Photovoltaic "micro-reverse double heroes" become difficult brothers and brothers! Once challenged Moutai, now the stock price has fallen by less than 60%
Text | Zhang Jiaru
A line from the wife of the bull demon king in the movie "Journey to the West": "In the past, when I accompanied others to see the moon, I called people Britney, but now the new people change the old people, and they are called Mrs. Niu." ”
In the A-share market, some stocks have changed from the shareholder's Britney to Mrs. Niu, such as the "micro-reverse double heroes" Hemai shares and Yuneng Technology in the photovoltaic field, which were the second and third high-priced stocks of A-shares at their peak, posing a challenge to the stock king Kweichow Moutai.
Today, the "micro-reverse double heroes" have become difficult brothers and brothers, and the stock price has fallen by less than 60% at the high point. On June 5, the "micro-reverse double heroes" fell again, and Hemai shares were quoted at 500.26 yuan, down 2.90%, with a total market value of 28.01 billion yuan, which was 46 billion yuan lower than the peak of market value. Yuneng Technology quoted 234.05 yuan, down 6.76%, with a total market value of 18.72 billion yuan, down 39 billion yuan from the peak of market value.
What happened?
Kweichow Moutai challenger, two brothers from the same camp
Let's start with the resumes of both companies.
According to the 2022 annual report, Hemai Co., Ltd. is mainly engaged in the research and development, manufacturing and sales of photovoltaic inverter-related products, energy storage related products, complete sets of electrical equipment and related products, of which photovoltaic inverters and related products mainly include micro-inverters and monitoring equipment, shutdowns, and photovoltaic power generation systems.
On December 20, 2021, Hemai shares were listed against the halo of the leader in the photovoltaic inverter industry, with an issue price of up to 557.80 yuan / share, which is the highest issue price listed company in the history of A-shares, with a price-earnings ratio of 225.94 times, and is called "the most expensive new stock" by shareholders.
The eye-catching identity of Hemai as the "most expensive new stock" once made the public pay great attention to the segment of microinverters.
Half a year later, on June 8, 2022, Yuneng Technology was listed with an issue price of 163 yuan, laying the pattern of "hegemony" on the science and technology innovation board. Yuneng Technology is mainly engaged in the research and development, production and sales of component-level power electronic equipment in distributed photovoltaic power generation systems, including microinverters, intelligent control shutdowns, energy communicators and household energy storage systems.
What role do PV inverters play in the PV industry?
According to the data, photovoltaic power generation is one of the core directions of the development of the contemporary new energy industry, and the photovoltaic power generation system is mainly composed of photovoltaic modules, photovoltaic inverters and other power distribution equipment. Among them, the main function of the photovoltaic inverter is to realize the form conversion of electric energy, which is mainly used to convert the direct current generated by the photovoltaic module into the AC power grid transmission and user use, which is one of the core components of the photovoltaic system.
Shortly after listing, the "micro-reverse double heroes" triggered a capital carnival. From the end of April to the beginning of September 2022, Hemai shares rose from 361 yuan to 1338 yuan (forward reinstatement), an increase of more than 230%, once becoming the second thousand-yuan stock after Kweichow Moutai, posing a challenge to Kweichow Moutai.
Yuneng Technology has been rising continuously since June 8, 2022, the date of listing, and hit a high price of 726 yuan by the end of August 2022.
Around the end of August 2022, Hemai and Yuneng Technology are the second and third highest priced stocks in A-shares. The stock price challenger of Kweichow Moutai turned out to be two brothers in the same camp, which is very rare.
In the interactive community, some shareholders commented on the trend of Hemai shares, "Moutai is known as today's A-share Mao King after more than 20 years of growth, and your new stock that has just debuted will catch up with Moutai in the stock price?" ”
Another shareholder said, "This kind of ticket is speculated by fund managers." To say that it sounds good is to fry expectations, and to say that it is difficult is to beat the drum and pass the flowers, as long as the drum stops in the end, the flowers are not in their hands, and they are not unlucky eggs."
Less than 60% from the high, the core reason or "capital moving"
Why did the "micro-reverse double heroes" stage a super trend? The industry generally believes that it is caused by the increase in energy storage in Europe. In the first half of 2022, the conflict in European countries led to the outbreak of the energy crisis and the sharp rise in European electricity prices, providing huge opportunities for the development of the local new energy and energy storage market.
