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    Chen Gang, chairman of PERC manufacturer Aixu Technology, has a rare interpretation, why is it going to be listed on the backdoor of 6.7 billion?

    Chen Gang, chairman of PERC manufacturer Aixu Technology, has a rare interpretation, why is it going to be listed on the backdoor of 6.7 billion?

    • Categories:Media reports
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    • Time of issue:2020-04-27 10:38
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    (Summary description)Recently, Axu Technology, a PERC battery manufacturer that has received high attention in the capital market and the new energy industry, will enter the A-share through ST Xinmei (600732.SH), so the executives collectively appear in the public eye.

    Chen Gang, chairman of PERC manufacturer Aixu Technology, has a rare interpretation, why is it going to be listed on the backdoor of 6.7 billion?

    (Summary description)Recently, Axu Technology, a PERC battery manufacturer that has received high attention in the capital market and the new energy industry, will enter the A-share through ST Xinmei (600732.SH), so the executives collectively appear in the public eye.

    • Categories:Media reports
    • Author:
    • Origin:
    • Time of issue:2020-04-27 10:38
    • Views:

    Recently, Axu Technology, a PERC battery manufacturer that has received high attention in the capital market and the new energy industry, will enter the A-share through ST Xinmei (600732.SH), so the executives collectively appear in the public eye.

    Chen Gang, chairman of Aixu Technology, who has long been behind the scenes, also directly confronted the media, exposed the company's current situation and answered some questions. He said that it was precisely after seeing the long-term development trend of PERC that the enterprise itself carried out a brand new technological revolution to fully develop the technology. On the one hand, he hopes to use the capital market to enhance Axu Technology's large-scale competitive advantage and achieve rapid profit growth; at the same time, he and his team are also constantly planning to give more space to related factories, design capacity, R & D technology and other fields. , For the future rapid growth of Ai Xu Technology.

    According to the plan, ST Xinmei intends to acquire 100% equity of Aixu Technology through asset replacement and share issue. The estimated value of this transaction is not more than 6.7 billion yuan.

    Chen Gang revealed that Aixu Technology's main product is crystalline silicon solar cells, which are mainly used in the production of solar cell modules. Since 2000, the cost of photovoltaic power generation has dropped by more than 90%. In 2018, the price of 0.316 yuan / KWH for China's Three Gorges Golmud 500MW photovoltaic leader project has been lower than the price of thermal power for 0.32 yuan / KWH, making it the first large-scale affordable commercial power station in China. Since the non-technical cost of photovoltaic power station construction is difficult to reduce at this stage, the current direction of achieving affordable access to the Internet is mainly to use high-efficiency components. Aixu Technology launched a double-sided PERC battery in 2018.

    Chen Gang said that in 2016, 2017 and 2018, Aixu Technology achieved operating income of 1.578 billion yuan, 1.978 billion yuan and 4.085 billion yuan, net profit of 101 million yuan, 106 million yuan and 353 million yuan (the above data have not been audited). After the completion of this transaction, it will help Axu Technology to accelerate the smooth construction of Tianjin Phase I and Yiwu Phase II projects and put into operation on schedule, which will effectively improve the battery supply capacity of Axu Technology and meet the customer's demand for high-efficiency batteries. This will further promote the continued and stable growth of Axu Technology's performance. After the transaction is completed, Aixu Technology will make full use of the listed company platform, expand financing channels, accelerate development and growth, and promote the company's sustainable development.

    The following is the essence of the corresponding response to Energy One's collation: 1. Axu Technology expects that the net profit after deduction of non-post-attribution will be 2.078 billion yuan from 2019 to 2021. Higher level. In 2018, the "531 New Deal" was introduced. The state will force the industry to upgrade the industry through the reduction of the subsidy limit, and then the prices of many products in the industrial chain will fall steeply. Although recent policy adjustments have made the industry boom better, but the long-term Judging from the policy, the photovoltaic industry is subject to significant fluctuation risks, and it is difficult for companies to achieve long-term sustainable growth. Does the company fully consider the industry's cyclical fluctuations caused by policy risks when making profit forecasts and valuations?

    Answer: There are currently more than 100 countries in the world that are building photovoltaic power plants, and the entire market is very little affected by the policies of a certain country. Therefore, China's photovoltaic industry has greatly reduced its dependence on policies, and the industry's cyclical fluctuations are gradually decreasing.

    The PERC single-sided battery and PERC double-sided battery produced by this technology have stable performance and high reliability, and the photoelectric conversion efficiency can reach more than 22%. The power of the conventional packaged 60-chip module can reach 315W, and the 72-chip module The power can reach 375W, surpassing China's 2017 "application leader base" technology full mark standard. In summary, there are certain policy risks, but they are much smaller. This evaluation model comprehensively considers the above-mentioned policies.

