was pulled back before new energy sector . "July bull stock" Yicheng New Energy (300080.SZ) started to fall continuously on August 17, and nearly 30% of the stock price was cut today. What is quite interesting is that the company immediately announced a private placement after 20 days.
htmlOn the evening of September 6, Yicheng New Energy disclosed its plan for a private placement, raising 1.6 billion yuan. After deducting issuance costs, it will be used for the development and production and construction project of lithium-ion battery negative electrode material (Phase II), lithium-ion battery production and construction project, and supplement working capital.The issuance targets are no more than 35 specific investors, including China Pingmei Shenma, the controlling shareholder of Yicheng New Energy. The number of shares issuance shall not exceed 648.6 million shares (including the number of the original number), of which 10% of the total subscriptions of China Pingmei Shenma.
In the past 10 years, under the repeated "investment of capital to put out fires" by Pingmei Shenma, Yicheng New Energy achieved "backed backdoor" and "backed backdoor" many times. Three days before this wave of decline started, Yicheng New Energy finally produced a semi-annual financial report of turning losses into profits and rapid growth: it achieved revenue of 4.913 billion yuan, a year-on-year increase of 76.66%; net profit of 73.1358 million yuan, a year-on-year increase of 89.86%, and net profit excluding non-operating items was 63.3042 million yuan, a year-on-year increase of 290.5%, ending the five-year loss since 2017. With the favorable benefits of
, why did Yicheng New Energy ranked the most in the new energy sector in 30 days? Is it a transformation or a deliberate thing? Tidium Media APP is studied as follows.
Yicheng New Energy's non-net profit trend chart
"Supporting role" has been transforming into the "protagonist". The major shareholder has turned the tide several times
Yicheng New Energy was Zhengzhou Xinda Xin Technology. It was established in 1997 and mainly engaged in crystal silicon wafer cutting blade materials. In 2010, it was listed on the Shenzhen Stock Exchange GEM , and the securities abbreviation is " Xinda Xin Materials ".
In 2012, China's photovoltaic industry entered a severe cold winter, and Xinda New Materials suffered a heavy blow, with net profit plummeting 146% that year, with a loss of nearly 69.11 million yuan. At the end of the year, the company announced its asset restructuring, and the major shareholder China Pingmei Shenma Group took action to save the scene and survive in exchange for blood. The specific content is: Xinda New Materials issues new shares to all shareholders of Pingdingshan Yicheng New Materials, including Pingmei Shenma Group , and purchases 100% of the equity of Yicheng New Materials held by Pingmei Shenma Group.
html was reorganized in the first year, Yicheng New Materials successfully went public through a backdoor listing, and Pingmei Shenma took over Xinda New Materials under its rank. In 2015, Xinda New Materials was renamed "Yicheng New Energy", with its controlling shareholder Pingmei Shenma, and its actual controller Henan Provincial State-owned Assets Supervision and Administration Commission . But in the following years, Yicheng New Energy still suffered multiple losses due to deducting non-operating items, and Pingmei Shenma had to continue to take action and put it into its assets to "put out the fire." After the reorganization of, Yicheng New Energy's silicon wafer cutting market share expanded to more than 40%, becoming the absolute leader. The leader in the cutting field only exists as supporting roles in the industrial chain, with low profit margins and soon suffered a fatal blow. Due to the extremely rapid technological iteration in the photovoltaic field, since 2016, diamond wire cutting quickly seized the share of the mortar line with higher speed and efficiency, and further exploded in 2017, resulting in a situation of "hard to find the first line". Domestic King Kong Line companies represented by Meichang New Materials, Daile New Materials , Sanchao New Materials and Tony Electronics have soared their performance, with gross profit margins rising to around 50%. At that time, Yicheng New Energy, which is obsessed with the mortar line, lost more than 1 billion yuan, becoming the annual loss king in the photovoltaic materials field.
In order to reverse the crisis of delisting, Yicheng Xinneng decided to cut off his arm and stop the bleeding and turn the track. The production capacity construction of the King Kong Line was quickly launched that year, with a planned production capacity of 8 million kilometers.
At the same time, the company is fully committed to the cell business. In 2016, it jointly invested with Xuchang Shoushan Chemical and Longi Leye Photovoltaic Technology Co., Ltd., a major shareholder, to establish Pingmei Longi New Energy Technology Co., Ltd., which is mainly engaged in the production and sales of high-efficiency monocrystalline silicon solar cell , modules and related products, among which Yicheng New Energy holds 50.20% of the shares. In December 2020, Yicheng New Energy spent 327 million yuan to acquire 30% of Pingmei Longi shares from its major shareholder.
In February 2018, Yicheng New Energy said it plans to invest 1.7 billion yuan to expand production, build a new annual production of 4GW high-efficiency single-crystal silicon cell (Phase II) project, with a battery cell production capacity of 6GW.A month later, Yicheng New Energy announced that it would transfer the related assets, liabilities and equity of the crystalline silicon wafer cutting blade material business that had previously contributed more than half of its profits to Pingmei Shenma, the largest controlling shareholder, for a complete transformation.
Unfortunately, the "transformation" failed to "transfer". In 2018, the new photovoltaic policy commonly known as the "5.31" in the industry suddenly broke out, and the market suddenly cooled. Yicheng New Energy once again turned from profit to loss of 295 million yuan. That year, the proportion of the company's battery cell revenue to total revenue reached 87%. The company said that the battery cell production capacity and performance have not been fully released this year.
company then continued to buy and sell assets from major shareholders. In September 2019, Yicheng New Energy completed the acquisition of Kaifeng Carbon, a subsidiary of Pingmei Shenma Holdings, with a transaction price of 5.766 billion yuan. This timely "snake swallowing elephant" transaction turned Yicheng New Energy's net profit that year into profit, successfully maintaining its shell, but Kaifeng Carbon was in losses in 2020 and 2021.
In 2021, the company said that due to the impact of the new crown epidemic, Kaifeng Carbon was unable to achieve the expected performance commitment targets for 2020. After consultation between the two parties, it is planned to extend the original performance commitments for 2020 and 2021 to 2021 and 2022. At the same time, China Pingmei Shenma Group promised to extend the lock-up period of the consideration shares acquired through this exchange by twelve months.
Of course, another reason is that on January 5, 2021, Kaifeng Carbon was included in the SDN (Specially designated national list) by the US OFAC (Office of Overseas Assets Control of the U.S. Department of Treasury), and overseas order settlement and financial institution loans were significantly affected.
However, in the first half of this year, Kaifeng Carbon, which had "changed its face" in the merger and acquisition, successfully turned losses into profits, achieving revenue of more than 830 million yuan and net profit of approximately 66.61 million yuan, becoming the backbone of the new materials business of listed companies.
In addition, in the same year, Yicheng New Energy also increased its holdings in Pingmei Sunlight Energy Technology Co., Ltd. and entered the lithium battery.
Therefore, Yicheng New Energy has officially transformed from a silicon wafer cutting blade material supplier to the "protagonist" of new energy, and has been involved in everything from lithium batteries, monocrystalline silicon batteries to graphite electrodes . (This article was first published in Titanium Media Appp, author | Titanium Media Industry Research Department. If you want to get more in-depth analysis of science and technology stocks, you can subscribe to Titanium Media Pro.)
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