How to knock on the IPO door of the hottest star p

  • Detail

On March 22, the China Securities Regulatory Commission published the pre disclosure prospectus of Henan star photovoltaic materials Co., Ltd. As an enterprise mainly engaged in the analysis and testing of materials such as spring industry, steel wire industry, rubber and plastic industry, it is mainly engaged in the research and development, production and sales of photovoltaic glass, and provides packaging glass for crystalline silicon solar photovoltaic modules. At this time, when it is listed, the company is first focused on the impact of the industry. At present, the market, especially the solar photovoltaic module industry, has doubts. In 2011, the overall market price of photovoltaic modules fell, and the contradiction between supply and demand was serious, Some photovoltaic enterprises have suffered a decline in profits or even losses. Under the situation that the photovoltaic industry as a whole is facing great uncertainty, can the listing of Starcom give investors a definite answer at this time

the bright prospects of the photovoltaic industry coexist with development pressure

at present, the solar photovoltaic industry is in a delicate period. On the one hand, solar photovoltaic is a clean and green energy, which has been strongly supported by governments of various countries and has developed rapidly in recent years; On the other hand, due to blind construction and extensive expansion, photovoltaic enterprises in many parts of China have experienced serious overcapacity. Coupled with the reduction of photovoltaic subsidies in many European countries, corporate profits have declined rapidly, and peer companies have slowed down investment and production expansion plans. A research report pointed out that at present, the operating rate of domestic component manufacturers is only 50%. Since the end of last year, the industry has entered a deep reshuffle stage, and small and medium-sized component manufacturers have been reducing production and transforming. The future direction of industrial development will bid farewell to the extensive expansion mode in the past, and continuous industrial innovation will determine the development and survival of enterprises

on March 20 this year, the U.S. Department of Commerce announced that it would impose a countervailing tax of 2.90% to 4.73% on Chinese photovoltaic module manufacturers, which is one of the important technical means of improving the performance of automotive non-metallic parts, and is lower than industry expectations. In addition, some established photovoltaic application markets such as Germany and Italy have also reduced photovoltaic subsidies. At present, some people believe that government subsidies to the photovoltaic industry are the key supporting force for the survival of photovoltaic enterprises. With the gradual reduction of government subsidies to the photovoltaic industry, the profitability of photovoltaic enterprises will decline. For a time, the saying of "cold winter in the industry" was overwhelming in media reports. The solar photovoltaic industry, which was still hot a few years ago, suddenly became the representative of the blind expansion industry

however, the industry believes that this view is not comprehensive. Continuous technological innovation in the photovoltaic industry, continuous reduction of application costs, and finally achieving parity are the core elements for the sustainable and healthy development of the industry. The subsidy reduction of governments has only accelerated this process. The gradual reduction of photovoltaic power generation subsidies in European countries is based on the continuous decline of photovoltaic power generation costs. The ultimate goal of the photovoltaic industry is not to let people use expensive energy, but to drive the market through subsidies, reduce costs through technological innovation and economies of scale, and increase the proportion of solar photovoltaic power generation in human energy structure. Although the subsidies of European governments have been reduced every year in recent years, the global photovoltaic market has still achieved significant growth, with a compound growth of about 80% in the past three years. In 2011, the newly installed capacity was 27.7 GW, an increase of 66% over 2010. At the same time, the installed capacity of photovoltaic in the United States, China, Japan and other countries has increased rapidly in recent years, and has become an important photovoltaic market in the future

photovoltaic glass technology innovation promotes the healthy development of the industry

the photovoltaic glass industry in which star is located is closely related to the development of the photovoltaic industry. The quality and light transmittance of photovoltaic glass have a certain impact on the quality of photovoltaic modules and the power generation efficiency of our company's experimental machine, and then affect the market competitiveness of photovoltaic modules

through the prospectus disclosed by Sita and a peer comparison with the currently listed photovoltaic glass enterprises, we can find that Sita is a company that pays more attention to technological innovation. Through independent research and development in 2010, Sita successfully developed a unique process of ultra transparent photovoltaic glass, that is, on the basis of the original photovoltaic glass, it is first coated on both sides and then tempered, which significantly improves the transmittance of photovoltaic glass, improves the conversion efficiency of photovoltaic modules, and brings better added value to customers. The ultra transparent photovoltaic glass produced by Sita has obtained the highest grade X1 of photovoltaic glass in the certification of Swiss solar product testing and certification agency SPF. Since the product was launched on the market in August 2010, its quality has won the recognition of customers, and the production and sales volume has increased rapidly. In 2011, the sales volume of Sitar ultra transparent photovoltaic glass exceeded 4million square meters, an increase of more than 800% over 2010. By the fourth quarter of 2011, Sitar ultra transparent photovoltaic glass accounted for 62.08% of its total sales, showing a sharp upward trend. In addition, star also successfully developed and sold concentrated photovoltaic glass in February 2011. It is with the advantages of technological innovation that Sita successfully withstood the "cold wind" of the industry in 2011 and still achieved good growth

the rapid development of Starcom in recent years has also been confirmed by the company's financial data. In 2009, 2010 and 2011, Sita achieved annual operating revenue of 168.56 million yuan, 328.99 million yuan and 410.39 million yuan respectively, with a compound annual growth rate of 56.03%; In the same period, the net profit was 11.64 million yuan, 48.62 million yuan and 67.99 million yuan respectively, with an annual compound growth rate of 141.61%. Even in the face of the decline of the industry in 2011, by increasing the proportion of high value-added products in sales, Sita still maintained a stable growth compared with 2010, with the main business revenue increasing by 24.7% and the net profit increasing by 39.8%. It is indeed commendable against the background of the overall decline in the price of photovoltaic glass

however, Starcom also has its own development bottleneck. On the one hand, among the listed companies, Amazon (24.34, -0.52, -2.09%), xiuqiang (24.600, -0.78, -3.07%) and CSG are also vigorously developing ultra transparent photovoltaic glass technology. In particular, at present, the processing scale of ultra transparent photovoltaic glass of Amazon is far larger than that of Sika. On the other hand, compared with the leaders of the glass industry, CSG and Xinyi Glass (Xiang and joined the inhibitor to be listed in Hong Kong) have far more capital strength and comprehensive advantages than Skyworth. It remains to be seen whether Starcom can successfully use the power of the capital market to achieve rapid growth in enterprise scale and efficiency and give investors a satisfactory answer

Copyright © 2011 JIN SHI