According to the 2022 annual report, the revenue of Hemai and Yuneng Technology mainly comes from overseas. For example, Hemai Co., Ltd., its business touches many regions such as America, Europe and Asia. In terms of main business by region, the company's domestic and overseas income was 292 million yuan and 1.227 billion yuan respectively, and overseas income accounted for nearly 80%.
From the performance point of view, the "micro-reverse double heroes" have achieved high growth.
In 2022, Hemai Co., Ltd. achieved a total operating income of 1.537 billion yuan, a year-on-year increase of 93.23%; The net profit attributable to the parent was 533 million yuan, a year-on-year increase of 163.98%. In the first quarter of 2023, the company achieved a total operating income of 580 million yuan, a year-on-year increase of 153.48%; The net profit attributable to the parent was 176 million yuan, a year-on-year increase of 102.08%.
Looking at Yuneng Technology, it will achieve revenue of 1.338 billion yuan in 2022, a year-on-year increase of 101.27%; The net profit attributable to the parent was 361 million yuan, a year-on-year increase of 250.3%. In the first quarter of 2023, Yuneng Technology achieved revenue of 436 million yuan, a year-on-year increase of 151.05%; The net profit attributable to the parent was 118 million yuan, a year-on-year increase of 282.91%.
However, the stock price of the "micro-inverse double hero" has gone bearish. On June 5, Hemai shares were quoted at 500.26 yuan, down 62% from the high of 1338 yuan. Yuneng Technology quoted 234.05 yuan, down 67% from the high of 726 yuan.
The core reason affecting the "micro-reverse double heroes" is "capital moving".
Flush shows that at the end of the first quarter of 2023, the number of institutions in the shareholder list of Hemai shares was 44, with a holding ratio of 32.23%, and in the shareholder list at the end of the second quarter of 2022, the number of institutions was 361, with a holding ratio of 62.06%.
In the first quarter of 2023, Yuneng Technology had 21 institutions holding shares in the company, with a total shareholding ratio of 26.16%. Compared with the end of the second quarter of 2022, the number of institutions was 326, with a total shareholding ratio of 56.49%.
Why do funds have to "move"? There may be two reasons, the "micro-reverse double male" has risen hugely, and the institution chooses to drop the bag for safety. Except for the "micro-reversal duo", the price of their peers has almost converged. Another possible reason for the "capital move" is the uncertainty of overseas industry policies.
Recently, some investors asked Hemai shares on the interactive platform that the EU intends to restrict the import of photovoltaic products significantly, what impact is expected to have on the sales of the company's microinverter products?
Hemai replied that the draft of the Net Zero Industry Act issued by the European Union aims to expand the manufacturing scale of domestic clean technologies in the EU and ensure that the EU is prepared for the clean energy transition. However, the bill is still in the draft stage, and it is uncertain whether it can be implemented and how it will be implemented after it is implemented. The company will continue to pay attention to industry trends and formulate practical development strategies.
Yuneng Technology's response to the EU bill is, "The proposal has not yet landed, it will take time from landing to implementation, and the specific implementation needs to be further observed." ”
It is worth noting that Yuneng Technology will recently lift the ban on shares accounting for 14.64% of the total share capital. Some shareholders recently asked on the interactive platform that the stock price has fallen endlessly, and whether the lifting of the ban by major shareholders in June and July will voluntarily delay the lifting of the ban!
Yuneng Technology said that although some shareholders will lift the ban in June and July, it does not mean that they will definitely reduce their holdings, and the company will disclose in accordance with regulatory rules.
There are also investors who asked the reason for the decline in the stock price of Yuneng Technology, and the shares issued by your company fell all the way after rising by one magnitude? Could it be that something is wrong with your company? Or is there malicious speculation that causes the stock to fall all the way with no expectation of recovery? Does your company have any countermeasures?
Yuneng Technology said that the stock price fluctuation is affected by many factors, the company is currently operating normally and orderly, will continue to do a good job in the existing main business, continuously improve the company's profitability and operating level, and do its best to protect the interests of investors.
What do you think about the stock price of "Micro Reverse Double Hero" falling endlessly?