*ST Hairun (600401.SH)'s main business covers the development, production and sales of monocrystalline silicon rods/sheets, polycrystalline silicon ingots/sheets, solar cells and components for solar cells, investment, development, operation and sales of solar photovoltaic power plants. . However, in recent years, affected by factors such as series of capital market events and continued tight cash flow, the industry has been oscillating and the company's main business has continued to shrink. According to the company's 2018 annual report, the company achieved revenue of 878 million yuan in 2018, down 73.03% year-on-year; net profit attributable to shareholders of listed companies was -3.737 billion, deducted from shareholders of listed companies. Non-net profit was -25.98 billion yuan, net cash flow from operating activities was 197 million yuan, and net assets attributable to shareholders of listed companies was -25.41 million yuan. Source: company financial report Specifically, its business situation, the company's main business PV industry revenue in 2018 decreased by 74.13% year-on-year, operating costs decreased by 77.12%. According to the annual report, by the second half of 2018, the company's production bases have been completely shut down. Due to the company's financial and capital status, the company has no ability to invest in the development of new photovoltaic power station projects. Source: company financial report It should be noted that in 2016 and 2017, the company has issued audit reports for two consecutive fiscal year financial statements, and the company's stocks have been suspended from May 29, 2018. This 2018 annual report was once again issued and could not express opinions. According to the regulations, the company's stock entered the delisting period and was terminated. In addition, on September 27, 2018, *ST Hairun has been included in the list of untrustworthy enforcers and restricted high consumption. The company as a defendant involved a total of 5 major lawsuits involving a total amount of 496 million yuan. As of December 26, 2018, the company's accumulated overdue debt amounted to 3.643 billion yuan, and it is proposed to transfer the equity of six subsidiaries including AGRO, BCI and BEST SOLAR. As of now, most of the share price of the company's major shareholder pledge has fallen more than 60%. The road to recovery of the photovoltaic industry All along, in the era of technological development, the photovoltaic industry has its own topic attributes. Since its development in 2004, it has experienced pains in 2011 due to “anti-dumping†and “counter-subsidy†investigations, and the country has successively issued a policy framework to support the turning point. But in 2018, not only *ST Hairun, but for the entire photovoltaic industry, it can be said that it has experienced "to the dark moment." On May 31, 2018, the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration jointly issued the "Notice on Matters Related to Photovoltaic Power Generation in 2018", stating that the scale of ordinary photovoltaic power plants in 2018 will not be arranged, and only 10 GW of distributed photovoltaic construction will be arranged. Scale, further reduce the subsidy of photovoltaic power generation, and cut the benchmark on-grid price and power subsidy by 0.05 yuan / kWh, etc., "531 New Deal" is also called "the most stringent photovoltaic new policy in history." Affected by this, the price of various links in the photovoltaic industry chain generally fell by 30% to 40%, which accelerated the price of photovoltaic power generation to a certain extent. The photovoltaic industry as a whole fluctuated in the second half of 2018. By November, the National Energy Administration had held symposiums, solicited opinions, and further issued the "Notice on matters related to incentive incentives for photovoltaic power generation leading bases". The photovoltaic industry boom was only slightly stable. However, according to the China Photovoltaic Industry Association, in 2018, there are still more than 60% of PV companies in China showing a decline in performance, and even many companies have experienced large losses. After the ups and downs of policy changes in 2018, PV companies are gradually exploring the market layout. In 2019, the industry boom has rebounded. According to the Energy Research Institute of the National Development and Reform Commission, from January to February 2019, China’s exports of photovoltaic cells were US$170 million, and exports were 1.3 GW, up 2.1% year-on-year; PV module exports were US$2.4 billion, and exports were 10 GW. Wa, which increased by 21.9% year-on-year, and the export growth of battery chips and components exceeded 80%. In addition, the latest quotations for wafer links, cell segments and component links remain stable. According to the PV media survey, the top 20 PV module manufacturers in China have been in short supply, and some enterprises have even placed orders for the fourth quarter of this year and the first quarter of next year. It is worth mentioning that on April 12, 2019, the General Affairs Department of the National Energy Administration officially solicited opinions on the “Notice on Soliciting Relevant Requirements for Wind Power and Photovoltaic Power Generation Construction Management in 2019â€. The 2019 PV project can still pass the bidding. Obtaining subsidies, household photovoltaic projects and poverty alleviation can be subsidized without bidding. Although there are scale restrictions, this is undoubtedly good news for the photovoltaic industry. At the Solar Technology Expo in Munich, Germany, which opened on the 15th, many Chinese first-tier PV companies said that the global PV market continued to grow rapidly, and the “One Belt and One Road†was built to bring new development opportunities to enterprises. Conclusion According to estimates by the National Securities Research Institute, in 2019-2027, major countries in the world will achieve power generation side parity and gradual replacement of traditional energy sources. It is expected to usher in a new round of demand growth period. By 2025, new installed capacity will reach 400GW per year. It will be four times the size of 2018. This will drive a new round of rapid growth in global PV installations. It is true that although the subsidy quota has been lowered, the photovoltaic industry is expected to usher in a new phase as the National Development and Reform Commission, the Energy Bureau and other relevant departments gradually release more clear policies. Led Headlamp Rechargeable,Usb Rechargeable Headlamp,Rechargeable Head Torch Light,Rechargeable Head Lamp Ningbo Alite Lighting Technology Co.,Ltd , https://www.alite-tmwt.com
Abstract *ST Hairun (600401.SH) mainly covers the research, development, production and sales of monocrystalline silicon rods/sheets, polycrystalline silicon ingots/sheets, solar cells and components for solar cells, investment, development and operation of solar photovoltaic power plants. Sales. But in recent years by the series of capital...