High gross profit equals high competitiveness. How

Is photovoltaic high gross profit equal to high competitiveness? How to break without policy escort

with the photovoltaic demand not decreasing but increasing after 630, the photovoltaic stock market continues to rise. For example, Longji, a leading domestic photovoltaic stock, rose from 21.75 yuan on the day of the financial report on August 28 to 27.56 yuan this week. The semi annual comprehensive gross profit rate of Longji shares reached 35.11%, and the net profit rate was 19.69%. The net profit was 1.236 billion yuan, with a year-on-year increase of 43.6%. The booming single crystal Market in the first half of the year led to a sharp rise in the performance of Longji shares, which was also popular in the capital market

is high gross profit equal to high competitiveness

the coming third quarter can be called the photovoltaic golden season, but it is also destined to enter the trough of the fourth quarter of the year

under the general trend of reducing costs year by year and rapidly moving towards parity in the technological progress of the whole industry chain of the photovoltaic industry, photovoltaic upstream and downstream enterprises and supporting enterprises generally take the initiative to reduce prices and make profits, the high gross profit margin of Longji shares has aroused widespread doubts in the industry

some research institutions calculated that under the condition of the same cost performance of single crystal and polycrystalline: in the first half of the year, the average price of Longji monocrystalline silicon was about 6.3 yuan/piece, while the average price of polycrystalline silicon in the market was about 4.7 yuan/piece. According to the standard price difference of single polycrystalline cost performance, 0.6 yuan/piece. If Longji was sold at the standard price of 5.3 yuan/piece, the profit would be reduced by 450million yuan if it sold 450million pieces abroad; Similarly, the average price of Longji components is 3.3 yuan/watt. Referring to the average price of polycrystalline components in the same period, and considering the standard deviation of single polycrystalline cost performance, if sold at the price of 2.9 yuan/watt, the profit of 1.26 gigawatts of export components will be reduced by 500 million yuan. According to the calculation results, the half year net profit of Longji shares decreased to 280million yuan

why has the single crystal price been high and strong? Longji gave the answer in the announcement of the semi annual report, which is directly related to the "escort of the leader project". The second batch of "leader" projects set the standards of 17% and 16.5% for single and polycrystalline, and the corresponding component power is 280 watts and 270 watts (60 pieces, the same below), with a gap of 10 watts. The single crystal standard is low, and the design proportion is large. The rush to install "leader" projects has insufficient capacity, and the price has been high. In the case of small total single crystal production capacity and monopoly of one or two enterprises, Longji shares focused on expanding battery components, half of the silicon chips for self use, reducing external supply, so that the price of silicon chips and component ends has remained at the price level of the previous year

recently, the shortlisted standards of the third batch of "leader" projects were released, and the relevant indicators were revised and improved: the efficiency standards of single and polycrystalline components in the application leading base were 17.8% and 17%, and the corresponding component power was 295 watts and 280 watts; The efficiency standards of single and polycrystalline components in the technology leading base are 18.9% and 18%, and the corresponding component power is 310 watts and 295 watts, and the gap is widened to 15 watts. According to the analysis of China Merchants Bank International, a more scientific "leader" index may make the single polycrystalline components stand at the same starting point, which is mainly reflected in the reliable stability. The policy "assist" advantage of single crystal is reduced, and the future market share change depends on the growth and decline of single polycrystalline cost performance

executives need to pay attention to the "high-level cash out". On September 15, half a month after the release of the half year performance, Longji issued the announcement on the share reduction plan of the company's directors and senior managers. The announcement shows that, "Liuxuewen, director of Longji Green Energy Technology Co., Ltd. and head of the financial center, plans to reduce his holding of no more than 200000 shares of the company's tradable shares without restrictions by means of centralized bidding within 6 months after 15 trading days from the date of the announcement, and reduce the carbon fiber production license agreement signed between Raymond composites and Deakin University. When the installation level of the dynamometer part of the pressure testing machine is not very stable, the holding amount accounts for 0.01% of the company's total share capital." 。 As the chief financial officer in charge of accounting, Liu Xuewen's move was questioned by shareholders as "high-level cash out"

"high position cash out" was well known by the public because Liu Shuwei "bombarded" LETV three times two years ago. Liu Shuwei, a researcher at the Central University of Finance and economics, has questioned LETV for three times in June 2015. His article "strictly control the reduction and cash out of actual controllers of listed companies" questioned Jia Yueting's cash out behavior of 2.5 billion yuan. Liu Shuwei believes that Jia Yueting's conversion of a large number of high-risk assets (LETV equity) into low-risk assets (LETV debt) may mean that Jia Yueting was not optimistic about the development prospects of LETV at that time

photovoltaic stocks also have a precedent of "high-level cash out". In January 2015, the top three shareholders of Hairun PV simultaneously launched a "high transfer" plan to the board of directors, and Hairun PV rose by the daily limit on the same day. Then, the above three "proponents" of high transfer became "reduction holders". Within two days, the second shareholder Jiurun management reduced 78.4 million shares, cashed out 689 million yuan, and withdrew from the top three shareholder seats of Hairun PV. Two days later, Hairun photovoltaic released the announcement that it would no longer zero the load value and lose 800million yuan after pre clamping the sample, and the share price plummeted