#暑期创作大赛 #
Author: Seven Hundred
At present, the global energy system is accelerating the transformation to low-carbon and zero-carbon, in the long run, the large-scale application of renewable clean energy will be the basic trend of energy development, and accelerating the development of renewable energy has become the mainstream direction of global energy transformation.
Globally, the proportion of renewable energy represented by photovoltaics in the global energy consumption structure is increasing, which has become the direction of global energy structure transformation.
With the explosion of photovoltaics, driven by the capital market, photovoltaic companies are hitting IPOs at the speed of light.
On June 1, Gaojing Solar Co., Ltd. (hereinafter referred to as "Gaojing Solar"), a new army in the photovoltaic industry, submitted a prospectus to be listed on the Growth Enterprise Market.
Established less than 4 years ago, the annual revenue exceeded 17.5 billion yuan
In this round of PV IPO boom, Gaojing Solar, which has been established less than 4 years ago, can be said to be one of the fastest progressing companies. This is inseparable from the deep background of its founder Xu Zhiqun in the field of semiconductor and photovoltaic materials.
Xu Zhiqun, who graduated from Jitsu University, majored in semiconductor materials and chemistry during his undergraduate degree, and worked in a number of semiconductor materials and crystalline silicon materials companies after graduation, and has rich industry experience.
In 2008, Xu Zhiqun joined JinkoSolar, a newly established photovoltaic company, as vice president and general manager of wafer business unit. With his technology accumulation in the field of semiconductor materials and crystalline silicon materials, Xu Zhiqun is also a fish in water at JinkoSolar, and once held the position of chief operating officer.
In 2020, Xu Zhiqun left JinkoSolar, where he had worked for 12 years, to start a business. With IDG Capital's matchmaking, Xu Zhiqun joined Gaojing Solar, co-founded by IDG Capital and Zhuhai Huafa Group, mainly engaged in the R&D and manufacturing of large-size silicon wafers and silicon rods, and officially settled in Zhuhai, which is striving to build a new energy industry center.
In the following three years, the development of Gaojing Solar in the field of silicon wafers has run at the speed of "light", focusing on the research and development and manufacturing of large-size photovoltaic silicon wafers, and breaking through and mastering a number of core technologies such as large-size and thinning.
This development is directly reflected in the financial data of Gaojing Solar. From 2020 to 2022 (hereinafter referred to as the "Reporting Period"), Gaojing Solar achieved revenue of 89,100 yuan, 2.491 billion yuan and 17.570 billion yuan, respectively, and net profit of -1.13 million yuan, 108 million yuan and 1.821 billion yuan, respectively.
It is worth noting that as of the end of 2020, the number of employees of Gaojing Solar was only 1; As of December 31, 2022, Gaojing Solar has only 18 sales staff.
Gaojing Solar said that the main reasons for the rapid growth are the rapid growth of downstream product demand, the steady release of production capacity, and continuous product research and development and technological innovation.
However, although backed by IDG Capital and Zhuhai Huafa there is no shortage of people, money and business, land, factories, hydropower, etc. are one-stop solutions. However, the heritage of less than 4 years old is still lacking, which can be seen in the customers and suppliers of Gaojing Solar.
According to the prospectus, in 2022, the top five customers of Gaojing Solar are Tongwei Co., Ltd., Aixu Co., Ltd., Runyang Co., Ltd., Junda Co., Ltd. and Zhongrun Solar Energy. During the reporting period, the total sales revenue of the top five customers accounted for 100%, 87.50% and 76.49% of the current operating revenue, accounting for a relatively high proportion.
In addition, during the reporting period, the procurement amount of the top five suppliers of Gaojing Solar in each period was 70,000 yuan, 2024,516,700 yuan and 1,062,030.72 million yuan, accounting for 100%, 70.46% and 72.66% of the total operating procurement in the current period.
The relative concentration of customers and suppliers will bring great hidden dangers to the stability of enterprise operation and profits. Gaojing Solar also stated in the prospectus that the sales orders of major customers still have a greater impact on the company's operating performance, and if there are adverse changes in the operation or financial status of such customers, or changes in the company's cooperative relationship with them, it will have a certain adverse impact on the company's operating results. In addition, if there are material adverse changes in the production and operation of the company's important suppliers, it may also have a material adverse effect on the company's operating results.
At present, the photovoltaic track is still in the stage of rapid development. With the expansion of industry production capacity and technological progress, the price of photovoltaic products has gradually decreased, and photovoltaic companies have launched fierce competition in multiple dimensions such as product performance, cost control, and technical routes.
43 institutions "surprise shareholding"
Gaojing Solar has risen rapidly in just 4 years and developed into a silicon wafer unicorn, which can be called a classic case of institutional incubation. Led by Zhuhai Huafa Group and IDG Capital, the former core member of module leader JinkoSolar, this "luxury portfolio" of photovoltaic industry entrepreneurship has attracted the attention of many capitals since its birth.
In April 2022, Gaojing Solar announced the completion of a series A financing of 1.6 billion yuan. In addition to the old shareholders IDG Capital and Zhuhai Huafa Group continue to increase additional investment, well-known financial investment institutions such as China Life Science and Technology Innovation Fund, CCB (Pilot New Fund, Manufacturing Transformation and Upgrading Fund), Guangdong Finance Fund (Guangdong Industrial Development Fund), Shenzhen Investment Control Capital, ProCapital and East West Capital, as well as industrial investment institutions such as Aixu and Midea Capital participated together.
