Guosheng Energy takes ownership and acquires assets to cut into the photovoltaic field
Guosheng Energy plans to transfer 8% shares of dry King Garden at a price of 4.12 yuan per share, and subscribe for 193 million shares of the company's non-publicly issued shares at 2.43 yuan per share. After the smooth implementation of the share transfer and fixed increase, Guosheng Energy will hold 29.23% of the company's total share capital and become the company's new controlling shareholder and actual controller. At the same time, Qianjing Garden plans to buy 51% shares in four companies, including Jiangsu Guosheng Shian, and three companies, including Anhui Guosheng Shian, for 154 million yuan. After the smooth entry of Guosheng Energy, the company is fully involved in the field of new energy heterojunction batteries. With the rapid expansion of the company's production capacity, future revenue is expected to continue to increase. We estimate that the company's net profit from 2022 to 2024 will be 0.11 / 0.25 EPS 0.02 million / share, and the current share price will be 102.0 times 378.9 / 170.7 pesque, respectively, giving a "buy" rating for the first time.
Heterojunction: mass production of the next generation of photovoltaic cells is imminent
Heterojunction cells have high upper limit of conversion efficiency, excellent performance in light stability, weak light power generation, temperature coefficient and heat loss, high processing yield and clear cost reduction route, which is a potential next-generation photovoltaic technology.
At present, with the continuous progress of heterojunction battery technology, there are silver-coated copper, copper plating and other solutions in the cost of silver paste, and the highest conversion efficiency has reached 26.81%. With technological progress and capacity expansion, heterojunction batteries are expected to further reduce costs, domestic and foreign manufacturers have layout. According to company announcements and official websites, the current domestic heterojunction battery capacity is about 4.7GW, and the planned capacity is about 72.9GW. Among the existing capacity, Huasheng New Energy (2.7GW), Tongwei shares (1.4GW), King Kong Glass (1.2GW) and Oriental Risheng (0.5GW) are in the forefront of production capacity.
Guosheng Energy: a leading manufacturer of heterojunction batteries with accelerated production capacity and orders. Guosheng Energy is rapidly emerging as a leading company in the industrialization of heterojunction batteries. The company employs a research and development team headed by Dr. Zhang Zhongwei with strong technical and R & D strength. Taking advantage of the wind of heterojunction batteries, the company's capacity expansion and orders accelerated landing. The company has a long-term plan for the national layout of 30GW batteries, 30GW components and related industrial chain projects. at present, it has been put into production of heterojunction module capacity 1GW, and recently it is planning to land heterojunction battery capacity 2GW and heterojunction module capacity 4GW. And the company has signed strategic cooperation agreements with CGN, China Electric Power and other central enterprises, and signed a framework agreement with Baiquan County Government.
Risk hint: the change of control and the progress of asset trading are not as expected, and the large-scale mass production of heterojunction is low.
