In the context of photovoltaic subsidies, the industry has entered the “price era”, the constant compressed profit space and increasingly increasing innovation costs have prompted more industrial chain companies to grab the capital market.
After the photovoltaic accessories enterprise Tongling (301168.SZ) landed on the GEM of the Shenzhen Stock Exchange, Suzhou Express Photovoltaic Electronics Co., Ltd. (hereinafter referred to as “fast fast” because it did not meet the “hard technology” positioning (hereinafter referred to as “fast fast The electronic “) also quickly turned the” head “and anchored the GEM to go public.
Financial Network noticed that fast -moving electrons similar to Tongling Co., Ltd., which also exists in a single product structure, a decline in gross profit margin, and increasing increasing income. However, compared with Tongling Co., Ltd., Kubo’s market share is only about half of the former, and the shipments of the major customer photovoltaic components are slightly inferior.
In addition, in the photovoltaic industry that relies on technology -driven cost reduction and efficiency, Quick Electronics has fallen into intellectual property infringement storm. What is even more noticeable is that the company plans to invest 110 million yuan of R & D center projects, of which more than 60 million yuan will be used for building construction. What about corporate research and development capabilities and overall competitiveness “?
Core products have low ceiling, and more than half of the income comes from the previous two customers
Founded in 2005, it is mainly engaged in the development, production and sales of photovoltaic cable boxes and photovoltaic connectors. From 2018 to 2021, Kuangxi Electronics achieved revenue of 305 million yuan, 353 million yuan, 503 million yuan, and 314 million yuan, respectively; net profit of 31 million yuan, 41 million yuan, 64 million yuan, and 28 million yuan. During the reporting period, the proportion of revenue contributing to the company’s photovoltaic wiring box remained at about 80%.
The main role of photovoltaic wiring boxes is to connect and protect photovoltaic components. At present, the cost of photovoltaic cable boxes only accounts for about 3%of the component cost. Because each component battery board needs to use a set of photovoltaic cable boxes (including boxes, cables, and a pair of photovoltaic connectors), the market prospects of photovoltaic wiring boxes and photovoltaic connectors depends on the development of photovoltaic components, that is, compared Relying on the shipments of photovoltaic component companies.
Photovoltaic box picture source: Kuai Electronic prospectus
According to the China Photovoltaic Industry Annual Report issued by the China Photovoltaic Industry Association, the top five component manufacturers in the world in 2020 are Longji, Jingke Energy, Tiantu Optical Energy, Jing’ao Solar, and Ates. 24.53GW, 18.77GW, 15.92GW, 15.88GW, 11.12GW, the total market share is 52.67%. According to the latest global component shipment ranking released by PV Infolink in 2021, in 2021, Longji still settled in the first place, calculating the total shipments of its internal and foreign sales components far exceeded the second place of more than 10GW.
Judging from the customer list of Kuaoco Electronics, during the reporting period, Tiantu Optics Energy and Jing’ao Solar Energy for the top two customers. Longji, which ranks first in quantity, did not appear in the ranks of Kuaocheng.
The GEM Municipal Party Committee has also paid attention to the above matters. In the second round of review and inquiry letter, it was required to explain the main supplier of the photovoltaic cable box and photovoltaic connector of Longji, crystal energy, and the company that the company did not have Longji with Longji. The reasons for the establishment of cooperative relationship between shares and crystal energy.
In this regard, Kuang Ke Electronics said that the main suppliers of the current photovoltaic box and photovoltaic connectors of Longji shares are Tongling Co., Ltd., Central Sait and Ningbo Minghe New Energy Technology Co., Ltd.; Mainly produced.
Regarding the reasons for the establishment of a cooperative relationship with Longji shares, Kuangxu Electronics said that “once quoted to it, but because the price was slightly higher in the scope of the winning bid, after comprehensive consideration of the gross profit margin and capacity of Longji shares, the company has not cooperated with Longji shares yet. “,”
In addition to the company that does not reach the number of photovoltaic components, the market share is inferior to peer companies. According to the prospectus, in 2020, the market share of Kuai electronic photovoltaic connectors is 6.16%, while the market share of the product of Tongling shares is 11.23%.
Image source: Quick Electronic Prospectus
In addition, from the perspective of market prospects, the growth rate of global photovoltaic wiring boxes in the next few years is not dazzling. According to the China Photovoltaic Industry Association (CPIA) forecast, from 2021-2025, the demand for wiring boxes increased from 429 million to 771 million units according to conservative estimates, with an annualized increase of 12.44%. According to optimism, its demand increased from 486 million to 943 million units, with an annualized increase of 14.18%.
The industry’s right to speak is weak, and the gross profit margin is declining
As the concentration of component companies continues to increase, the bargaining ability of photovoltaic accessories to the downstream is weakened year by year, and it can also be seen from the account receivables receivable of Quick Electronics.
In the first half of 2018-2021, the total number of accounts receivable and receivables of Electronics was 195 million yuan, 203 million yuan, 316 million yuan, and 395 million yuan, accounting for 48%, 45%, and 52%, respectively. And 58%, showing an increase year by year. And from 2022-2021, the growth rates of accounts receivable and receivables were 55.55%and 66.7%, respectively, exceeding its revenue growth rate of the same period.
In contrast, in the first half of 2018-2021, the pre-collection of electronics was 10.248 million yuan, 136,800 yuan, 100,000 yuan, and 100,000 yuan. Passing companies, Tongling Co., Ltd., also faced the above situation. According to its disclosure, in 2013, Tongling’s pre -collected payments were 21.7192 million yuan, which also dropped to 0,000 yuan in the past two years. This may mean that the right to speak in the industrial chain of photovoltaic connectors is increasingly miniaturized.