    2. Aixu Technology predicts that the net profit after deduction of non-returned mothers from 2019 to 2021 shall not be less than 438 million yuan, 740 million yuan and 900 million yuan, a total of 2.078 billion yuan, and the three-year annual compound growth rate is 51.96 %, But since 2017, China ’s mainstream photovoltaic cell companies have all launched investment plans for large-scale cell projects, including Tongwei ’s annual output of 20GW in Hefei and Chengdu, Longji ’s annual output of 5GW in Yinchuan, and Xiangcheng ’s Annual output of 4GW projects. In this transaction, Aixu Technology's Tianjin annual output of 3.8GW project and Yiwu annual output of 8GW project are also the main reasons for the estimated value-added. The plan disclosed that it is expected that by 2019, China's 13 major cell manufacturers will have a PERC battery capacity of 7.12 billion. The massive release of production capacity may lead to an impact on the industry's competitive landscape, and at the same time, the product's gross profit margin will decline. Does the company take into account the increased competition caused by the release of production capacity and the risk of gross profit margin decline in its profit forecast and valuation?

    Answer: According to PV InfoLink estimates, from 2019 to 2021, the annual production capacity of PERC batteries will gradually increase, reaching 77GW, 91GW and 96GW respectively, and PERC batteries will still occupy the main share of the high-efficiency battery market. The demand for PERC is still strong in 2019, and Asahi Technology actively expands the market and wins orders. At present, Axu Technology has signed battery purchase agreements with some customers in the future. Among them, the on-hand orders signed in 2019-2020 can cover more than 50% of the expected annual output. Some of these orders have locked the price and Reasonable profit, so as to ensure the stability of the company's future gross profit margin.

    3. How does Axu's competitive advantage manifest itself?

    Chen Gang: As far as today is concerned, there are several aspects, we will have a slight advantage. First, most of the world's top ten component customers are Axu's core customers. Aixu hopes to become or has been pursuing becoming a member of the most competitive industrial chain from the beginning. Axu wants to become an excellent company. If your downstream customers are not excellent, and upstream suppliers are not excellent, If the friends and circles around the service, including the technology circle and the R & D circle, are not excellent, it is difficult for you to become a company with leading technological advantages, so I think that we are part of the best industry chain in the entire photovoltaic industry chain.

    Second, the research and development of Aixu's heavy-weight production technology. Technology research and development, laboratory technology and mass production technology research and development. Aixu is focused on the research and development of mass production technology that can bring commercial value. Mass production technology R & D needs to make this product to bring greater value to customers. It is not enough that you only process technology research and development.

    The research and development of Ai Xu is reflected in three aspects: one is the research and development of advanced technology, the other is the research and development of advanced equipment, and the third is the research and development of artificial intelligence algorithms. These three developments include technology research and development, software and hardware research and development, combined with the development of the entire artificial intelligence algorithm to bring mass production technology and mass production commercialization advantages to the entire company.

    At the same time, Aixu has the advantages of scale and new production capacity. Aixu Yiwu's production capacity is also an advanced production capacity. Compared with the old production capacity (or PERC production capacity upgraded from the old production capacity), it has technical, efficiency, quality and cost advantages.

    The advantages of intelligent manufacturing landing (also our strengths). I see that many companies have been talking about Industry 4.0 and smart manufacturing. Intelligent manufacturing I have been studying how to land, how to apply it to the application of our enterprise, how to create business value for the enterprise, and how to help the enterprise increase its competitiveness.

    I have been in this industry for almost 9 years. This is a brand-new factory that I understand after 9 years of observation, understanding and production in this industry. There are still many imperfections in this factory, but it has a great advantage over the old factory in our traditional Foshan base. Combining these aspects, our non-silicon cost has many advantages over the old capacity.

    The cost of non-silicon is basically three points, one is raw and auxiliary materials, the second is artificial hydropower, and the third is the depreciation cost of equipment. The number of employees in our Yiwu factory is at least 50% lower than that of the traditional old capacity Foshan factory and our traditional counterparts. In the factory, through the combination of our own equipment, including visual technology and artificial intelligence algorithms, we have realized the full manual online detection of EL testing. Previously, one or two hundred people watched TV every day to see if it was good. Now there are three to five engineers sitting on the computer training every day to see if it is good or bad, but our products are of better quality and lower cost. So as far as Axu is concerned, we feel that the new Axu production capacity has a certain competitive advantage in the market.

    4. The plan disclosed that the overseas market will become one of the new performance growth points of Ai Xu Technology. In 2015, domestic companies have invested 3.2GW in overseas battery production capacity, while in 2018 production capacity has increased to 11.4GW. Does Aixu Technology have overseas assets? What are the company's overseas competitive advantages?

