Some customers in the PV industry stopped this year

Abstract In 2012, for the PVO sprinting PV industry, it can be said that the year of the year is unfavorable. In the first half of 2012 alone, 7 of the proposed IPO companies were terminated for review, and 3 initial applications were rejected. Yuhua Xincai, who attended the meeting last November, and Ningxiajing, who met in May this year...

In 2012, for the photovoltaic industry that IPO sprinted, it was a bad year. In the first half of 2012 alone, 7 of the proposed IPO companies have been terminated for review, and 3 initial applications have been rejected. Yuhua Xincai, who attended the meeting last November, and Ningxia Jing, who attended the meeting in May this year, have not yet issued. .

On July 6, another photovoltaic company, Follett Photovoltaic Glass Group Co., Ltd., located in Jiaxing, Zhejiang, disclosed the prospectus, and proposed to issue no more than 19.18 million shares, raising funds of about 1 billion yuan, respectively, to an annual output of 15 million. Square meters of solar photovoltaic ultra-white glass project and annual production of 170,000 tons of Low-E glass and deep processing projects.

Once the investment project of Follett is put into production, the production capacity of its ultra-white embossed glass will increase by 40.67%. At present, the production capacity of the product in China has exceeded the global demand.

The investigation was informed that Follett’s 2011 domestic second largest customer Yingli Green Energy’s actual controller Baoding Yingli Group Co., Ltd. and the third largest customer in China, Trina Solar Limited’s responsible persons confirmed to the newspaper that the two companies The purchase of Follett has been stopped in 2012. In addition, due to the sluggish economy of the entire PV industry, Follett may have a loss in the first half of 2012 – although the company's net profit in 2011 was 372 million yuan.

Partial customer stop orders

Even without looking at the performance in the first half of 2012, Flatt’s net profit has also declined. In 2010, the company achieved a total revenue of 1.783 billion yuan and a net profit of 468 million yuan. In 2011, its total revenue increased to 1.934 billion yuan, but its net profit shrank to 372 million yuan, down more than 20% year-on-year.

The company's flagship product, ultra-white embossed glass (the consumer of this product is the domestic and foreign crystalline silicon battery component manufacturers), the average price also showed a downward trend. In 2010, the average price of the product was 51.26 yuan / square meter, 2011 Then it fell to 43.29 yuan / square meter; unit gross profit in 2010 and 2011 were 23.96 yuan / square meter and 16.56 yuan / square meter.

In the Flett prospectus, Yingli Group was the largest, third and second largest customer of Follett Super White Embossed Glass from 2009 to 2011, contributing 86.31 million yuan and 121 million yuan respectively. Sales of 181 million yuan.

Or the prospectus of the prospectus was completed before June of this year, Follett did not announce the status of the top five customers in the first half of 2012, but the reporter learned from Yingli Green Energy's purchasing manager Dong Jianwei, a company listed on the New York Stock Exchange. The group has stopped purchasing from Follett in 2012.

In 2010, Trina Solar was the fourth largest domestic customer of Follett Super White Embossed Glass, contributing more than 100 million yuan in sales; in 2011, it rose to the third largest customer, contributing 149 million yuan in sales. Trina Solar's management responsible for purchasing confirmed to the newspaper, "In 2012, we did not buy a penny of Flett products." It said that there are two reasons. "One is because the entire photovoltaic industry is sluggish, we After the meeting, the order was reduced, so the list of Follett was stopped. Second, because the Follett technological revolution started late, the products offered could not meet our requirements."

Nasdaq-listed company Artes is the fourth largest domestic customer of Follett Super White Embossed Glass in 2009, contributing 15.24 million yuan in sales. A purchase person from Altes, who asked not to be named, said: "We have not stopped the list of Follett, but they have very few products to buy. Follett is not our 'cooperative supplier', and orders are not available. The Purchasing Department approved it because their coated glass was just getting started, and it used to be uncoated glass."

According to the prospectus, from 2009 to 2011, the profits of Follett's ultra-white embossed glass wool accounted for 76.69%, 91.87% and 96.55% of the company's main business gross profit, respectively. That is to say, if the stable customers stopped several orders a few years ago, Follett could not find a new "receiver", and its performance in 2012 will not be optimistic.

On the evening of July 12, the reporter called the chairman of Follett, Qi Hongliang, to verify the above matters. He said, “I am the chairman of the board. Regardless of the procurement, I have to ask the company's specific manager.” Yan Hongliang asked the reporter to Follett. Pan Rongguang, the person in charge of the listing office, asked for proof. Pan said on the phone: "I feel it should not. The company did not tell me that this is the case."