On the other hand, with the continuous advancement of the industry’s cost reduction, in recent years, the global photovoltaic industry has officially transferred to the “affordable Internet access” era by policy -driven development. In June 2021, the National Development and Reform Commission issued the “Notice on the Essentials Related to the New Energy Internet Electricity Policy Policy in 2021”. Wind power project, the central government will no longer subsidize, implement affordable Internet access. “
In the context of subsidized decline, it has further strengthened the demands of component manufacturers’ cost reduction and efficiency, and forcing it to continue to reduce the prices of various main materials and auxiliary materials, which can be seen from the price of fast -moving electronics.
In the first half of 2018-2021, the average sales price of Kuai electronic photovoltaic cable boxes was 18.01 yuan/set, 17.44 yuan/set, 17.41 yuan/set and 18.23 yuan/set. Except for the increase in raw material prices in 2021, the company’s product prices have risen, and the average price of their photovoltaic wiring boxes has declined as a whole.
At the same time, in the face of the price increase of upstream raw materials, more revenue relies on large customers and the right to speak right, and it is difficult to pass the cost pressure to downstream component companies, thereby lowering its comprehensive gross profit margin.
The prospectus shows that in the first half of 2021, the average prices of the procurement of main raw materials such as copper and diodes such as copper and diode rose by 26.55%and 14.62%, respectively. In the case of the cost of the unit of photovoltaic wiring boxes increased by 10.17%year -on -year, the unit of the photovoltaic connector box was sold The price rose only 4.73%, which caused the gross profit margin of the product in 2021 to fall from 24.69%in 2020 to 20.78%. During the same period, the company’s comprehensive gross profit margin also decreased from 24.83%to 19.53%.
Therefore, in the first half of 2021, revenue increased by 46.92%year -on -year, and the rapid growth of the net profit of the electronics was only 1.4%, showing a slight increase in revenue.
In this regard, Kuai Electronics admits that the current development trend of the photovoltaic industry is to reduce costs and increase efficiency. During the reporting period, the cost of photovoltaic components continues to decrease. The procurement prices of downstream photovoltaic components strictly control the procurement prices of various main materials and auxiliary materials. Therefore The average selling price of the body and split -type photovoltaic wiring box is reduced year by year. As the photovoltaic industry subsidies have declined, in the long run, photovoltaic power generation will gradually achieve affordable Internet access. The price of photovoltaic components is still declining. The sales price of the company’s photovoltaic wiring box products continues to decline.
Once involved in infringement of intellectual property rights, the fundraising “building” was questioned
In fact, this is not the first sprint of A shares for the first time.
As early as November 2020, Kuang Ke Electronics submitted an application for listing of science and technology board. After two rounds of inquiries, it was eventually the “hard technology” indicator that did not meet the “R & D personnel accounted for more than 10%”. Monthly stopped science and innovation board IPO.
On June 30 of the same year, one month after the end of the IPO of the Science and Technology Board IPO, Kuai Electronics quickly launched an impact on the GEM. It still plans to raise 331 million yuan, of which 131 million yuan is used for the intelligent protection and connection system for photovoltaic components. Expansion of production projects, 110 million yuan for R & D center construction projects, 90 million yuan to supplement mobile funds.
It is worth noting that, in addition to the proportion of R & D personnel in compliance with regulations, Kua Ke electronics who claim to have “strong technical advantages” have involved intellectual property infringement.
According to the application materials, in June 2019, the Afino requested the court to judge that the electronics would stop infringing its practical new patent right (Zi201620678944.9, named “connector”), and compensated RMB 500,000. Electronics stopped infringement and compensated the plaintiff Afino 250,000 yuan. In November 2020, Kuai Electronics paid 250,000 yuan in compensation to Afino, “sitting” his infringement.
In addition to the issues related to the emergence of the aforementioned sprint science and technology board, this GEM IPO, Kuangxu Electronics’ funding planning plan for the development center construction project has also attracted the attention of the Shanghai Municipal Party Committee.
According to the fundraising plan, it is about to invest 110 million yuan for R & D centers. The company said that “it will further strengthen the company’s research and development investment and improve the company’s research and development capabilities and overall competitiveness.” However, in the specific investment composition of the project, 62 million yuan will be used to build and renovate the research and development building on its own land.
In this regard, the GEM Municipal Party Committee once asked the number of electronics to combine the number of R & D personnel, etc., to explain whether the calculation of the funding needs of the research and development center construction project is prudent, objective, whether it meets the use of land development, whether there is a lease arrangement after the project is completed, and whether it is used in disguise for the disguised use of it for the use of the project. Real estate development.
Kua Ke Electronics said that the construction investment of this project mainly includes the construction engineering and decoration engineering costs of the upper office building and underground garage of the R & D center. After completion surroundings.
However, in contrast, Kuai Electronics’s research and development centers and parking lots are far beyond peers. As of the first half of 2021, the number of R & D personnel in Tongling was 110. Among the R & D centers upgraded construction projects, the construction area of R & D buildings and underground parking lots was 16,100 square meters and 1003 square meters. For 59 people, the number of R & D personnel is intended to introduce 33 people. It is planned to expand a 20,000 -square -meter R & D building and a 6,000 -square -meter underground parking lot. The rationality of its fundraising planning is still questionable.
Image source: Quick Electronic Prospectus