After half a year, Gaojing Solar once again announced the completion of a series B financing of more than 2.5 billion yuan, led by CICC Capital's funds, other investors include Yibin Chuangyi Industry and Investment, Xinte Energy, CITIC Jinshi, Haitong Kaiyuan, Guangdong Yueke Finance, China Minto, Gimpo Intelligence, Tixin Capital, Walden International, GF Xinde Wanneng Energy, Zhuhai Golden Airlines, Sino-US Green Fund, Jinzhi Investment, Jinmao Yuwu, CCB Natural, Shenzhen Investment Control Capital, Brilliance Meijing, Guofu Fund, Odeli and so on.
So far, Gaojing Solar has completed a total of more than 5 billion yuan in financing, and the latest valuation has reached 20 billion yuan. In the year before the meeting, a total of 43 new institutional shareholders entered, and well-known financial investment and investment were readily available.
In terms of shareholding structure, as of the signing date of the prospectus, Zhuhai Tianyan directly holds 24.7566% of the equity and is the controlling shareholder of Gaojing Solar. Xu Zhiqun and Xu Zihan are father-son relationships, Xu Zhiqun and Xu Zihan can control the voting rights corresponding to 26.6601% of the shares of Gaojing Solar through Zhuhai Tianyan, Zhuhai Zhulian and Zhulian No. 1, and the two are the actual controllers of the company.
It is worth noting that before Gaojing Solar, Zhuhai Huafa Group and IDG Capital also hatched another solar cell leader, iXu shares.
In 2017, Huafa Group invested more than 170 million yuan through its investment platform, participated in the investment fund managed by IDG Capital, and jointly invested in the battery company AiXu shares, and became its second largest shareholder. Since then, the revenue of AIXU has jumped from 1.6 billion yuan in 2016 to 6 billion yuan in 2019, and it was listed on the back door in 2019, and now has a market value of 44.7 billion yuan, achieving dozens of times the return on investment.
As a "senior brother", in addition to direct investment, AIXU also purchased 35 million silicon wafers from Gaojing Solar in June 2021 to provide maximum help in business. According to the prospectus, Aixu is the largest customer of Gaojing Solar in 2021 and the second largest customer in 2022.
The "listing tide" of photovoltaic companies continues to surge
Since the "dual carbon" goal was proposed, the popularity of the photovoltaic industry has endured.
According to the forecast of the China Photovoltaic Industry Association, the global average annual new photovoltaic installed capacity will reach 400GW from 2022 to 2027, and the global cumulative photovoltaic installed capacity will exceed coal in 2027.
Behind the huge market, a group of players are eager to try, and driven by capital, the enthusiasm of photovoltaic companies to go public is increasing. According to statistics, in 2022, a total of 10 photovoltaic companies in the A-share market completed IPOs and successfully went public, raising a total of 21.416 billion yuan. Among them, JinkoSolar raised a total of 10 billion yuan, making it one of only five companies in the A-share market to reach the level of 10 billion yuan.
Entering 2023, the wave of IPOs of photovoltaic companies is still continuing.
On the evening of April 21, Trina Solar, a leading global PV module manufacturer, announced that it intends to spin off and list its holding subsidiary, Jiangsu Trina Distributed Energy Co., Ltd. (hereinafter referred to as "Trina Solar"), which is Trina Solar's main body focusing on the distributed photovoltaic power generation market.
On May 9, the IPO of Huayao Optoelectronics Growth Enterprise Market, founded by Xun Jianhua, founder of EGing, was accepted.
On May 15, the IPO of the world's fourth largest photovoltaic cell manufacturer, Zhongrun Solar Shenzhen, was accepted.
On May 31, it was disclosed that Zerun Xinneng, a manufacturer of photovoltaic module junction boxes, submitted a prospectus and was accepted by the Shenzhen Stock Exchange.
On the evening of June 4, Chint Electric, a leading low-voltage electrical appliance, announced a plan to spin off its subsidiary Chint Aneng, which is engaged in residential photovoltaic business, to be listed on the main board of the Shanghai Stock Exchange.
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In addition, there are Huadian New Energy, Yongzhen Co., Ltd., Baijia Era, Jucheng Technology, Xiangbang Technology and other photovoltaic enterprises that are queuing. The team of photovoltaic companies sprinting IPOs is expanding, covering all segments of photovoltaics.
According to data released by the National Energy Administration, from January to April this year, the national solar power generation project completed investment of 74.3 billion yuan, a year-on-year increase of 156.3%; The new installed capacity was 48.31 million kilowatts, a year-on-year increase of 186%. Photovoltaic power generation has become the second largest power source in mainland China after thermal power.
Under the general trend of the world's energy transformation, the photovoltaic industry is ushering in a highlight moment. According to incomplete statistics, more than 70 listed companies will invest in photovoltaics across borders in 2022 alone, and the tide of "chasing light" brought about by this year's photovoltaic investment fever is still continuing. At the 2023 Shanghai PV SNEC exhibition, the number of participants exceeded 500,000 and 3,100+ exhibitors+ reached a new high, which is an astonishing number in history.
However, as more and more players enter, the eventual overcapacity and reshuffle of the photovoltaic industry is a high-probability event.
How to avoid falling into cycles when developing rapidly, PV companies must plan ahead.