can be applied to a variety of processes including PERC, TOPCON, and HJT. On the basis of the original screen printing equipment, the company has improved the HJT screen printing equipment, independently developed the PECVD equipment and PVD equipment required for amorphous silicon film deposition and TCO film deposition, and absorbed and introduced Japanese YAC fleece cleaning technology through the shareholding subsidiary, so as to realize the whole line supply capacity of HJT battery equipment.
HJT process steps are divided into "fleece cleaning, amorphous silicon film deposition, TCO film deposition, electrode metallization", the corresponding equipment is fleece cleaning equipment, PECVD equipment (amorphous silicon film deposition is currently usually prepared by PECVD method), PVD equipment, screen printing equipment, its goal is "committed to providing HJT battery whole line solutions".
Third, orders, revenue, profit calculation
1. Orders
The amount of the contract with Reliance Industrial is estimated to be 1.9 billion yuan, which is equivalent to 62% of the operating income in 2021.
The early orders included Singapore RCE "400MWHJT Battery Complete Line Project", Diamond Glass "1.2GWHJT Project", Mingyang Intelligent Phase I 1 GW, iKang Technology 600MW High Efficiency Heterojunction Alignment Equipment Procurement Project and 1.8GW Late Procurement Intention, Tongwei Shares "Jintang 1GW Midline", and Huasheng's latest bidding "1.8GW Heterogeneous Junction Line Project", with a total amount of about 6GW of 4.1 billion.
Diamond Glass has confirmed that the ordered products have been delivered, and announced that the mass production microcrystalline conversion efficiency exceeded 24.5%. Based on the time it takes to recognize revenue from the goods issued from inventory, all orders except Reliance Industries will be delivered by June 2022.
In the latest phase of the private placement, the downstream HJT battery manufacturer "Mingyang Intelligence" jointly developed the "Heterojunction Solar Cell Equipment Industrialization Project", planning to produce 40 sets of PECVD, PVD and automation equipment each, which account for 75% of the cost of the entire HJT production line. According to the data of the feasibility report of Maiwei shares, the production cost of the entire heterojunction battery production line is about 99.918 million yuan, and the price is about 190 million to 203 million yuan.
2. Revenue
Based on Reliance Industries' purchase of 48GW of 190 million yuan, HJT's revenue is about 4.6 billion yuan based on the 11.6GW of the hand bill.
3. Profit
According to the data of The Feasibility Report of Maiwei Shares, the gross profit margin is about 33.39%, and the gross profit is 1.518 billion yuan. In 2021, the net profit margin on sales was 20.25%, and the net profit was estimated to be 931.5 million yuan.
In 2021, the operating income of Maiwei shares was 3.095 billion yuan and the net profit was 643 million yuan. HJT's incremental profit was equal to 144.86% in the past year.
Produced by Ruilan Financial News
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Source: Blue Chip Corporate Review (ID: bluechip808)