signing orders worth 1.3 billion yuan in 10 days, can the "shovel sellers" continue to win in the photovoltaic winter?
2024-09-21
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
the photovoltaic industry is facing a cold wind, but equipment manufacturers known as "shovel sellers" are still taking orders against the trend.
on september 19, the leading string welding machine company autevi (688516.sh) announced that its wholly-owned subsidiary wuxi autevi supply chain management co., ltd. (hereinafter referred to as the supply chain company) recently signed a "sales contract" with an internationally renowned photovoltaic company to sell single crystal furnaces and supporting auxiliary equipment to the company, with a total sales volume of approximately rmb 400 million (including tax), which will begin delivery in 2025.
according to analysis by soochow securities, the vast majority of the order is expected to be low-oxygen single crystal furnaces, in addition to supporting equipment such as external furnace feeders, purification furnaces, and automation equipment. at a price of rmb 1.5 million per unit, the order corresponds to approximately 260+ low-oxygen single crystal furnaces, and according to a configuration of 60 units per 1gw, it corresponds to approximately 4-5gw. with the rise of overseas local photovoltaic industry chain layout, domestic equipment manufacturers are welcoming opportunities to go overseas.
this is the second big order disclosed by autevi in just 10 days. the company announced on september 11 that its supply chain company signed a "purchase contract" with a leading overseas photovoltaic company and will sell single crystal furnaces and supporting auxiliary equipment to the other party, with a total sales of approximately 900 million yuan (including tax). the project will start delivery in december 2024, and whether it will have an impact on the current performance in 2024 is still uncertain.
as a market leader in the photovoltaic equipment industry, autevi's main products are large-size ultra-high-speed multi-main grid string welding machines, large-size ultra-high-speed silicon wafer sorting machines, screen printing lines, laser-assisted sintering equipment, bc printing equipment, bc printing lines, light injection annealing furnaces, low-oxygen single crystal furnaces and other photovoltaic equipment. the interim report shows that the company's market share in the field of string welding machines exceeds 60%, and the top ten suppliers of photovoltaic modules in the world are all its customers. in the first half of the year, autevi signed new orders of 6.285 billion yuan, a year-on-year increase of 8.74%. as of the end of june, the number of orders on hand was 14.341 billion yuan, a year-on-year increase of 41.11%.
in sharp contrast to the intensified internal competition and bleak business of the main photovoltaic industry chain companies, the equipment manufacturers behind them are still making money and bulging their pockets in the industry's cold winter. autevi achieved operating income of 4.418 billion yuan in the first half of the year, a year-on-year increase of 75.48%; net profit attributable to the parent company was 769 million yuan, a year-on-year increase of 47.19%. looking at the semi-annual reports of the entire industry, the main industry chain companies suffered losses across the board, and the equipment manufacturers became the big winners.
this performance differentiation is related to the long product acceptance and payment cycle of the photovoltaic equipment industry, and the performance of orders is often delayed. in fact, the auxiliary vehicles are dependent on each other, and downstream customers are collectively bleeding, and "shovel sellers" are also unable to escape the hidden dangers.
behind the impressive performance, the accounts receivable of equipment manufacturers are rising. financial report data shows that as of the end of the first half of the year, the book value of autevi's accounts receivable was 2.197 billion yuan, accounting for 14.7% of total assets. the company warned of risks in its interim report. with the increase in loss-making enterprises in the photovoltaic industry and the deterioration of the operating conditions of the company's customers, the company's accounts receivable and overdue accounts receivable are likely to increase further in the future. if the company's accounts receivable cannot be recovered in full and in a timely manner or even cannot be recovered, it will have an adverse impact on the company's operating performance, operating cash flow, etc.
the increase in inventory size is also a common situation for photovoltaic equipment manufacturers. as of the end of june, the book value of autevi's inventory was 7.34 billion yuan, while the value in the same period last year was 5.991 billion yuan, an increase of 22.52% year-on-year.
wind data shows that from 2021 to 2023, the average inventory turnover days of 10 photovoltaic equipment manufacturers were approximately 377 days, 427 days and 525 days respectively, while in the first half of 2024, the average inventory turnover days were approximately 629 days.
under the shadow of the cold winter, photovoltaic "shovel sellers" are unable to remain immune, and downstream risks are being transmitted to the equipment end. as of now, autevi's stock price has fallen by more than 70% from its peak.
thepaper.cn reporter yang yang
(this article is from the paper. for more original information, please download the "the paper" app)
