Signing 7.4 billion major Shan Shan Amaton this time "riding a horse"?

21st Century Economic Herald reporter Cao Enhui Shanghai report

In February 2020, the photovoltaic glass company Yamaton (002623.SZ) set up a halo of "Tesla Concept Stock", which ushered in the moment of stock price soaring.

At that time, Tesla planned to expand the photovoltaic roof business to China, and immediately ignited the enthusiasm of the A -share market. As one of Tesla photovoltaic roof glass suppliers, Amalon has accumulated more than 220%of its stock price in the past six months and reached a record high.

In fact, in the past three years, Armaton's performance has been ups and downs, and its profit and loss alternately.

However, a recent cooperation has once again stimulated the company's stock price. As of the close of June 28, Armaton's stock price was three consecutive boards, a new year of the year.

On June 27, Amaton and Tianheguang could sign a cooperation. Yuan.

What attracts market attention is that in this contract, the supply and marketing product signed by the two parties is 1.6mm ultra -thin photovoltaic glass. This is the "alternative" in the current 3.2mm and 2.0mm thickness.

So, is it an innovation or a "gimmick". Has Armaton, who needs to reverse the performance, has the right horse?

7.4 billion large orders lead the ultra -thin concept

In the fourth quarter of 2020, domestic photovoltaic glass caused a sharp rise in prices due to imbalances in supply and demand structure, making head manufacturers in this field become the target of capital.

Under the tide of price increases, the industry ran out of two billion -dollar market value of photovoltaic companies, and Armaton once rushed to tens of billions.

However, under the aura of the two hundred billion -level faucets, Amaton has a lot of dim stars. On the one hand, the company's photovoltaic glass production capacity is limited; on the other hand, its performance in recent years has not been unstable.

There is no shortage of orders.

The company's 2021 annual report shows that it has a large amount of contracts to be fulfilled with Jing'ao Technology, Longji Green Energy, and Tiantu Light Energy, with a total amount of 5.7 billion yuan. Among them, Armaton and Tianduangneng and Jing'ao Technology both signed 2.1 billion yuan of photovoltaic glass procurement contracts, and the amount to be fulfilled was 1.730 billion yuan and 1.575 billion yuan, respectively. This means that the execution of these three long orders shows that Armaton is relatively abundant in hand.

However, Amaton, who has been deeply cultivated in the field of photovoltaic glass for many years, lacks a concept, is a concept that attracts market attention.

So in the past two years, the company has moved on the concept of "lightweight". In the annual report, Armaton said many times that it was the first enterprise to achieve large -scale production of physical tempered technology in large -scale production of physical tempered technology and make ultra -thin double glass components.

With the large size has become a major trend in the domestic photovoltaic industry. On the material side, considering the shortage of raw materials in upstream, manufacturers in some links try to promote thinning. For example, in the silicon wafer link, TCL Central (002129.SZ) gives 150 μm and 130 μm low -thickly silicon wafer product offers in the latest product quotation. In the photovoltaic glass session, the size of the photovoltaic glass also transitions from 3.2mm to 2.0mm. However, at present, the 3.2mm thick photovoltaic glass still occupies the mainstream market.

"From a theoretical point of view, the thinner the photovoltaic glass, the higher the light transmission rate, and the higher the photoelectric conversion efficiency." A reporter in the 21st Century Economic Herald pointed out that in recent years The application of ultra -thin glass has also been proposed, "but the final safety and reliability of the product cannot be ignored, and the popularization of ultra -thin glass requires the process of technology and commercialization."

In this contract signed with Tianheguang, Armaton has also been clearly labeled with 1.6mm photovoltaic glass for the first time.

In fact, in the investment survey activities since 2021, the company has paved the way for the launch of 1.6mm specifications -in July last year's investigation of the institution, "the company's 1.6mm glass deep processing raw material sources have been guaranteed, and it has been guaranteed. After product samples and testing, we have obtained the recognition of customers and will be sold in batches in the second half of the year. "By March this year," 1.6mm glass will also achieve mass sales. " Obviously, the support of Tianhe Light has become an incubator that can eventually achieve quantitative sales at the end of the 1.6mm ultra -thin photovoltaic glass of Armaton.

