Recently$Xiexin Technology (03800.HK) $Considering that the announcement of listing in A shares has attracted enthusiastic attention from the market, the market generally believes that a successful listing of A shares is bound to greatly increase the corporate premium of Xiexin Technology. After all, Xiexin Technology's Hong Kong stock dynamic price-to-earnings ratio is less than 12. Compared with the price-to-earnings ratio of A-share photovoltaic plate 42, it appears to be too cheap.
In addition, the Hong Kong stock market is greatly influenced by the Internet technology section and the real estate sector, and the Hang Seng Index has so far been difficult to improve, which is not conducive to the value recognition of high-quality photovoltaic enterprises such as Xiexin Technology. Therefore, A shares, as a more friendly market relative to the photovoltaic plate, will be conducive to Xiexin Technology's corporate recognition and corporate premium, while broadening financing channels and benefiting the long-term development of Xiexin Technology.
The following will be a brief introduction to the core competitive advantage of Xiexin Technology.
Xiexin Technology FBR granular silicon technology leading industry, product energy consumption and low-carbon advantages are outstanding
Xiexin Technology is the world's leading manufacturer of photovoltaic polysilicon and wafers, as well as the largest producer of granular silicon in the world. Compared with the current mainstream Siemens bar silicon, Xiexin technology FBR granular silicon has obvious advantages in product quality, production cost and cost reduction for downstream customers.
First of all, according to the public data, Xiexin Technology FBR granular silicon carbon content, bulk, surface metal impurity content, donor and acceptor impurity content and other key indicators have met the national standard super rod silicon requirements, and the gap from the N-type material parameter requirements is very small, it is expected that with the further improvement of the future process, FBR granular silicon can meet the N-type material standards, the future FBR granular silicon demand will greatly increase.
Secondly, FBRGranular silicon technology has the advantages of short technological process, low energy consumption and material consumption, and low production cost.There has been a substantial decrease in unit investment intensity, floor space, power consumption, labor cost, hydrogen consumption, water consumption, etc.; among them, investment intensity has decreased by 30%, electricity consumption by 70%, labor cost by 65%, hydrogen consumption by 40%, and comprehensive production cost by about 30% compared with bar silicon.
In addition, FBRGranular silicon-carbon footprint has excellent performance, which can greatly contribute to the realization of the goal of "double carbon".. According to the latest carbon footprint certification of the French Energy Agency, the carbon emission equivalent of FBR granular silicon is 37.00KG per kilogram. From the perspective of the whole industry chain, the production of 1GW components can reduce CO2 emissions by at least 19%. Replacing rod-shaped silicon with FBR granular silicon will reduce CO2 emissions by 389000 tons per 10,000 tons per year. Therefore, the extensive use of FBR particulate silicon in the future is perfect in line with the national "double carbon" long-term national policy, and will also contribute to the smooth realization of the national "double carbon" goal.
The use of FBR granular silicon can also significantly reduce the production cost of downstream customers in the growth process by nearly 20%, resulting in practical economic benefits for customers.
Xiexin Technology FBRGranular silicon products have been widely recognized by customers.. It is reported that the world's major downstream manufacturers are fully through the FBR grain silicon crystal test, positive feedback, due to the above strong advantages of Xiexin technology FBR granular silicon products, downstream major enterprises have signed a long order of silicon procurement with Xiexin technology, which provides a guarantee for the long-term steady growth of the company's performance.
Under the background of the substantial expansion of domestic silicon production capacity, FBRThe cost advantage of granular silicon will be more prominent.
According to the public data, after combing the construction of domestic silicon production capacity, it is not difficult to find that the planned production capacity in the industry is mainly concentrated from the second half of 2022 to the end of 2022. For example, Tongwei Leshan 100000 tons of production capacity at the end of the year, new Teenimeng 100000 tons of production capacity at the end of the year, Xiexin Technology Leshan and Baotou will be put into production in the second half of the year and Baotou respectively, so Societe Generale Securities expects that the capacity of the silicon industry will be partially released in 2022. However, the increase in output is limited, and silicon is still the capacity and output bottleneck in the photovoltaic industry chain this year. Prices are expected to remain relatively high throughout the year.Societe Generale Securities believes that Xiexin Technology is expected to rely onFBRThe technological advantage and cost advantage of granular silicon will maintain high profit growth in 2022.. According to the company announcement, driven by the photovoltaic materials business in the first quarter of 2022, Xiexin Technology achieved a net profit of 3.03 billion yuan, a strong year-on-year growth.
From the perspective of stretching the timeline, Xiexin Technology is entering the stage of rapid expansion of FBR granular silicon production. Through the experience of construction, operation and management of 20, 000-ton blocks in Xuzhou, it has accelerated the replication and landing of the 100, 000-ton production lines in Leshan and Inner Mongolia.
The author believes that although the domestic silicon production capacity will usher in a substantial release, on the one hand, the increase in the scale of photovoltaic installation will continue to bring more silicon demand, on the other hand, Xiexin Technology's FBR granular silicon technology has significant cost advantages over traditional rod silicon technology, so it has a huge margin of safety even in a highly competitive environment, which can effectively ensure the steady development of the company. Xiexin Technology predicts that by the end of 2022, the company's polysilicon production capacity will lead the industry, and its FBR granular silicon products will have a market share of 10%, which is much higher than at present.
Going back to the A-share listing plan of Xiexin Technology mentioned at the beginning of the article, the author believes that with the help of A-share financing channels, the company's capital strength and enterprise value recognition can continue to be strengthened. the thickening of capital can also help Xiexin Technology to better complete capacity expansion and technology iterative upgrading, further enhance the competitiveness of the company's products, and form a positive cycle loop of "strengthening fund-raising channels-product expansion and quality-enterprise value upgrading". Realize the sustainable growth path of Xiexin science and technology.