    Chen Gang: Aixu now has no overseas battery manufacturing assets. The transportation cost of solar cells is actually very low. It is small in size, high in value, and low in transportation cost. If you set up factories in the Southeast Asian market or in the United States, Japan, and Mexico, there is not much production advantage. For now, I think that making solar cells is still the most competitive in China. (We have evaluated) The establishment of a factory in Southeast Asia has evaluated that such a large fixed asset investment enjoys greater welfare risks in terms of policies. In case two countries have negotiated and tomorrow is gone, corporate investment will become a burden. At present, it is evaluated that it is not necessary to set up factories overseas.

    (I think) The advantage of setting up factories overseas is temporarily a policy dividend. Aixu first focuses on whether customers are the most competitive in this industry, and whether our customers can continue to remain competitive in the next three to five years.

    Regarding the technical route, Aixu's research and development department has been continuously in-depth research on N-PERT, MWT, HIT and other directions. A big problem with MWT is that it cannot be a double-sided battery. The biggest advantage of PERC is that it has good double-sidedness, and the cost of double-sided is not higher than that of single-sided.

    At the end of the first quarter, Asahi Technology will launch a new series of PERC batteries, which can increase the efficiency of 3-5 watts than the current PERC batteries. At present, the battery with a technical level of more than 95% can meet the needs of China's application leader base.

    Question: On the technical path of the photovoltaic industry. Mr. Chen has just explained the multiple technical paths of the cell. My question is now that Aixu's investment is focused on PERC technology. If the PV industry does undergo major updates in the next few years, how will the company respond?

    Chen Gang: First of all, we attach great importance to the collection of informatization and sharing with industry chain information.

    Second, for upstream silicon wafer suppliers, we will also discuss with you every year how to innovate and research and develop silicon wafers based on the needs of batteries. We also attach great importance to cooperation with equipment manufacturers, raw and auxiliary materials manufacturers, process manufacturers and other manufacturers.

    The industrial chain takes a long time from R & D to mass production. PERC batteries have gone through about ten years. But through the unremitting efforts of the entire industry chain, it has only progressed to this level in ten years, and its potential is still great.

    In 2016, the entire company of Asahi Technology did a deep research and saw the maturity of the industry. At that time, it felt that PERC had reached the stage of maturity and large-scale application, so it actively "reformed its own life." In 2017, when the single crystal was the best and the profit was the best, we took the initiative to carry out a technological revolution to upgrade the battery of the PERC product. And this is also the core reason why we have not been affected by the "531 New Deal."

    Finally, we have reserved space for upgrading and subversion in all plant planning, design and production capacity. We reserve a lot of space for upgrading and expansion in terms of new production capacity, equipment procurement, and overall plant layout.

    Taking Yiwu Smart Factory (for example), we have changed the traditional design method of the assembly line, and regard each single device as an independent single device, and the equipment is realized by mobile robots. The cost of the company is relatively high. low. There are currently more than 200 robots in the Yiwu workshop. Among them, there are more than 150 mobile robots replacing the assembly line, and there are dozens of other robots.

    In fact, intelligent manufacturing is the core competitiveness of enterprises facing the future. In the past few years, especially since AlphaGo defeated Li Shishi, we have paid a lot of attention to the artificial intelligence of Google. We have studied how to apply artificial intelligence and intelligent manufacturing to our enterprises, and how to create better competition for the future development of enterprises. force.

    I am now more and more convinced that in terms of to B, especially in intelligent manufacturing, there will be a great advantage. The solar energy industry is a large-scale assembly line production, and it seems to be more competitive in terms of the cost and benefits of the means and investment of intelligent manufacturing.

    Therefore, our company's IT department is quite huge. In addition to traditional SAP, management software, and ERP software, we also have a piece of MES manufacturing and an artificial intelligence algorithm.

    Basically, 80% of the entire plant in Yiwu realizes large-scale production between machines by machine docking through mobile robots. So in this regard, we calculated that the mobile robot is between 150 and 170, which is the robot that the machine transports. In terms of operating robots, there are more than 50 robots and more than two hundred robots in a single workshop in Yiwu. The value brought to us is to save hundreds of operators. In fact, it is quite difficult to do simple and repeatable labor The cost is not low, we first put it down to the ground and intelligent manufacturing that can create value.

    Secondly, I am sure that all manufacturing enterprises, if anyone can in the future of intelligent manufacturing, can put it down as soon as possible. Whoever has the competitive advantage in the future, so we will continue to promote intelligent manufacturing in all aspects.

    All in all, in the next three years, Aixu's on-hand orders have exceeded 50%, and these customers are long-term orders with certain constraints. The long-term orders we accept from customers are all the top 8 customers in the world. Our customers grow together. Second, we have a series of mass production technology reserves for 2019, 2020 and 2021. We are confident that through technology research and development, efficiency improvement, and smart factory manufacturing. Third, why should we seek help from the capital market to complete the Tianjin project and the Yiwu project as soon as possible? Because you have a large-scale competitive advantage, you can bring rapid profit growth.

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