It is worth mentioning that these two Changzhou photovoltaic companies' cooperation in the past few years is not limited to production and operation. As early as 2016, a drafting unit entitled "Ultra -thin Glass" industry called "Photovoltaic Components" was the name of Tiansheng Energy and Armaton.

However, this document standards for photovoltaic glass performance indicators with a thickness of more than or equal to 2mm, and less than 3mm, and new energy requirements with a thickness of less than 2mm shall be agreed by the supply and demand parties.

Questions about the digestive ability of order

Despite the rich order, Armaton's order digestion has attracted questions from the outside world. Especially, in the case of 1.7 billion yuan left with Tianheguang's to be executed in 2021, after the new signing of 7.4 billion yuan, the doubts rose.

In this regard, the 21st Century Business Herald interviewed the Amaton Securities Department as an investor. The relevant person said that the contract was signed according to the company's normal production capacity and will not exceed the company's production capacity. In 2021, the company's contracts with Jing'ao Technology, Longji Green Energy and Tiantuangneng were fulfilled normally. The company's current photovoltaic glass delivery cycle is fast and is full of production. The 21st Century Economic Herald reporter noticed that at the performance briefing on March 30, investment also raised similar problems. However, the issue points to Amaton's sales plan for over 100 million square meters this year.

In the 2021 report, Armaton said that the company plans to achieve the sales volume of 120 million square meters of photovoltaic glass, and it is mainly based on ≤ 2.0mm ultra -thin photovoltaic glass to further enhance the company's differentiated competition.

However, in 2021, the company's output of photovoltaic glass was 69 million square meters, with sales of 72 million square meters. This shows that Armaton's photovoltaic glass sales target increased by more than 70%year -on -year from 2021.

In response, the secretary of Amaton Liu Qin responded that "the company's 2022 photovoltaic glass plan sales are the goal of combining the company's deep processing capacity, Fengyang Silicon Valley supply, and the company's sales order."

It is undeniable that the photovoltaic glass business is currently the core pillar of Amaton.

In terms of partners, Armaton binds leading photovoltaic companies including Longji Green Energy, Jing'ao Technology and Tiantu Light through this business. At the same time, it also made it a member of the "Tesla concept stock". For example, when investing in investors on June 27, Armaton said that the company is currently actively participating in Tesla's colored roof tile patent development.

In terms of revenue structure, the proportion of Amaton photovoltaic glass revenue shows an absolute weight. In 2021, the company's photovoltaic glass business achieved operating income of 1.742 billion yuan, accounting for 85.76%.

However, it is such a pillar business that the gross profit margin in recent years has continued to decline -in 2021, the gross profit margin of Amaton photovoltaic glass was 8.25%, a decrease of 7.14 percentage points from 2020.

The raw material price increase is one of the reasons for the decline in the decline in the profitability of Amaton photovoltaic glass. To this end, the company promotes the restructuring of assets and plans to buy its holdings through the ways of Lingda, Shouguangda, Sinopec Capital, Huangshan Yida, Yangzhong Yida, Suqian Yida and Huahui to buy their holdings to buy their holdings and pay cash. The 100%equity of Fengyang Silicon Valley has a transaction price of 2.5 billion yuan to break through the bottleneck of raw materials. However, the companies controlled by Lin Jinxi and Lin Jinhan, a actual controller of Shouguang Lingda and Shouguangda, have a reorganization of the transaction. In addition, in response to this related transaction, the Shenzhen Stock Exchange also issued an inquiry.

In fact, the problem faced by Armaton is not just the limitations of its own production capacity. The photovoltaic glass industry is brewing a shuffle.

"The excess of photovoltaic glass is irreversible, and the fast and flat cost curve will erode the gross profit margin advantage of the faucet. In the short term, the pressure of various costs will come one after another, making the short -term gross profit margin and market emotions under pressure." BOC International recently According to the research report, due to this, the profit growth of the photovoltaic glass faucet will slow down.

Perhaps, for Armaton, ultra -thin photovoltaic glass can make it take a different approach when the entire industry has excess capacity. But in the final analysis, whether the 1.6mm photovoltaic glass can eventually become the company's new profit growth point, it also depends on its product promotion and market acceptance.

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