source: daily economic news
2022-06-17 22:16
Today, Tongwei Co., Ltd. disclosed an “explosive” order, and recently signed a polysilicon long-order sales contract with Qinghai Gaojing. According to the contract, the buyer is expected to purchase a total of no less than 216,100 tons of polysilicon products from the seller from 2022 to 2026, and the amount converted according to the market price exceeds 50 billion yuan. “Mystery buyer” Qinghai Gaojing shareholder Gaojing Solar has become the top three domestic silicon wafer production capacity, second only to Zhonghuan and LONGi Green Energy.
Today, Tongwei Co., Ltd. (SH600438, stock price 54.5 yuan, market value 245.3 billion) disclosed an order with an amount of “exploding”, and recently signed a polysilicon long-order sales contract with Qinghai Gaojing. According to the contract, the buyer is expected to purchase a total of no less than 216,100 tons of polysilicon products from the seller from 2022 to 2026, and the amount converted according to the market price exceeds 50 billion yuan.
However, the silicon material buyer is not a listed company, but an “emerging company” whose legal representative was the chief operating officer of JinkoSolar.
The contract amount exceeds 50 billion yuan
This evening, Tongwei shares disclosed an order with a burst value. The company’s four subsidiaries (Sichuan Yongxiang Polysilicon Co., Ltd., Sichuan Yongxiang New Energy Co., Ltd., Inner Mongolia Tongwei High-Purity Crystalline Silicon Co., Ltd., Yunnan Tongwei High-purity Crystalline Silicon Co., Ltd.) Co., Ltd., hereinafter collectively referred to as the “Seller”) recently signed a long polysilicon order with Qinghai Gaojing
Sales Contract (hereinafter referred to as the “Contract”). According to the contract, the buyer is expected to purchase no less than 216,100 tons of polysilicon products from the seller from 2022 to 2026.
This contract is a long-term sales contract for daily operation. If the average transaction price of domestic single crystal dense materials announced on the latest day (June 15, 2022) by the Silicon Industry Branch of China Nonferrous Metals Industry Association is 266,100 yuan / ton (tax included) ), it is estimated that the total sales will be more than RMB 50.9 billion (excluding tax). On an annual basis, this is almost a rhythm of 10 billion a year.
The reporter of “Daily Economic News” noticed that last year, Tongwei’s silicon material revenue was 18.761 billion yuan. According to Qinghai Gaojing’s procurement rhythm, it is almost equivalent to half of Tongwei’s silicon material production capacity last year.
The key question is, who is Qinghai Gaojing?
According to the announcement, the registered capital of Qinghai Gaojing is 1 billion yuan, the legal representative is Xu Zhiqun, and the main shareholder is 100% held by Guangdong Gaojing Solar Technology Co., Ltd. (hereinafter referred to as Gaojing Solar).
Qinghai Gaojing Industrial and Commercial Information Image Source: Screenshot of Qixinbao
Looking at industrial and commercial information, it can be found that Gaojing Solar is not a listed company. The company was co-founded by a senior technical team in the industry, a leading state-owned enterprise in Zhuhai, Huafa Group, and a well-known investment institution IDG Capital. In the traditional business layout of Huafa Group, it is mainly concentrated in finance, real estate, etc., and there is little layout in the new energy industry chain.
“They are mainly engaged in silicon wafers. In recent years, new entrants have increased their output faster.” Today, a relevant person from Tongwei Co., Ltd. told reporters through WeChat.
In fact, this is not the first tens of billions of dollars in Qinghai Gaojing’s “sweeping” silicon materials. At the beginning of last year, it signed the “Strategic Cooperation Sale and Purchase Agreement” with Xinte Energy Co., Ltd. and its subsidiaries. The agreement stipulated that in the next four years, Qinghai Highview Solar will pay Xinte Energy (HK1799, stock price of 23.75 Hong Kong dollars, market value of 34 billion Hong Kong dollars). ) to purchase 152,400 tons of primary polysilicon, with a total amount of about 21.944 billion yuan.
According to the information of Solarbe Sobey Photovoltaic Network, Gaojing Solar was founded on July 3, 2019, that is to say, in the three years after its establishment, there has been an average of about 20 billion yuan of investment and signing contracts every year. The 80GW wafer production capacity planned by Gaojing Solar has ranked third in the photovoltaic industry, second only to 165GW of LONGi Green Energy (SH601012, stock price 60.85 yuan, market value 461.1 billion) and Zhonghuan (SZ002129, stock price 46.79 yuan, market value 1512 billion) of 135GW.
The industry expects the silicon material market to remain prosperous
Compared with the obscurity of the company name, the name Xu Zhiqun is not simple. Xu Zhiqun served as the chief operating officer of JinkoSolar (SH688223, stock price 14.5 yuan, market value 145 billion). JinkoSolar was listed on the Science and Technology Innovation Board this year, with a market value exceeding 100 billion yuan.
In 2019, Xu Zhiqun was promoted to Chief Operating Officer of JinkoSolar. “In the more than 10 years of his tenure in JinkoSolar, Mr. Xu has made great contributions to the vertical integration and efficient operation of the company,” commented Chen Kangping, general manager of JinkoSolar. “With rich experience and excellent execution ability, Mr. Xu can effectively help the company realize the efficient operation of vertical integration of the industrial chain to meet the ever-changing market demand for diversified products. His rich operational leadership experience will help the company execute the established strategy after taking office.”
However, on November 25 of the following year, JinkoSolar announced that Chief Operating Officer Xu Zhiqun resigned as the company’s chief operating officer. Chen Kangping said at the time, “We wish Mr. Xu all the best in his future work and thank him for his service to Jinko over the years.”
This order is a great benefit to Tongwei Co., Ltd. The company stated that the signing of this contract is conducive to the stable sales of the company’s polysilicon products, which is in line with the company’s future business plan and has a positive impact on the company’s operating performance.
This further reflects that the upstream link of silicon materials is still in a high degree of prosperity.
On June 15, Antaike released a weekly review, the latest forecast that the total supply of silicon materials for the whole year basically matches the terminal demand, and the basic balance between supply and demand of silicon materials and terminals will support the expectation that there will be no overall inventory of silicon materials throughout the year. Silicon wafer companies basically accept all the output of silicon materials, so the possibility of extreme conditions in the price of silicon materials in the second half of the year is low. However, according to the expected terminal installed capacity of 140GW-150GW in the second half of the year, compared with the silicon wafer output of about 195GW corresponding to silicon materials in the same period, there is an imbalance between supply and demand. In the downstream links, until the silicon wafer link starts to adjust the operating rate, then the price of silicon material will fluctuate according to the changes in direct downstream demand.
This article comes from the daily economic news. The original title is “Who is the mysterious buyer of Tongwei’s over 50 billion yuan silicon material long order locked?” 》
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