Overcapacity

According to the prospectus, as of 2011, Follett has a total of 5 furnaces. “The issuer’s production kiln has been transformed from the previous daily melting of 100 tons/day to 300 tons/day, 490 tons/day, 600 tons/day. The large-scale production of large-melting kiln is to reduce the unit cost of the product. And improving product quality and stability is very important and has become a key factor in improving competitiveness."

However, an industry insider said that due to overcapacity, Follett's 600-ton kiln in Zhejiang has not been ignited since its construction. The kiln was not ignited after it was built. This is not a solo. According to the statistics of the person, Taiwan Glass Group has two kiln furnaces in Zhangzhou, Fujian Province, one is 500 tons, one is 250 tons, the latter is not ignited; the new Fuxing 550 ton kiln in Fujian is not ignited; Far East Optoelectronics Two 250-ton kiln in Yixing, Jiangsu Province are not ignited; Jinda Photovoltaic has not ignited in the 500-ton kiln in Suqian, Jiangsu; Anyuan PV is not ignited in two 250-ton kiln in Jiangxi; The 250-ton kiln was not ignited; the rainbow glass was not ignited in 600-ton glass in Anhui.

In addition, the start-up photovoltaic glass manufacturers are beginning to show signs of contraction. Xinyi Glass has photovoltaic glass furnaces in its factories in Tianjin and Wuhu. In the photovoltaic glass industry, there is a terminology called “one kiln four lines”, that is to say, a 500-ton kiln generally has four glass outlets. In the context of the industry downturn, Xinyi Glass is already in Tianjin. And Wuhu blocked the exit of two kiln furnaces; on July 12, AVIC Sanxin began to release one of the two production lines in the 250-ton kiln of the Anhui 蚌埠 factory.

One of the sub-projects of Follett's IPO fundraising project with an annual output of 15 million square meters of solar photovoltaic ultra-white glass project, a new glass melting furnace. According to the prospectus, in 2009, 2010 and 2011, the production capacity of Follett ultra-white embossed glass was 14,296,200 square meters, 28,577,700 square meters and 40,569,300 square meters respectively. In 2010 and 2011, the production capacity increased by 99.90% and 41.95% respectively, and the production of this funded project will increase its production capacity by 40.67%.

Another PV company executive confirmed to this newspaper that this month, the sales department of Follett went to its company and lowered the price and hoped that the company could sign a purchase agreement with it, but it was rejected by the company. "The market is saturated, we don't need that much at all, and the price of photovoltaic glass has a further bottoming trend," said the top executives of the photovoltaic company.

PV stock IPO 2012

Since the second half of 2011, due to the downturn in the domestic and international markets and overcapacity in the entire industry chain, the photovoltaic industry has fallen into a state of overall recession. Most of the A-share solar companies reported a loss in the first quarter of 2012 and reported a loss for half a year.

According to public information, in the first quarter of this year, Hairun Photovoltaic, Yijing Optoelectronics, Aerospace Electromechanical, and Tianwei Baobian lost losses of 68.752 million yuan, 0.99 billion yuan, 110 million yuan, and 114 million yuan respectively. In the first quarter, Risheng, Sunflower and Amarton earned 352,900 yuan, 34,804,200 yuan and 35,762,200 yuan, respectively, down 99.06%, 86.14% and 34.87%, and Amarton's semi-annual report was 5%~40%. The A-share PV company was in a slump in 2012, and the companies that kept the growth momentum barely existed.

In addition, the listed company is even more devastated. Since the beginning of 2012, 10 PV companies have fallen short on the IPO road. Among them, 7 of the proposed IPO companies have been terminated for review, and the initial applications of the three companies have been rejected.

On June 28th, Emperor Ming Solar of Shandong fell again on the third IPO sprint and was terminated by the audit committee. At 2 pm the next day, Huang Ming Solar held a media meeting in Jinan with Chairman Huang Ming going to Brazil to participate in the return of the Rio+20 Summit. At the meeting, Huang Ming said that “the solar energy industry has been ruined” and is now performing “collective escape”.

Like the 12 proposed IPO companies, Follett seems to be poorly funded, but its final listing fate is yet to be tested.

"In the first half of 2012, Follett must have lost money," said the above-mentioned anonymous person of Trina Solar.

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